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FIGS

On September 5, 2023, Daniella Turenshine, the Chief Financial Officer (CFO) of FIGS Inc (NYSE:FIGS), sold 12,661 shares of the company. This move is part of a series of insider transactions that have been taking place over the past year.Who is Daniella Turenshine?Warning! GuruFocus has detected 3 Warning Sign with FIGS. Click here to check it out. FIGS 30-Year Financial DataThe intrinsic value of FIGSDaniella Turenshine is the CFO of FIGS Inc, a role she has held for several years. She has been instrumental in the company's financial strategy and growth. Over the past year, Turenshine has sold a total of 91,647 shares and has not made any purchases.About FIGS IncFIGS Inc is a company that specializes in the design, production, and sale of medical apparel. The company's innovative approach to medical wear has made it a popular choice among healthcare professionals. FIGS Inc is known for its comfortable, functional, and fashionable scrubs that cater to the demanding needs of the medical profession.Insider Transactions and Stock PriceThe insider transaction history for FIGS Inc shows a trend of more sells than buys. Over the past year, there has been only one insider buy compared to 19 insider sells. This could be an indication of the insiders' perception of the company's future performance.On the day of Turenshine's recent sell, FIGS Inc shares were trading at $6.2 each, giving the company a market cap of $936.677 million. This is a significant figure, considering the company's price-earnings ratio of 79.43, which is higher than the industry median of 18.11 but lower than the company's historical median price-earnings ratio.CFO Daniella Turenshine Sells 12,661 Shares of FIGS IncThe above image shows the trend of insider transactions over the past year. It is clear that the insider has been selling more shares than buying. This could be a sign that the insider believes the company's stock is overvalued, or it could simply be a personal financial decision.Story continuesIt's important to note that insider transactions can provide valuable insights into a company's health and future prospects, but they should not be the sole basis for investment decisions. Other factors such as the company's financial health, market conditions, and industry trends should also be considered.In conclusion, the recent sell by CFO Daniella Turenshine is part of a larger trend of insider sells at FIGS Inc. While this may raise some questions, it's crucial to consider the broader context and other relevant factors when evaluating the company's stock.This article first appeared on GuruFocus.

GuruFocus.com

CFO Daniella Turenshine Sells 12,661 Shares of FIGS Inc

https://finance.yahoo.com/news/cfo-daniella-turenshine-sells-12-010917101.html

5740274f-cf28-3dcc-8052-7f9712934edc

FIS

Exploring the Dividend History, Yield, and Growth of Fidelity National Information Services Inc (NYSE:FIS)Fidelity National Information Services Inc (NYSE:FIS) recently announced a dividend of $0.52 per share, payable on 2023-09-22, with the ex-dividend date set for 2023-09-07. As investors look forward to this upcoming payment, the spotlight also shines on the company's dividend history, yield, and growth rates. Using the data from GuruFocus, let's deep dive into Fidelity National Information Services Inc's dividend performance and assess its sustainability.Understanding Fidelity National Information Services Inc's BusinessWarning! GuruFocus has detected 5 Warning Signs with FIS. Click here to check it out. High Yield Dividend Stocks in Gurus' PortfolioThis Powerful Chart Made Peter Lynch 29% A Year For 13 YearsHow to calculate the intrinsic value of a stock?Fidelity National Information Services' legacy operations provide core processing and ancillary services to banks, but its business has expanded over time. By acquiring Sungard in 2015, the company now provides record-keeping and other services to investment firms. With the acquisition of Worldpay in 2019, FIS now provides payment processing services for merchants and holds leading positions in the United States and United Kingdom. About a fourth of revenue is generated outside North America.An In-depth Analysis of Fidelity National Information Services Inc's Dividend PerformanceTracing Fidelity National Information Services Inc's Dividend HistoryFidelity National Information Services Inc has maintained a consistent dividend payment record since 2003. Dividends are currently distributed on a quarterly basis. Fidelity National Information Services Inc has increased its dividend each year since 2003. The stock is thus listed as a dividend achiever, an honor that is given to companies that have increased their dividend each year for at least the past 20 years. Below is a chart showing annual Dividends Per Share for tracking historical trends.Story continuesAn In-depth Analysis of Fidelity National Information Services Inc's Dividend PerformanceDeciphering Fidelity National Information Services Inc's Dividend Yield and GrowthAs of today, Fidelity National Information Services Inc currently has a 12-month trailing dividend yield of 3.56% and a 12-month forward dividend yield of 3.66%. This suggests an expectation of increased dividend payments over the next 12 months.Over the past three years, Fidelity National Information Services Inc's annual dividend growth rate was 10.30%. Extended to a five-year horizon, this rate decreased to 9.00% per year. And over the past decade, Fidelity National Information Services Inc's annual dividends per share growth rate stands at 8.00%.Based on Fidelity National Information Services Inc's dividend yield and five-year growth rate, the 5-year yield on cost of Fidelity National Information Services Inc stock as of today is approximately 5.48%.An In-depth Analysis of Fidelity National Information Services Inc's Dividend PerformanceEvaluating the Sustainability of Fidelity National Information Services Inc's DividendsTo assess the sustainability of the dividend, one needs to evaluate the company's payout ratio. The dividend payout ratio provides insights into the portion of earnings the company distributes as dividends. A lower ratio suggests that the company retains a significant part of its earnings, thereby ensuring the availability of funds for future growth and unexpected downturns. As of 2023-06-30, Fidelity National Information Services Inc's dividend payout ratio is 0.00.Fidelity National Information Services Inc's profitability rank, offers an understanding of the company's earnings prowess relative to its peers. GuruFocus ranks Fidelity National Information Services Inc's profitability 6 out of 10 as of 2023-06-30, suggesting fair profitability. The company has reported net profit in 9 years out of the past 10 years.Assessing Fidelity National Information Services Inc's Growth MetricsTo ensure the sustainability of dividends, a company must have robust growth metrics. Fidelity National Information Services Inc's growth rank of 6 out of 10 suggests that the company has a fair growth outlook.Revenue is the lifeblood of any company, and Fidelity National Information Services Inc's revenue per share, combined with the 3-year revenue growth rate, indicates a strong revenue model. Fidelity National Information Services Inc's revenue has increased by approximately 1.60% per year on average, a rate that underperforms approximately 67.13% of global competitors.Concluding ThoughtsConsidering Fidelity National Information Services Inc's consistent dividend payments, solid dividend growth rate, sustainable payout ratio, fair profitability, and robust growth metrics, it appears to be a promising option for dividend investors. However, as with any investment, potential investors should conduct thorough research and consider the company's overall financial health before making a decision.GuruFocus Premium users can screen for high-dividend yield stocks using the High Dividend Yield Screener.This article first appeared on GuruFocus.

GuruFocus.com

An In-depth Analysis of Fidelity National Information Services Inc's Dividend Performance

https://finance.yahoo.com/news/depth-analysis-fidelity-national-information-110626496.html

136939f3-2d1b-3055-8832-bf00fa146d33

FIS

Fidelity National Information Services (FIS) closed at $55.33 in the latest trading session, marking a +1.73% move from the prior day. This change outpaced the S&P 500's 0.14% gain on the day. Meanwhile, the Dow gained 0.22%, and the Nasdaq, a tech-heavy index, added 0.09%.Coming into today, shares of the banking and payment technologies company had lost 5.08% in the past month. In that same time, the Business Services sector lost 1.3%, while the S&P 500 lost 1.27%.Wall Street will be looking for positivity from Fidelity National Information Services as it approaches its next earnings report date. On that day, Fidelity National Information Services is projected to report earnings of $1.58 per share, which would represent a year-over-year decline of 9.2%. Our most recent consensus estimate is calling for quarterly revenue of $3.65 billion, up 1.2% from the year-ago period.FIS's full-year Zacks Consensus Estimates are calling for earnings of $6.02 per share and revenue of $14.6 billion. These results would represent year-over-year changes of -9.47% and +0.5%, respectively.Any recent changes to analyst estimates for Fidelity National Information Services should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.14% higher. Fidelity National Information Services is holding a Zacks Rank of #3 (Hold) right now.Story continuesLooking at its valuation, Fidelity National Information Services is holding a Forward P/E ratio of 9.04. Its industry sports an average Forward P/E of 13.86, so we one might conclude that Fidelity National Information Services is trading at a discount comparatively.It is also worth noting that FIS currently has a PEG ratio of 0.87. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Financial Transaction Services was holding an average PEG ratio of 1.27 at yesterday's closing price.The Financial Transaction Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 99, which puts it in the top 40% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow FIS in the coming trading sessions, be sure to utilize Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportFidelity National Information Services, Inc. (FIS) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Fidelity National Information Services (FIS) Outpaces Stock Market Gains: What You Should Know

https://finance.yahoo.com/news/fidelity-national-information-services-fis-221520651.html

