text
string | url
string | crawl_date
timestamp[ms] | label
int64 | id
string |
|---|---|---|---|---|
Eight months ago, Donald Trump's third presidential run was generating little enthusiasm — and plenty of mockery. Florida Gov. Ron DeSantis, meanwhile, was hailed as the GOP's newest star.
Now, with the first debate of the GOP primary less than a month away, Trump is the clear frontrunner for his party’s presidential nomination, while DeSantis has been fading in the polls — and the Republican establishment has been desperately looking for another candidate able to attract both MAGA voters and moderates.
Read more from our partners: George Will: Trump and DeSantis will be GOP primary losers
Trump isn’t going anywhere
The most recent New York Times/Siena poll of Republican voters finds Trump easily leading the Republican field, with 54% of respondents saying they were most likely to vote for him over other GOP contenders for the presidential nomination.
DeSantis is a distant second, at 17%.
Multiple indictments have done nothing to chip away at Trump’s support. If anything, they have solidified his popularity with the GOP base, which shares many of his grievances.
"If they can do it to Trump, where he can defend himself," one focus group respondent recently said, "I can only imagine how it would be if it was just a normal person. I feel like he stands for the small people."
Read more from Yahoo News: Trump faces more indictments, fines and possible jail time as legal troubles mount
Mounting legal troubles
Trump has already been indicted by Manhattan District Attorney Alvin Bragg on improprieties related to a payment he made to adult film actress Stormy Daniels; he also faces 37 counts related to his alleged mishandling of classified documents, boxes of which he removed from the White House after his presidential term concluded. Three more charges were added to the original 37-count indictment in a superseding indictment that describes, with added detail, extensive efforts at obstructing a federal investigation into the documents' whereabouts.
Special counsel Jack Smith is also expected to file more charges related to Trump's participation in the Jan. 6, 2021, riot at the U.S. Capitol. In Atlanta, Fulton County District Attorney Fani Willis is reportedly preparing to charge Trump with trying to meddle with Georgia's results in the 2020 presidential election.
A guilty verdict in any one of those cases could result in a lengthy prison sentence.
Read more from our partners: Fulton County DA says work is done in Trump probe and 'we're ready to go'
DeSantis continues to struggle
Ron DeSantis was supposed to be “DeFuture,” as the New York Post called him after the Florida governor defeated his Democratic competitor Charlie Crist by 19 points in last November’s election campaign.
But ever since he launched his campaign during a Twitter Spaces event full of technical malfunctions, DeSantis has struggled to convince voters that he is a superior candidate to Trump. His “electability” argument has been severely damaged by several mistakes, including a homophobic campaign ad, a video containing Nazi symbolism and an argument over slavery.
For now, however, DeSantis stands alone in second place in the primary field. His political action group, Never Back Down — which can boost his candidacy but cannot coordinate with the campaign — has more than $100 million it intends to spend in early-voting states like Iowa and New Hampshire. His supporters say he may be down but not out.
Read more from Yahoo News: DeSantis disappoints, and some Republicans seek new Trump-slaying savior
Republican alternatives
Donors and establishment Republicans are desperately looking for a candidate who can fulfill the promise they once thought DeSantis had.
With his optimistic personality and inspiring personal story, Sen. Tim Scott of South Carolina has drawn comparisons to Ronald Reagan. "He's the one guy running who's got some personality and charisma. His delivery is terrific," a top Republican donor told Politico earlier this month.
The problem for Scott is that he's stuck at 3% in the latest New York Times/Siena poll, well behind DeSantis.
Rupert Murdoch, whose conservative media empire helps set the national Republican agenda, is reportedly a fan of Glenn Youngkin. The primaries are still six months away, giving the Virginia governor time to build out a campaign, but he would be entering a crowded field dominated by Trump. He may thus conclude that it is safer to wait until 2028, as some believe DeSantis should have done.
Read more from our partners: Few Americans know Sen. Tim Scott, but some Democrats see him as a tough general election opponent
The case against Biden
Lost in the coverage of candidates’ jostling for donors and endorsements is the fact that whoever emerges from the Republican primary will have to make a pitch to general election voters who are, on the whole, much more moderate and less interested in culture war issues than the conservative GOP base.
So far, that pitch has not come into view.
Polls continue to show that Biden remains an unpopular president. Questions about his age are not going away. Neither are concerns about his vice president, Kamala Harris.
But the economy continues to recover from the pandemic, with fears of a recession starting to fade.
It is true that many Americans believe that the country is heading in the wrong direction, but they don’t yet know what direction Republicans would like to take.
Read more from Yahoo Finance: The Republican case against Biden is fizzling
|
https://www.wftv.com/news/national/5-things-weve/OMV3S5AC66QYHGYSK3OYLP5SXU/
| 2023-07-31T22:06:52
| 1
|
https://www.wftv.com/news/national/5-things-weve/OMV3S5AC66QYHGYSK3OYLP5SXU/
|
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
|
https://www.wqcs.org/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
| 2023-07-31T22:06:54
| 0
|
https://www.wqcs.org/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
|
WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
View original content:
SOURCE Oconee Financial Corporation
|
https://www.kfyrtv.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
| 2023-07-31T22:06:56
| 0
|
https://www.kfyrtv.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
|
Dallas Cowboys running back Ronald Jones was suspended two games by the NFL on Monday for violating the league's performance-enhancing substances policy.
The league announced the ban in a statement. The statement did not specify what substance triggered the suspension. Jones will miss Cowboys games in Week 1 and Week 2 against the New York Giants and New York Jets. He'll be eligible to return in Week 3 against the Arizona Cardinals.
Cowboys RB Ronald Jones has been suspended first 2 games for violating policy on performance-enhancing substances pic.twitter.com/s0dDh9ORfR
— Jori Epstein (@JoriEpstein) July 31, 2023
The Cowboys signed Jones as a free agent in March for depth behind starter Tony Pollard. Pollard is recovering from a broken ankle sustained in the playoffs last season, but is participating in training camp in anticipation of being ready to play Week 1.
|
https://www.wftv.com/news/national/cowboys-rb-ronald/OXKG2LTUIUDA6A4OCMXQX3LEU4/
| 2023-07-31T22:06:59
| 1
|
https://www.wftv.com/news/national/cowboys-rb-ronald/OXKG2LTUIUDA6A4OCMXQX3LEU4/
|
LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 3:30 PM CDT|Updated: 2 hours ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the proposed merger with Partners; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
|
https://www.1011now.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
| 2023-07-31T22:06:59
| 0
|
https://www.1011now.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
|
NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
|
https://www.wqcs.org/2023-07-31/members-of-an-female-afghan-military-platoon-now-face-uncertain-fate-in-the-u-s
| 2023-07-31T22:07:00
| 1
|
https://www.wqcs.org/2023-07-31/members-of-an-female-afghan-military-platoon-now-face-uncertain-fate-in-the-u-s
|
A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
View original content to download multimedia:
SOURCE Books-A-Million, Inc.
|
https://www.kfyrtv.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
| 2023-07-31T22:07:03
| 0
|
https://www.kfyrtv.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
|
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.
View original content to download multimedia:
SOURCE North Dakota Tourism Division
|
https://www.1011now.com/prnewswire/2023/07/31/north-dakota-landscape-awash-vibrant-yellow-sunflowers/
| 2023-07-31T22:07:06
| 0
|
https://www.1011now.com/prnewswire/2023/07/31/north-dakota-landscape-awash-vibrant-yellow-sunflowers/
|
African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
|
https://www.wqcs.org/2023-07-31/u-s-france-and-african-leaders-give-coup-leaders-in-niger-one-week-to-step-down
| 2023-07-31T22:07:06
| 0
|
https://www.wqcs.org/2023-07-31/u-s-france-and-african-leaders-give-coup-leaders-in-niger-one-week-to-step-down
|
As you may have heard, the term "Kenergy," first uttered by Ryan Gosling ahead of the new Barbie movie, is taking on a life of its own.
Leading up to the film's July 21 U.S. premiere, the term became a viral sensation, though even his co-stars didn’t know what to make of the term's rising popularity.
"I think it's definitely a play on BDE [big d**k energy]," Robbie joked with Yahoo Entertainment about the term, as costars Kate McKinnon defined it as "a recognition of the ways in which masculinity under patriarchy is limiting," Michael Cera saw it as more of a vibe, and Issa Rae called it "a whole lot of nothing."
Since seeing the movie, a growing number of men have found cathartic connection in Ken's journey, and see the term as a way to describe what healthy masculinity looks like.
Nicholas Balaisis, a Toronto-based psychotherapist who wrote about the term for Psychology Today after seeing Gosling's performance, says Kenergy is a feeling most men aspire to but are afraid to discuss.
“It is a version of masculinity that is maybe a little naive but rooted in a genuine need to connect emotionally with women and other men," he explains to Yahoo Life. "It's 'male energy' that may be a little stuck in rigid gender models, but one that is at heart sensitive and longs for real authentic interpersonal connections."
Similarly, Will Courtenay, a licensed therapist known as "The Men's Doc," says Kenergy represents "a healthier form of manhood."
"Men who endorse more traditional, old-school ideas about masculinity have far greater physical and mental health risks than men who don’t," he tells Yahoo Life after having seen the film. "Kenergy symbolizes a more fluid, less restrictive expression of masculinity."
Similarly, Sally Spencer-Thomas, a suicide-prevention advocate and founder of the campaign Man Therapy, says Kenergy is reflective of a mindset that many young, progressive men share.
"It's a goal," she tells Yahoo Life of the term, adding that it is a visual representation of what happens when men break free of societal expectations and, as a result, are unafraid to express their emotions, be vulnerable with others and build richer connections with friends and romantic partners.
“We’ve come to a crossroads in many ways about flipping the script on what it means to be a man,” she says. “Older, more stoic, self-reliant generations that say, ‘Suck it up, Buttercup,’ are being challenged by younger leaders now.”
In Barbie's Barbieland, women rule, leaving Gosling's Ken as "superfluous," as Margot Robbie's Barbie notes. But all that changes when he travels to the real world and learns about partriarchy, a concept he swiftly embraces. That shift leaves audiences to ask themselves big questions: Why has our system benefited men for so long in the first place? And how do we break free of the pressure to maintain our gendered roles?
Those questions, Spencer-Thomas says, are important for young men to ask themselves. "I am Kenough," the phrase seen on the sweatshirt Ken wears after having a self-identity breakthrough near the end of the film, is "a good mantra to accept who you are, where you are and all of who you are. Not just one aspect of your male identity," she says.
Such themes are hitting home for a lot of men, Balaisis argues, due to Gerwig's lighthearted touch.
"The film invites us to laugh at a number of male stereotypes, such as fixations on male totems like horses or beer, the difficulty for men to form male friendships, or tendencies to 'mansplain' as a way to court women," Balaisis says, noting that when he saw Barbie, "there were large, knowing laughs that accompanied these scenes, which spoke to their familiarity to the viewing audience."
Poking fun at typical male behaviors in a fun way, he adds, gives permission for men to "laugh without feeling the sting of heavy criticism."
That's why, Courtenay says, "media representation like this means something," not just through the film itself, but through Gosling's self-deprecating humor on the press tour, which has helped drive home the message that men ought not to take themselves too seriously.
“Boys and men learn a lot about how to be a man from movies, television, video games and other forms of media," he explains. "Most of those lessons are unhealthy ones. Ken challenges many traditional stereotypes about masculinity. 'Kenergy' gives men permission to do the same.”
It's all part of society's shift when it comes to manhood, he adds, noting that young men have witnessed the mental anguish older generations have taken on — due to societal expectations — and they don't want to repeat their mistakes.
“Men with more traditional or stereotypical beliefs about manhood have poorer health,” he says, "because the tools we give men in America to become ‘real men’ are largely unhealthy attitudes and behaviors."
The best thing we can do, Balaisis says, is to carry the message of Kenergy to the future. Even if the term loses its buzz, the feelings behind it shouldn't.
"Having conversations about what it means to be a man in 2023 are really important... even if it starts from being upset or angry about things they saw in Barbie," he says. "As the film shows, anger usually hides other important emotions that, while difficult to examine, can ultimately lead to better relations with self and others."
Wellness, parenting, body image and more: Get to know the who behind the hoo with Yahoo Life's newsletter. Sign up here.
|
https://www.wftv.com/news/national/kenergy-is-male/HKRRD7IUAFDFXS2ON3UX5CYQSI/
| 2023-07-31T22:07:05
| 1
|
https://www.wftv.com/news/national/kenergy-is-male/HKRRD7IUAFDFXS2ON3UX5CYQSI/
|
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
|
https://www.kfyrtv.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
| 2023-07-31T22:07:10
| 1
|
https://www.kfyrtv.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
|
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
|
https://www.wqcs.org/2023-07-31/unlikely-heroes-are-stepping-up-at-the-womens-world-cup
| 2023-07-31T22:07:12
| 1
|
https://www.wqcs.org/2023-07-31/unlikely-heroes-are-stepping-up-at-the-womens-world-cup
|
WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
View original content:
SOURCE Oconee Financial Corporation
|
https://www.1011now.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
| 2023-07-31T22:07:12
| 0
|
https://www.1011now.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
|
Football fans, get ready, your favorite sport is returns this week with the NFL preseason opener, the Hall of Fame Game. This year, The Cleveland Browns face the New York Jets. It's been well over 20 years since either of the teams played the Hall of Fame Game, which, as the name suggests, is scheduled just a few days before the 2023 Pro Football Hall of Fame class is enshrined. New Jets player Aaron Rodgers will unfortunately not be making his debut at the preseason opener, leaving curious fans to look towards the preseason final game against the New York Giants.
Ready for football season to (un)officially start? Here's how to watch the 2023 Hall of Fame Game, what you need to know about the NFL preseason and more.
How to watch the 2023 NFL Hall of Fame Game: Browns vs. Jets
Date: August 3, 2023
Time: 8 p.m. ET
Location: Canton, OH
Game: Cleveland Browns at New York Jets
Hall of Fame Game channel: NBC
Hall of Fame Game streaming: Peacock
When is the NFL Hall of Fame game?
The 2023 NFL preseason kicks off with the Hall of Fame Game on Thursday, August 3, 2023 at 8 p.m. ET.
Who is playing in the 2023 NFL Hall of Fame Game?
This year's Hall of Fame Game will feature the Cleveland Browns at New York Jets.
What channel is the 2023 NFL Hall of Fame Game on?
The Hall of Fame Game will be nationally broadcast on NBC (and stream live on Peacock). Coverage starts at 7 p.m. ET, and the game officially kicks off at 8 p.m.
Where to watch the Hall of Fame game 2023?
When does football season start?
This year's NFL season, made up of 272 regular-season games, kicks off on Thursday, September 7, 2023 with a match between the Detroit Lions and the Kansas City Chiefs. The 2023 NFL season will see the first football game on Black Friday, as well as international games in London and Munich. But first, it's time for the 2023 NFL preseason, which opens with the Hall of Fame Game on August 3, 2023.
2023 NFL preseason full schedule:
Hall of Fame Game
Thursday, August 3
Cleveland Browns at New York Jets, 8 p.m. (NBC)
Week 1
Thursday, August 10
Houston Texans at New England Patriots, 7 p.m.
Minnesota Vikings at Seattle Seahawks, 10 p.m.
Friday, August 11
Green Bay Packers at Cincinnati Bengals, 7 p.m.
Pittsburgh Steelers at Tampa Bay Buccaneers, 7 p.m.
New York Giants at Detroit Lions, 7 p.m.
Atlanta Falcons at Miami Dolphins, 7 p.m.
Washington Commanders at Cleveland Browns, 7:30 p.m.
Denver Broncos at Arizona Cardinals, 10 p.m.
Saturday, August 12
Tennessee Titans at Chicago Bears, 1 p.m.
Indianapolis Colts at Buffalo Bills, 1 p.m.
New York Jets at Carolina Panthers, 4 p.m.
Jacksonville Jaguars at Dallas Cowboys, 5 p.m.
Philadelphia Eagles at Baltimore Ravens, 7 p.m.
Los Angeles Chargers at Los Angeles Rams, 9 p.m.
Sunday, August 13
Kansas City Chiefs at New Orleans Saints, 1 p.m.
San Francisco 49ers at Las Vegas Raiders, 4 p.m.
Week 2
Thursday, August 17
Cleveland Browns at Philadelphia Eagles, 7:30 p.m.
Friday, August 18
Carolina Panthers at New York Giants, 7 p.m.
Cincinnati Bengals at Atlanta Falcons, 7:30 p.m.
Saturday, August 19
Jacksonville Jaguars at Detroit Lions, 1 p.m.
Miami Dolphins at Houston Texans, 4 p.m.
Buffalo Bills at Pittsburgh Steelers, 6:30 p.m.
Chicago Bears at Indianapolis Colts, 7 p.m.
Tampa Bay Buccaneers at New York Jets, 7:30 p.m.
Tennessee Titans at Minnesota Vikings, 8 p.m.
Kansas City Chiefs at Arizona Cardinals, 8 p.m.
New England Patriots at Green Bay Packers, 8 p.m.
Denver Broncos at San Francisco 49ers, 8:30 p.m.
Las Vegas Raiders at Los Angeles Rams, 9 p.m.
Dallas Cowboys at Seattle Seahawks, 10 p.m.
Sunday, August 20
New Orleans Saints at Los Angeles Chargers, 7:05 p.m.
Monday, August 21
Baltimore Ravens at Washington Commanders, 8 p.m. (ESPN)
Week 3
Thursday, August 24
Pittsburgh Steelers at Atlanta Falcons, 7:30 p.m.
Indianapolis Colts at Philadelphia Eagles, 8 p.m. (Prime Video)
Friday, August 25
Detroit Lions at Carolina Panthers, 8 p.m. (CBS)
New England Patriots at Tennessee Titans, 8:15 p.m.
Los Angeles Chargers at San Francisco 49ers, 10 p.m.
Saturday, August 26
Seattle Seahawks at Green Bay Packers, 1 p.m.
Cleveland Browns at Kansas City Chiefs, 1 p.m.
Arizona Cardinals at Minnesota Vikings, 1 p.m.
Buffalo Bills at Chicago Bears, 1 p.m.
New York Jets at New York Giants, 6 p.m.
Cincinnati Bengals at Washington Commanders, 6:05 p.m.
Baltimore Ravens at Tampa Bay Buccaneers, 7 p.m.
Miami Dolphins at Jacksonville Jaguars, 7 p.m.
Los Angeles Raiders at Dallas Cowboys, 8 p.m.
Los Angeles Rams at Denver Broncos, 9 p.m.
Sunday, August 27
Houston Texans at New Orleans Saints, 8 p.m (Fox)
How to watch all NFL preseason games:
Many NFL preseason games are broadcast on local channels, so if you're looking to catch an in-market game, it may be as simple as turning on your TV (or setting up a digital TV antenna). If you want to watch out-of-market games, a $5 monthly subscription to NFL+ will get you access to every out-of-market-game in the season (and preseason). There will also be a few national broadcast NFL preseason games airing across NBC, ESPN, Fox and CBS (and one streaming on Amazon Prime Video) in the coming weeks. Here's how to watch every NFL preseason game in 2023.
|
https://www.wftv.com/news/national/nfl-hall-fame-game/2X4NDOG5QPTVDKHC56P3J63GRY/
| 2023-07-31T22:07:12
| 0
|
https://www.wftv.com/news/national/nfl-hall-fame-game/2X4NDOG5QPTVDKHC56P3J63GRY/
|
Published: Jul. 31, 2023 at 3:30 PM CDT|Updated: 2 hours 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.
|
https://www.kfyrtv.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
| 2023-07-31T22:07:16
| 1
|
https://www.kfyrtv.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
|
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
|
https://www.wqcs.org/2023-07-31/white-house-hopeful-and-former-congressman-will-hurd-on-the-race-to-dethrone-trump
| 2023-07-31T22:07:18
| 1
|
https://www.wqcs.org/2023-07-31/white-house-hopeful-and-former-congressman-will-hurd-on-the-race-to-dethrone-trump
|
A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
View original content to download multimedia:
SOURCE Books-A-Million, Inc.
|
https://www.1011now.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
| 2023-07-31T22:07:19
| 1
|
https://www.1011now.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
|
Colorado is headed back to the Big 12 conference next summer, and Oregon coach Dan Lanning sounds completely unbothered by the move.
Lanning took a very clear, yet accurate, shot at the Buffaloes on Monday.
"Not a big reaction," Lanning said when asked about Colorado's plans to return to the Big 12.
"I'm trying to remember what they won to affect this conference and I don't remember. Do you remember them winning anything? I don't remember them winning anything."
Dan Lanning with the 🎤 ⬇️
— Yahoo Sports (@YahooSports) July 31, 2023
(via @JamesCrepea, @BrennaGreene_) pic.twitter.com/h1v6ueUBwI
Though that’s harsh, he's not wrong.
Colorado has had just a single winning season since joining the Pac-12 in 2011. Outside of their 10-4 finish in 2016, the Buffaloes never won more than three conference games in a single season. They went 0-9 in conference play in 2014, and have four seasons in which they won just a single Pac-12 game. Deion Sanders is Colorado’s fifth head coach since it moved to the Pac-12, too.
Based on that, it’s easy to see why Lanning and Oregon wouldn’t care much about the Buffaloes’ plans.
Colorado officially voted to move back to the Big 12 in 2024 last week. The Buffaloes' decision to leave followed USC and UCLA opting to join the Big Ten next season. That's left the Pac-12 with just nine teams. The Pac-12 still has yet to announce plans for a new media rights agreement — that's reportedly coming later this week — something that Colorado athletic director Rick George said played a part in their decision to leave.
The Pac-12 is clearly not in a good place, and it feels like it could fall apart at any moment. Arizona is rumored to be considering a jump to the Big 12, too, which would only complicate things even further for Pac-12 commissioner George Kliavkoff.
But for now, at least publicly, Lanning and Oregon are fine with Colorado leaving the conference. The way they see it from a football perspective, the move is irrelevant to them.
|
https://www.wftv.com/news/national/oregon-coach-dan/XEBDH3ICPDHXRGVHXNGJS6GUT4/
| 2023-07-31T22:07:19
| 0
|
https://www.wftv.com/news/national/oregon-coach-dan/XEBDH3ICPDHXRGVHXNGJS6GUT4/
|
POMPANO BEACH, Fla., July 31, 2023 /PRNewswire/ -- Southern Auto Finance Company, LLC ("SAFCO") today announced a Chief Financial Officer transition. Jason Person has been named as SAFCO's new CFO.
Most recently, Mr. Person served as the Vice President and Treasurer of Regional Management Corporation, a diversified consumer finance company, where he managed a team responsible for liquidity management, investor relations, and financial analytics. Prior to Regional Management Corporation, Mr. Person served as the Director of Treasury and Capital Markets at Global Lending Services and as Assistant Vice President of Finance for Exeter Finance Corporation. He holds a Bachelor's Degree in Business Management from Anderson University and an MBA from Texas A&M University.
The company's current CFO Gary Stein is retiring after 22 years of dedicated service to SAFCO. Mr. Stein will remain in an advisory capacity for several months to help with the transition.
Commenting on the transition, SAFCO's CEO George Fussell, Sr. conveyed his heartfelt appreciation for Mr. Stein's contributions during his tenure, stating "We owe Gary a great debt of gratitude for his years of service. His remarkable leadership, financial acumen, and mentorship of the team have been instrumental in shaping the very foundation of our company's success. We wish him the best in his well-deserved retirement." Mr. Fussell further stated, "Jason represents a significant addition to our executive leadership team. He brings a wealth of expertise in treasury/capital markets, financial planning, and analytics that will undoubtedly contribute to SAFCO's continued success as we move forward."
About SAFCO
SAFCO is an industry-leading auto finance company with the power to see creditworthiness where others don't. Our proprietary originations system, complete with deep machine learning, enables us to see beyond credit scores and basic alternative data and instead base our decisions on unique, realistic insights that reveal the full credit potential of applicants. SAFCO is headquartered in Pompano Beach, Florida.
Contact: Drew Pickens
Vice President of Human Resources
954-745-2529
apickens@gosafco.com
View original content to download multimedia:
SOURCE Southern Auto Finance Company, LLC
|
https://www.kfyrtv.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
| 2023-07-31T22:07:23
| 1
|
https://www.kfyrtv.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
|
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
|
https://www.1011now.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
| 2023-07-31T22:07:25
| 0
|
https://www.1011now.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
|
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. The choice ended months of thorny deliberations, but an Alabama lawmaker vowed to fight on.
U.S. officials told The Associated Press on Monday that 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 provide details of Biden’s rationale for the decision.
In announcing the plans, Brig. Gen. Pat Ryder, Pentagon press secretary, said the decision was based on an “objective and deliberate process informed by data and analysis.” He said Defense Secretary Lloyd Austin supported the president’s decision.
Reaction to the decision came fast and was sharply divided, as Colorado lawmakers praised it and Alabama officials slammed it as a political maneuver. “This fight is far from over,” warned Rep. Mike Rogers, R-Ala., chairman of the House Armed Services Committee.
Biden, said the U.S. officials, 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 enraged Alabama lawmakers and is sure to 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.
Tuberville, in a statement, said the top three choices for Space Command headquarters were all in Republican-leaning states — Alabama, Nebraska and Texas — and bypassing them “looks like blatant patronage politics.”
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 Austin presented both options to Biden.
In a statement Monday, Kendall said the service will work to quickly implement Biden's decision, adding that keeping the command in Colorado will “avoid any disruption to its operational capability.”
The decision was hailed as a victory in Colorado lawmakers and condemned in Alabama.
“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.”
Rogers, meanwhile, vowed that his committee will continue an investigation into the matter, calling it a “deliberate taxpayer-funded manipulation of the selection process.” He added, “It’s clear that far-left politics, not national security, was the driving force behind this decision.”
Republican Alabama Sen. Katie Britt echoed his sentiment, saying it was irresponsible for Biden to “yank a military decision out of the Air Force’s hands in the name of partisan politics.” She said an Air Force evaluation of the potential locations ranked Huntsville first, adding that the decision ”should have remained in the Air Force’s purview.”
___
Associated Press writer Kim Chandler in Montgomery, Ala., contributed to this report.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
|
https://www.wftv.com/news/politics/biden-decides-keep/4HMIO2P7ASNJLY4WXWBHCZFFNU/
| 2023-07-31T22:07:25
| 0
|
https://www.wftv.com/news/politics/biden-decides-keep/4HMIO2P7ASNJLY4WXWBHCZFFNU/
|
Locals Representing 340K UPS Workers Nearly Unanimously Recommend Contract
WASHINGTON, July 31, 2023 /PRNewswire/ -- Teamsters local unions representing 340,000 full- and part-time workers at UPS voted 161-1 on Monday to endorse the tentative agreement reached with the delivery giant on July 25 and recommend its passage by the full membership.
Of the 176 local unions with UPS members, 14 affiliates failed to show up to a meeting in Washington, DC, to review the tentative agreement.
At least two representatives from all other local unions discussed more than 60 changes and improvements to the UPS Teamsters National Master Agreement, the largest private-sector collective bargaining agreement in North America. The gains achieved during negotiations, which occurred regionally and nationally since January, are larger and more lucrative than any previous Teamsters contract at UPS. The tentative agreement, valued at $30 billion, establishes record wage increases for all workers for the life of the contract, installation of air conditioning in new vehicles, the end of an unfair two-tier wage system, catch-up raises for part-timers, Martin Luther King Day as a paid holiday for the first time, new language to prevent forced overtime on days off, and other huge wins.
Now that local unions have nearly unanimously endorsed the tentative agreement, all rank-and-file UPS Teamsters will have the chance to vote on ratification from August 3-22.
"The entire UPS Teamsters National Negotiating Committee stands behind this historic contract and our UPS local unions have resoundingly voted to endorse it," said Teamsters General President Sean M. O'Brien. "Our tentative agreement is richer, stronger, and more far-reaching than any settlement ever negotiated in the history of American organized labor. The Teamsters are immensely proud of reaching agreement with UPS to improve the lives of our members, their families, and working people across the country."
Founded in 1903, the International Brotherhood of Teamsters represents 1.2 million hardworking people in the U.S., Canada, and Puerto Rico. Visit Teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at Facebook.com/teamsters.
Contact:
Kara Deniz, (202) 497-6610
kdeniz@teamster.org
View original content to download multimedia:
SOURCE International Brotherhood of Teamsters
|
https://www.kfyrtv.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
| 2023-07-31T22:07:30
| 1
|
https://www.kfyrtv.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
|
Donald Trump has scored a major victory in his efforts to reshape the mosaic of state Republican Party rules that determine the GOP presidential nominee.
The California Republican Party over the weekend voted overwhelmingly to approve a plan to award all of their 169 presidential delegates to a candidate that wins a majority of the vote in the state's March 5 primary.
That's a hurdle that Trump, who remains popular in the party and is the early frontrunner in the crowded 2024 GOP field, could clear.
If no candidate wins more than 50%-plus-one in California's Super Tuesday primary, then the delegates will be awarded to candidates based on their share of the vote. The rule change passed on a 53-16 vote Saturday by the California GOP's Executive Committee is much more favorable to a frontrunner than a proposal that the party was considering a few weeks ago.
Trump campaign spokesperson Steven Cheung called it "a humiliating defeat" for Trump's strongest rival, Florida Gov. Ron DeSantis, and the super PAC that's been heavily supporting his presidential campaign.
“We are pleased the California Republican Party readopted a Winner-Take-All provision, and we look forward to competing across California to win all of its delegates, just as President Trump did in 2016 and 2020," Cheung said in a statement.
DeSantis' campaign had said it was closely monitoring the delegate plans in the states, but a spokesman for the campaign did not respond to questions about their conversations with the California GOP.
Communications Director Andrew Romeo said: “We’re putting an organization together that can win in any state, in any format, anytime, and anywhere. Game on."
But Never Back Down, a super PAC supporting DeSantis’ campaign whose top advisors are schooled in the arts of delegate rules, was less sanguine.
“Smoke-filled back rooms do not reflect the will of or benefit voters in any state. Yet across the country games are afoot to enhance the potential outcome of primary elections for one former president who half of the Republican electorate no longer wants as the party leader," Ken Cuccinelli, the founder of Never Back Down, said in a statement. “Even with these asinine primary rules changes, we remain confident Governor DeSantis will become the Republican nominee and 47th president of the United States."
Never Back Down did not respond to a request to make Cuccinelli available for an interview.
California has more delegates to award than any other state, making its delegate haul valuable in the contest to win the majority of more than 2,000 Republican delegates and secure the party's nomination.
State parties set their rules governing how delegates are awarded based on the results of presidential caucuses and primaries, a process that Trump and his team have been working for years to influence.
The complex process repeatedly tripped up Trump’s 2016 campaign but after years of work by the former president himself and his advisers, the resulting system largely favors a frontrunner.
Many state Republican parties made changes to their rules ahead of the 2020 election by adding more winner-take-all contests and requiring candidates to earn higher percentages of the vote to claim any delegates.
As state parties this year are finalizing their delegate plans for 2024, California's proposal received heightened attention because of the number of delegates at stake.
The party was originally considering a plan earlier this month that could have potentially allowed a second-place finisher to collect more delegates.
The earlier proposal would not have allowed for a candidate to take all the delegates if they received a majority of the votes.
Instead, it split the 169 delegates into two groups. Of those, 156 of the delegates would be allocated based on the primary results in each of the state’s 52 congressional districts. The candidate who received the most votes in each district would receive two delegates, while the second-place candidate in the district would get one. The remaining 13 delegates would have been allocated to candidates based on the percentage of the statewide vote they won.
That proposal drew outrage from some Trump supporters on Twitter who cast it as a plot to harm Trump.
California Republican Party Chairwoman Jessica Millan Patterson said the initial proposal “was a starting point so that we could take the issue up," but dividing up the delegates proportionally incentivizes every candidate to campaign in California because they could be awarded their share of what they win.
“This is what primaries are for,” Patterson said. “I’m excited to see all of these candidates step up and either show us that they can take a portion or win the state on their own and to make that case to California voters."
Patterson declined to detail the specific input each campaign provided but said the party heard from campaigns beyond just those of Trump and DeSantis, along with supporters of the various candidates and potential delegates.
She said it was "a very open and transparent process,” with the party allowing for public comment and discussion during the final weekend vote and during an earlier meeting of the party's rules committee, which first passed the change.
“I feel good about where we ended up on Saturday, despite what some people might say," she said.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
|
https://www.wftv.com/news/politics/trumps-early-work/DUWWDZHVWR5O3NI67WSEYAFXCU/
| 2023-07-31T22:07:32
| 1
|
https://www.wftv.com/news/politics/trumps-early-work/DUWWDZHVWR5O3NI67WSEYAFXCU/
|
Published: Jul. 31, 2023 at 3:30 PM CDT|Updated: 2 hours 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.
|
https://www.1011now.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
| 2023-07-31T22:07:32
| 1
|
https://www.1011now.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
|
Delivered record-breaking second quarter performance in Total Revenues, Operating Profit and net new adds
Total Revenues up 25%; System Sales grew 32% in constant currency; Operating Profit increased 216%
Store openings accelerated, 655 net new adds in the first half, on track for full-year net new store target
SHANGHAI, July 31, 2023 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2023.
Second Quarter Highlights
- Total revenues increased 25% year over year to $2.65 billion from $2.13 billion (a 32% increase excluding foreign currency translation ("F/X")).
- Total system sales increased 32% year over year, with increases of 32% at KFC and 30% at Pizza Hut, excluding F/X. Growth was mainly attributable to same-store sales, new unit contribution and lapping of temporary store closures in the prior year.
- Same-store sales increased 15% year over year, with increases of 15% at KFC and 13% at Pizza Hut, excluding F/X.
- Opened 422 net new stores during the quarter; total store count reached 13,602, as of June 30, 2023.
- Operating Profit increased 216% year over year to $257 million from $81 million (a 228% increase excluding F/X), primarily driven by sales leveraging and margin expansion.
- Adjusted Operating Profit increased 215% year over year to $259 million from $82 million (a 227% increase excluding F/X).
- Restaurant margin was 16.1%, compared with 12.1% in the prior year period.
- Effective tax rate was 24.7%.
- Net Income increased 138% to $197 million from $83 million in the prior year period, primarily due to the increase in Operating Profit.
- Adjusted Net Income increased 137% to $199 million from $84 million in the prior year period (a 207% increase excluding the net loss of $9 million in the second quarter of 2023 and net gain of $16 million in the second quarter of 2022, from the mark-to-market equity investment in Meituan; a 219% increase if further excluding F/X).
- Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period.
- Adjusted Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period (a 206% increase excluding the net loss from the mark-to-market equity investments in the second quarter of 2023 and net gain in the second quarter of 2022; a 219% increase if further excluding F/X).
Key Financial Results
CEO and CFO Comments
Joey Wat, CEO of Yum China, commented, "We achieved outstanding results, delivering substantial growth in the top-line and bottom-line, in the second quarter, thanks to our teams' dedication and creativity. This once again demonstrates our anti-fragile business model and ability to capture opportunities in good times and stay resilient in bad times. Our innovative products and compelling value captured customer demand and drove double-digit same-store sales growth. KFC's "K-zza" and Pizza Hut's new menu items were hugely popular. Our exciting campaign with Genshin Impact and fun toy offerings with Sanrio and Pokemon spurred strong demand and brought consumers moments of joy. We registered record daily transactions of 8.5 million on Children's Day. Our amazing operations team, robust end-to-end digital capabilities and agile supply chain enabled us to flexibly handle surges in customer traffic through holiday periods and special marketing campaigns, while maintaining consistent quality and customer service. As a result of these collective efforts, our operating profit for the first half of this year already exceeded the entire year of 2022."
Wat continued, "We accelerated the pace of new store openings in the second quarter and celebrated two milestones. Pizza Hut surpassed 3,000 stores in China and KFC exceeded 500 stores in Shanghai alone. With 655 net new stores in the first half of 2023, we are on track to meet our expansion goals for the year. Importantly, new store payback periods remain healthy. Furthermore, we see abundant white space in China. With a presence in 1,900 cities, we are still tracking over 800 cities without a KFC. Similarly, Pizza Hut has a great potential for expanding its footprint. With our flexible store formats, we continue to expand addressable markets across city tiers. By actively pursuing our RGM (Resilience-Growth-Moat) strategy and leveraging our industry-leading strengths, we are confident in our ability to capture long-term growth opportunities."
Andy Yeung, CFO of Yum China, added, "We delivered record second-quarter revenues and profits, despite challenging macro conditions and an uptick of COVID infections during the quarter. When customer demand softened in May, we adjusted nimbly to address consumer needs, captured holiday spending and successfully regained sales momentum. Sales growth and proactive cost structure rebasing helped us improve operating leverage, expanding restaurant margins and delivering record operating profit in the quarter. Even though same-store sales remained below 2019 levels, our revenue in the second quarter has increased by 25% and operating profits have risen by 26% compared to pre-pandemic levels in 2019."
"As we move into the third quarter, driving sales remains our top priority. We have lined up exciting marketing campaigns and resources to seize sales opportunities in the peak summer season. Our efforts on efficiency improvement and cost structure rebasing should continue to benefit profitability in the long run. But, it is worth noting that last year's record third-quarter restaurant margins set a relatively high benchmark, due to austerity measures and temporary reliefs. We will continue to stay agile through evolving market conditions, expand our store network and fortify our competitive moat to drive sustainable long-term growth," Yeung concluded.
Share Repurchases and Dividends
- During the second quarter, the Company repurchased approximately 1 million shares of Yum China common stock for $62 million at an average price of $60.23 per share. As of June 30, 2023, approximately $1 billion remained available for future share repurchases under the current authorization.
- The Board declared a cash dividend of $0.13 per share on Yum China's common stock, payable on September 18, 2023 to shareholders of record as of the close of business on August 28, 2023.
Digital and Delivery
- The KFC and Pizza Hut loyalty programs exceeded 445 million members combined, as of quarter-end. Member sales accounted for approximately 66% of system sales in the second quarter of 2023.
- Delivery contributed approximately 35% of KFC and Pizza Hut's Company sales in the second quarter of 2023, a decrease of 3% compared with the prior year period.
- Digital orders, including delivery, mobile orders and kiosk orders, accounted for approximately 90% of KFC and Pizza Hut's Company sales in the second quarter of 2023.
New-Unit Development and Asset Upgrade
- The Company opened 422 net new stores in the second quarter of 2023, mainly driven by development of the KFC and Pizza Hut brands.
- The Company remodeled 171 stores in the second quarter of 2023.
Restaurant Margin
- Restaurant margin was 16.1% in the second quarter of 2023 compared with 12.1% in the prior year period, driven primarily by sales leveraging and ongoing benefits of cost structure rebasing efforts; partially offset by lapping austerity measures in the prior year, higher promotion costs, and wage inflation.
2023 Outlook
The Company's fiscal year 2023 targets remain unchanged:
- To open approximately 1,100 to 1,300 net new stores.
- To make capital expenditures in the range of approximately $700 million to $900 million.