95f1a864-bc28-3cbb-a53f-dcd17cdc4fe7

FITB

Many High Schools Lack Financial Education; Parents Can Provide GuidanceCINCINNATI, August 28, 2023--(BUSINESS WIRE)--Currently, only 23 states require a personal finance course in high school, according to Next Gen Personal Finance. That means the responsibility of teaching recent high school graduates may be on parents' shoulders. And, according to a consumer survey1 from Fifth Third Bank, only 1 in 10 surveyed believe students are well-prepared with financial education for the real world.If you have a high schooler who is heading off to college, it’s time for some real talk about money. Be open and transparent about the cost of college and how that is being funded. It is important for students to understand how to stay on budget to limit the calls home for money. And consider what surveyed consumers wish they had been taught earlier: savings. Specifically, the importance of savings, starting to save sooner and how to build savings into their budgets.Budget timeRegardless of whether a young adult is going to school or work, you can help them get on the right financial path by providing detailed information on budgeting and asking them for a plan. Having them create the plan with your guidance will instill a sense of ownership. Agree together on the budget and then monitor progress on it once a quarter or semi-annually. If there are missteps, talk about them and work together to identify a solution.Tools like a college savings calculator can help your child understand how much college could cost and potential savings needed. Fifth Third also offers a student budget calculator and tips on why you need a budget.Finding and knowing your bankerBefore your child heads off to college, research banks with branches closest to their campus. Go with them to meet the bankers, open an account if they don’t already have one, and talk about their financial goals.This also is a good time to discuss bank accounts if you haven’t already. Introduce information such as ATMs and related fees that might be associated with them, balancing their accounts, overdraft fees, budgeting and "smart" savings programs.Story continuesEstablishing and managing creditEstablishing credit is an important rite of passage toward adulthood, and it’s something that can have a big impact on your children’s quality of life. Some ways to build credit would be for your child to co-sign on a car loan or opening a credit card.A safety net would be to open a secured credit card with them. A secured card requires a cash deposit and items can only be charged up to the limit of the cash deposit. These cards are generally more accessible than a traditional card and they do work to establish credit. Be on guard against high fees, though, and remind your children to only charge what they can afford to pay off every month. Carrying a balance is not the lesson you want to teach.Understanding smart apps and digital toolsSmart savings apps or functionality on traditional mobile banking apps are easy ways for young adults to set goals, save toward them, see progress and celebrate successes. It’s a user-friendly tool to help them budget for the things that matter to them.Credit scores and monitoringWhile you’re talking with your children about credit, help them understand what a credit score is: a three-digit number that represents credit history and helps lenders decide whether they're willing to give them a loan for a car, house or another large purchase.Credit monitoring and identity protection tools are extremely important to have in place. Most banks and credit cards now have services that monitor and alert customers to any suspicious behavior.Parents want what’s best for their kids – at every age and stage – and a financially healthy future is part of that. Talking about money early and often, providing safe opportunities for students to learn and introducing them to resources that can help, are the steppingstones to good habits and smart choices. There’s never a better time to start than now.1Survey conducted by Fifth Third Bank in July 2023 among 800 adult consumers residing in one of 11 states in the Midwest and Southeast.About Fifth ThirdFifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Member FDIC.View source version on businesswire.com: https://www.businesswire.com/news/home/20230828544741/en/ContactsBeth Oates (Media Relations)[email protected] | 313-230-9002Chris Doll (Investor Relations)[email protected] | 513-534-2345

Business Wire

Fifth Third Offers Tips to Set Up New College Students for Financial Success and Independence

https://finance.yahoo.com/news/fifth-third-offers-tips-set-130000021.html

6ff9f943-0a35-33ab-abed-727c3c4956d6

FITB

CINCINNATI, September 05, 2023--(BUSINESS WIRE)--Fifth Third congratulates the 25 community leaders who have completed the Bank’s 18-month Empowering Community Leaders career development growth program. A Harvard Kennedy School Executive Leadership Certification Ceremony was held at Fifth Third Center in Cincinnati on August 28.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230905801694/en/The inaugural class of 25 nonprofit leaders graduated from Fifth Third Bank's Empowering Community Leaders program. All received a Harvard Kennedy School Executive Leadership Certificate. The 25 graduates are pictured with Fifth Third's Aleta Young, Kala Gibson, Jada Grandy Mock and Katrina Lunsford, pictured from left to right, in the first row. (Photo: Business Wire)"We developed this program for the simple reason that many community leaders don’t have the resources to spend on their own development," said Kala Gibson, chief corporate responsibility officer. "With Fifth Third covering the cost of professional development for these deserving leaders, we empowered them to hone and develop key skills that will lead them to having even more substantive positive impacts in the communities they serve."The Empowering Community Leaders program was launched in 2022 to provide resources and training to nonprofit leaders across Fifth Third’s footprint. Each leader was nominated for participation by Fifth Third’s community impact managers. Jointly funded by the Fifth Third Foundation and Fifth Third Bank, ECL offered critical lessons in leadership development, technical skills and specialized certifications that enabled access to resources and knowledge necessary to achieve great community outcomes.All 25 program graduates completed an executive certificate in nonprofit leadership from the Harvard Kennedy School and an emotional intelligence course and coaching from Case Western Reserve University. In addition, several of the graduates participated in course offerings from NeighborWorks America, the National Development Council and Opportunity Finance Network.Story continuesThose earning certificates included:J’Tanya Adams, Historic West End Partners, Charlotte, North Carolina.Jose Alvarez, Prospera USA, Charlotte, North Carolina.Paul Booth, Jr., Collective Empowerment Group, Cincinnati, Ohio.Kate Brackett, Family Scholar House, Louisville, Kentucky.A.W. Burgess, Family Mankind, Charlotte, North Carolina.Dwan Dandridge, Black Leaders Detroit, Detroit, Michigan.Alexis Dishman, Community Reinvestment Fund USA, Detroit, Michigan/Minneapolis, Minnesota.Lara Fisher, Grace Place for Children & Families, Naples, Florida.Annissa Franklin, Urban League of Lexington-Fayette County, Lexington, Kentucky.Paul Garrison, Cosmopolitan Economic Development, Detroit, Michigan.Angela Hurlock, Claretian Associates, Chicago, Illinois.Jeremy Lewis, TechTown Detroit, Detroit, Michigan.Rhonda McFarland, Quad Communities Development Corporation NFP, Chicago, Illinois.Tania Menesse, Cleveland Neighborhood Progress (CNP), Cleveland, Ohio.Nikol Miller, Urban League of Miami Valley, Dayton, Ohio.Amina Pierson, Martindale Brightwood Community Development Corporation, Indianapolis, Indiana.Michael Randall, Grandmont Rosedale Development Corp., Detroit, Michigan.Dejah Rawlings, Homebase Cincinnati, Cincinnati, OhioBritney Robbins, Gray Matter Experience, Chicago, Illinois.James Rudyk, Jr., Northwest Side Housing Center, Chicago, Illinois.Charlynda Scales, OH Taste, Dayton, Ohio.Darnell Shields, Austin Coming Together (ACT), Chicago, Illinois.Demetrius Short, Transformation Life Center, Hermitage, Tennessee.Linda Smith, U SNAP BAC Nonprofit Housing Corp., Detroit, Michigan.Jefferey Verespeii, Cleveland Neighborhood Progress, Cleveland Ohio.ECL graduate Dejah Rawlings of Homebase Cincinnati took advantage of the entire program, including the NeighborWorks Training Institute certification and the rental housing certification through the National Development Council. She said, "Fifth Third presented me with such an awesome opportunity to better equip myself to serve my community. I was bound and determined to take advantage of every single one so that I can be my best self and do my best work in the future."About Fifth ThirdFifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.View source version on businesswire.com: https://www.businesswire.com/news/home/20230905801694/en/ContactsStacie Haas (Media Relations)[email protected] | 513-534-5113Chris Doll (Investor Relations)[email protected] | 513-534-2345

Business Wire

Fifth Third Bank Certifies 25 Graduates of its Empowering Community Leaders Program

https://finance.yahoo.com/news/fifth-third-bank-certifies-25-171200495.html

329edd12-0bfe-36b6-abb1-ec24dd607ac2

FIVE

It reported quarterly financial results during the month that were in line with expectations. Q2 net sales of $759 million and net income of $46.8 million were both within management's guidance, so this much was fine.Continue reading

Motley Fool

Why Five Below Stock Fell 17% Last Month

https://finance.yahoo.com/m/63eab764-4e99-325d-bd2e-3243508a944d/why-five-below-stock-fell-17-.html

63eab764-4e99-325d-bd2e-3243508a944d

FIVE

Having parlayed a $5,000 investment in 2013 into $22,400 today, the discount retail chain Five Below (NASDAQ: FIVE) is a quality growth stock. That is how the net margin remained steady at 6.2% for the quarter, while net sales and diluted EPS growth rates came in the same.Continue reading

Motley Fool

Looking to Build Wealth? Buy This Growth Stock

https://finance.yahoo.com/m/79208b52-41d2-37bf-b28e-39c673707029/looking-to-build-wealth-buy.html

79208b52-41d2-37bf-b28e-39c673707029

FIX

For Immediate ReleaseChicago, IL – September 1, 2023 – Zacks Equity Research shares Comfort Systems USA FIX as the Bull of the Day and DICK'S Sporting Goods Inc. DKS as the Bear of the Day. In addition, Zacks Equity Research provides analysis on United Airlines UAL, American Airlines AAL and Delta Air Lines DAL.Here is a synopsis of all five stocks:Bull of the Day:Comfort Systems USA provides comprehensive heating, ventilation, and air conditioning installation, maintenance, repair, and replacement services.The company performs most of its services within manufacturing plants, office buildings, retail centers, apartment complexes, and healthcare, education, and government facilities.Analysts have taken a bullish stance on the company's earnings outlook, landing the stock into the highly-coveted Zacks Rank #1 (Strong Buy).The company resides within the Zacks Building Products – Air Conditioner and Heating industry, currently ranked in the top 2% of all Zacks industries due to positive earnings estimate revisions.As many know, roughly half of a stock's movement can be attributed to its group, helping to clarify the importance of targeting industries seeing bright outlooks.Aside from the improved earnings outlook and favorable industry standing, let's take a closer look at a few other traits of Comfort Systems USA.Comfort Systems USAThe company sports a solid growth profile, with Zacks Consensus Estimates suggesting 44% EPS growth on 21% higher revenues in its current year. And peeking ahead to FY24, expectations allude to a further 15% improvement in earnings paired with a 15% revenue bump. FIX carries a Style Score of "B" for Growth.Income-focused investors could be attracted to FIX also, with shares currently yielding a respectable 0.5% annually. While the yield may be on the lower end, the company's 15% five-year annualized dividend growth rate helps bridge the gap.In addition, the company has been a stellar earnings performer, exceeding the Zacks Consensus EPS Estimate by an average of more than 20% across its last four releases. Just in its latest release, Comfort Systems USA posted an 18% EPS beat and reported revenue 7% above expectations.Story continuesThe company's top line growth has remained steady and accelerated in recent quarters.Perhaps to the surprise of some, shares have long-time outperformed the general market in a big way, annualizing a sizable 29% return over the last decade vs. the S&P 500's 12.8%. FIX shares have seen bullish activity following each of its previous three quarterly releases.Bottom LineInvestors can implement a stellar strategy to find expected winners by taking advantage of the Zacks Rank – one of the most powerful market tools that provides a massive edge.The top 5% of all stocks receive the highly coveted Zacks Rank #1 (Strong Buy). These stocks should outperform the market more than any other rank.Comfort Systems USA would be an excellent stock for investors to consider, as displayed by its Zack Rank #1 (Strong Buy).Bear of the Day:DICK'S Sporting Goods Inc. is a significant omnichannel sporting goods retailer that offers athletic shoes, apparel, accessories, and a broad selection of outdoor and athletic equipment for team sports, fitness, camping, fishing, tennis, golf, water sports, and more.Analysts have slashed their earnings expectations as of late, pushing the stock down into an unfavorable Zacks Rank #5 (Strong Sell).Let's take a closer look at a few other characteristics of DKS.DICK'S Sporting GoodsThe company's latest quarterly report disappointed investors, with DKS falling short of the Zacks Consensus EPS Estimate by 25% and delivering a fractional revenue surprise. Earnings declined 24% year-over-year, whereas revenue climbed 3.6% from the same period last year.The company's profitability picture was massively impacted by elevated inventory shrink, a phenomenon DKS says many retailers are currently facing. And to top it off, DKS lowered its FY23 EPS outlook, causing shares to plummet post-earnings.Shares now yield 3.5% annually following the sell-off, with a payout ratio sitting at 34% of the company's earnings. It's worth noting that the company has been committed to increasingly rewarding its shareholders, sporting a 25% five-year annualized dividend growth rate.In addition, DKS shares presently trade at a 9.4X forward earnings multiple (F1), below the 10.8X five-year median and the respective Zacks industry average. Shares have traded as high as 12.5X in 2023.Bottom LineNegative earnings estimate revisions from analysts and a recent negative quarterly print paint a challenging picture for the company's shares in the near term.DICK'S Sporting Goods is a Zacks Rank #5 (Strong Sell), indicating that analysts have taken a bearish stance on the company's earnings outlook.For those seeking strong stocks, a great idea would be to focus on stocks carrying a Zacks Rank #1 (Strong Buy) or a Zacks Rank #2 (Buy) – these stocks sport a notably stronger earnings outlook paired with the potential to deliver explosive gains in the near term.Additional content:Buy Labor Day Weekend Await U.S. Airlines: 3 Stocks to WatchIt is a well-documented fact that air travel demand has bounced back very strongly from the pandemic lows. Driven by the buoyant passenger volumes in the current summer season, which has been the busiest one ever, the upcoming Labor Day holiday period is expected to be a very busy one for U.S. airlines.The bullish expectation of the Transportation Security Administration or TSA pertaining to traffic volumes during the Labor Day holiday weekend further highlights the encouraging scenario. Therefore, we believe that investors interested in the industry would do well to keep U.S. airline stocks like United Airlines, American Airlines and Delta Air Lines on their radar.With people taking to the skies in a big way in the post-COVID period, the airline industry, one of the hardest hit corners in the pandemic peak, is currently in good shape. Driven by the concept of 'Revenge travel', a term emanating from the prolonged periods of lockdown, people remain eager to undertake a flight despite headwinds like flight disruptions caused by labor shortages. Revenge travel highlights a strong desire to travel in response to the monotony and exhaustion of life caused by the COVID-19-induced lockdown.Driven by the travel surge, the Federal Aviation Administration expects the upcoming Labor Day holiday weekend to be the third busiest one in 2023 so far, after the Juneteenth weekend, which was inclusive of Father's Day, and the break for Presidents Day.The TSA's ProjectionThe TSA anticipates screening more than 14 million passengers in the Sep 1-Sep 6 period, despite the likely disruptions caused by the tropical storm Idalia. The busiest day during the period is likely to be Sep 1. On that day, TSA expects to screen more than 2.7 million travelers passing through security checkpoints.Per TSA administrator David Pekoske, "We anticipate this Labor Day holiday weekend will be busy, with passenger volumes nearly 11% higher than last year, volumes that already exceeded 2019 Labor Day holiday travel volumes."Highlighting the upbeat air-travel demand scenario, the TSA stated that it has screened approximately 227.5 million passengers since the Memorial Day weekend. This translates into an average of 2.5 million per day. To aid travel, many U.S. airlines are offering low fares for passengers who book their travel by Labor Day.Given this rosy scenario, we have highlighted three airline stocks, that investors should keep tabs on.Our ChoicesUnited Airlines: UAL is seeing a steady recovery in domestic and international air travel demand. Anticipating to be extremely busy over the Labor Day holiday period, UAL's management expects that nearly 2.8 million passengers will travel by its flights in the Aug 31-Sep 5 period.Riding on the buoyant air traffic scenario, UAL shares have gained 32.9% year to date. The company surpassed the Zacks Consensus Estimate for earnings in three of the last four quarters and missed the mark on the other occasion. The average beat was 17.2%. UAL currently sports a Zacks Rank #1 (Strong Buy).You can see the complete list of today's Zacks #1 Rank stocks hereAmerican Airlines: The company, currently carrying a Zacks Rank #3 (Hold), is benefiting from an improvement in air travel demand. To meet the anticipated demand swell over the Aug 31-Sep 5 period, AAL aims to operate approximately 32,000 flights during this period. The carrier expects that nearly 3.5 million passengers will travel by its flights in the above timeframe.AAL surpassed the Zacks Consensus Estimate for earnings in all the last four quarters, with an average of 19.2%. AAL shares have gained 16.1% year to date.Delta Air Lines: The company, currently carrying a Zacks Rank #3, is benefiting from an improvement in air travel demand. The buoyant air-travel demand scenario is likely to aid Delta in attracting significant traffic during the Labor Day holiday period.DAL surpassed the Zacks Consensus Estimate for earnings in two of the last four quarters and missed the mark on the other two occasions. The average beat was 2.1%. DAL shares have gained 31.5% year to date.Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.See Stocks Free >>Media ContactZacks Investment Research800-767-3771 ext. 9339https://www.zacks.comZacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportDelta Air Lines, Inc. (DAL) : Free Stock Analysis ReportUnited Airlines Holdings Inc (UAL) : Free Stock Analysis ReportDICK'S Sporting Goods, Inc. (DKS) : Free Stock Analysis ReportAmerican Airlines Group Inc. (AAL) : Free Stock Analysis ReportComfort Systems USA, Inc. (FIX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Comfort Systems USA and DICK'S Sporting Goods have been highlighted as Zacks Bull and Bear of the Day

https://finance.yahoo.com/news/comfort-systems-usa-dicks-sporting-120000999.html

0f2f8696-198a-30a7-9f2b-a365d5f74823

FIX

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks' without any revenue, let alone profit. Sometimes these stories can cloud the minds of investors, leading them to invest with their emotions rather than on the merit of good company fundamentals. Loss-making companies are always racing against time to reach financial sustainability, so investors in these companies may be taking on more risk than they should.If this kind of company isn't your style, you like companies that generate revenue, and even earn profits, then you may well be interested in Comfort Systems USA (NYSE:FIX). Now this is not to say that the company presents the best investment opportunity around, but profitability is a key component to success in business. See our latest analysis for Comfort Systems USA How Fast Is Comfort Systems USA Growing?Generally, companies experiencing growth in earnings per share (EPS) should see similar trends in share price. So it makes sense that experienced investors pay close attention to company EPS when undertaking investment research. Shareholders will be happy to know that Comfort Systems USA's EPS has grown 25% each year, compound, over three years. As a general rule, we'd say that if a company can keep up that sort of growth, shareholders will be beaming.One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. While we note Comfort Systems USA achieved similar EBIT margins to last year, revenue grew by a solid 31% to US$4.7b. That's progress.In the chart below, you can see how the company has grown earnings and revenue, over time. For finer detail, click on the image.earnings-and-revenue-historyThe trick, as an investor, is to find companies that are going to perform well in the future, not just in the past. While crystal balls don't exist, you can check our visualization of consensus analyst forecasts for Comfort Systems USA's future EPS 100% free.Story continuesAre Comfort Systems USA Insiders Aligned With All Shareholders?Owing to the size of Comfort Systems USA, we wouldn't expect insiders to hold a significant proportion of the company. But we are reassured by the fact they have invested in the company. Indeed, they have a considerable amount of wealth invested in it, currently valued at US$118m. Investors will appreciate management having this amount of skin in the game as it shows their commitment to the company's future.While it's always good to see some strong conviction in the company from insiders through heavy investment, it's also important for shareholders to ask if management compensation policies are reasonable. Well, based on the CEO pay, you'd argue that they are indeed. Our analysis has discovered that the median total compensation for the CEOs of companies like Comfort Systems USA with market caps between US$4.0b and US$12b is about US$8.1m.The Comfort Systems USA CEO received US$5.4m in compensation for the year ending December 2022. That comes in below the average for similar sized companies and seems pretty reasonable. While the level of CEO compensation shouldn't be the biggest factor in how the company is viewed, modest remuneration is a positive, because it suggests that the board keeps shareholder interests in mind. Generally, arguments can be made that reasonable pay levels attest to good decision-making.Does Comfort Systems USA Deserve A Spot On Your Watchlist?For growth investors, Comfort Systems USA's raw rate of earnings growth is a beacon in the night. If you still have your doubts, remember too that company insiders have a considerable investment aligning themselves with the shareholders and CEO pay is quite modest compared to similarly sized companiess. Everyone has their own preferences when it comes to investing but it definitely makes Comfort Systems USA look rather interesting indeed. It's still necessary to consider the ever-present spectre of investment risk. We've identified 1 warning sign with Comfort Systems USA , and understanding it should be part of your investment process.Although Comfort Systems USA certainly looks good, it may appeal to more investors if insiders were buying up shares. If you like to see insider buying, then this free list of growing companies that insiders are buying, could be exactly what you're looking for.Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Here's Why We Think Comfort Systems USA (NYSE:FIX) Is Well Worth Watching