Company Updates
- On July 17, 2023, the Company announced the appointment of Mr. David Hoffmann to the Board of the Directors. With this appointment, the Board is now comprised of 10 directors, nine of whom are independent.
Note on Non-GAAP Measures
Reported GAAP results include Special Items, which are excluded from non-GAAP adjusted measures. Special Items are not allocated to any segment and therefore only impact reported GAAP results of Yum China. See "Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures" within this release. In addition, for the non-GAAP measures of Restaurant profit and Restaurant margin, see "Reconciliation of GAAP Operating Profit to Restaurant Profit" under "Segment Results" within this release.
Conference Call
Yum China's management will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Monday, July 31, 2023 (8:00 a.m. Beijing/Hong Kong Time on Tuesday, August 1, 2023).
A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/4rchbbk4/.
To join by phone, please register in advance of the conference through the link provided below. Upon registering, you will be provided with participant dial-in numbers, a passcode and a unique access PIN.
Pre-registration Link: https://s1.c-conf.com/diamondpass/10031360-wcv829.html
A replay of the conference call will be available one hour after the call ends until Tuesday, August 8, 2023 and may be accessed by phone at the following numbers:
Additionally, this earnings release, the accompanying slides, as well as the live and archived webcast of this conference call will be available at Yum China's Investor Relations website at http://ir.yumchina.com.
For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China's Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including under "2023 Outlook." We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook," "commit" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investment, dividend and share repurchase plans, earnings, performance and returns of Yum China, anticipated effects of population and macroeconomic trends, the expected impact of the COVID-19 pandemic, pace of recovery of Yum China's business, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, including the COVID-19 pandemic, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has over 400,000 employees and operates over 13,000 restaurants under six brands across 1,900 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. Taco Bell offers innovative Mexican-inspired food. Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.
In this press release:
- The Company provides certain percentage changes excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
- System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned, franchise and unconsolidated affiliate restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise and unconsolidated affiliate restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise and unconsolidated affiliate restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth.
- Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.
- Company sales represent revenues from Company-owned restaurants. Company Restaurant profit ("Restaurant profit") is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, restaurant-level payroll and employee benefits, rent, depreciation and amortization of restaurant-level assets, advertising expenses, and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales.
- Certain comparative items in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation to facilitate comparison.
Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures
(in millions, except per share data)
(unaudited)
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in this press release, the Company provides non-GAAP measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share ("EPS"), Adjusted Effective Tax Rate and Adjusted EBITDA, which we define as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, certain non-cash expenses, consisting of depreciation and amortization as well as store impairment charges, and Special Items. We also use Restaurant profit and Restaurant margin (as defined above) for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe Restaurant profit and Restaurant margin provide useful information to investors as to the profitability of our Company-owned restaurants.
The following table set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP adjusted financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit is presented in Segment Results within this release.
Net income, along with the reconciliation to Adjusted EBITDA, is presented below:
Details of Special Items are presented below:
(1) In February 2020, the Company granted Partner PSU Awards to select employees who were deemed critical to the Company's execution of its strategic operating plan. These PSU awards will only vest if threshold performance goals are achieved over a four-year performance period, with the payout ranging from 0% to 200% of the target number of shares subject to the PSU awards. Partner PSU Awards were granted to address increased competition for executive talent, motivate transformational performance and encourage management retention. Given the unique nature of these grants, the Compensation Committee does not intend to grant similar, special grants to the same employees during the performance period. The impact from these special awards is excluded from metrics that management uses to assess the Company's performance.
(2) The tax expense was determined based upon the nature, as well as the jurisdiction, of each Special Item at the applicable tax rate.
The Company excludes impact from Special Items for the purpose of evaluating performance internally. Special Items are not included in any of our segment results. In addition, the Company provides Adjusted EBITDA because we believe that investors and analysts may find it useful in measuring operating performance without regard to items such as equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analyst may find it useful in measuring operating performance without regard to such non-cash item.
These adjusted measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these adjusted measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our ongoing operations due to their nature.
View original content:
SOURCE Yum China Holdings, Inc.
|
https://www.kfyrtv.com/prnewswire/2023/07/31/yum-china-reports-second-quarter-2023-results/
| 2023-07-31T22:07:36
| 1
|
https://www.kfyrtv.com/prnewswire/2023/07/31/yum-china-reports-second-quarter-2023-results/
|
MIAMI — A federal judge in Florida on Thursday dismissed a $5 million class-action lawsuit brought against the parent company of Velveeta’s microwavable Shells & Cheese cups, which claimed that the public was misled about the length of time it takes to prepare the meal.
U.S. District Judge Beth Bloom on Thursday dismissed the lawsuit brought by Amanda Ramirez, of Hialeah, who filed the class-action lawsuit on Nov. 18, 2022, in U.S. District Court for the Southern District of Florida’s Miami Division.
In the lawsuit, Ramirez accused the Kraft Heinz Food Company of violating state and federal laws against deceptive and unfair trade practices, fraud, false and misleading advertising, breach of express warranty, negligent misrepresentation and unjust enrichment, according to the Sun-Sentinel.
Florida judge tosses $5 million lawsuit over microwavable mac and cheese https://t.co/1xQVWjPcle pic.twitter.com/wpijT0NhfF
— WFLA NEWS (@WFLA) July 31, 2023
The lawsuit alleged that the company claimed that the macaroni and cheese cups took 3½ minutes to prepare. The suit claimed that the time limit did not include the amount of time it took to remove the lid, add water and stir in the cheese sauce, WFLA-TV reported.
The lawsuit did not state how long it took Ramirez overall to prepare the cups for consumption.
Ramirez bought a box of eight 2.39-ounce cups at several locations, including a Publix supermarket in Hialeah, “between October and November 2022,” the lawsuit stated.
Ramirez said she paid “a premium price” of $10.99, the Sun-Sentinel reported.
The suit claims that the $10.99 price is higher than similar products that are represented in a “non-misleading way.”
In Thursday’s ruling, the court said that Ramirez “does not allege that she was unable to consume the product or that it was otherwise so flawed as to be rendered useless.”
“In fact, the complaint does not even include an allegation that plaintiff ever attempted to cook the product,” according to the ruling. “Similarly, plaintiff’s complaint contains no factual allegations of the price she might have paid if defendant’s product was not marketed as ready in three and a half minutes.”
The court said that Ramirez failed to demonstrate an injury.
“There is no real and immediate threat of future injury,” the court said.
|
https://www.wftv.com/news/trending/judge-dismisses-5m-lawsuit-over-velveeta-shells-cheese-ready-time-claim/634R5FYJFJCEXHMUCZZK4EDZLU/
| 2023-07-31T22:07:39
| 1
|
https://www.wftv.com/news/trending/judge-dismisses-5m-lawsuit-over-velveeta-shells-cheese-ready-time-claim/634R5FYJFJCEXHMUCZZK4EDZLU/
|
POMPANO BEACH, Fla., July 31, 2023 /PRNewswire/ -- Southern Auto Finance Company, LLC ("SAFCO") today announced a Chief Financial Officer transition. Jason Person has been named as SAFCO's new CFO.
Most recently, Mr. Person served as the Vice President and Treasurer of Regional Management Corporation, a diversified consumer finance company, where he managed a team responsible for liquidity management, investor relations, and financial analytics. Prior to Regional Management Corporation, Mr. Person served as the Director of Treasury and Capital Markets at Global Lending Services and as Assistant Vice President of Finance for Exeter Finance Corporation. He holds a Bachelor's Degree in Business Management from Anderson University and an MBA from Texas A&M University.
The company's current CFO Gary Stein is retiring after 22 years of dedicated service to SAFCO. Mr. Stein will remain in an advisory capacity for several months to help with the transition.
Commenting on the transition, SAFCO's CEO George Fussell, Sr. conveyed his heartfelt appreciation for Mr. Stein's contributions during his tenure, stating "We owe Gary a great debt of gratitude for his years of service. His remarkable leadership, financial acumen, and mentorship of the team have been instrumental in shaping the very foundation of our company's success. We wish him the best in his well-deserved retirement." Mr. Fussell further stated, "Jason represents a significant addition to our executive leadership team. He brings a wealth of expertise in treasury/capital markets, financial planning, and analytics that will undoubtedly contribute to SAFCO's continued success as we move forward."
About SAFCO
SAFCO is an industry-leading auto finance company with the power to see creditworthiness where others don't. Our proprietary originations system, complete with deep machine learning, enables us to see beyond credit scores and basic alternative data and instead base our decisions on unique, realistic insights that reveal the full credit potential of applicants. SAFCO is headquartered in Pompano Beach, Florida.
Contact: Drew Pickens
Vice President of Human Resources
954-745-2529
apickens@gosafco.com
View original content to download multimedia:
SOURCE Southern Auto Finance Company, LLC
|
https://www.1011now.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
| 2023-07-31T22:07:39
| 1
|
https://www.1011now.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
|
Locals Representing 340K UPS Workers Nearly Unanimously Recommend Contract
WASHINGTON, July 31, 2023 /PRNewswire/ -- Teamsters local unions representing 340,000 full- and part-time workers at UPS voted 161-1 on Monday to endorse the tentative agreement reached with the delivery giant on July 25 and recommend its passage by the full membership.
Of the 176 local unions with UPS members, 14 affiliates failed to show up to a meeting in Washington, DC, to review the tentative agreement.
At least two representatives from all other local unions discussed more than 60 changes and improvements to the UPS Teamsters National Master Agreement, the largest private-sector collective bargaining agreement in North America. The gains achieved during negotiations, which occurred regionally and nationally since January, are larger and more lucrative than any previous Teamsters contract at UPS. The tentative agreement, valued at $30 billion, establishes record wage increases for all workers for the life of the contract, installation of air conditioning in new vehicles, the end of an unfair two-tier wage system, catch-up raises for part-timers, Martin Luther King Day as a paid holiday for the first time, new language to prevent forced overtime on days off, and other huge wins.
Now that local unions have nearly unanimously endorsed the tentative agreement, all rank-and-file UPS Teamsters will have the chance to vote on ratification from August 3-22.
"The entire UPS Teamsters National Negotiating Committee stands behind this historic contract and our UPS local unions have resoundingly voted to endorse it," said Teamsters General President Sean M. O'Brien. "Our tentative agreement is richer, stronger, and more far-reaching than any settlement ever negotiated in the history of American organized labor. The Teamsters are immensely proud of reaching agreement with UPS to improve the lives of our members, their families, and working people across the country."
Founded in 1903, the International Brotherhood of Teamsters represents 1.2 million hardworking people in the U.S., Canada, and Puerto Rico. Visit Teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at Facebook.com/teamsters.
Contact:
Kara Deniz, (202) 497-6610
kdeniz@teamster.org
View original content to download multimedia:
SOURCE International Brotherhood of Teamsters
|
https://www.1011now.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
| 2023-07-31T22:07:46
| 1
|
https://www.1011now.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
|
MEMPHIS, Tenn. — A man who attempted to force his way into a Jewish school in Memphis, Tennessee, on Monday was shot by police when he opened fire outside the building, authorities said.
During a news conference, Memphis Police Department Assistant Chief Don Crowe said that officers were called to the Margolin Hebrew Academy at 12:20 p.m. CDT when the suspect attempted to enter the building with a gun, WMC-TV reported.
When he could not enter the school due to the facility’s double doors, the man allegedly fired shots outside of the building, according to WHBQ-TV.
BREAKING: Police confirm a man is in critical condition after firing shots outside the Margolin Hebrew Academy with a gun. He left the school, and police caught up with him in Berclair and shot him. Police say it’s too soon to tell if this is a hate crime. @3onyourside pic.twitter.com/y3ZIyagOOz
— Ashley Paul (@AshleyPaulNews) July 31, 2023
Crowe said the man fled the scene in a maroon Dodge Ram pickup truck with California license plates, WREG-TV reported.
Officers later spotted the vehicle in the Berclair area of Memphis and initiated a traffic stop, according to the television station. When the man exited his vehicle with a weapon in his possession, he was shot by Memphis police.
The suspect was taken to an area hospital in critical condition, WMC-TV reported. There were no other injuries.
Memphis-Shelby County Schools said all of their schools were placed on a precautionary lockdown, which has since been lifted, according to WREG.
In a statement, Memphis police Chief Cerelyn “C. J.” Davis praised the officers who responded to the area.
“I am proud of the vigilant and quick response of MPD officers who mitigated a potential mass shooting situation today,” Davis said. “Many thanks to our neighboring jurisdictions for also providing critical information to stop the suspect’s actions.”
The Tennessee Bureau of Investigation is leading the investigation, police said.
|
https://www.wftv.com/news/trending/man-shot-by-memphis-police-after-gunman-opens-fire-outside-jewish-school/YI7DYPMAFNHERNB65GLKH3ITUY/
| 2023-07-31T22:07:45
| 1
|
https://www.wftv.com/news/trending/man-shot-by-memphis-police-after-gunman-opens-fire-outside-jewish-school/YI7DYPMAFNHERNB65GLKH3ITUY/
|
SAN JUAN CAPISTRANO, Calif. — A horse was rescued after slipping on a trail in California last week.
The Orange County Fire Authority shared a video showing the 25-year-old horse named Sobe being pulled from the trail in San Juan Capistrano last Friday.
Initially, crews tried to help the horse without a helicopter but they later determined it was necessary.
"Crews worked with a veterinarian and staff to get the horse out," the fire service said. "After an initial attempt to get him up, it was determined that a helicopter extraction was needed."
Sobe was taken to a riding center to be checked out by veterinarians. The fire service said he was walking on his own.
|
https://www.wtsp.com/article/life/animals/california-horse-airlift/285-c23f15b6-a05e-43a6-9f42-9d5aa5afe5a7
| 2023-07-31T22:07:48
| 0
|
https://www.wtsp.com/article/life/animals/california-horse-airlift/285-c23f15b6-a05e-43a6-9f42-9d5aa5afe5a7
|
OSHKOSH, Wis. — A pilot killed during an aircraft incident in Wisconsin on Saturday was the daughter of two-time Super Bowl champion Bruce Collie.
Devyn Reiley, 30, of Guadalupe, Texas, died when the World War II-era plane she was piloting crashed into Lake Winnebago near Oshkosh, WBAY-TV reported.
Reiley, who co-owned a New Braunfels-based flight school with her husband, was in Wisconsin for the Experimental Aircraft Association’s annual fly-in convention, according to the San Antonio Express-News.
Also killed in the crash with Reiley was Zach Colliemoreno, 20, WBAY reported.
Reiley’s single-engine North American T-6 Texan aircraft crashed at about 9:07 a.m. CDT, according to the television station. The Federal Aviation Administration said in a statement that the plane crashed shortly after taking off from Wittman Regional Airport in Oshkosh, People reported.
According to the U.S. Coast Guard, the aircraft was reportedly maneuvering before rapidly descending from about 3,000 feet altitude, the Oshkosh Northwestern newspaper reported.
Reiley, the oldest of 13 siblings, was raised in Wimberley, Texas, the Express-News reported.
Pilot Devyn Reiley was passionate about sharing the history of female WWII aviators. https://t.co/VknLxMetbK
— San Antonio Express-News (@ExpressNews) July 30, 2023
“She was the older sister that was the one -- everybody looked up to her, everyone does look up to her,” her sister, Calyn Collie, 21, of Wimberley, told the newspaper.
Collie, 61, who is also a pilot, won two Super Bowl rings with the 49ers and was inducted into the San Antonio Sports Hall of Fame in 2019. He posted a tribute to his daughter in a Facebook post.
Reiley became a certified private pilot in 2017 and was working toward becoming a certified commercial pilot, according to a Facebook post from Texas Warbird Museum, a nonprofit she co-founded with her husband, Hunter Reiley, and his family. The organization’s aim is to preserve retired WWII-era military aircraft known as warbirds, the Express-News reported.
Bruce Collie played in the NFL from 1985 to 1991, playing on the offensive line with the 49ers (1985-89) and the Philadelphia Eagles (1990-91).
|
https://www.wftv.com/news/trending/pilot-killed-wisconsin-air-crash-daughter-2-time-super-bowl-champ-bruce-collie/AMHT5RFJZFDOBKAYX36OMONVQA/
| 2023-07-31T22:07:52
| 1
|
https://www.wftv.com/news/trending/pilot-killed-wisconsin-air-crash-daughter-2-time-super-bowl-champ-bruce-collie/AMHT5RFJZFDOBKAYX36OMONVQA/
|
Delivered record-breaking second quarter performance in Total Revenues, Operating Profit and net new adds
Total Revenues up 25%; System Sales grew 32% in constant currency; Operating Profit increased 216%
Store openings accelerated, 655 net new adds in the first half, on track for full-year net new store target
SHANGHAI, July 31, 2023 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2023.
Second Quarter Highlights
- Total revenues increased 25% year over year to $2.65 billion from $2.13 billion (a 32% increase excluding foreign currency translation ("F/X")).
- Total system sales increased 32% year over year, with increases of 32% at KFC and 30% at Pizza Hut, excluding F/X. Growth was mainly attributable to same-store sales, new unit contribution and lapping of temporary store closures in the prior year.
- Same-store sales increased 15% year over year, with increases of 15% at KFC and 13% at Pizza Hut, excluding F/X.
- Opened 422 net new stores during the quarter; total store count reached 13,602, as of June 30, 2023.
- Operating Profit increased 216% year over year to $257 million from $81 million (a 228% increase excluding F/X), primarily driven by sales leveraging and margin expansion.
- Adjusted Operating Profit increased 215% year over year to $259 million from $82 million (a 227% increase excluding F/X).
- Restaurant margin was 16.1%, compared with 12.1% in the prior year period.
- Effective tax rate was 24.7%.
- Net Income increased 138% to $197 million from $83 million in the prior year period, primarily due to the increase in Operating Profit.
- Adjusted Net Income increased 137% to $199 million from $84 million in the prior year period (a 207% increase excluding the net loss of $9 million in the second quarter of 2023 and net gain of $16 million in the second quarter of 2022, from the mark-to-market equity investment in Meituan; a 219% increase if further excluding F/X).
- Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period.
- Adjusted Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period (a 206% increase excluding the net loss from the mark-to-market equity investments in the second quarter of 2023 and net gain in the second quarter of 2022; a 219% increase if further excluding F/X).
Key Financial Results
CEO and CFO Comments
Joey Wat, CEO of Yum China, commented, "We achieved outstanding results, delivering substantial growth in the top-line and bottom-line, in the second quarter, thanks to our teams' dedication and creativity. This once again demonstrates our anti-fragile business model and ability to capture opportunities in good times and stay resilient in bad times. Our innovative products and compelling value captured customer demand and drove double-digit same-store sales growth. KFC's "K-zza" and Pizza Hut's new menu items were hugely popular. Our exciting campaign with Genshin Impact and fun toy offerings with Sanrio and Pokemon spurred strong demand and brought consumers moments of joy. We registered record daily transactions of 8.5 million on Children's Day. Our amazing operations team, robust end-to-end digital capabilities and agile supply chain enabled us to flexibly handle surges in customer traffic through holiday periods and special marketing campaigns, while maintaining consistent quality and customer service. As a result of these collective efforts, our operating profit for the first half of this year already exceeded the entire year of 2022."
Wat continued, "We accelerated the pace of new store openings in the second quarter and celebrated two milestones. Pizza Hut surpassed 3,000 stores in China and KFC exceeded 500 stores in Shanghai alone. With 655 net new stores in the first half of 2023, we are on track to meet our expansion goals for the year. Importantly, new store payback periods remain healthy. Furthermore, we see abundant white space in China. With a presence in 1,900 cities, we are still tracking over 800 cities without a KFC. Similarly, Pizza Hut has a great potential for expanding its footprint. With our flexible store formats, we continue to expand addressable markets across city tiers. By actively pursuing our RGM (Resilience-Growth-Moat) strategy and leveraging our industry-leading strengths, we are confident in our ability to capture long-term growth opportunities."
Andy Yeung, CFO of Yum China, added, "We delivered record second-quarter revenues and profits, despite challenging macro conditions and an uptick of COVID infections during the quarter. When customer demand softened in May, we adjusted nimbly to address consumer needs, captured holiday spending and successfully regained sales momentum. Sales growth and proactive cost structure rebasing helped us improve operating leverage, expanding restaurant margins and delivering record operating profit in the quarter. Even though same-store sales remained below 2019 levels, our revenue in the second quarter has increased by 25% and operating profits have risen by 26% compared to pre-pandemic levels in 2019."
"As we move into the third quarter, driving sales remains our top priority. We have lined up exciting marketing campaigns and resources to seize sales opportunities in the peak summer season. Our efforts on efficiency improvement and cost structure rebasing should continue to benefit profitability in the long run. But, it is worth noting that last year's record third-quarter restaurant margins set a relatively high benchmark, due to austerity measures and temporary reliefs. We will continue to stay agile through evolving market conditions, expand our store network and fortify our competitive moat to drive sustainable long-term growth," Yeung concluded.
Share Repurchases and Dividends
- During the second quarter, the Company repurchased approximately 1 million shares of Yum China common stock for $62 million at an average price of $60.23 per share. As of June 30, 2023, approximately $1 billion remained available for future share repurchases under the current authorization.
- The Board declared a cash dividend of $0.13 per share on Yum China's common stock, payable on September 18, 2023 to shareholders of record as of the close of business on August 28, 2023.
Digital and Delivery
- The KFC and Pizza Hut loyalty programs exceeded 445 million members combined, as of quarter-end. Member sales accounted for approximately 66% of system sales in the second quarter of 2023.
- Delivery contributed approximately 35% of KFC and Pizza Hut's Company sales in the second quarter of 2023, a decrease of 3% compared with the prior year period.
- Digital orders, including delivery, mobile orders and kiosk orders, accounted for approximately 90% of KFC and Pizza Hut's Company sales in the second quarter of 2023.
New-Unit Development and Asset Upgrade
- The Company opened 422 net new stores in the second quarter of 2023, mainly driven by development of the KFC and Pizza Hut brands.
- The Company remodeled 171 stores in the second quarter of 2023.
Restaurant Margin
- Restaurant margin was 16.1% in the second quarter of 2023 compared with 12.1% in the prior year period, driven primarily by sales leveraging and ongoing benefits of cost structure rebasing efforts; partially offset by lapping austerity measures in the prior year, higher promotion costs, and wage inflation.
2023 Outlook
The Company's fiscal year 2023 targets remain unchanged:
- To open approximately 1,100 to 1,300 net new stores.
- To make capital expenditures in the range of approximately $700 million to $900 million.
Company Updates
- On July 17, 2023, the Company announced the appointment of Mr. David Hoffmann to the Board of the Directors. With this appointment, the Board is now comprised of 10 directors, nine of whom are independent.
Note on Non-GAAP Measures
Reported GAAP results include Special Items, which are excluded from non-GAAP adjusted measures. Special Items are not allocated to any segment and therefore only impact reported GAAP results of Yum China. See "Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures" within this release. In addition, for the non-GAAP measures of Restaurant profit and Restaurant margin, see "Reconciliation of GAAP Operating Profit to Restaurant Profit" under "Segment Results" within this release.
Conference Call
Yum China's management will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Monday, July 31, 2023 (8:00 a.m. Beijing/Hong Kong Time on Tuesday, August 1, 2023).
A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/4rchbbk4/.
To join by phone, please register in advance of the conference through the link provided below. Upon registering, you will be provided with participant dial-in numbers, a passcode and a unique access PIN.
Pre-registration Link: https://s1.c-conf.com/diamondpass/10031360-wcv829.html
A replay of the conference call will be available one hour after the call ends until Tuesday, August 8, 2023 and may be accessed by phone at the following numbers:
Additionally, this earnings release, the accompanying slides, as well as the live and archived webcast of this conference call will be available at Yum China's Investor Relations website at http://ir.yumchina.com.
For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China's Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including under "2023 Outlook." We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook," "commit" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investment, dividend and share repurchase plans, earnings, performance and returns of Yum China, anticipated effects of population and macroeconomic trends, the expected impact of the COVID-19 pandemic, pace of recovery of Yum China's business, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, including the COVID-19 pandemic, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has over 400,000 employees and operates over 13,000 restaurants under six brands across 1,900 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. Taco Bell offers innovative Mexican-inspired food. Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.
In this press release:
- The Company provides certain percentage changes excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
- System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned, franchise and unconsolidated affiliate restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise and unconsolidated affiliate restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise and unconsolidated affiliate restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth.
- Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.
- Company sales represent revenues from Company-owned restaurants. Company Restaurant profit ("Restaurant profit") is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, restaurant-level payroll and employee benefits, rent, depreciation and amortization of restaurant-level assets, advertising expenses, and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales.
- Certain comparative items in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation to facilitate comparison.
Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures
(in millions, except per share data)
(unaudited)
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in this press release, the Company provides non-GAAP measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share ("EPS"), Adjusted Effective Tax Rate and Adjusted EBITDA, which we define as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, certain non-cash expenses, consisting of depreciation and amortization as well as store impairment charges, and Special Items. We also use Restaurant profit and Restaurant margin (as defined above) for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe Restaurant profit and Restaurant margin provide useful information to investors as to the profitability of our Company-owned restaurants.
The following table set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP adjusted financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit is presented in Segment Results within this release.
Net income, along with the reconciliation to Adjusted EBITDA, is presented below:
Details of Special Items are presented below:
(1) In February 2020, the Company granted Partner PSU Awards to select employees who were deemed critical to the Company's execution of its strategic operating plan. These PSU awards will only vest if threshold performance goals are achieved over a four-year performance period, with the payout ranging from 0% to 200% of the target number of shares subject to the PSU awards. Partner PSU Awards were granted to address increased competition for executive talent, motivate transformational performance and encourage management retention. Given the unique nature of these grants, the Compensation Committee does not intend to grant similar, special grants to the same employees during the performance period. The impact from these special awards is excluded from metrics that management uses to assess the Company's performance.
(2) The tax expense was determined based upon the nature, as well as the jurisdiction, of each Special Item at the applicable tax rate.
The Company excludes impact from Special Items for the purpose of evaluating performance internally. Special Items are not included in any of our segment results. In addition, the Company provides Adjusted EBITDA because we believe that investors and analysts may find it useful in measuring operating performance without regard to items such as equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analyst may find it useful in measuring operating performance without regard to such non-cash item.
These adjusted measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these adjusted measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our ongoing operations due to their nature.
View original content:
SOURCE Yum China Holdings, Inc.
|
https://www.1011now.com/prnewswire/2023/07/31/yum-china-reports-second-quarter-2023-results/
| 2023-07-31T22:07:52
| 0
|
https://www.1011now.com/prnewswire/2023/07/31/yum-china-reports-second-quarter-2023-results/
|
BRADENTON BEACH, Fla. — A sergeant with the Hillsborough County Sheriff's Office was arrested Sunday following an argument over a parking spot in Manatee County, authorities say.
Brendan Fitzgerald, 52, was charged with obstruction without violence by the Bradenton Beach Police Department.
The sheriff's office said in a news release Fitzgerald has been placed on administrative leave after his arrest.
“Sergeant Fitzgerald’s behavior is inexcusable,” Hillsborough County Sheriff Chad Chronister said in a statement. “He will now face the consequences for his actions.”
Deputies have not yet said what led up to or occurred during the argument over the parking spot.
The Bradenton Beach Police Department will continue to investigate the incident.
|
https://www.wtsp.com/article/news/crime/hillsborough-sergeant-arrested-bradenton-beach-parking/67-683cc4d6-1b43-4a09-a870-ace9245e867a
| 2023-07-31T22:07:55
| 0
|
https://www.wtsp.com/article/news/crime/hillsborough-sergeant-arrested-bradenton-beach-parking/67-683cc4d6-1b43-4a09-a870-ace9245e867a
|
PORT-AU-PRINCE, Haiti — (AP) — Chants of “freedom” echoed through the streets outside an aid facility in Haiti’s capital, Port-au-Prince, on Monday where just days earlier an American nurse and her daughter were kidnapped by armed men.
Hundreds of Haitians marched through the gang-ravaged zone, bursting with anger at the abduction, which has become a symbol of the worsening violence plaguing the Caribbean nation.
New Hampshire woman Alix Dorsainvil had been working as a community nurse for the religious and humanitarian aid group El Roi Haiti when she and her daughter were taken from its campus on Thursday, the organization said. She is the wife of its founder, Sandro Dorsainvil.
Witnesses told the Associated Press that Dorsainvil was working in her organization's small brick clinic when a group of armed men burst in and seized her. Lormina Louima, a patient waiting for a check-up, said one man pulled out his gun and told her to relax.
“When I saw the gun, I was so scared,” Louima said. “I said, ‘I don’t want to see this, let me go.'"
Other members of the community said the unidentified men asked for $1 million in ransom, something that's become standard as Haiti's gangs turn to slews of kidnappings to line their pockets and bleed the country dry. Hundreds have been kidnapping in Haiti this year alone, figures from the local nonprofit Center for Analysis and Research in Human Rights show.
Since the assassination of President Jovenel Moïse in 2021, gangs have taken over much of Port-au-Prince, killing, raping and sowing terror in communities already suffering endemic poverty.
The same day that Dorsainvil and her daughter were taken, the U.S. State Department issued a "do not travel advisory" for Haiti and ordered nonemergency personnel to leave amid growing security concerns. In its advisory, the State Department said that "kidnapping is widespread, and victims regularly include U.S. citizens."
The violence has stirred anger among Haitians, who say they simply just want to live in peace.
Protesters, largely from the area around El Roi Haiti's campus, which includes a medical clinic, a school and more, echoed that call as they walked through the sweltering streets wielding cardboard signs written in Creole in red paint.
“She is doing good work in the community, free her," read one.
Among the protesters was Jean Ronald, a local resident who said the community has significantly benefitted from the care provided by El Roi Haiti.
Such groups are often the only institutions in areas far beyond the reach of the law, but have increasingly had to shut down operations as violence has deepened. The closures often leave thousands of vulnerable families without access to basic services like healthcare or education.
Earlier this month, Doctors Without Borders announced it was suspending services in one of its hospitals because some 20 armed men burst into an operating room and snatched a patient.
As the protesters walked through the area where Dorsainvil was taken, the streets were eerily quiet. The doors to the clinic where she worked were shut, the small brick building empty. Ronald and others in the area worried the latest kidnapping may mean the clinic won't reopen. Such closures
“If they leave, everything (the aid group's programs) will shut down," the Haitian worried. “The money they are asking for, we don't have it.”
Shortly after, protests dispersed.
State Department spokesman Matthew Miller refused to confirm Monday whether the abductors had made any demands, or to answer other questions.
“I will say we are aware of the reports that two US citizens were kidnapped in Haiti. Obviously, the safety and security of American citizens overseas is our highest priority. We are in regular contact with the Haitian authorities. We’ll continue to work with them and our US government interagency partners, but because it’s an ongoing law enforcement investigation, there’s not more detail I can offer,” Miller wrote in a statement Monday.
In a video for the El Roi Haiti website, Alix Dorsainvil describes Haitians as “resilient people.”
“They’re full of joy, and life and love. I’m so blessed to know so many amazing Haitians,” she says.
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 which offers pre-K through eighth grade education.
“Pray that God would keep her safe, be with her through this trial, and deliver her from her captors,” the school said on its Facebook page.
Dorsainvil’s father, Steven Comeau, reached in New Hampshire, said he could not talk.
El Roi Haiti celebrated the nurse's work in a statement over the weekend.
“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.”
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.
——
AP reporters Megan Janetsky in Mexico City and Pierre Richard Luxama in Port-au-Prince contributed to this story.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
|
https://www.wftv.com/news/world/haitians-weary-gang/KBOYM2EOI7Z7QAW2FXMPQFYLI4/
| 2023-07-31T22:07:58
| 1
|
https://www.wftv.com/news/world/haitians-weary-gang/KBOYM2EOI7Z7QAW2FXMPQFYLI4/
|
PORT ANGELES, Wash. — An 8-year-old suffered minor injuries after being attacked by a cougar while camping at Lake Angeles in the Olympic National Park on Saturday.
The cougar "casually abandoned" the attack after the child's mother yelled at it, according to the National Park Service.
"Luckily, the mom responded perfectly and quickly and started yelling and screaming at this cougar. It let the kid go and walked away," said Amos Almy, acting public information officer for Olympic National Park.
Park personnel responded and escorted the child and their family back to the trailhead. The child was then taken to a local hospital for further evaluation. It was confirmed the child only had minor injuries.
"Minor abrasions, scrapes, punctures, stuff like that," said Almy. "I think they realized that it was a pretty scary incident... we're so happy that it was not a huge incident, and that the kid is safe."
All remaining campers in the Lake Angeles area have been evacuated and access to the Lake Angeles and Heather Park areas are closed to the public until further notice.
“Due to the extreme nature of this incident, we are closing the Lake Angeles area and several trails in the vicinity,” said Olympic National Park Wildlife Biologist Tom Kay. “Out of an abundance of caution, the Lake Angeles Trail, Heather Park Trail, Switchback Trail, and the entire Klahhane Ridge Trail are closed until further notice.”
Almy said those areas will remain closed until the cougar is found or they're certain the cougar has moved to another area of the park.
Law enforcement and wildlife personnel specializing in cougar tracking were dispatched to the cougar's last known location Sunday morning. If the cougar is located it will be euthanized and removed for necropsy, according to the National Park Service.
Almy said people should keep in mind that cougar sightings are extremely rare, and cougar attacks even rarer.
"That almost never happens, and it's a sign of very, very unusual behavior," Almy said. "And when you have an animal like that behaving so unusually, you have to kind of take extreme measures and for this, unfortunately, it will be euthanization if that cougar is found. It's also important to remember, we're park rangers, we're wildlife biologists, we don't enjoy killing wildlife. That is not why we signed on to this job. But in circumstances like this, it is warranted."
The Olympic National Park is considered cougar territory. The National Park Service recommends visitors do not hike or jog alone and to keep children within sight and close to adults.
Cougar/human interactions are rare in the northwest. But if you encounter one, officials say to do the following:
- Do not run
- Make noise and appear large
- If attacked, fight back
- Carry bear spray
This is a developing story. Check back for updates.
Download our free KING 5 app to stay up-to-date on news stories from across western Washington.
|
https://www.wtsp.com/article/news/local/cougar-attack-child-olympia-national-park/281-102e0158-a488-48ac-aea0-54a5578d0a36
| 2023-07-31T22:08:01
| 1
|
https://www.wtsp.com/article/news/local/cougar-attack-child-olympia-national-park/281-102e0158-a488-48ac-aea0-54a5578d0a36
|
Chloe Dygert’s career could have ended at the bottom of an Italian ravine, where the American cyclist had been racing for a world championship with an eye on Olympic gold before colliding with a guardrail and sustaining devastating leg injuries.
Her comeback to the top of the sport has been daunting.
Dygert needed several rounds of surgery to repair the damage. She was waylaid by the Epstein-Barr virus, which left her fighting extreme fatigue. She had heart surgery last fall to treat supraventricular tachycardia, an irregularly fast heartbeat. And this spring, another training crash took her off the bike again.
She is nothing if not resilient. Yet it's hardly surprising that there were moments the past three years when Dygert, perhaps the most talented American rider of her generation, thought about giving up — on the bike and in life.
“What I physically had to go through for the injury itself, then mentally what I had to go through — all the personal things I won't go into — my life at times did not matter to me,” Dygert told The Associated Press in an interview. “I didn’t care if I was alive. I did not care about things. People don't see and understand, and I can say the same thing: I see people with injuries and things going on, and I can't understand what they're going through.
"So now," Dygert continued, "when I'm able to come back and race and step on a podium and look at a goal, or winning nationals, it's like, they matter so much to me. ... It just makes me so proud and excited for myself."
Dygert spoke by phone from Belgium, where the 2019 world time trial champion is finishing her preparations for this year's worlds, held over a 10-day stretch beginning Thursday in Glasgow, Scotland.
It's the first time the UCI, the governing body for cycling, will hold nearly all of its championships in one place, and it will make for a busy stretch for the 26-year-old from Indiana. Dygert will compete in the velodrome in the track cycling events, then head outside for the road race and time trial, where the U.S. champ will be among the favorites to win gold.
Just like she was in Imola, Italy.
Dygert hoped the 2020 worlds would be a springboard toward a golden Tokyo Olympics, and she was well ahead of the leading pace when her bike wiggled on a fast right-hand turn. Dygert crashed into the guardrail and skidded down a steep grassy pitch, and the gash to her thigh resulted in extensive blood loss.
It took Dygert nine months before she was sufficiently recovered to ride again. And while Dygert was able to compete at the Summer Games, which had been pushed back to 2021, she acknowledges now that she was nowhere near her best, even after helping the Americans win bronze in the team pursuit.
“My body was far from being anywhere close to being competitive,” Dygert said. “That was obvious.”
Afterward, Dygert turned her focus toward the Paris Games, now less than a year away. But those preparations have been hamstrung by Epstein-Barr, the heart procedure to treat a condition she had dealt with for a decade and another crash while at a team camp in Europe that left her fearful of a broken femur; nothing was broken but she was off the bike until March.
That made her performance last month at U.S. championships all the more impressive: She roared over the roads near Nashville, Tennessee, winning both the road race and time trial.
Throw in podium finishes at the Vuelta a Burgos Feminina, a stage win at the RideLondon Classique and more podium finishes at the prestigious Giro Donne, and Dygert again is among the favorites to land on the podium at worlds.
“I feel like there were moments where, ‘I hate cycling and I’m never riding a bike again,'” Dygert said, “but I don't think there was ever a doubt I'd continue. More the doubt: ‘Will I be back at my level? Will I be competitive again?’”
As much as anything, those are the thoughts that led Dygert to some dark places the past few years.
“It's crazy to think about it now," she said, “but life was just not OK. It was not.”
Mental health among Olympic athletes has become an important issue in recent years. Simone Biles has been outspoken ever since the Tokyo Games, where she dealt with the "twisties" — a mental block where gymnasts can lose track of where they are in midair. Caeleb Dressel walked away in the middle of last year's swimming worlds because of the pressure and stress, and fellow swimmer Adam Peaty is taking an extended break to work on with his own mental health.
Then there is cycling.
At the 2016 Rio de Janeiro Games, Dygert was on the same pursuit team with Kelly Catlin, helping the U.S. win a silver medal. Three years later, after struggling with depression and one failed suicide attempt, Catlin was found dead in her Stanford residence.
“Everybody puts on such a front,” Dygert explained. “When I think about Kelly and the situation, what that was and what that meant for her family, for her teammates, for the world, it's like — it's not like, ‘I can’t do that and be like Kelly,' but the trauma that caused for everyone around us, I think that was a huge factor. My life does matter. I do matter to people.”
Dygert believes she is in a better place these days. Her fitness is not yet where she wants to be, but the results show she's on the right track. Optimism abounds not only for worlds but the Paris Games.
“I would never take anything that's happened in my life back. It's made me so tough,” Dygert said. "I don't know how to explain it, but it's made me a better person, not for any other reason than just the compassion and maybe sympathy I have for a person or someone else. My outlook on things. It's made me such a better person on and off the bike.