https://finance.yahoo.com/news/heres-why-think-comfort-systems-124015934.html

0e979973-672c-35d7-9156-da062c403a26

FIXX

Homology Medicines, Inc.Announced Today Encouraging Initial Clinical Data from First Dose Level of pheEDIT Trial Evaluating HMI-103BEDFORD, Mass., July 27, 2023 (GLOBE NEWSWIRE) -- Homology Medicines, Inc. (Nasdaq: FIXX), a genetic medicines company, announced today that it has completed a review of its business, and the Board of Directors has approved a plan to evaluate strategic alternatives to maximize shareholder value. Earlier today, Homology reported encouraging initial data from the first dose level in the Phase 1, dose-escalation trial evaluating gene editing candidate HMI-103 in adults with classical phenylketonuria (PKU), which showed it was generally well-tolerated in all three participants and resulted in a meaningful reduction in plasma phenylalanine (Phe) in two participants as of the data cut-off date of July 26, 2023. Despite these encouraging data, based on the current financing environment and Homology’s anticipated clinical development timelines, Homology will not be further developing its programs and will be instituting a related reduction in force while it explores options for the Company and its assets, including HMI-103. Homology has retained TD Cowen as its strategic financial advisor.“We are pleased with the initial data from the first dose level in our PKU gene editing trial, which support dose-escalation; however, given today’s tough financing conditions and the expected clinical development timeline for HMI-103, we believe the best path forward for our shareholders is to evaluate all strategic options for the Company and our pipeline,” said Albert Seymour, Ph.D., President and Chief Executive Officer. “Unfortunately, this decision impacts our dedicated employees, and I would like to extend my sincere gratitude to our affected colleagues who have been instrumental in building Homology’s platform and programs, and we are committed to supporting them as best as we can during this transition.”Homology has gene editing and gene therapy clinical-stage programs in PKU and Hunter syndrome (MPS II), a preclinical pipeline that includes a gene therapy candidate for metachromatic leukodystrophy and a GTx-mAb (vectorized antibody) candidate for paroxysmal nocturnal hemoglobinuria, as well as intellectual property on its family of 15 adeno-associated viruses (AAVHSCs). Additionally, the Company has a 20 percent stake in Oxford Biomedica Solutions, an AAV manufacturing company based on Homology’s internal process development and manufacturing.Story continuesHomology is reducing its workforce by 87% and stopping further program development efforts outside of required actions, including continued collection of data from and monitoring of participants in its clinical trials, to significantly reduce the Company’s ongoing operating costs. These measures are expected to extend Homology’s cash runway into 2026. As of March 31, 2023, Homology had approximately $150.0 million in cash, cash equivalents and short-term investments, and the Company will provide an update in its second quarter 2023 financial results.Strategic options may include but are not limited to, an acquisition, merger, reverse merger, sale of assets, strategic partnerships, or other transactions. There can be no assurance of completion of any particular course of action or a defined timeline for completion.For more information, visit www.homologymedicines.com.Forward-Looking Statements This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding: our plans to evaluate strategic options; our anticipated clinical development timelines; the expected financial and operational impacts of our restructuring initiatives; our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates, including HMI-103 for the treatment of PKU; the potential of our gene therapy and gene editing platforms, including our GTx-mAb platform; our plans and timing for the release of additional preclinical and clinical data; our plans to progress our pipeline of genetic medicine candidates and the anticipated timing for these milestones; and our position as a leader in the development of genetic medicines. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: we have and expect to continue to incur significant losses; our need for additional funding, which may not be available; failure to identify additional product candidates and develop or commercialize marketable products; the early stage of our development efforts; potential unforeseen events during clinical trials could cause delays or other adverse consequences; risks relating to the regulatory approval process; interim, topline and preliminary data may change as more patient data become available, and are subject to audit and verification procedures that could result in material changes in the final data; our product candidates may cause serious adverse side effects; inability to maintain our collaborations, or the failure of these collaborations; our reliance on third parties, including for the manufacture of materials for our research programs, preclinical and clinical studies; failure to obtain U.S. or international marketing approval; ongoing regulatory obligations; effects of significant competition; unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability lawsuits; securities class action litigation; the impact of the COVID-19 pandemic and general economic conditions on our business and operations, including our preclinical studies and clinical trials; failure to attract, retain and motivate qualified personnel; the possibility of system failures or security breaches; risks relating to intellectual property; and significant costs incurred as a result of operating as a public company. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.Company Contact:Brad SmithChief Financial and Business [email protected]

GlobeNewswire

Homology Medicines Announces Plan to Evaluate Strategic Options for the Company and its Genetic Medicines Programs, including HMI-103 Gene Editing Candidate for PKU

https://finance.yahoo.com/news/homology-medicines-announces-plan-evaluate-200500528.html

631c7ac0-5ce9-385c-a46f-83e7d4aab89c

FIXX

Homology Medicines, Inc.- Reported Encouraging Initial Data from First Cohort of Phase 1 Trial Evaluating Gene Editing Candidate HMI-103 in Adults with PKU -- Evaluating Strategic Options for the Company and Pipeline of Genetic Medicines, including HMI-103 -BEDFORD, Mass., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Homology Medicines, Inc. (Nasdaq: FIXX), a genetic medicines company, announced today second quarter 2023 financial results and highlighted recent updates.“We recently shared the encouraging initial data from the first dose level of the pheEDIT trial evaluating gene editing candidate HMI-103 for PKU, which showed a one-time administration was generally well-tolerated in all three participants, and two participants achieved meaningful reductions in plasma Phe as of the cut-off date of July 26, 2023,” said Albert Seymour, Ph.D., President and Chief Executive Officer of Homology Medicines. “Despite these data, we are evaluating strategic options for the Company and our genetic medicines pipeline due to the current financing environment and the expected clinical development timeline for HMI-103.”Second Quarter 2023 and Recent AccomplishmentsAnnounced encouraging initial clinical data from the first dose cohort of the pheEDIT clinical trial evaluating HMI-103 gene editing candidate for phenylketonuria (PKU), and today announced approval from the independent Data Monitoring Committee to escalate to the next dose cohort in the trial.As of the data cut-off date of July 26, 2023, HMI-103 was generally well-tolerated in all three participants.Participant 1 experienced a clinically meaningful reduction in plasma phenylalanine (Phe) levels to below the U.S. American College of Medical Genetics and Genomics (ACMG) PKU treatment guideline threshold of <360 μmol/L*, and the majority of Phe levels have been below 360 μmol/L through 31 weeks post-dose, including after the initiation of dietary protein supplementation.Participant 2 experienced a meaningful plasma Phe reduction of 49% at 17 weeks post-dose.Participant 3 was recently dosed and additional data are needed to draw a meaningful conclusion.Also previously announced that Homology will be evaluating strategic options for the Company and its genetic medicines programs, including HMI-103.Despite the encouraging HMI-103 data, based on the current financing environment and the anticipated clinical development timeline, Homology is not further developing its programs and has instituted a related reduction in force.Retained TD Cowen as strategic financial advisor.Story continuesSecond Quarter 2023 Financial ResultsAs of June 30, 2023, Homology had approximately $127.1 million in cash, cash equivalents and short-term investments. Based on current projections, which include implementation of our plan to discontinue further development of all programs and conduct a comprehensive review of strategic alternatives while reducing the Company’s current workforce by approximately 80 employees, Homology believes it has sufficient cash resources to fund operations into 2026.Net loss for the quarter ended June 30, 2023 was $(35.0) million or $(0.61) per share, compared to a net loss of $(29.1) million or $(0.51) per share for the quarter ended June 30, 2022.Collaboration revenues for the quarter ended June 30, 2023 were $0.4 million, compared to $0.8 million for the quarter ended June 30, 2022. Collaboration revenue in both periods reflects revenue recognized under the Company’s Stock Purchase Agreement with Pfizer. The Company previously granted Pfizer a right of first refusal to negotiate a potential collaboration on the development and commercialization of HMI-102 and HMI-103, as well as information sharing rights, both of which expired on May 9, 2023.Total operating expenses for the quarter ended June 30, 2023 were $31.2 million, compared to $29.1 million for the quarter ended June 30, 2022, and consisted of research and development expenses and general and administrative expenses.Research and development expenses for the quarter ended June 30, 2023 were $23.0 million, compared to $21.1 million for the quarter ended June 30, 2022. Research and development expenses increased due to higher direct costs related to our pheEDIT clinical trial with HMI-103, as well as increased external development costs for earlier stage programs. Partially offsetting these increases was lower direct research expenses for HMI-102 due to pausing the clinical trial, along with lower employee-related costs as a result of transferring employees to OXB Solutions related to the establishment of the AAV Innovation and Manufacturing Business in the first quarter of 2022.General and administrative expenses for the quarter ended June 30, 2023 were $8.2 million, compared to $8.0 million for the quarter ended June 30, 2022. General and administrative expenses increased as a result of higher legal expenses, partially offset by lower consulting and market research costs.*Vockley J., et al., Genet Med. 2014About HMI-103HMI-103 is a one-time, in vivo, nuclease-free gene editing candidate for PKU designed to harness the body's natural DNA repair process of homologous recombination to replace the disease-causing gene with a functional gene and liver-specific promoter and to increase PAH in all transduced liver cells with episomal expression. HMI-103 has the potential to treat adults and children whose livers are still rapidly growing. HMI-103 was granted Fast Track designation by the U.S. Food and Drug Administration for the treatment of neurocognitive and neuropsychiatric manifestations of PKU secondary to phenylalanine hydroxylase deficiency.About PKUPKU is a rare inborn error of metabolism caused by a mutation in the PAH gene. PKU results in a loss of function of the enzyme phenylalanine hydroxylase, which is responsible for the metabolism of Phe, an amino acid obtained exclusively from the diet. If left untreated, toxic levels of Phe can accumulate in the blood and result in progressive and severe neurological impairment. Currently, there are no treatment options for PKU that target the underlying genetic cause of the disease. According to the National PKU Alliance, PKU affects nearly 16,500 people in the U.S. with approximately 350 newborns diagnosed each year. The worldwide prevalence of PKU is estimated to be 50,000 people.About Homology Medicines, Inc. Homology Medicines, Inc. is a clinical-stage genetic medicines company dedicated to transforming the lives of patients suffering from rare diseases by addressing the underlying cause of the disease. Homology has gene editing and gene therapy clinical-stage programs in PKU and Hunter syndrome (MPS II), a preclinical pipeline that includes a gene therapy candidate for metachromatic leukodystrophy and a GTx-mAb (vectorized antibody) candidate for paroxysmal nocturnal hemoglobinuria, as well as intellectual property on its family of 15 adeno-associated viruses (AAVHSCs). Additionally, the Company has a 20 percent stake in Oxford Biomedica Solutions, an AAV manufacturing company based on Homology’s internal process development and manufacturing. For more information, visit www.homologymedicines.com.Forward-Looking StatementsThis press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding: the anticipated benefits and costs associated with our plans to evaluate strategic options; our anticipated clinical development timelines; the expected financial and operational impacts of our restructuring initiatives; our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates, including HMI-103 for the treatment of PKU; the potential of our gene therapy and gene editing platforms, including our GTx-mAb platform; our plans and timing for the release of additional preclinical and clinical data; our plans to progress our pipeline of genetic medicine candidates and the anticipated timing for these milestones; our position as a leader in the development of genetic medicines; and the sufficiency of our cash, cash equivalents and short-term investments to fund our operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: we have and expect to continue to incur significant losses; our need for additional funding, which may not be available; any financial or strategic option we pursue may not be successful; our decision to discontinue further program development efforts may not result in the anticipated savings for the Company and may adversely affect our business; our recent reduction in force undertaken to reduce our ongoing operating expenses may not result in our intended outcomes and may yield unintended consequences as well as additional costs; potential unforeseen events during clinical trials could cause delays or other adverse consequences; risks relating to the regulatory approval process; should we resume development of our product candidates, initial, interim, topline and preliminary data may change as more patient data become available, and are subject to audit and verification procedures that could result in material changes in the final data; our product candidates may cause serious adverse side effects; inability to maintain our collaborations, or the failure of these collaborations; our reliance on third parties, including for the manufacture of materials for our research programs, preclinical and clinical studies; failure to obtain U.S. or international marketing approval; ongoing regulatory obligations; effects of significant competition; unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability lawsuits; securities class action litigation; the impact of the COVID-19 pandemic and general economic conditions on our business and operations, including our preclinical studies and clinical trials; failure to attract, retain and motivate qualified personnel in the future; the possibility of system failures or security breaches; risks relating to intellectual property; and significant costs incurred as a result of operating as a public company. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.- Financial Tables Follow -  HOMOLOGY MEDICINES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited)         As of    June 30, 2023 December 31, 2022 Cash, cash equivalents and short-term investments $127,071 $175,026 Equity method investment  17,319  25,814 Property and equipment, net  845  1,078 Right-of-use assets  19,837  20,563 Other assets  4,265  5,989 Total assets $169,337 $228,470       Accounts payable, accrued expenses and other liabilities $21,238 $19,859 Operating lease liabilities  28,724  29,477 Deferred revenue  —  1,156 Stockholders' equity  119,375  177,978 Total liabilities and stockholders' equity $169,337 $228,470          HOMOLOGY MEDICINES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share amounts)(Unaudited)           Three months ended June 30, Six months ended June 30,   2023   2022   2023   2022 Collaboration revenue $354  $802  $1,156  $1,604 Operating expenses:        Research and development  22,982   21,075   42,970   45,348 General and administrative  8,188   8,034   16,513   22,181 Total operating expenses  31,170   29,109   59,483   67,529 Loss from operations  (30,816)  (28,307)  (58,327)  (65,925)Other income:        Gain on sale of business  —   —   —   131,249 Interest income  1,511   474   2,980   506 Total other income  1,511   474   2,980   131,755 Income (loss) before income taxes  (29,305)  (27,833)  (55,347)  65,830 Benefit from (provision for) income taxes  —   105   —   (862)Loss from equity method investment  (5,739)  (1,361)  (8,541)  (1,952)Net income (loss) $(35,044) $(29,089) $(63,888) $63,016 Net income (loss) per share-basic $(0.61) $(0.51) $(1.11) $1.10 Net income (loss) per share-diluted $(0.61) $(0.51) $(1.11) $1.09 Weighted-average common shares outstanding-basic  57,795,285   57,385,578   57,756,032   57,334,078 Weighted-average common shares outstanding-diluted  57,795,285   57,385,578   57,756,032   57,869,443          Company Contact:Brad SmithChief Financial and Business [email protected]