“It's all part of God's plan,” she added. “As much as I didn't agree with it at the time, it was part of the plan.”
___
AP Olympics: https://apnews.com/hub/2024-paris-olympic-games
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
|
https://www.wftv.com/sports/american-cyclist/FUH4OPRJOYNQHHE5ZH5QHPIQ6Y/
| 2023-07-31T22:08:05
| 1
|
https://www.wftv.com/sports/american-cyclist/FUH4OPRJOYNQHHE5ZH5QHPIQ6Y/
|
CONYERS, Ga. — Authorities made a disturbing discovery on Thursday night in southwest Atlanta. The charred SUV of Imani Roberson was found in a secluded area almost 30 miles away from her home in Conyers.
The vehicle was found on a property off Camp Creek Parkway near Union Road. The car was towed from the scene, but the charred remains are still scattered around on the red dirt, including the Mazda logo off Roberson's white SUV.
Roberson's family said the last time they heard from or saw the mother of four was on July 16, after she left her mother's home in Conyers. The two live close by, and Roberson was going to run home and pick up a couple of things. Her father said she was in the process of moving in with her mother.
The Rockdale County Sheriff's Office originally said the last place Roberson and her SUV were seen was on Plantation Road in Conyers. However, this week they updated the information moving the last place her SUV was seen was off Metropolitan Parkway in southwest Atlanta at the City Central apartments.
On Friday, Ronald Acklin said his daughter has never disappeared and would not just up and leave after giving birth to her youngest child. He said that on top of her SUV being found so far away and on fire makes them think the worst.
"This is how we know something terrible has happened," Acklin said.
He also shared video from Roberson's neighbor's Ring doorbell. The video is grainy, but he said it's what you hear that makes him believe she's no longer alive. In the video, you see an insect flying in front of the camera-- then seconds later, you hear a loud noise.
"That was a gunshot from a distance," Acklin explained.
11Alive can't confirm it was a gunshot, but in the video, right after the loud noise, you see Roberson's SUV back out of the driveway and speed off.
Acklin said that was on July 16, just a short time after Roberson left her mother's home in Conyers.
According to the Rockdale County Sheriff's Office, the next time the SUV was seen was in southwest Atlanta at the City Central apartments.
Acklin questions if Roberson was in the SUV when it was seen at the complex.
As of Friday night, Roberson's case remains a missing persons case. The Rockdale County Sheriff's Office is asking if anyone in the community has any information regarding Roberson's disappearance to please contact their investigators at (770) 278-8156.
|
https://www.wtsp.com/article/news/local/imani-roberson-missing-disturbing-discovery/85-24ccd976-23b4-46e0-be7f-f79a3e363fc0
| 2023-07-31T22:08:07
| 0
|
https://www.wtsp.com/article/news/local/imani-roberson-missing-disturbing-discovery/85-24ccd976-23b4-46e0-be7f-f79a3e363fc0
|
Alyce Joyce (Austin) Hagberg
May 4, 1929 - June 9, 2023
DULUTH , Minn. - Alyce Joyce (Austin) Hagberg, 94, Duluth , Minn., died Friday, June 9, in Duluth .
Visitation will be from 2-3 p.m., followed by a memorial service at 3 p.m., Thursday, Aug. 3, at Cremation Society of Duluth.
|
https://www.duluthnewstribune.com/obituaries/obits/alyce-joyce-austin-hagberg-5d0135ff67a60618cb3bf3a9-64c806c392d49e4652d0906c
| 2023-07-31T22:08:10
| 0
|
https://www.duluthnewstribune.com/obituaries/obits/alyce-joyce-austin-hagberg-5d0135ff67a60618cb3bf3a9-64c806c392d49e4652d0906c
|
Gilbert “Gil” Bascom
Gilbert “Gil” D. Bascom, 76, of Duluth, MN passed away on July 30, 2023 at Hilltop Healthcare.
Gil was born in Duluth to Frank and Sally Bascom on Sept. 17, 1946. He graduated from Duluth Denfeld in 1964. He worked in the engineering department at Clyde Iron, Hahn Machinery, and Cirrus Aircraft.
He enjoyed spending time with his family, hunting, fishing, trap shooting and riding his motorcycle. He was a member of the AAD Shrine Dune Buggy Patrol and Northwest Gun Club.
Gil was preceded in death by his parents; and grandson, Michael “Mikey” J. Pooler.
Gil is survived by his of wife of 41 years, Sharon Bascom; children, Frank Bascom, Deborah (Mike) Pooler, Mike Dyar, Corey (Tracy) Bascom, and Michelle (Tom) Cook; 10 grandchildren; and 7 great-grandchildren.
Visitation to be held at 1:00 PM on Friday, August 4th at Sunrise Funeral Home, 4798 Miller Trunk Hwy, with Funeral to follow at 2:00 PM.
Please share online condolences and photos at SunriseFuneralHomeandCemetery.com
|
https://www.duluthnewstribune.com/obituaries/obits/gilbert-gil-bascom-5d0135ff67a60618cb3bf3a9-64c819f292d49e4652d0e186
| 2023-07-31T22:08:11
| 0
|
https://www.duluthnewstribune.com/obituaries/obits/gilbert-gil-bascom-5d0135ff67a60618cb3bf3a9-64c819f292d49e4652d0e186
|
Ruby Brull
Ruby Eleanore Nordstrom Brull formerly of Duluth and Hermantown, passed away peacefully in her own home in Surprise, AZ on Tuesday, July 18, 2023.
Ruby was preceded in death by her husband William J. Brull; parents David and Myrthel (Scott) Nordstrom; brother Donald and his wife Lil; brother Dennis (Pete) and his wife Pat; sister Linda Duncan; son-in-law Duane Johnson, son-in-law David Mayer; and granddaughter Linda Chilton.
She is survived by her daughter Debra Johnson, stepdaughters Mary (Wayne) Saline, Helen (George) Mikish, and Barbara Mayer as well as grandchildren Brian (Diane) Mayer, Beth (Rob) Waksdahl, Jeffrey (Anna) Johnson, Aimee (Aaron) Balsam, Sarah (Phil) Gran, Gail Saline, Bethany Prekop, Courtney Johnson, 19 great grandchildren, several nieces and nephews.
A Celebration of her Life/Memorial will be held in the Sun Village Community on Friday, August 18, 2023.
|
https://www.duluthnewstribune.com/obituaries/obits/ruby-brull-5d0135ff67a60618cb3bf3a9-64c5ba5a27a7554220147f5a
| 2023-07-31T22:08:12
| 0
|
https://www.duluthnewstribune.com/obituaries/obits/ruby-brull-5d0135ff67a60618cb3bf3a9-64c5ba5a27a7554220147f5a
|
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.
___
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.
|
https://www.wftv.com/sports/broncos-wide/EOEEEHKCTZ4AFB72E2NPRM5ICM/
| 2023-07-31T22:08:12
| 0
|
https://www.wftv.com/sports/broncos-wide/EOEEEHKCTZ4AFB72E2NPRM5ICM/
|
CLEARWATER, Fla. — The city of Clearwater just greenlit a contract with a California company that will build and service a $1.3 million emergency weather system at the city's beaches and parks.
Over the years, and even in recent months, lightning, high winds and severe weather have led to injuries and even death along the Tampa Bay coastline. Now, city leaders approved an agreement with HQE Systems for a severe weather and emergency alert system.
The idea is aimed at protecting people from imminent threats of weather, riptides and even marine life.
“That can be an automated process, or the process can alert a staff member and then they can complete the alert to whichever speaker system,” Clearwater Emergency Management Specialist Derek Smith said.
Other cities in the area have adopted alert systems urging people to evacuate during hurricanes, but the Clearwater system goes way beyond that with 26 stations at local beaches and parks.
Each station has its own siren and loudspeaker.
There will also be QR codes and an app so that visitors can use to get alerts about everything from bad weather approaching to missing children. There will also be lightning sensors that can trigger an automated audible alert warning.
“The ability to measure the amount of electricity in the atmosphere is definitely something unique and we're very excited to see,” Smith said. “The national weather service is also very excited to see how this program will work.”
Beach visitors who could hear thunder rumbling the same day as the council’s decision thought it was money well spent.
“Especially when it comes to public safety,” said Allen Glover, visiting from Tennessee.
“I think it’s a great idea, especially since there are people who aren’t from here and don’t know how fast the storms can roll in,” Sheryl Pelno said. “And get them indoors...It’s a really good plan, I think.”
If everything goes as scheduled, the new emergency alert system would be designed in August and installed sometime between now and next February with the goal of going online March 1, 2024.
|
https://www.wtsp.com/article/news/local/pinellascounty/clearwater-emergency-alert-system/67-64b21305-a0c9-4139-8547-32b827298ebb
| 2023-07-31T22:08:13
| 0
|
https://www.wtsp.com/article/news/local/pinellascounty/clearwater-emergency-alert-system/67-64b21305-a0c9-4139-8547-32b827298ebb
|
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.
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.
"I’ve seen his name on ESPN recently about a pretty good month of July, so that makes me excited," Rays second baseman Brandon Lowe said at Yankee Stadium before the opener of a three-game series. "Hopefully he comes in and doesn’t miss a beat and keeps doing exactly what he’s been doing. No more pressure than what he’s been dealing with over in Cleveland.
"So he’s coming over, he’s going to be welcomed in like he’s been here all year.”
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.”
___
AP Sports Writer Mike Fitzpatrick in New York contributed to this report.
___
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.
|
https://www.wftv.com/sports/cleveland-guardians/YYVRZJOX67CBDWP45DTKRTNUVA/
| 2023-07-31T22:08:19
| 0
|
https://www.wftv.com/sports/cleveland-guardians/YYVRZJOX67CBDWP45DTKRTNUVA/
|
WASHINGTON — Paul Reubens, the actor and comedian best known for his character Pee-wee Herman, has died at 70 years old after a years-long battle with cancer that he did not make public. The Monday announcement of his death was met with an immediate outpouring of grief from his friends and colleagues in the entertainment industry.
"Russian Doll" star Natasha Lyonne, who made her acting debut at 6 years old on the first season of "Pee-wee's Playhouse," shared images from the hit television series on social media.
"Love you so much, Paul. One in all time. Thank you for my career & your forever friendship all these years & for teaching us what a true original is," she wrote, adding several heart emojis and one emoji of a broken heart.
Lyonne was one of many actors and comedians who described Reubens as a friend or mentor, sharing photos or personal stories.
"No tweet can capture the magic, generosity, artistry, and devout silliness of Paul Reubens. Everyone I know received countless nonsensical memes from Paul on their birthday, and I mean EVERYONE. His surreal comedy and unrelenting kindness were a gift to us all. Damn, this hurts.
"Paul Reubens was like no one else - a brilliant and original comedian who made kids and their parents laugh at the same time. He never forgot a birthday and shared his genuine delight for silliness with everyone he met. My family and I will miss him."
"Paul Reubens was a great, great friend. He gave me the muppets for my birthday and never forgot anyone’s birthday from our class. He was in my class at CalArts and we had the same business manager. He was always kind to me and to everyone. He will be missed."
"Paul Reubens was a gifted performer and a nice person. He brought so much joy to people over the years as Pee Wee, my sister and I loved that character. I was privileged to work with him in a film and he was as great in real life as he was on screen. Tough news here."
"This is devastating. Truly heartbreaking. Paul was such a comedy genius. From his Letterman appearances to his TV shows and movies, he was so original and hilarious. And such a sweet man too. This is a huge loss for comedy. Thanks for all the laughs, Paul."
"One of the patron saints of all misfitted, weird, maladjusted, wonderful, miraculous oddities."
"One of the greats is gone. It is a very sad day. Thank you for the joy, @peeweeherman. Chris and I were so proud to call you friend. You will live in our hearts forever, Paul.
"The greatest. No one ever like him ever."
|
https://www.wtsp.com/article/news/nation-world/paul-reubens-death-fellow-comedians-actors-react/507-a2fda3a4-b718-4ac5-b043-7e28c12e4296
| 2023-07-31T22:08:19
| 1
|
https://www.wtsp.com/article/news/nation-world/paul-reubens-death-fellow-comedians-actors-react/507-a2fda3a4-b718-4ac5-b043-7e28c12e4296
|
WASHINGTON — (AP) — Defending champion Liudmila Samsonova stretched her winning streak in Washington to six matches by beating 2022 Australian Open finalist Danielle Collins 6-1, 6-3 in the first round of the DC Open on Monday.
The eighth-seeded Samsonova saved both break points she faced while winning four of Collins' service games. Collins hurt herself by double-faulting eight times.
Samsonova is a 24-year-old from Russia who is currently ranked 18th. Her trophy on the hard courts of the U.S. Open tune-up tournament a year ago was one of four singles titles she's won.
In other women's matches on Day 1 at the first combined ATP-WTA 500 event, sixth-seeded Belinda Bencic advanced when Anastasia Potapova retired from their match in the first set with an injured left ankle, and Marta Kostyuk eliminated 2019 U.S. Open champion Bianca Andreescu 2-6, 6-3, 7-6 (5).
In men's action, Aslan Karatsev beat Kiranpal Pannu 7-6 (3), 6-1, Alexander Shevchenko defeated Maxime Cressy 6-3, 7-6 (8), Michael Mmoh beat Bradley Klahn 6-3, 6-3, and Yosuke Watanuki moved into the second round when Wu Yibing stopped playing because of illness.
___
AP tennis: https://apnews.com/hub/tennis
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
|
https://www.wftv.com/sports/defending-champion/2KYOZNIH2LZA6BSVMIBEAIJ6HQ/
| 2023-07-31T22:08:25
| 0
|
https://www.wftv.com/sports/defending-champion/2KYOZNIH2LZA6BSVMIBEAIJ6HQ/
|
NEW SMYRNA BEACH, Fla. — A shark bit a surfer on the ankle Monday morning at New Smyrna Beach in Volusia County, according to WESH-TV.
The attack took place around 9:30 am. The victim, a 22-year-old man from Oviedo, is expected to recover after being hospitalized. Officials said the man saw sharks in the water earlier, but not when he was attacked.
This makes the fourth shark attack reported at New Smyrna Beach this year and the third reported in the month of July alone.
The previous two attacks happened only a day apart from each other. The first victim was also a surfer who suffered serious injuries when a shark bit his foot back on July 14. The second was a 48-year-old man who was bit while sitting in the water on July 15. He suffered minor back injuries.
Shark attacks are not uncommon at New Smyrna Beach, which is why some have designated it the "shark bite capital of the world." Experts say sharks tend to feed near the beach because the tidal flow from the Ponce De Leon Inlet brings a lot of baitfish into the area. From there, sharks can often mistake swimmers or surfers for fish, which accounts for the relatively high number of injuries.
According to The Daytona Beach News-Journal, Volusia County faces an even greater danger than sharks – rip currents. While none of the shark attacks at New Smyrna have been life-threatening, the county reported three deaths from rip currents as of June, and lifeguards have rescued hundreds of people from rip currents this year.
|
https://www.wtsp.com/article/news/regional/florida/florida-beach-smyrna-shark-attack/67-f663b02e-6d0a-4b09-83f4-5896cbcf203a
| 2023-07-31T22:08:25
| 1
|
https://www.wtsp.com/article/news/regional/florida/florida-beach-smyrna-shark-attack/67-f663b02e-6d0a-4b09-83f4-5896cbcf203a
|
INDIANAPOLIS — An 18-year-old is identified after he was shot and killed at a troubled east side gas station over the weekend.
Just before midnight Friday night, Antwain Turentine Jr. was shot sitting in a car outside the Emerson Food Mart.
The 18-year-old died after being taken to this hospital, while his killer ran away and has not been caught.
The deadly shooting marked the fourth person shot and killed at same food mart in less than four months.
“What can we do to counteract the violence we’re seeing? How many people have to go through the same pain?” said Tansherice Billups.
Billups didn’t know Turentine Jr., but his death felt like déjà vu.
In early April her 22-year-old son, Jyir Billups, died after being shot in the back walking out the front door of the same gas station.
“How many people have to die on this same concrete land, at this same spot? This gas station is not needed,” said Billups.
While her son’s killer was caught on surveillance cameras, police have never released any suspect information and no one has ever been held accountable for that killing.
“It has been absolutely purely hell,” said Billups. “A parent is never supposed to bury their child.”
Sadly, just two weeks after her son was killed, police returned to the same food mart in late April when two more men were shot and killed inside the store.
Martice McGee was eventually arrested and charged with those murders.
Now with a fourth homicide in four months, Billups personally feels like the business should be forced to add security or be shut down.
“At some point the state of Indiana has got to do better solving these cases and holding certain businesses accountable for what happens on their property,” said Billups.
Court records also show Turentine Jr. did have an active warrant for his arrest when he was shot. The 18-year-old pleaded guilty to robbery last year and was put on GPS monitoring which he removed in April.
There were several patrons here at the business when his shooting occurred. Detectives are asking that the patrons who fled the scene for safety call the IMPD Homicide office and let them know what they recall.
Anyone with information about Turentine’s death should contact Detective Doug Swails at the IMPD Homicide Office at (317) 327-3475 or e-mail him at Douglas.Swails@indy.gov
Anyone with information about the murder of Jyir Billups should contact Detective Michael Wright at the IMPD Homicide Office at (317) 327-3475 or e-mail him at Michael.Wright@indy.gov
Alternatively, they can call Crime Stoppers of Central Indiana at (317) 262-8477 or (TIPS) to remain anonymous.
|
https://cbs4indy.com/news/indycrime/4-people-have-been-shot-and-killed-at-the-same-indy-gas-station-in-less-than-4-months/
| 2023-07-31T22:08:30
| 0
|
https://cbs4indy.com/news/indycrime/4-people-have-been-shot-and-killed-at-the-same-indy-gas-station-in-less-than-4-months/
|
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
View original content to download multimedia:
SOURCE Association for Corporate Growth
|
https://www.wkyt.com/prnewswire/2023/07/31/acg-names-brent-baxter-chief-executive-officer/
| 2023-07-31T22:08:30
| 0
|
https://www.wkyt.com/prnewswire/2023/07/31/acg-names-brent-baxter-chief-executive-officer/
|
MIAMI — Few businessmen have been more closely associated with the new NIL era in college athletics than LifeWallet owner John Ruiz.
Ruiz, a prominent booster for the Miami Hurricanes, stated in November he distributed more than $10 million in NIL deals - with plans to keep expanding.
However, recent activity on the NIL front has decreased - and a scathing article from the Miami Herald gives some insight into why. Ruiz and LifeWallet are the target of investigations by the U.S. Securities and Exchange Commission, according to the Herald, with investigators looking into whether LifeWallet told their investors about the companies actual value and potential security violations.
Locked on Canes host Alex Donno explored this story in depth, including what it means for Miami athletics, on a recent episode.
"All of this paints a discouraging picture of someone who has been so associated with name, image, and likeness at the University of Miami," Donno said. "It is important to note that for the past several months other Miami NIL players have been pivoting away from John Ruiz and stepping up to compensate for that."
Miami made a lot of headlines with big NIL deals, notably including basketball guard Nijel Pack, who signed a two-year deal reportedly worth $800k and a car, which led to some friction in the locker room.
Ruiz and LifeWallet are also in agreements with quarterback Tyler Van Dyke, safety Kam Kinchens, and they had deals with women's basketball stars Hanna and Haley Cavinder before the NCAA ruled against it, calling it an impermissible benefit and punishing head coach Katie Meier, who sat out three games.