GlobeNewswire

Homology Medicines Reports Second Quarter 2023 Financial Results and Recent Highlights

https://finance.yahoo.com/news/homology-medicines-reports-second-quarter-200500099.html

bcc9fb8f-b0d2-3ce1-9e0c-4cfac765ce1f

FLGT

ParticipantsBrandon Perthuis; Chief Commercial Officer; Fulgent Genetics, Inc.Lawrence M. Weiss; Chief Medical Officer; Fulgent Genetics, Inc.Ming Hsieh; Chairman & CEO; Fulgent Genetics, Inc.Paul Kim; CFO; Fulgent Genetics, Inc.Andrew Harris Cooper; Research Analyst; Raymond James & Associates, Inc., Research DivisionDaniel Louis Leonard; Research Analyst; Crédit Suisse AG, Research DivisionDavid Michael Westenberg; MD & Senior Research Analyst; Piper Sandler & Co., Research DivisionMelanie Solomon; MD; The Blueshirt Group, LLCPresentationOperatorHello, and welcome to the Fulgent Genetics Q2 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Melanie Solomon, Investor Relations for Fulgent. Please go ahead, Melanie.Melanie SolomonThanks, Kevin. Good morning, and welcome to the Fulgent Second Quarter 2023 Financial Results Conference Call. On the call with me today are Ming Hsieh, Chief Executive Officer; Paul Kim, Chief Financial Officer; and Brandon Perthuis, Chief Commercial Officer. The company's press release discussing the financial results is available on the Investor Relations section of the company's website, www.fulgent.com. A replay of this call will be available shortly after the call concludes on the Investor Relations section of the company's website. Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. These forward-looking statements represent management's estimates based on current views and assumptions, which may prove to be incorrect. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements. The company assumes no obligation to update any of the forward-looking statements that may make today to reflect actual results or changes in expectations. Listeners should not rely on any forward-looking statements as predictions of future events and to listen to management's remarks today with the understanding that actual events, including the company's actual future results, may be materially different in what is described in or implied by these forward-looking statements. Please review the more detailed discussions related to these forward-looking statements, including the discussions of some of the risk factors that may cause results to differ from those described in these forward-looking statements contained in the company's filings with the Securities and Exchange Commission, including the previously filed 10-K for the year ended December 31, 2022, and subsequently filed reports, which are available on the company's Investor Relations website. Management's prepared remarks, including discussions of earnings and earnings per share, contain financial measures not prepared in accordance with accounting principles generally accepted in the United States or GAAP. Management has presented these non-GAAP financial measures because it believes they may be useful to investors for various reasons, but they should not be viewed as a substitute for or superior to the company's financial results prepared in accordance with GAAP. Please see the company's press release discussing its financial results for the second quarter of 2023 for more information, including the description of how the company calculates non-GAAP income or loss, earnings or loss per share and adjusted EBITDA, and a reconciliation of these financial measures to income or loss and earnings or loss per share, the most directly comparable GAAP financial measures. With that, I'd now like to turn the call over to Ming.Story continuesMing HsiehThank you, Melanie. Good morning, and thank you for joining our call today. I will start with some comments on the quarter, then Brandon will review our product and go-to-market updates for the second quarter. And Paul will conclude with the financials and outlook before we take over your questions. We are pleased with our results in the second quarter with another record core revenue reaching $67 million and less than $1 million of COVID revenue for a total of just under $68 million of revenue. Our core revenue was driven by strong results across all 3 areas of our diagnostic business: precision diagnostics, anatomic pathology and pharma services, including our expanded Beacon carrier testing for reproductive health services. We are encouraged by the outperformance in the first half of the year and seeing good sales momentum as we move into the second half of the year. We continue to make good progress with our therapeutic business. Fulgent pharma, now own nanoencapsulation technology, including our 40 patents and the target therapy platform designed to improve therapeutic windows in the pharmacokinetic profile of both new and existing cancer drugs. Our lead drug candidate, FID-007, has shown promising results for treatment of numerous cancers, including head and neck, ancilliary and pancreas with reduced society effects. In June, we presented safety and access data from the ongoing Phase Ib study at the American Society of Clinical Oncology Annual Meeting in Chicago. In summary, of 40 heavily treated patients of various cancer types with a weekly dose level from 50-milligram per square meter to 160-milligram per square meter. 18% had partial response and 35% had a stable disease, 3 out of 4 scoring cell carcinoma of head and neck cancer patients with a partial response had previously been treated with [vaccine] . No high-grade Neuropathology was noticed. FID-007 demonstrated the preliminary evidence of antitumor activity in heavily pretreated patients across various tumor types. Based on the overall tolerability, pharmacodynamics and efficacy 125-milligram per square meter has chosen as a recommended Phase II dose. We received a positive response for the data from medical community and continue to optimize our manufacturing process as well as preparing the initial Phase II studies. We look forward to share additional update of the start of that trial by end of the year. We also have a deep pipeline in preclinical development, focusing on targeted therapies for additional cancers. I'd like to thank our employees and shareholders for your loyalty during the quarter. We look forward to the second half of the year and the momentum we are creating with our combined business. I will now turn over the call over to Brandon Perthuis, our Chief Commercial Officer, to talk about our diagnostics business results during the quarter. Brandon?Brandon PerthuisThank you, Ming. We had a record quarter for our core business, driven by strong growth in our Precision Diagnostics division. Precision Diagnostics was up 40% year-over-year and 12% sequentially. We are seeing strong demand for our reproductive services, specifically our Beacon expanded care screening product, as we have now cemented ourselves as one of the market leaders.During the quarter, we saw our other divisions meet expectations with Pharma Services having another strong quarter. However, as we previously mentioned, we expect Pharma Services to be a bit lumpy depending on the timing of the service contracts. Looking forward, our Pharma Services pipeline and backlog remain strong as we continue to leverage our expanded capabilities in multi-omics and spatial biology. Not since COVID-19 have we stress tested our technology platform like we did this quarter. Overall, next-generation sequencing lab volume was up 112% year-over-year. We were able to take on this volume with minimal incremental investments and were able to perform the services with only minimal temporary increase in turnaround time. We feel time and time again, we are showing real-world evidence of the power of the Fulgent technology platform and overall lab operations and capabilities. We stated before that we are a laboratory founded, designed and built by engineers. Our mission was to create a differentiated lab operation using automation, AI and informatics to be able to scale genomic testing without the high cost of continually layering on professional hires. During the quarter, we also installed additional sequencers, the most recent and highest throughput to date, allowing us to additionally expand our capacity and lower the cost of exome and genome sequencing. We have also recently begun consolidating our 2 West Coast lab operations into 1. Historically, we occupied 2 buildings a few miles apart. Bringing them together should lead to new operational and cost efficiency. We aim for the move to be completed by the end of the third quarter. Beacon expanded care screening continues to be a key growth driver for our company. Fulgent stands out in this space as one of the few labs that controls the end-to-end product offering, allowing us to have a better handle on cost and turnaround time. As we ramp volume, we are focused on process improvement to continue to lower costs and improve turnaround time. We've done a good job capturing meaningful market share in the Interchile space, and we will look to penetrate the OB market in the future. While most clinicians today are using a panel of around 400 genes, a standard of care, we've already built the next version, which includes 787 genes, and we are seeing more and more adoption of this larger panel. Our thought process is that clinicians will continue to look for broader coverage, which is what we've seen over the last few years, going from approximately 100 genes to approximately 400 genes. Before too long, the most efficient test could be an exome at which time, we'll be ready to address with our proprietary sequence alignment tools, bioinformatics and capture probes along with our robust sequencing capacity. Our Anatomic Pathology division continues to perform well with a lot of our focus on continuing to improve operations. These improvements include standardization of systems, revenue cycle management, logistics and managed care, among others. In addition, we have been investing heavily in digital pathology. Digital pathology is revolutionizing the space, leading to better turnaround time, cost and quality. For example, shipping prepared [glass lights] to our labs and to our clients had the burden of at least 1 day shipping and associated costs plus the physical storage. Now we can scan, digitize and share electronically immediately. In addition, we have built one of the only end-to-end solutions to allow our clients to view the digital images or even sign out their own cases. Turning to Fulgent Oncology. Now with both our Lumera solid tumor profile and our Lumera heme NGS approved and priced by MolDX at $3,288 and $2,950, respectively, we turn our attention to expanding beyond our soft launch on the West Coast. We have placed a small number of reps in strategic territories across the nation and expect this team to continue to grow. Armed with a multidisciplinary portfolio, Fulgent Oncology is a near one-stop shop for specialty oncology testing. We feel very strongly that we will be able to continue to penetrate the community oncology segment beyond the West Coast and establish ourselves as a national contender in precision cancer diagnostics. As Ming mentioned, we are pleased with the performance during the second quarter, and we remain encouraged by the business prospects we see moving forward. I'll now turn the call over to our CFO, Paul Kim, to walk through the detailed financials. Paul?Paul KimThanks, Brandon. Revenue in the second quarter totaled $68 million compared to $125 million in the second quarter of 2022. Less than $1 million came from COVID-19 testing in Q2, which was not part of our guidance. Revenue from our core business totaled $67 million, which exceeded our guidance of $62 million and grew 48% year-over-year. Gross margin was 30.3%. The decline in gross margin year-over-year is primarily related to the higher cost of Anatomic Pathology revenues from INFORM DX, which we purchased in Q2 of 2022. Non-GAAP gross margin was 33.8%. We are pleased to have achieved a 2-point improvement in our gross margin sequentially over the prior quarter as we see efforts to create efficiencies across our acquired businesses pay off. Now turning over to operating expenses. Total GAAP operating expenses were $40.4 million for the second quarter, down from $43.6 million in the first quarter of 2023. The non-GAAP operating expenses totaled $30.4 million, down from $33.8 million in the first quarter of 2023. Non-GAAP operating margin increased 8 percentage points sequentially to a negative 11.1%, which is primarily due to adjustments and bad debt expenses and a few other items, combined with continuing operating efficiencies. Adjusted EBITDA for the second quarter was a negative $2.7 million compared to a positive $37.7 million in the second quarter of 2022. On a non-GAAP basis and excluding equity-based compensation expense and intangible asset amortization, loss for the quarter was $2.4 million or $0.08 per share based on 29.8 million weighted average shares outstanding. Turning over to the balance sheet. We ended the second quarter with approximately $847 million in cash, cash equivalents and marketable securities. The decrease from the first quarter is primarily due to cash used, approximately $25 million to pay off our margin loan in full and to purchase real estate. From operations, cash provided by operating activities for the second quarter was a positive $9.7 million. Moving on to our outlook for 2023. Given the outperformance in the second quarter, we're raising our core revenue guidance to $260 million. The number does not anticipate additional revenue from COVID-19 testing. Looking ahead, we expect gross margin and operating margins to continue to improve as we implement efficiencies to our integration efforts with our recent acquisitions. The margin improvement is forecasted to be incremental for the remainder of the year as we plan to make further investments in resources to position the company for longer-term growth. For the full year 2023, utilizing an estimated 28% tax rate and a share count of 30 million, we now expect our non-GAAP losses to narrow to $0.95 per share from the previous expectation of $1.25 for our shareholders, excluding stock-based compensation, amortization of intangible assets as well as any onetime charges. Overall, we have further strengthened our core business. We bolstered our portfolio through strategic acquisitions and are already seeing improved financial performance in the first 2 quarters of 2023 and see good momentum ahead. Thank you for joining the call today. Operator, you may now open it up for questions.Question and Answer SessionOperator(Operator Instructions) Our first question is coming from Dan Leonard from Credit Suisse.Daniel Louis LeonardPaul, your revenue guidance implies a decline in your sales run rate from Q2 levels. Why would that be? .Paul KimThe revenue run rate for -- can you repeat the question?Daniel Louis LeonardYes, the -- you're guiding for $260 million in revenue for the full year. You did $67 million in Q2. You're guiding for $65 million in Q3, which is a decline, and it looks like $65 million in Q4 as well. So I'm wondering why sales wouldn't grow from the $67 million, why they would decline?Paul KimOkay. Yes, great question. So we had outperformance in Q1 and Q2. We're still digesting the heavy increase in volume. And we feel very good about our momentum. They are definitely is potential based on what we have posted in Q1 and Q2 to outperform again. And we certainly reserve the right to post higher numbers.Daniel Louis LeonardAnd then a follow-up, Paul, I know at one point, you were hoping to get gross margins to 40% by the end of the year. What is the new target? And what are the steps that get you there?Paul KimYes. So the gross margin target for 40% a year, that's still our hope. We certainly are pleased with the gross margin jumped, which had a low point of, I believe, in the 20% to 25% in Q4. we had a significant jump from that to what we posted in the first quarter. In the first quarter, the gross margin on a non-GAAP basis was 32%. We saw a 2-point improvement from Q1 to Q2, which takes us up to 34%. We certainly anticipate the gross margin numbers to grind higher into Q3 and Q4. Where we end up at the end of the year, it could certainly be at 40%. But as long as the trajectory is correct as well as the rate of the change, we think that, that indicates further strengthening of our overall business model. I think the other thing, right, that we're also taking a look at, aside from just a percentage, is the absolute contribution from gross margins. And we're very, very pleased to raise on our revenues twice this year, given the fact that it's only the middle of the year.OperatorNext question today is coming from David Westenberg from Piper Sandler.David Michael WestenbergCongrats on a very strong performance this quarter. Can you remind us how much of the G&A is still dedicated to COVID testing? And if there's an opportunity now to get more cost savings by just exiting that business or any plans there with COVID just generally speaking?Paul KimYes, excellent question, David. So from an overall perspective, the majority of the activity has been fleshed out related to COVID testing. During the second quarter, specifically, we had approximately a $2 million adjustment. It was actually a credit related to the AR reserve for COVID testing. That's part of the reason on why you saw the growth -- I mean not the growth, but the G&A expenses being light. We had a few other items that are in there. As we look ahead into Q3 and Q4, we anticipate the G&A expenses to bounce back to something that we had in Q1 or maybe higher levels. But kind of back to your question of, is COVID relatively flushed out? The short answer is yes. I think the reason why I comment on the expense structure is even with the bump-up in G&A for Q3 and Q4, from an overall perspective, we see very good efficiencies throughout the operating expense categories of the organization. And that's being further being added if we take a look at the overall business model, with the overall strength that we're seeing with the top line as well as the gross margin improvement.David Michael WestenbergVery helpful detail there, Paul. And then can you just remind us about any -- the close date last year of Inform, just trying to think about the organic revenue growth as we look in the back half of the year. I believe the only acquisition you made in the back half of the year would have been the Fulgent Pharma, if I'm correct. I know this is probably a short disclarity question here. .Paul KimYes. So Inform Dx, it closed during Q2 of 2022. It was about halfway through the second quarter. When we take a look at the contribution of revenue from the 3 categories that we have, anatomic pathology, pharma services and precision diagnostics, we see absolute growth in all 3 of those areas when we compare it against the numbers from last year. But what really excites us is where the acceleration of the business is coming from. So we first started off the year at $240 million of revenues, and we had the contributions from Anatomic Pathology, which is Inform DX; and then precision diagnostics, evenly split with about $13 million from pharma services, which added to the $240 million. But as we take a look at the updated guidance now at $260 million, all of that is coming from either Precision Diagnostics or Pharma Services, which are very, very lucrative and attractive markets. And it's the area that we performed very, very well in where you have sequencing and a large amount of interpretation. So we really like the way that the business is headed as we look out at the end of this year and into 2024.David Michael WestenbergGot it. Just one last question on the gross margin. Can you talk about the different levers? I know you just -- you said implementing a new -- you're buying a new sequencer. In terms of carrier screening, for example, which I know you're outperforming in, there's a lot of prep work. So can you just run us through all the different levers that you're thinking about in the next year to really drive those gross margins higher? And that's my last question.Paul KimYes. So there's a lot of blocking and tackling that we're doing in terms of improving policies and attracting higher talent. But the fundamental reason on why we have the gross margin improvement is through automation and the utilization of our technology platform. And I'll turn it over to Ming, who can reiterate the differentiation that we have in the utilization of our technology compared to other companies.Ming HsiehThanks, Paul. David the bottom line is how could we use the technology to handle more proof that really the areas we put a lot of focus. We continue to apply the technology, which we closed AI, that's the areas that we started since the 1990s. But since the past 30 years -- over 30 years, definitely AI has made the tremendous impact in our life. We have been riding with this technology with my experience for the past 30 years. We continue seeing that technology to be applied to the -- in the diagnostics business, and than we continue to invest and improve the technology.OperatorNext question is coming from Andrew Cooper from Raymond James.Andrew Harris CooperMaybe first kind of tagging on to the back end of that. You talked about the automation and the improvement there. I think you did mention in the prepared remarks, a little bit of turnaround time increase as volumes ramped as much as they did. Can you just give us a little bit more color on sort of how much that was, whether it's worked to lower and how we should think about the turnaround times as you continue, hopefully, to grow the volumes on the inbound side?Brandon PerthuisYes. Thanks, Andrew. Good question. The term or time did increase, but it was a short window, right? We did a much better job capturing market share than perhaps we were anticipated, and that's great execution by the sales team and our company. But the increase in volume was tremendous. So -- and I'm proud of the lab and how they were able to digest it. I mean the turnaround time maybe had a 25% to 50% increase for a couple to a few weeks. .As Ming mentioned, during that time, we began to improve additional processes and procedures and streamline. And at this point, turnaround time is back on track. I mean I think we're around 14 or 15 days for carrier screening and exomes are back down. So it was a temporary increase and really allowed us to go into the systems and make those improvements and get it back on track. And turnaround time is something we monitor very, very closely. It's incredibly important for our clinicians. While we talked about it, we've mentioned it in our script. And going forward, we intend to meet our turnaround time, which, depending upon the product, it could be anywhere between 2 and 6 weeks. But especially in the reproductive space, that sort of 2-week to 3-week turnaround time is critical, and we're sort of back on track and don't see any disruption to that in the future.Ming HsiehRemember, Brandon mentioned, we also made the lab consolidation during the quarter. So we are not only try to handle increased volume, but they will also try to make the lab operations more efficient by consolidating the 2 locations. So those also caused a bit of transition, but we do see a good trend for the long term to continue to handle the higher volumes and improve the turnaround time.Andrew Harris CooperOkay. Great. Super helpful. And then maybe just one more on sort of the portfolio. I think there was mentioned in the call as well of looking to penetrate the OB space in terms of carrier screening. A lot of times, I feel like we hear people talk about that being bundled with NIPT. So just the latest and greatest thinking there. And then kind of related, I think on the Fulgent Oncology side, you mentioned a near one-stop shop. So just remind us what do you feel like still needs to be added into the portfolio? How do we think about addressing some of those factors and what the time lines might be?Brandon PerthuisYes, certainly. Thanks again for the question. We actually have Larry -- Dr. Larry White with us today. So I'll let him address the Fulgent Oncology question here in a moment. But in terms of our carrier screening market penetration, it's mostly been in the infertility space. We've landed some fantastic long-term clients that are mostly in fertility clinics. And you're correct in that to penetrate the OB space, it is much, much easier to do so if you can bundle it within NIPT. As you're aware, we currently don't have an NIPT test. That doesn't prevent us from selling to the OBs. Again, it's just easier to do when you can bundle it. So we will be able to target the OBs, especially the OBs that are referring into some of these new clients we have and be able to leverage the continuity there. But in NIPT is something we've been looking at for a long time. We continue to evaluate the space. We continue to evaluate how we can deploy our technology in that space. So Fulgent has ongoing R&D across a lot of areas, NIPT being one of them. So -- but again, I think with what we've done with carrier screening, with our turnaround time, our ability to interface and integrate some of the clinical advantages we've built with Beacon in terms of copy number and dealing with pseudogenes, the proprietary algorithms, I think there's still a great story to tell to the OB market, even in lieu of having an NIPT test at this time. So Larry, you mentioned -- he asked a question about sort of what's missing to be sort of the full one-stop shop, but I'll let you take that one.Lawrence M. WeissWell, I'll tell you, we recently launched liquid biopsy for solid tumor, and we hope to have an HRD test before the end of the year and maybe some additional offerings in 2024.OperatorWe reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further closing comments.Ming HsiehThank you very much for you joining our call today, and we are looking forward to update you about our business performance during the next few quarters. Thank you very much.OperatorThank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