Whether those deals will fully get paid out or not remains to be seen. Miami has enough boosters from other sources to likely compensate any outstanding deals should Ruiz be unable to pay, but this is still a tricky situation and one that could impact recruiting at Miami down the line, for multiple programs.
|
https://www.wtsp.com/article/sports/locked-on/lo-miami/miami-hurricanes-show/lifewallet-ongoing-legal-issues-could-spell-real-trouble-for-miami-hurricanes-nil/535-b1e1ca21-2510-4ebb-b224-4b7a4ebb5156
| 2023-07-31T22:08:31
| 1
|
https://www.wtsp.com/article/sports/locked-on/lo-miami/miami-hurricanes-show/lifewallet-ongoing-legal-issues-could-spell-real-trouble-for-miami-hurricanes-nil/535-b1e1ca21-2510-4ebb-b224-4b7a4ebb5156
|
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.
|
https://abc7ny.com/great-christmas-light-fight-casting-call-season-12-when-do-they-film/13578070/
| 2023-07-31T22:08:34
| 1
|
https://abc7ny.com/great-christmas-light-fight-casting-call-season-12-when-do-they-film/13578070/
|
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
View original content:
SOURCE Ecopetrol S.A.
|
https://www.wkyt.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
| 2023-07-31T22:08:37
| 0
|
https://www.wkyt.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
|
CLEVELAND — With the Aug. 1 MLB traded deadline just over 24 hours away, the Cleveland Guardians have made another significant move.
The team confirmed Monday it has traded right-handed starting pitcher Aaron Civale to the Tampa Bay Rays for first baseman Kyle Manzardo. Marc Topkin of the Tampa Bay Times was the first to report the news.
As this summer's trade deadline approached, the possibility of the Guardians trading Civale appeared increasing likely, especially after Shane Bieber — once thought to be Cleveland's likeliest trade candidate — landed on the 60-day injured list with an elbow injury. A mainstay of the Guardians' rotation since the 2019, the 28-year-old Civale has battled injuries of his own in 2023 tallying a 5-2 record, 2.34 ERA and 58 strikeouts in 13 starts.
As for Manzardo, the 23-year-old currently ranked as the No. 4 prospect in the Rays' organization and the No. 37 prospect in all of baseball, according to MLB.com. Having yet to make his Major League debut, the left-handed hitting Manzardo has recorded a .238 batting average (.783 OPS), 11 home runs and 38 RBIs in 73 games with Triple-A Durham this season.
"The left-handed slugger can be a hitting coach’s dream," MLB.com writes of Manzardo. "Utilizing a relatively quiet setup at the plate, he often sees pitches out of the hand well and makes impressive swing decisions, thus cutting down on strikeouts while maintaining healthy walk rates. His hitting performance was remarkably consistent following his first jump to the upper Minors, strengthening the belief that he could threaten for multiple Major League seasons around (or exceeding) a .300 average."
Last week, Cleveland made its first significant trade ahead of this year's deadline, sending shortstop Amed Rosario to the Los Angeles Dodgers for starting pitcher Noah Syndergaard.
|
https://www.wtsp.com/article/sports/mlb/rays/cleveland-guardians-trade-aaron-civale-tampa-bay-rays-1b-kyle-manzardo/95-fcc53331-eba2-48ce-b4ff-5d8293264f50
| 2023-07-31T22:08:37
| 0
|
https://www.wtsp.com/article/sports/mlb/rays/cleveland-guardians-trade-aaron-civale-tampa-bay-rays-1b-kyle-manzardo/95-fcc53331-eba2-48ce-b4ff-5d8293264f50
|
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.
View original content to download multimedia:
SOURCE Canoo
|
https://www.wkyt.com/prnewswire/2023/07/31/canoo-announce-second-quarter-2023-financial-results/
| 2023-07-31T22:08:43
| 0
|
https://www.wkyt.com/prnewswire/2023/07/31/canoo-announce-second-quarter-2023-financial-results/
|
Console & Associates, P.C.: Flagstar Bank Reports 2021 Data Breach Exposing Social Security Numbers of an Estimated 1.4 Million People
Published: Jul. 31, 2023 at 5:50 PM EDT|Updated: 18 minutes ago
MARLTON, N.J., July 31, 2023 /PRNewswire/ -- Approximately 1.4 million consumers are being notified that their Social Security numbers were compromised following a recent cyberattack. The data breach lawyers at Console & Associates, P.C. are investigating claims on behalf of anyone affected by the Flagstar Bank breach, hoping to fully inform them of the risks they face in the wake of the breach as well as their legal rights.
The sensitive personal data of 1.4 million Flagstaff Bank customers has been compromised. Now, members' full names and Social Security numbers may be in the hands of criminals, putting victims at a greater risk of identity theft and other frauds.
On July 30, 2023, Flagstar Bank filed a notice of data breach with the Attorney General of Maine describing a data breach affecting consumers nationwide. According to the notice, the data breach affected an estimated 1.4 million people.
The list of sensitive information that was exposed includes consumers':
- Full names, and
- Social Security numbers.
If you receive a data breach notice from Flagstar Bank, you could now be at risk of identity theft—and the devastating financial and legal consequences that go along with it.
Flagstar's filing with the Maine AG indicates a previous data breach letter was sent on March 15, 2015, which may be an error.
What Should You Do if You Receive a Flagstar Bank Data Breach Letter?
Additionally, victims should consider contacting a data breach attorney immediately, as anyone who receives a data breach letter from Flagstar Bank may be entitled to financial compensation.
If you wish to discuss this data security incident, or if you have any questions regarding your rights following the Flagstar Bank data breach, please contact Console & Associates, P.C. at (866) 778-5500. Interested parties and potential plaintiffs can also learn more about this data breach and potential lawsuit at https://www.myinjuryattorney.com/flagstar-bank-data-breach-investigation/. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content:
SOURCE Console & Associates, P.C.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
|
https://www.wkyt.com/prnewswire/2023/07/31/console-amp-associates-pc-flagstar-bank-reports-2021-data-breach-exposing-social-security-numbers-an-estimated-14-million-people/
| 2023-07-31T22:08:50
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/console-amp-associates-pc-flagstar-bank-reports-2021-data-breach-exposing-social-security-numbers-an-estimated-14-million-people/
|
For Q2 2023, revenue increased 15% to $19.4 million and customer locations increased 7% to 124,000. Q2 net loss dropped 75% from $3.9 million in Q2 2022 to $978,000 in Q2 2023, and ARR* for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
TORONTO , July 31, 2023 /PRNewswire/ - Givex Corp. ("Givex") (TSX: GIVX) (OTCQX: GIVXF), is pleased to present its financial results for the three-month period and six-month period ending June 30, 2023.
Givex reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS").
"In Q2 2023, Givex continued to increase adjusted EBITDA by increasing gross profit and keeping a tight rein on payroll costs," said Don Gray, CEO of Givex. "Net loss decreased 75%, from $3.9 million to $978,000. We are working hard to continue this trend for the rest of the year."
Second Quarter Financial Highlights
Three-month period ending June 30, 2023 (with comparisons relative to the three-month period ending June 30, 2022)
- Revenue increased $2.6 million from $16.8 million to $19.4 million, 15% growth.
- Gross Profit increased $1.9 million from $12.2 million to $14.1 million, 16% growth.
- Adjusted EBITDA*** increased $0.7 million from $1.0 million to $1.7 million, 69% growth.
- Net Loss decreased $2.9 million from $3.9 million to $978,000, 75% decrease.
- Total Gross Transactional Value**** increased approximately $0.35 billion from $1.77 billion to $2.12 billion, 20% growth.
- POS Gross Transactional Value***** increased approximately $128 million from $347 million to $474 million, 37% growth.
- Customer Locations****** increased approximately 8,000, from 116,000 to 124,000, 7% growth.
Six-month period ending June 30, 2023 (with comparisons relative to the six-month period ending June 30, 2022)
- Revenue increased $5.4 million from $33.2 million to $38.6 million, 16% growth.
- Gross Profit increased $4.2 million from $23.1 million to $27.3 million, 18% growth.
- Adjusted EBITDA*** increased $0.4 million from $2.3 million to $2.7 million, 18% growth.
- Net Loss decreased $4.3 million from $6.5 million to $2.2 million, 66% decrease.
- Total Gross Transactional Value**** increased approximately $0.65 billion from $3.05 billion to $3.7 billion, 21% growth.
- POS Gross Transactional Value***** increased approximately $295 million from $584 million to $879 million, 51% growth.
Operational Highlights
- Payroll costs are the key focus to improved EBITDA and positive net earnings. For the 12-month periods ending June 30, 2023 and 2022, Employee Compensation******* as a % of Gross Profit was 53% and 54%, respectively. The company believes that its ability to reduce Employee Compensation as a % of Gross Profit is an indicator of its success in managing costs and profitability.
- ARR* (which is both recurring and reoccurring revenue) for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
More Information
Additional financial information, such as the audited annual Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
More information about Givex, including the Management Presentation and Overview, are posted on the company's investor relations website at investors.givex.com.
About Givex
The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 124,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
The information presented includes certain financial measures such as "Adjusted EBITDA" (see below for definition), which are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Forward Looking Statements
This press release contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, the risk factors described under the "Risk Factors" section in the Annual Information Form (AIF) dated March 21, 2023, available on SEDAR+ at www.sedarplus.ca and other filings with the Canadian securities regulatory authorities. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Cautionary Note Regarding Forward-Looking Information" in the Filing Statement.
Additional Notes
*ARR is defined as Annual Recurring Revenue, which is both recurring and reoccurring revenue.
**TTM is trailing twelve months from the defined period.
***Adjusted EBITDA is defined as net profit (loss) excluding interest, taxes, depreciation and amortization ("EBITDA") as adjusted for share-based compensation and related expenses, foreign exchange gains and losses and transaction-related expenses including those related to going public and acquisitions.
****Gross transaction volume ("GTV") means the total dollar value of stored and point-of-sale ("POS") transactions processed through our cloud-based SaaS platforms in the period, net of refunds, inclusive of shipping and handling, duty, and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platforms. GTV does not represent revenue earned by us.
*****POS gross transactional volume ("POS GTV") means the total dollar value point-of-sale ("POS") transactions processed through GivexPOS, our cloud-based POS SaaS platform, in the period net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe POS GTV is an indicator of the success of our customers and the strength of our platforms. POS GTV does not represent revenue earned by us.
******Customer Location means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. It includes both merchant locations that have transactions processed through our cloud-based SaaS platform, as well as merchant locations not on our platform but for which we provide other Givex services. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. We believe that our ability to increase the number of Customer Locations served by our platform and products is an indicator of our success in terms of market penetration and growth of our business.
*******Employee Compensation as a % of Gross Profit means the total employee compensation for a period divided by the gross profit for the same period. Employee Compensation means total employee compensation including salaries and benefits, excluding both government assistance and share-based compensation. Gross Profit means revenue less direct cost of revenue.
View original content to download multimedia:
SOURCE Givex
|
https://www.wkyt.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
| 2023-07-31T22:08:57
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
|
ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
View original content to download multimedia:
SOURCE Graybar
|
https://www.wkyt.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
| 2023-07-31T22:09:04
| 0
|
https://www.wkyt.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
|
(NEXSTAR) – It’s been a rough week for Trader Joe’s after the popular grocery store chain had to notify customers on Thursday and Friday about products potentially containing foreign matter.
On Friday, Trader Joe’s announced it was recalling frozen falafel balls (SKU# 93935) that may contain rocks.
The recalled falafel was sold in Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, North Carolina, New Hampshire, Nebraska, New Jersey, New Mexico, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Wisconsin and Washington D.C.
One day earlier, Trader Joe’s warned customers that its “Unexpected Broccoli Cheddar Soup” may contain insects. Trader Joe’s says there have not been reported cases of illness from the soup.
The recalled soup (SKU# 68470) has the Use By dates of 07/18/23 – 09/15/23.
A third recall, updated Tuesday to include a sell by date, warns that there may be rocks in the company’s Almond Windmill Cookies and the Dark Chocolate Chunk and Almond Cookies.
Those cookies have the following dates:
- Almond Windmill Cookies: SELL BY 10/02/23 and 10/19/23 through 10/21/23
- Dark Chocolate Chunk and Almond Cookies: SELL BY 10/17/23 through 10/21/23
In all of the recalls, anyone who bought or received a donation containing one of the potentially tainted items is urged to throw it away or return it to Trader Joe’s for a refund.
Customers with questions may contact Trader Joe’s Customer Relations at (626) 599-3817 [Mondays-Fridays, 6 a.m. to 6 p.m. PT] or send Trader Joe’s an email.
|
https://pix11.com/instagram/trader-joes-recalls-falafel-and-broccoli-cheddar-soup-for-possible-rocks-insects/
| 2023-07-31T22:09:08
| 0
|
https://pix11.com/instagram/trader-joes-recalls-falafel-and-broccoli-cheddar-soup-for-possible-rocks-insects/
|
The portmanteau “Bidenomics” was coined as a mocking put-down. But now, President Biden is proudly embracing the term. And if recent economic trends continue, he might well have the last laugh.
Politically, Biden is leaning into a weakness and trying to turn it into a strength. The RealClearPolitics average of polls shows the president with just 38.3 percent approval on his handling of the economy, as opposed to 57.6 percent disapproval. Shockingly high inflation and the threat of a recession gave Republicans — who are very good at branding — reason to expect that “Bidenomics” would be a rhetorical cudgel they could use against Democrats in next year’s election.
The problem for Biden’s critics, though, is that Bidenomics appears to be working. And Biden has more than a year to drive that point home with voters.
Inflation, the most toxic economic poison for any incumbent president, was down to just 3 percent in June. That is still above the Federal Reserve’s target of 2 percent; and gasoline prices have seen an uptick in recent days. But the June figure represents a dramatic decline from the peak inflation rate of 9.1 percent in June 2022.
Republicans hooted last year when Biden and the Democrats enacted landmark legislation to combat climate change and named it the Inflation Reduction Act. But now, Biden is pointing at the consumer price index numbers and boasting: It worked.
Meanwhile, unemployment has been at or near 50-year lows for more than a year — in June, it was 3.6 percent. The economy grew at a healthy 2.4 percent in the second quarter, despite the Federal Reserve’s inflation-fighting hikes in interest rates. The stock markets are booming. The Fed no longer forecasts even a brief recession.
Coming out of the historic turbulence caused by the covid-19 pandemic, in other words, we appear to be on a glide path toward a soft landing. It would be political malpractice for an incumbent president not to boast about such rose-colored numbers.
The problem for Biden, of course, is that voters’ perception of the state of the economy is a lagging indicator. The president got a bit of good news on that front two weeks ago, when the University of Michigan’s benchmark monthly survey of consumer sentiment reached its “most favorable reading” since October 2021.
That suggests voters are feeling much better about the economy. But this optimism has not translated into a more positive view of how the president is handling the economy. Not yet, anyway.
If the election were scheduled for this November, I’d question whether Biden had enough time to meaningfully shift his economic approval numbers. But there is plenty of time left between now and November 2024 to change those perceptions in his favor.
Two things need to happen.
First, the winning streak has to continue. Incomes have been rising faster than prices for the past four months, which means consumers are gradually catching up with inflation. But if I could predict exactly what’s going to happen with all of the economic data over the next 15 months, I’d probably start a hedge fund and make a few billion dollars. (And expect to pay my fair share in taxes.)
Perhaps most dangerous to Biden, politically, are gasoline prices, which have risen, on average, by about 20 cents a gallon over the last month, according to AAA. Filling the tank still costs much less than at last year’s peak. But gas prices are especially sensitive politically — they are posted on billboards for everyone to see — and they can be manipulated, including by foreign governments that might want to hurt Biden’s chances of reelection. If Biden’s opponent ends up being former president Donald Trump, I wonder what kind of shenanigans we might see from Saudi strongman Mohammed bin Salman.
Second, the president needs to keep repeating the Bidenomics mantra. This is entirely within Biden’s control, and clearly he’s ahead of me. The way to drive the message home, and to change perceptions over time, is to repeat it, repeat it, repeat it. And then say it again.
Rep. Marjorie Taylor Greene (R-Ga.), of all people, helped Biden immensely when she framed Bidenomics as a continuation of the Great Society and the New Deal. By all means, Republicans, run against the ghosts of FDR and LBJ. I promise that JRB won’t mind one bit.
|
https://www.washingtonpost.com/opinions/2023/07/31/bidenomics-economy-inflation-growth/
| 2023-07-31T22:09:08
| 0
|
https://www.washingtonpost.com/opinions/2023/07/31/bidenomics-economy-inflation-growth/
|
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.
View original content to download multimedia:
SOURCE Hormel Foods Corporation
|
https://www.wkyt.com/prnewswire/2023/07/31/hormel-foods-corporation-hold-third-quarter-earnings-conference-call/
| 2023-07-31T22:09:10
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/hormel-foods-corporation-hold-third-quarter-earnings-conference-call/
|
The July 23 Metro article about Maryland State Superintendent of Schools Mohammed Choudhury, “Md. schools superintendent under fire for management style,” excluded voices of Maryland students, teachers and immigrants. By excluding us, the article failed to cover Mr. Choudhury’s equity-minded policies on multilingual English learners, which his critics concede are a strength.
As our state implements the multibillion-dollar public education investment known as the Blueprint for Maryland’s Future, our coalitions and organizations have held the Maryland State Department of Education to account during Mr. Choudhury’s leadership more successfully than his critics have. These critics include anonymous mid-level bureaucrats who joined MSDE during the tenure of former governor Larry Hogan (R), a Blueprint opponent who undermined it.
As an immigrant and a teacher of immigrants, we know what it is like to be in a new place with few friends to defend you, be held to impossibly high standards and have strengths taken for granted. Mr. Choudhury’s imperfections do not justify undermining his leadership cavalierly, which harms marginalized students the Blueprint intends to help. Too many immigrant voices are left unheard in our policies. Mr. Choudhury’s work and efforts have led to a positive increase in immigrant students being heard.
Mr. Choudhury’s critics should join us in focusing on policy and people, not politics and personalities. If his full contract ends in 2028 without improved schools, we will admit our error. For now, we believe Mr. Choudhury earned the chance to lead Maryland schools through this historic opportunity.
Samreen Sheraz, Baltimore
The writer was a community organizer with Students Organizing a Multicultural and Open Society at Baltimore City College High School.
Owen Silverman Andrews, Baltimore
The writer has taught English to immigrants at Maryland community colleges and community-based organizations since 2013.
|
https://www.washingtonpost.com/opinions/2023/07/31/maryland-immigrants-appreciate-mohammed-choudhury-leadership/
| 2023-07-31T22:09:15
| 0
|
https://www.washingtonpost.com/opinions/2023/07/31/maryland-immigrants-appreciate-mohammed-choudhury-leadership/
|
NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
|
https://www.wkyt.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
| 2023-07-31T22:09:18
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
|
As a retired reading specialist and current literacy educator and consultant, I have watched the decline in reading interest, reading skills and reading comprehension over the years with increasing alarm. Alyssa Rosenberg was right: It is crucial that we restore the joy in reading, and it will take a collective effort from parents, guardians and teachers to make this change happen [“Captain Underpants vs. Roblox: How to get kids reading again,” op-ed, July 27].
Neuroscientists offer more dramatic reasons for encouraging reading, specifically reading for pleasure, to combat the addicting attraction to and reliance on digital media. Recent studies show that print-based reading allows the reader to develop the cognitive processes of imagination, reflection, empathy and critical thinking. Conversely, technological sources of information, such as virtual games or social media, are conducive to fast-moving, continuous input; such immediacy impedes the development of critical cognitive processes.
It is scary to imagine that future reading could be reduced to quick, fleeting moments of funny videos, bulleted lists and 10 tips to improve whatever. If studies continue to document a lack of development of empathy, for example, I worry about the future of our country and our world.