Thomson Reuters StreetEvents

Q2 2023 Fulgent Genetics Inc Earnings Call

https://finance.yahoo.com/news/q2-2023-fulgent-genetics-inc-020816791.html

f0de03a0-ca58-3b6d-90bb-426f848bcdc3

FLGT

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q2 2023 Earnings Call Transcript August 4, 2023Fulgent Genetics, Inc. misses on earnings expectations. Reported EPS is $-0.37665 EPS, expectations were $0.33.Operator: Hello and welcome to the Fulgent Genetics Q2 2023 Earnings Conference Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Melanie Solomon, Investor Relations for Fulgent. Please go ahead, Melanie.Melanie Solomon: Thanks, Kevin. Good morning and welcome to the Fulgent second quarter 2023 financial results conference call. On the call with me today are Ming Hsieh, Chief Executive Officer; Paul Kim, Chief Financial Officer and Brandon Perthuis, Chief Commercial Officer. The company's press release discussing the financial results is available on the Investor Relations section of the company's website, www.fulgent.com. A replay of this call will be available shortly after the call concludes on the Investor Relations section of the company's website. Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. These forward-looking statements represent management's estimates based on current views and assumptions which may prove to be incorrect.As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements. The company assumes no obligation to update any of the forward-looking statements it may make today to reflect actual results or changes in expectations. Listeners should not rely on any forward-looking statements as predictions of future events and should listen to management's remarks today with the understanding that actual events, including the company's actual future results may be materially different in what is described in or implied by these forward-looking statements. Please review the more detailed discussions related to these forward-looking statements, including the discussions of some of the risk factors that may cause results to differ from those described in these forward-looking statements contained in the company's filings with the Securities and Exchange Commission, including the previously filed 10-K for the year ended December 31st, 2022 and subsequently filed reports which are available on the company's Investor Relations website.Story continuesManagement's prepared remarks, including discussions of earnings and earnings per share contain financial measures not prepared in accordance with accounting principles generally accepted in the United States or GAAP. Management has presented these non-GAAP financial measures because it believes they may be useful to investors for various reasons but they should not be viewed as a substitute for or superior to the company's financial results prepared in accordance with GAAP. Please see the company's press release discussing its financial results for the second quarter of 2023 for more information, including the description of how the company calculates non-GAAP income or loss earnings or loss per share and adjusted EBITDA and a reconciliation of these financial measures to income or loss and earnings or loss per share to the most directly comparable GAAP financial measures.With that, I'd now like to turn the call over to Ming.Ming Hsieh: Thank you, Melanie. Good morning and thank you for joining our call today. I will start with some comments on the quarter then Brandon will review our product and go-to-market updates for the second quarter and Paul will conclude with the financials and outlook before we take over your questions. We are pleased with our results in the second quarter with another record core revenue reaching $67 million and less than $1 million of COVID revenue for a total of just under $68 million of revenue. Our core revenue was driven by strong results across all three areas of our diagnostics business. Precision diagnostics, anatomicpathology and pharma services, including our expanded Beacon Carrier Testing for reproductive health services.We are encouraged by the outperformance in the first half of the year and seeing good sales momentum as we move into the second half of the year. We continue to make good progress with our therapeutic business, Fulgent Pharma, our novel nano-encapsulation technology, including over 40 patents and a targeted therapy platform designed to improve therapeutic windows and pharmacodynamics profile of both new and existing cancer drugs. Our lead drug candidate, FID-007, has shown promising results for the treatment of numerous cancers, including head and neck, ampullary and pancreatic, with reduced side effects. In June, we presented safety and efficacy data from the ongoing Phase 1b study at the American Society of Clinical Oncology Annual Meeting in Chicago.dna, health, medicineCopyright: nexusplexus / 123RF Stock PhotoIn summary of 40 heavily treated patients of various cancer types with weekly dose level from 50mg/m² to 160mg/m². 18% had a partial response and 35% had a stable disease. Three out of four scoring cell carcinoma of head and neck cancer patients with a partial response had previously been treated with taxanes. No high grade neuropathy was noticed. FID-007 demonstrated preliminary evidence of anti-tumor activity in heavily pre-treated patients across various tumor types. Based on the overall tolerability, pharmacodynamics and efficacy, 125mg/m² has chosen as recommended Phase 2 dose. We received a positive response for the data from medical community and continue to optimize our manufacturing process as well as preparing the initial Phase 2 studies.We look forward to sharing additional update of the start of that trial by the end of the year. We also have a deep pipeline in pre-clinical development focusing on targeted therapies for additional cancers. I'd like to thank our employees and the shareholders for your loyalty during the quarter. We look forward to the second half of the year and the momentum we are creating with our combined business. I will now turn the call over to Brandon Perthuis, our Chief Commercial Officer, to talk about our diagnostic business results during the quarter. Brandon?Brandon Perthuis: Thank you, Ming. We had a record quarter for our core business, driven by strong growth in our Precision Diagnostics division. Precision Diagnostics was up 40% year-over-year and 12% sequentially. We are seeing strong demand for our reproductive services, specifically our Beacon Expanded Care Screening product, as we have now cemented ourselves as one of the market leaders. During the quarter, we saw our other divisions meet expectations with Pharma Services having another strong quarter. However, as we previously mentioned, we expect Pharma Services to be a bit lumpy depending on the timing of the service contracts. Looking forward, our Pharma Services pipeline and backlog remain strong as we continue to leverage our expanded capabilities in multi-omics and spatial biology.Not since COVID-19 have we stress tested our technology platform like we did this quarter. Overall next-generation sequencing lab volume was up 112% year-over-year. We were able to take on this volume with minimal incremental investments and were able to perform the services with only minimal temporary increase in turnaround time. We feel time and time again, we are showing real-world evidence of the power of the Fulgent technology platform and overall lab operations and capabilities. We stated before that we are a laboratory founded, designed and built by engineers. Our mission was to create a differentiated lab operation using automation, AI and informatics to be able to scale genomic testing without the high cost of continually layering on professional hires.During the quarter, we also installed additional sequencers, the most recent and highest throughput to-date, allowing us to additionally expand our capacity and lower the cost of exome and genome sequencing. We have also recently begun consolidating our two West Coast lab operations into one. Historically, we occupied two buildings a few miles apart. Bringing them together should lead to new operational and cost efficiency. We aim for the move to be completed by the end of the third quarter. Beacon Expanded Care Screening continues to be a key growth driver for our company. Fulgent stands out in this space as one of the few labs that controls the end-to-end product offering, allowing us to have a better handle on cost and turnaround time. As we ramp volume, we are focused on process improvement to continue to lower costs and improve turnaround time.We've done a good job capturing meaningful market share in the infertility space, and we will look to penetrate the OB market in the future. While most clinicians today are using a panel of around 400 genes, a standard of care, we've already built the next version, which includes 787 genes, and we are seeing more and more adoption of this larger panel. Our thought process is that clinicians will continue to look for broader coverage, which is what we've seen over the last few years, going from approximately 100 genes to approximately 400 genes. Before too long, the most efficient test could be an exome at which time, we'll be ready to address with our proprietary sequence alignment tools, bioinformatics and capture probes along with our robust sequencing capacity.Our Anatomic Pathology division continues to perform well with a lot of our focus on continuing to improve operations. These improvements include standardization of systems, revenue cycle management, logistics and managed care, among others. In addition, we have been investing heavily in digital pathology. Digital pathology is revolutionizing the space, leading to better turnaround time, cost and quality. For example, shipping prepared glass slides to our labs and to our clients had the burden of at least one day shipping and associated costs plus the physical storage. Now we can scan, digitize and share electronically immediately. In addition, we have built one of the only end-to-end solutions to allow our clients to view the digital images or even sign out their own cases.Turning to Fulgent Oncology. Now with both our Lumera solid tumor profile and our Lumera heme NGS approved and priced by MolDX at $3,288 and $2,950, respectively, we turn our attention to expanding beyond our soft launch on the West Coast. We have placed a small number of reps in strategic territories across the nation and expect this team to continue to grow. Armed with a multidisciplinary portfolio, Fulgent Oncology is a near one-stop shop for specialty oncology testing. We feel very strongly that we will be able to continue to penetrate the community oncology segment beyond the West Coast and establish ourselves as a national contender in precision cancer diagnostics. As Ming mentioned, we are pleased with the performance during the second quarter and we remain encouraged by the business prospects we see moving forward.I'll now turn the call over to our CFO, Paul Kim, to walk through the detailed financials. Paul?Paul Kim: Thanks, Brandon. Revenue in the second quarter totaled $68 million compared to $125 million in the second quarter of 2022. Less than $1 million came from COVID-19 testing in Q2, which was not part of our guidance. Revenue from our core business totaled $67 million, which exceeded our guidance of $62 million and grew 48% year-over-year. Gross margin was 30.3%. The decline in gross margin year-over-year is primarily related to the higher cost of Anatomic Pathology revenues from InformDx, which we purchased in Q2 of 2022. Non-GAAP gross margin was 33.8%. We are pleased to have achieved a two-point improvement in our gross margin sequentially over the prior quarter as we see efforts to create efficiencies across our acquired businesses pay off.Now turning over to operating expenses. Total GAAP operating expenses were $40.4 million for the second quarter, down from $43.6 million in the first quarter of 2023. The non-GAAP operating expenses totaled $30.4 million down from $33.8 million in the first quarter of 2023. Non-GAAP operating margin increased eight percentage points sequentially to a negative 11.1%, which is primarily due to adjustments and bad debt expenses and few other items, combined with continuing operating efficiencies. Adjusted EBITDA for the second quarter was a negative $2.7 million compared to a positive $37.7 million in the second quarter of 2022. On a non-GAAP basis and excluding equity-based compensation expense and intangible asset amortization, loss for the quarter was $2.4 million or $0.08 per share based on 29.8 million weighted average shares outstanding.Turning over to the balance sheet. We ended the second quarter with approximately $847 million in cash, cash equivalents and marketable securities. The decrease from the first quarter is primarily due to cash used, approximately $25 million to pay off our margin loan in full and to purchase real estate. From operations, cash provided by operating activities for the second quarter was a positive $9.7 million. Moving onto our outlook for 2023. Given the outperformance in the second quarter, we're raising our core revenue guidance to $260 million. The number does not anticipate additional revenue from COVID-19 testing. Looking ahead, we expect gross margin and operating margins to continue to improve as we implement efficiencies to our integration efforts with our recent acquisitions.The margin improvement is forecasted to be incremental for the remainder of the year as we plan to make further investments in resources to position the company for longer-term growth. For the full year 2023, utilizing an estimated 28% tax rate and a share count of 30 million, we now expect our non-GAAP losses to narrow to $0.95 per share from the previous expectation of $1.25 for our shareholders, excluding stock-based compensation, amortization of intangible assets as well as any onetime charges. Overall, we have further strengthened our core business. We bolstered our portfolio through strategic acquisitions and are already seeing improved financial performance in the first two quarters of 2023 and see good momentum ahead. Thank you for joining the call today.Operator, you may now open it up for questions.See also 20 Least Sexually Active Countries in the World and Best to Worst Zodiac Signs Ranked.To continue reading the Q&A session, please click here.