I encourage fellow worrywarts to volunteer to read to school groups or become literacy mentors. It will take a concerted effort to change things around.
Ann A. Kennedy, Arlington
|
https://www.washingtonpost.com/opinions/2023/07/31/reading-is-fundamental-critical-cognitive-processes/
| 2023-07-31T22:09:21
| 1
|
https://www.washingtonpost.com/opinions/2023/07/31/reading-is-fundamental-critical-cognitive-processes/
|
Grab a healthy, refreshing lunch at Casa do Brasil’s salad bar
BRYAN, Texas (KBTX) - Don’t let a heavy lunch weigh you down for the rest of your day.
Casa do Brasil has the perfect option for a healthy, refreshing meal.
Their extravagant $15 salad bar has more than 50 options.
Plus, they cater to most dietary restrictions.
“We have options for pescatarians, vegetarians, keto, and 98% of our menu is gluten free,” General Manager, Jarbas Gottardo, said.
The salad bar includes more than just your basic, every day salads.
“We also have a great hot dish bar over there with some seasonal soups. Those are plantain chips. We also have a great selection of imported cheeses and meats. Of course, it’s a perfect time right now in the summer to grab one of our refreshing salads,” Gorttardo said.
Some of the items you’ll see in the salad bar this summer are seasonal, so with the fall season, they’ll change.
If this sounds like something you want to try out, take advantage of their current lunchtime deal.
“We’re running a great special. I think that it’s the best deal in town. $15 for the salad bar and if you want to add a like a meat protein, it’s another $6,” Gorttado said.
You can make a reservation for the all-you-can-eat salad bar here or just walk in and talk to the host at the host stand for a table at lunchtime.
To view Casa do Brasil’s full menu, visit the website here.
Copyright 2023 KBTX. All rights reserved.
|
https://www.kbtx.com/2023/07/31/grab-healthy-refreshing-lunch-casa-do-brasils-salad-bar/
| 2023-07-31T22:09:23
| 0
|
https://www.kbtx.com/2023/07/31/grab-healthy-refreshing-lunch-casa-do-brasils-salad-bar/
|
NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
|
https://www.wkyt.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
| 2023-07-31T22:09:24
| 0
|
https://www.wkyt.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
|
According to the Princeton Review, 54 percent of high school graduates in the United States are not proficient in reading. The best thing we can do to increase recruitment in the military services is improve education in the United States until most high school graduates are sufficiently proficient in reading that they can qualify for military service. And we should teach them that military service is an excellent way to attain valuable occupational skills and the soft skills that will enable them to earn an excellent living in the military and after they leave it.
|
https://www.washingtonpost.com/opinions/2023/07/31/reading-is-fundamental-military-readiness/
| 2023-07-31T22:09:27
| 0
|
https://www.washingtonpost.com/opinions/2023/07/31/reading-is-fundamental-military-readiness/
|
Pilot injured after banner plane crashes into ocean near beach
MYRTLE BEACH, S.C. (WMBF/Gray News) – Officials are investigating after a banner plane crashed onto a South Carolina beach.
WMBF reports the Federal Aviation Administration and the National Transportation Safety Board were called to look into the crash which occurred at 11:30 a.m. Monday at Myrtle Beach.
Cpl. Chris Starling with the Myrtle Beach Police Department said the pilot of the single-engine PA-18 was the only person on board. He was able to get out of the plane safely.
According to officials, witnesses said bystanders rushed to the crash site to help the pilot get out after the plane hit the water.
Witness Sue Boyd told WMBF she and another woman both called 911 after seeing the crash.
“The banner plane was all of a sudden going down super fast and then it just hit the water and went under. A bunch of civilians came and sprang into action into the water,” she said.
First responders treated the pilot, who was then taken to the hospital. He is expected to recover from his injuries.
The plane was removed from the surf via tow truck around 4 p.m. Crews removed the plane’s wings to properly load the aircraft.
Copyright 2023 WMBF via Gray Media Group, Inc. All rights reserved.
|
https://www.kbtx.com/2023/07/31/pilot-injured-after-banner-plane-crashes-into-ocean-near-beach/
| 2023-07-31T22:09:29
| 1
|
https://www.kbtx.com/2023/07/31/pilot-injured-after-banner-plane-crashes-into-ocean-near-beach/
|
LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 2 hours ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the proposed merger with Partners; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
|
https://www.wkyt.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
| 2023-07-31T22:09:31
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
|
SEC Preview: Arkansas
BRYAN, Texas (KBTX) - Arkansas entered 2022 with momentum after a 9-4 campaign but with injuries and an under-performing defense the Razorbacks dropped 5 losses in SEC play.
The off season brought changes to Fayetteville, including two new play-callers Dan Enos on offense and Travis Williams on defense.
Enos spent the 2021-22 seasons at Maryland as the Terrapins’ offensive coordinator and quarterbacks coach, helping the Terps to 15 total wins that includes bowl wins over Virginia Tech (2021 Pinstripe Bowl) and NC State (2022 Duke’s Mayo Bowl).
“This system is very pro style,” said quarterback KJ Jefferson about the new offense. “It’s a lot slower than how we have been in the previous years. In this offense it’s a lot on the quarterback.”
Williams brings defensive coordinator experience and a wealth of Southeastern Conference knowledge to The Hill, having played at Auburn and later as the Tigers’ co-defensive coordinator.
“Everyday we are going into meetings, he has a little DJ system set up in the meeting room he has everyone crunk before practice,” said defensive lineman Landon Jackson. ”The energy just flows into practice and i honestly think his energy alone brings so much to our defense. i really like working with him.”
Forgoing a chance at the pros and returning for another year is star quarterback KJ Jefferson.
“That just doesn’t happen. I think his loyalty is to the fans, to the state of Arkansas and to his teammates,” said head coach Sam Pittman. “He’s got that chip, that underdog. He wanted to prove people wrong. He had something to prove.”
Jefferson has 5,816 career passing yards, 48 touchdown passes, 1,429 rushing yards and 19 rushing touchdowns.
“I didn’t get to play in some of the big SEC games due to injury so I wanted to come back and give this state and my teammates another shot at being able to just go out there and help my teammates win and become successful,” exclaimed Jefferson.
The Razorbacks have a deep running back room featuring Raheim Sanders who piled up over 14 hundred yards on the ground and 10 touchdowns last year.
“Starting to be even more patient than what I am and letting everything develop and just being a leader,” said Sanders. “Being a big leader and being able to talk to the offensive line so I can get the protection down so I can get out for a pass or whatnot.”
Last season Arkansas lost to Texas A&M, LSU, and Missouri by a combined seven points. This year the razorbacks are focusing on finishing
“Those games where we are losing by two or three we got to be able to capitalize and win those games and I feel like that will make us much better team,” said Jackson
The Aggies and Razorbacks will face off in the Southwest Classic on September 30th at AT&T Stadium.
Copyright 2023 KBTX. All rights reserved.
|
https://www.kbtx.com/2023/07/31/sec-preview-arkansas/
| 2023-07-31T22:09:35
| 0
|
https://www.kbtx.com/2023/07/31/sec-preview-arkansas/
|
WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
View original content:
SOURCE Oconee Financial Corporation
|
https://www.wkyt.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
| 2023-07-31T22:09:38
| 0
|
https://www.wkyt.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
|
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
View original content to download multimedia:
SOURCE Association for Corporate Growth
|
https://www.kbtx.com/prnewswire/2023/07/31/acg-names-brent-baxter-chief-executive-officer/
| 2023-07-31T22:09:42
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/acg-names-brent-baxter-chief-executive-officer/
|
A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
View original content to download multimedia:
SOURCE Books-A-Million, Inc.
|
https://www.wkyt.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
| 2023-07-31T22:09:45
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
|
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
View original content:
SOURCE Ecopetrol S.A.
|
https://www.kbtx.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
| 2023-07-31T22:09:48
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
|
Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 2 hours 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.
|
https://www.wkyt.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
| 2023-07-31T22:09:51
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
|
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.
View original content to download multimedia:
SOURCE Canoo
|
https://www.kbtx.com/prnewswire/2023/07/31/canoo-announce-second-quarter-2023-financial-results/
| 2023-07-31T22:09:55
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/canoo-announce-second-quarter-2023-financial-results/
|
POMPANO BEACH, Fla., July 31, 2023 /PRNewswire/ -- Southern Auto Finance Company, LLC ("SAFCO") today announced a Chief Financial Officer transition. Jason Person has been named as SAFCO's new CFO.
Most recently, Mr. Person served as the Vice President and Treasurer of Regional Management Corporation, a diversified consumer finance company, where he managed a team responsible for liquidity management, investor relations, and financial analytics. Prior to Regional Management Corporation, Mr. Person served as the Director of Treasury and Capital Markets at Global Lending Services and as Assistant Vice President of Finance for Exeter Finance Corporation. He holds a Bachelor's Degree in Business Management from Anderson University and an MBA from Texas A&M University.
The company's current CFO Gary Stein is retiring after 22 years of dedicated service to SAFCO. Mr. Stein will remain in an advisory capacity for several months to help with the transition.
Commenting on the transition, SAFCO's CEO George Fussell, Sr. conveyed his heartfelt appreciation for Mr. Stein's contributions during his tenure, stating "We owe Gary a great debt of gratitude for his years of service. His remarkable leadership, financial acumen, and mentorship of the team have been instrumental in shaping the very foundation of our company's success. We wish him the best in his well-deserved retirement." Mr. Fussell further stated, "Jason represents a significant addition to our executive leadership team. He brings a wealth of expertise in treasury/capital markets, financial planning, and analytics that will undoubtedly contribute to SAFCO's continued success as we move forward."
About SAFCO
SAFCO is an industry-leading auto finance company with the power to see creditworthiness where others don't. Our proprietary originations system, complete with deep machine learning, enables us to see beyond credit scores and basic alternative data and instead base our decisions on unique, realistic insights that reveal the full credit potential of applicants. SAFCO is headquartered in Pompano Beach, Florida.
Contact: Drew Pickens
Vice President of Human Resources
954-745-2529
apickens@gosafco.com
View original content to download multimedia:
SOURCE Southern Auto Finance Company, LLC
|
https://www.wkyt.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
| 2023-07-31T22:09:58
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
|
Console & Associates, P.C.: Flagstar Bank Reports 2021 Data Breach Exposing Social Security Numbers of an Estimated 1.4 Million People
Published: Jul. 31, 2023 at 4:50 PM CDT|Updated: 20 minutes ago
MARLTON, N.J., July 31, 2023 /PRNewswire/ -- Approximately 1.4 million consumers are being notified that their Social Security numbers were compromised following a recent cyberattack. The data breach lawyers at Console & Associates, P.C. are investigating claims on behalf of anyone affected by the Flagstar Bank breach, hoping to fully inform them of the risks they face in the wake of the breach as well as their legal rights.
The sensitive personal data of 1.4 million Flagstaff Bank customers has been compromised. Now, members' full names and Social Security numbers may be in the hands of criminals, putting victims at a greater risk of identity theft and other frauds.
On July 30, 2023, Flagstar Bank filed a notice of data breach with the Attorney General of Maine describing a data breach affecting consumers nationwide. According to the notice, the data breach affected an estimated 1.4 million people.
The list of sensitive information that was exposed includes consumers':
- Full names, and
- Social Security numbers.
If you receive a data breach notice from Flagstar Bank, you could now be at risk of identity theft—and the devastating financial and legal consequences that go along with it.
Flagstar's filing with the Maine AG indicates a previous data breach letter was sent on March 15, 2015, which may be an error.
What Should You Do if You Receive a Flagstar Bank Data Breach Letter?
Additionally, victims should consider contacting a data breach attorney immediately, as anyone who receives a data breach letter from Flagstar Bank may be entitled to financial compensation.
If you wish to discuss this data security incident, or if you have any questions regarding your rights following the Flagstar Bank data breach, please contact Console & Associates, P.C. at (866) 778-5500. Interested parties and potential plaintiffs can also learn more about this data breach and potential lawsuit at https://www.myinjuryattorney.com/flagstar-bank-data-breach-investigation/. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content:
SOURCE Console & Associates, P.C.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
|
https://www.kbtx.com/prnewswire/2023/07/31/console-amp-associates-pc-flagstar-bank-reports-2021-data-breach-exposing-social-security-numbers-an-estimated-14-million-people/
| 2023-07-31T22:10:02
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/console-amp-associates-pc-flagstar-bank-reports-2021-data-breach-exposing-social-security-numbers-an-estimated-14-million-people/
|
Locals Representing 340K UPS Workers Nearly Unanimously Recommend Contract
WASHINGTON, July 31, 2023 /PRNewswire/ -- Teamsters local unions representing 340,000 full- and part-time workers at UPS voted 161-1 on Monday to endorse the tentative agreement reached with the delivery giant on July 25 and recommend its passage by the full membership.
Of the 176 local unions with UPS members, 14 affiliates failed to show up to a meeting in Washington, DC, to review the tentative agreement.
At least two representatives from all other local unions discussed more than 60 changes and improvements to the UPS Teamsters National Master Agreement, the largest private-sector collective bargaining agreement in North America. The gains achieved during negotiations, which occurred regionally and nationally since January, are larger and more lucrative than any previous Teamsters contract at UPS. The tentative agreement, valued at $30 billion, establishes record wage increases for all workers for the life of the contract, installation of air conditioning in new vehicles, the end of an unfair two-tier wage system, catch-up raises for part-timers, Martin Luther King Day as a paid holiday for the first time, new language to prevent forced overtime on days off, and other huge wins.
Now that local unions have nearly unanimously endorsed the tentative agreement, all rank-and-file UPS Teamsters will have the chance to vote on ratification from August 3-22.
"The entire UPS Teamsters National Negotiating Committee stands behind this historic contract and our UPS local unions have resoundingly voted to endorse it," said Teamsters General President Sean M. O'Brien. "Our tentative agreement is richer, stronger, and more far-reaching than any settlement ever negotiated in the history of American organized labor. The Teamsters are immensely proud of reaching agreement with UPS to improve the lives of our members, their families, and working people across the country."
Founded in 1903, the International Brotherhood of Teamsters represents 1.2 million hardworking people in the U.S., Canada, and Puerto Rico. Visit Teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at Facebook.com/teamsters.
Contact:
Kara Deniz, (202) 497-6610
kdeniz@teamster.org
View original content to download multimedia:
SOURCE International Brotherhood of Teamsters
|
https://www.wkyt.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
| 2023-07-31T22:10:05
| 1
|
https://www.wkyt.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
|
For Q2 2023, revenue increased 15% to $19.4 million and customer locations increased 7% to 124,000. Q2 net loss dropped 75% from $3.9 million in Q2 2022 to $978,000 in Q2 2023, and ARR* for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
TORONTO , July 31, 2023 /PRNewswire/ - Givex Corp. ("Givex") (TSX: GIVX) (OTCQX: GIVXF), is pleased to present its financial results for the three-month period and six-month period ending June 30, 2023.
Givex reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS").
"In Q2 2023, Givex continued to increase adjusted EBITDA by increasing gross profit and keeping a tight rein on payroll costs," said Don Gray, CEO of Givex. "Net loss decreased 75%, from $3.9 million to $978,000. We are working hard to continue this trend for the rest of the year."
Second Quarter Financial Highlights
Three-month period ending June 30, 2023 (with comparisons relative to the three-month period ending June 30, 2022)
- Revenue increased $2.6 million from $16.8 million to $19.4 million, 15% growth.
- Gross Profit increased $1.9 million from $12.2 million to $14.1 million, 16% growth.
- Adjusted EBITDA*** increased $0.7 million from $1.0 million to $1.7 million, 69% growth.
- Net Loss decreased $2.9 million from $3.9 million to $978,000, 75% decrease.
- Total Gross Transactional Value**** increased approximately $0.35 billion from $1.77 billion to $2.12 billion, 20% growth.
- POS Gross Transactional Value***** increased approximately $128 million from $347 million to $474 million, 37% growth.
- Customer Locations****** increased approximately 8,000, from 116,000 to 124,000, 7% growth.
Six-month period ending June 30, 2023 (with comparisons relative to the six-month period ending June 30, 2022)
- Revenue increased $5.4 million from $33.2 million to $38.6 million, 16% growth.
- Gross Profit increased $4.2 million from $23.1 million to $27.3 million, 18% growth.
- Adjusted EBITDA*** increased $0.4 million from $2.3 million to $2.7 million, 18% growth.
- Net Loss decreased $4.3 million from $6.5 million to $2.2 million, 66% decrease.
- Total Gross Transactional Value**** increased approximately $0.65 billion from $3.05 billion to $3.7 billion, 21% growth.
- POS Gross Transactional Value***** increased approximately $295 million from $584 million to $879 million, 51% growth.
Operational Highlights
- Payroll costs are the key focus to improved EBITDA and positive net earnings. For the 12-month periods ending June 30, 2023 and 2022, Employee Compensation******* as a % of Gross Profit was 53% and 54%, respectively. The company believes that its ability to reduce Employee Compensation as a % of Gross Profit is an indicator of its success in managing costs and profitability.
- ARR* (which is both recurring and reoccurring revenue) for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
More Information
Additional financial information, such as the audited annual Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
More information about Givex, including the Management Presentation and Overview, are posted on the company's investor relations website at investors.givex.com.
About Givex
The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 124,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
The information presented includes certain financial measures such as "Adjusted EBITDA" (see below for definition), which are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Forward Looking Statements
This press release contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, the risk factors described under the "Risk Factors" section in the Annual Information Form (AIF) dated March 21, 2023, available on SEDAR+ at www.sedarplus.ca and other filings with the Canadian securities regulatory authorities. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Cautionary Note Regarding Forward-Looking Information" in the Filing Statement.
Additional Notes
*ARR is defined as Annual Recurring Revenue, which is both recurring and reoccurring revenue.
**TTM is trailing twelve months from the defined period.
***Adjusted EBITDA is defined as net profit (loss) excluding interest, taxes, depreciation and amortization ("EBITDA") as adjusted for share-based compensation and related expenses, foreign exchange gains and losses and transaction-related expenses including those related to going public and acquisitions.
****Gross transaction volume ("GTV") means the total dollar value of stored and point-of-sale ("POS") transactions processed through our cloud-based SaaS platforms in the period, net of refunds, inclusive of shipping and handling, duty, and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platforms. GTV does not represent revenue earned by us.
*****POS gross transactional volume ("POS GTV") means the total dollar value point-of-sale ("POS") transactions processed through GivexPOS, our cloud-based POS SaaS platform, in the period net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe POS GTV is an indicator of the success of our customers and the strength of our platforms. POS GTV does not represent revenue earned by us.
******Customer Location means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. It includes both merchant locations that have transactions processed through our cloud-based SaaS platform, as well as merchant locations not on our platform but for which we provide other Givex services. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. We believe that our ability to increase the number of Customer Locations served by our platform and products is an indicator of our success in terms of market penetration and growth of our business.
*******Employee Compensation as a % of Gross Profit means the total employee compensation for a period divided by the gross profit for the same period. Employee Compensation means total employee compensation including salaries and benefits, excluding both government assistance and share-based compensation. Gross Profit means revenue less direct cost of revenue.
View original content to download multimedia:
SOURCE Givex
|
https://www.kbtx.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
| 2023-07-31T22:10:08
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
|
ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
View original content to download multimedia:
SOURCE Graybar
|
https://www.kbtx.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
| 2023-07-31T22:10:19
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
|
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.
View original content to download multimedia:
SOURCE Hormel Foods Corporation
|
https://www.kbtx.com/prnewswire/2023/07/31/hormel-foods-corporation-hold-third-quarter-earnings-conference-call/
| 2023-07-31T22:10:25
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/hormel-foods-corporation-hold-third-quarter-earnings-conference-call/
|
NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
|
https://www.kbtx.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
| 2023-07-31T22:10:31
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
|
NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
|
https://www.kbtx.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
| 2023-07-31T22:10:38
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
|
Pilot injured after banner plane crashes into ocean near beach
MYRTLE BEACH, S.C. (WMBF/Gray News) – Officials are investigating after a banner plane crashed onto a South Carolina beach.
WMBF reports the Federal Aviation Administration and the National Transportation Safety Board were called to look into the crash which occurred at 11:30 a.m. Monday at Myrtle Beach.
Cpl. Chris Starling with the Myrtle Beach Police Department said the pilot of the single-engine PA-18 was the only person on board. He was able to get out of the plane safely.
According to officials, witnesses said bystanders rushed to the crash site to help the pilot get out after the plane hit the water.
Witness Sue Boyd told WMBF she and another woman both called 911 after seeing the crash.
“The banner plane was all of a sudden going down super fast and then it just hit the water and went under. A bunch of civilians came and sprang into action into the water,” she said.
First responders treated the pilot, who was then taken to the hospital. He is expected to recover from his injuries.
The plane was removed from the surf via tow truck around 4 p.m. Crews removed the plane’s wings to properly load the aircraft.
Copyright 2023 WMBF via Gray Media Group, Inc. All rights reserved.
|
https://www.kalb.com/2023/07/31/pilot-injured-after-banner-plane-crashes-into-ocean-near-beach/
| 2023-07-31T22:10:40
| 1
|
https://www.kalb.com/2023/07/31/pilot-injured-after-banner-plane-crashes-into-ocean-near-beach/
|
LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 3:30 PM CDT|Updated: 2 hours ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the proposed merger with Partners; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
|
https://www.kbtx.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
| 2023-07-31T22:10:45
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
|
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
View original content to download multimedia:
SOURCE Association for Corporate Growth
|
https://www.kalb.com/prnewswire/2023/07/31/acg-names-brent-baxter-chief-executive-officer/
| 2023-07-31T22:10:46
| 1
|
https://www.kalb.com/prnewswire/2023/07/31/acg-names-brent-baxter-chief-executive-officer/
|
LOS ANGELES AUTO SHOW® 2023 REGISTRATION OPENS FOR MEDIA AND INDUSTRY DAY AT AUTOMOBILITY LA® ON NOVEMBER 16
AutoMobility LA is the global Media Day and Industry Gathering taking place at the LA Convention Center prior to the show's public opening
LOS ANGELES, July 31, 2023 /PRNewswire/ -- The Los Angeles Auto Show®, the leading automotive and lifestyle in-person event, will open registration tomorrow for AutoMobility LA®; its annual preview day for both media and industry professionals.
Scheduled for November 16 at the Los Angeles Convention Center, the LA Auto Show's press and B2B gathering is an opportunity for the global community and key decision makers to convene in Southern California for the latest debuts, product announcements, networking opportunities and more.
The 2023 LA Auto Show will continue to highlight the latest innovations in electrification, as well as exhibits and festivities that span California's automotive lifestyle and legacy of car culture. Visitors will have an opportunity to experience both indoor and outdoor driving tracks, which provide visitors with unparalleled access to comparison shop the latest offerings from major manufacturers.
Registration opens tomorrow on August 1 and is complimentary for accredited and approved media. Industry attendees will be offered an "early bird" registration fee of $75 through October 15. After that date, the full registration fee of $150 will apply to all approved industry registrants. Registration is accessible at automobilityla.com/register.
Taking place in the nation's foremost zero-emissions vehicle market, AutoMobility LA is the preeminent destination for media, automotive and tech companies, influencers, and policymakers to discuss and experience the latest in transportation innovation.
Celebrating its 116th year, LA Auto Show remains as influential to the North American automotive industry as any time in its history. At the center of the largest car-buying market in North America for both gas-powered and electric vehicles, LA Auto Show and AutoMobility LA offer vital perspective and foresight into how the rest of the country and the global market will soon look.
"Given the growing influence of electrification, the LA Auto Show will be the ultimate destination for car buyers looking to compare models and test-drive," said LA Auto Show President, Terri Toennies. "We'll also have the latest gas-powered vehicles as well as a fascinating array of special exhibits and attractions that highlight Southern California's impact on the global automotive landscape."
More comprehensive details pertaining to vehicle unveilings, manufacturer participation and significant announcements will follow. To learn more about AutoMobility LA, to book accommodations with the show's partner hotels, and for information about media and industry credentials, please visit: AutoMobilityLA.com.
Following AutoMobility LA, the 2023 LA Auto Show opens its doors for ten days from Friday, November 17 through Sunday, November 26 to welcome hundreds of thousands of consumers to comparison shop, test drive the latest vehicles, and immerse themselves in Southern California's largest annual car culture showcase. For information about the LA Auto Show and ticket purchases, please visit LAAutoShow.com.
About the Los Angeles Auto Show (LA Auto Show®)
Founded in 1907, the Los Angeles Auto Show (LA Auto Show®) is widely recognized as one of the most influential shows globally. Reflective of its location, the show celebrates the love affair Angelenos have with their cars and offers a global platform to industry technology and innovation, synonymous with California.
The show runs for 10 full days over the Thanksgiving period and is a must-attend destination for many industry influencers, car enthusiasts and families wanting to enjoy a day out over the holiday season. Held annually at the Los Angeles Convention Center, the LA Auto Show contributes several-hundred-million dollars to the local economy, stimulates the local job market, and is the number one revenue generator for the LA Convention Center.
Taking place on November 16, AutoMobility LA media and industry days will include a range of groundbreaking industry announcements and reveals. Doors open to the public November 17-26. LA Auto Show is owned and operated by ANSA Productions. To receive the latest show news and information, follow the LA Auto Show on Twitter, Facebook, Instagram and LinkedIn and sign up for alerts at laautoshow.com.
For press inquiries, email media@laautoshow.com.
View original content to download multimedia:
SOURCE Los Angeles Auto Show
|
https://www.kbtx.com/prnewswire/2023/07/31/los-angeles-auto-show-2023-registration-opens-media-industry-day-automobility-la-november-16/
| 2023-07-31T22:10:51
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/los-angeles-auto-show-2023-registration-opens-media-industry-day-automobility-la-november-16/
|
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
View original content:
SOURCE Ecopetrol S.A.
|
https://www.kalb.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
| 2023-07-31T22:10:52
| 1
|
https://www.kalb.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
|
WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
View original content:
SOURCE Oconee Financial Corporation
|
https://www.kbtx.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
| 2023-07-31T22:10:58
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
|
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.
View original content to download multimedia:
SOURCE Canoo
|
https://www.kalb.com/prnewswire/2023/07/31/canoo-announce-second-quarter-2023-financial-results/
| 2023-07-31T22:10:59
| 1
|
https://www.kalb.com/prnewswire/2023/07/31/canoo-announce-second-quarter-2023-financial-results/
|
A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
View original content to download multimedia:
SOURCE Books-A-Million, Inc.
|
https://www.kbtx.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
| 2023-07-31T22:11:04
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
|
Console & Associates, P.C.: Flagstar Bank Reports 2021 Data Breach Exposing Social Security Numbers of an Estimated 1.4 Million People
Published: Jul. 31, 2023 at 4:50 PM CDT|Updated: 20 minutes ago
MARLTON, N.J., July 31, 2023 /PRNewswire/ -- Approximately 1.4 million consumers are being notified that their Social Security numbers were compromised following a recent cyberattack. The data breach lawyers at Console & Associates, P.C. are investigating claims on behalf of anyone affected by the Flagstar Bank breach, hoping to fully inform them of the risks they face in the wake of the breach as well as their legal rights.
The sensitive personal data of 1.4 million Flagstaff Bank customers has been compromised. Now, members' full names and Social Security numbers may be in the hands of criminals, putting victims at a greater risk of identity theft and other frauds.
On July 30, 2023, Flagstar Bank filed a notice of data breach with the Attorney General of Maine describing a data breach affecting consumers nationwide. According to the notice, the data breach affected an estimated 1.4 million people.
The list of sensitive information that was exposed includes consumers':
- Full names, and
- Social Security numbers.
If you receive a data breach notice from Flagstar Bank, you could now be at risk of identity theft—and the devastating financial and legal consequences that go along with it.
Flagstar's filing with the Maine AG indicates a previous data breach letter was sent on March 15, 2015, which may be an error.
What Should You Do if You Receive a Flagstar Bank Data Breach Letter?
Additionally, victims should consider contacting a data breach attorney immediately, as anyone who receives a data breach letter from Flagstar Bank may be entitled to financial compensation.
If you wish to discuss this data security incident, or if you have any questions regarding your rights following the Flagstar Bank data breach, please contact Console & Associates, P.C. at (866) 778-5500. Interested parties and potential plaintiffs can also learn more about this data breach and potential lawsuit at https://www.myinjuryattorney.com/flagstar-bank-data-breach-investigation/. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content:
SOURCE Console & Associates, P.C.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
|
https://www.kalb.com/prnewswire/2023/07/31/console-amp-associates-pc-flagstar-bank-reports-2021-data-breach-exposing-social-security-numbers-an-estimated-14-million-people/
| 2023-07-31T22:11:05
| 0
|
https://www.kalb.com/prnewswire/2023/07/31/console-amp-associates-pc-flagstar-bank-reports-2021-data-breach-exposing-social-security-numbers-an-estimated-14-million-people/
|
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
|
https://www.kbtx.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
| 2023-07-31T22:11:11
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
|
For Q2 2023, revenue increased 15% to $19.4 million and customer locations increased 7% to 124,000. Q2 net loss dropped 75% from $3.9 million in Q2 2022 to $978,000 in Q2 2023, and ARR* for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
TORONTO , July 31, 2023 /PRNewswire/ - Givex Corp. ("Givex") (TSX: GIVX) (OTCQX: GIVXF), is pleased to present its financial results for the three-month period and six-month period ending June 30, 2023.
Givex reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS").
"In Q2 2023, Givex continued to increase adjusted EBITDA by increasing gross profit and keeping a tight rein on payroll costs," said Don Gray, CEO of Givex. "Net loss decreased 75%, from $3.9 million to $978,000. We are working hard to continue this trend for the rest of the year."
Second Quarter Financial Highlights
Three-month period ending June 30, 2023 (with comparisons relative to the three-month period ending June 30, 2022)
- Revenue increased $2.6 million from $16.8 million to $19.4 million, 15% growth.
- Gross Profit increased $1.9 million from $12.2 million to $14.1 million, 16% growth.
- Adjusted EBITDA*** increased $0.7 million from $1.0 million to $1.7 million, 69% growth.
- Net Loss decreased $2.9 million from $3.9 million to $978,000, 75% decrease.
- Total Gross Transactional Value**** increased approximately $0.35 billion from $1.77 billion to $2.12 billion, 20% growth.
- POS Gross Transactional Value***** increased approximately $128 million from $347 million to $474 million, 37% growth.
- Customer Locations****** increased approximately 8,000, from 116,000 to 124,000, 7% growth.
Six-month period ending June 30, 2023 (with comparisons relative to the six-month period ending June 30, 2022)
- Revenue increased $5.4 million from $33.2 million to $38.6 million, 16% growth.
- Gross Profit increased $4.2 million from $23.1 million to $27.3 million, 18% growth.
- Adjusted EBITDA*** increased $0.4 million from $2.3 million to $2.7 million, 18% growth.
- Net Loss decreased $4.3 million from $6.5 million to $2.2 million, 66% decrease.
- Total Gross Transactional Value**** increased approximately $0.65 billion from $3.05 billion to $3.7 billion, 21% growth.
- POS Gross Transactional Value***** increased approximately $295 million from $584 million to $879 million, 51% growth.
Operational Highlights
- Payroll costs are the key focus to improved EBITDA and positive net earnings. For the 12-month periods ending June 30, 2023 and 2022, Employee Compensation******* as a % of Gross Profit was 53% and 54%, respectively. The company believes that its ability to reduce Employee Compensation as a % of Gross Profit is an indicator of its success in managing costs and profitability.
- ARR* (which is both recurring and reoccurring revenue) for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
More Information
Additional financial information, such as the audited annual Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
More information about Givex, including the Management Presentation and Overview, are posted on the company's investor relations website at investors.givex.com.
About Givex
The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 124,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
The information presented includes certain financial measures such as "Adjusted EBITDA" (see below for definition), which are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Forward Looking Statements
This press release contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, the risk factors described under the "Risk Factors" section in the Annual Information Form (AIF) dated March 21, 2023, available on SEDAR+ at www.sedarplus.ca and other filings with the Canadian securities regulatory authorities. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Cautionary Note Regarding Forward-Looking Information" in the Filing Statement.
Additional Notes
*ARR is defined as Annual Recurring Revenue, which is both recurring and reoccurring revenue.
**TTM is trailing twelve months from the defined period.
***Adjusted EBITDA is defined as net profit (loss) excluding interest, taxes, depreciation and amortization ("EBITDA") as adjusted for share-based compensation and related expenses, foreign exchange gains and losses and transaction-related expenses including those related to going public and acquisitions.
****Gross transaction volume ("GTV") means the total dollar value of stored and point-of-sale ("POS") transactions processed through our cloud-based SaaS platforms in the period, net of refunds, inclusive of shipping and handling, duty, and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platforms. GTV does not represent revenue earned by us.
*****POS gross transactional volume ("POS GTV") means the total dollar value point-of-sale ("POS") transactions processed through GivexPOS, our cloud-based POS SaaS platform, in the period net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe POS GTV is an indicator of the success of our customers and the strength of our platforms. POS GTV does not represent revenue earned by us.
******Customer Location means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. It includes both merchant locations that have transactions processed through our cloud-based SaaS platform, as well as merchant locations not on our platform but for which we provide other Givex services. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. We believe that our ability to increase the number of Customer Locations served by our platform and products is an indicator of our success in terms of market penetration and growth of our business.
*******Employee Compensation as a % of Gross Profit means the total employee compensation for a period divided by the gross profit for the same period. Employee Compensation means total employee compensation including salaries and benefits, excluding both government assistance and share-based compensation. Gross Profit means revenue less direct cost of revenue.
View original content to download multimedia:
SOURCE Givex
|
https://www.kalb.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
| 2023-07-31T22:11:11
| 1
|
https://www.kalb.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
|
ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
View original content to download multimedia:
SOURCE Graybar
|
https://www.kalb.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
| 2023-07-31T22:11:18
| 1
|
https://www.kalb.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
|
Published: Jul. 31, 2023 at 3:30 PM CDT|Updated: 2 hours 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.
|
https://www.kbtx.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
| 2023-07-31T22:11:18
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/ryerson-reports-second-quarter-2023-results/
|
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.
View original content to download multimedia:
SOURCE Hormel Foods Corporation
|
https://www.kalb.com/prnewswire/2023/07/31/hormel-foods-corporation-hold-third-quarter-earnings-conference-call/
| 2023-07-31T22:11:24
| 1
|
https://www.kalb.com/prnewswire/2023/07/31/hormel-foods-corporation-hold-third-quarter-earnings-conference-call/
|
POMPANO BEACH, Fla., July 31, 2023 /PRNewswire/ -- Southern Auto Finance Company, LLC ("SAFCO") today announced a Chief Financial Officer transition. Jason Person has been named as SAFCO's new CFO.
Most recently, Mr. Person served as the Vice President and Treasurer of Regional Management Corporation, a diversified consumer finance company, where he managed a team responsible for liquidity management, investor relations, and financial analytics. Prior to Regional Management Corporation, Mr. Person served as the Director of Treasury and Capital Markets at Global Lending Services and as Assistant Vice President of Finance for Exeter Finance Corporation. He holds a Bachelor's Degree in Business Management from Anderson University and an MBA from Texas A&M University.
The company's current CFO Gary Stein is retiring after 22 years of dedicated service to SAFCO. Mr. Stein will remain in an advisory capacity for several months to help with the transition.
Commenting on the transition, SAFCO's CEO George Fussell, Sr. conveyed his heartfelt appreciation for Mr. Stein's contributions during his tenure, stating "We owe Gary a great debt of gratitude for his years of service. His remarkable leadership, financial acumen, and mentorship of the team have been instrumental in shaping the very foundation of our company's success. We wish him the best in his well-deserved retirement." Mr. Fussell further stated, "Jason represents a significant addition to our executive leadership team. He brings a wealth of expertise in treasury/capital markets, financial planning, and analytics that will undoubtedly contribute to SAFCO's continued success as we move forward."
About SAFCO
SAFCO is an industry-leading auto finance company with the power to see creditworthiness where others don't. Our proprietary originations system, complete with deep machine learning, enables us to see beyond credit scores and basic alternative data and instead base our decisions on unique, realistic insights that reveal the full credit potential of applicants. SAFCO is headquartered in Pompano Beach, Florida.
Contact: Drew Pickens
Vice President of Human Resources
954-745-2529
apickens@gosafco.com
View original content to download multimedia:
SOURCE Southern Auto Finance Company, LLC
|
https://www.kbtx.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
| 2023-07-31T22:11:25
| 0
|
https://www.kbtx.com/prnewswire/2023/07/31/safco-announces-chief-financial-officer-transition/
|
NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
|
https://www.kalb.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
| 2023-07-31T22:11:31
| 0
|
https://www.kalb.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
|
Locals Representing 340K UPS Workers Nearly Unanimously Recommend Contract
WASHINGTON, July 31, 2023 /PRNewswire/ -- Teamsters local unions representing 340,000 full- and part-time workers at UPS voted 161-1 on Monday to endorse the tentative agreement reached with the delivery giant on July 25 and recommend its passage by the full membership.
Of the 176 local unions with UPS members, 14 affiliates failed to show up to a meeting in Washington, DC, to review the tentative agreement.
At least two representatives from all other local unions discussed more than 60 changes and improvements to the UPS Teamsters National Master Agreement, the largest private-sector collective bargaining agreement in North America. The gains achieved during negotiations, which occurred regionally and nationally since January, are larger and more lucrative than any previous Teamsters contract at UPS. The tentative agreement, valued at $30 billion, establishes record wage increases for all workers for the life of the contract, installation of air conditioning in new vehicles, the end of an unfair two-tier wage system, catch-up raises for part-timers, Martin Luther King Day as a paid holiday for the first time, new language to prevent forced overtime on days off, and other huge wins.
Now that local unions have nearly unanimously endorsed the tentative agreement, all rank-and-file UPS Teamsters will have the chance to vote on ratification from August 3-22.
"The entire UPS Teamsters National Negotiating Committee stands behind this historic contract and our UPS local unions have resoundingly voted to endorse it," said Teamsters General President Sean M. O'Brien. "Our tentative agreement is richer, stronger, and more far-reaching than any settlement ever negotiated in the history of American organized labor. The Teamsters are immensely proud of reaching agreement with UPS to improve the lives of our members, their families, and working people across the country."
Founded in 1903, the International Brotherhood of Teamsters represents 1.2 million hardworking people in the U.S., Canada, and Puerto Rico. Visit Teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at Facebook.com/teamsters.
Contact:
Kara Deniz, (202) 497-6610
kdeniz@teamster.org
View original content to download multimedia:
SOURCE International Brotherhood of Teamsters
|
https://www.kbtx.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
| 2023-07-31T22:11:31
| 1
|
https://www.kbtx.com/prnewswire/2023/07/31/ups-teamsters-local-unions-endorse-tentative-agreement/
|
NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
|
https://www.kalb.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
| 2023-07-31T22:11:38
| 1
|
https://www.kalb.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
|