Insider Monkey

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/fulgent-genetics-inc-nasdaq-flgt-125637189.html

e84e3395-b869-3527-acbc-2a087e299e7a

FLS

DALLAS, September 05, 2023--(BUSINESS WIRE)--Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, announced it plans to hold its 2023 Analyst Day meeting on September 28, 2023, in New York City.The event will begin at 8:00 a.m. Eastern Time. Scott Rowe, Flowserve’s president and chief executive officer, and Amy Schwetz, senior vice president and chief financial officer, will be presenting along with several other members of Flowserve’s executive team. The presenters will provide an overview of the company, including an update of its 3D growth strategy, innovation and technology and will discuss the company’s longer-term financial targets.Attendance for this event requires pre-registration, as space at the venue is limited. For members of the financial community interested in attending in person or for additional information on the event, please contact Flowserve’s Investor Relations team.A live audio webcast of the Analyst Day presentation, along with the corresponding slides, will be available through the Investor Relations section of www.flowserve.com. The taped webcast and related presentation materials will also remain available on the company's website for a period of time for shareholders and other interested parties to access.About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and conditionStory continuesThe forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.View source version on businesswire.com: https://www.businesswire.com/news/home/20230905912905/en/ContactsFlowserve Contacts Investor Contacts:Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560, [email protected] Mike Mullin, Director, Investor Relations, (972) 443-6636, [email protected] Contact:Wes Warnock, Vice President, Corporate Communications & Public Affairs, (972) 443-6900

Business Wire

Flowserve Announces 2023 Analyst Day

https://finance.yahoo.com/news/flowserve-announces-2023-analyst-day-200000753.html

6c1ce21b-cd29-36ed-b157-6beb8a1f9b6c

FLS

Illinois Tool Works ITW has chosen veteran Christopher A. O’Herlihy to succeed E. Scott Santi as its new chief executive officer (CEO). Santi is set to retire in early 2024 after having been associated with the company for more than 40 years. He will, however, remain chairman of the board until Mar 1, 2024. Thereafter, he will become non-executive chairman of the ITW Board.Currently serving as the vice chairman of Illinois Tool, O’Herlihy has been named president and elected to the company’s board, besides being appointed as the CEO. He is set to assume his role from Jan 1, 2024 onward.O’Herlihy has been associated with ITW for the past 34 years. He has been serving as the vice chairman of the company since 2015. Prior to this, in 2010, he was appointed as the executive vice president of the company’s Food Equipment Group.Illinois Tool Works Inc. PriceIllinois Tool Works Inc. PriceIllinois Tool Works Inc. price | Illinois Tool Works Inc. QuoteSanti has been serving as CEO of Illinois Tool since 2012. Along with his position as CEO, he was appointed as the chairman in 2015. Under his leadership, since 2012 to date, ITW’s market capitalization has increased from $23 billion to $74 billion.Illinois Tool is benefiting from stable underlying demand and improving supply chains. Strength across all regions and strong organic growth is boosting revenues in the Automotive Original Equipment Manufacturer (OEM) segment (revenues up 10.3% year over year in the first half of 2023). The Food Equipment unit is being aided by growth across both North America and International operations and strength across institutional end markets. Revenues from the segment jumped 9.2% in the first half of 2023.Strength in the capital equipment business bodes well for the Test & Measurement and Electronics segment (revenues inched up 1.6% in the first half of 2023). Solid industrial and consumables businesses are aiding the Welding segment (revenues up 5% in the first six months of 2023). It remains to be seen how ITW’s growth story unfolds with O’Herlihy at its helm.Story continuesZacks Rank & Key PicksIllinois Tool presently carries a Zacks Rank #3 (Hold).Some better-ranked stocks within the broader Industrial Products sector are as follows:Flowserve Corporation FLS presently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 6.2%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.Flowserve has an estimated earnings growth rate of 79.1% for the current year. The stock has jumped 30.9% so far this year.Graham Corporation GHM currently flaunts a Zacks Rank #1. The company pulled off a trailing four-quarter earnings surprise of 243.1%, on average.Graham has an estimated earnings growth rate of 400% for the current fiscal year. The stock has rallied 71.8% so far this year.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportIllinois Tool Works Inc. (ITW) : Free Stock Analysis ReportFlowserve Corporation (FLS) : Free Stock Analysis ReportGraham Corporation (GHM) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Illinois Tool (ITW) Picks O'Herlihy as CEO, Santi to Retire

https://finance.yahoo.com/news/illinois-tool-itw-picks-oherlihy-162000324.html

a08067fe-b1a4-33aa-8d19-d6fa12da2c47

FLT

FLEETCOR Technologies, Inc. FLT shares have had an impressive run over the past six months.The stock has rallied 30.6% compared with the 7.9% rise of the industry it belongs to and the 13.7% increase of the Zacks S&P 500 composite.FleetCor Technologies, Inc. PriceFleetCor Technologies, Inc. price | FleetCor Technologies, Inc. QuoteWhat’s Behind the RallyFLEETCOR’s top line remains healthy, driven by both organic and inorganic growth. Revenues grew 10% organically in the second quarter of 2023, driven by an increase in transaction volumes and new sales growth. Acquisitions completed in 2022 and 2023 contributed around $19 million to the top line in the quarter.The recent acquisition of U.K.-based cross-border payments provider, Global Reach Group, has strengthened FLEETCOR’s global position as a non-bank cross-border provider by increasing its scale of payments. Another acquisition, Mina, a cloud-based electric vehicle charging software platform, provided FLEETCOR a home-charging software solution for commercial fleets in the U.K.FLEETCOR has a consistent track record of share repurchases. In 2022, 2021, 2020 and 2019, the company repurchased shares worth $1.41 billion, $1.36 billion, $849.9 million and $694.9 million, respectively. Such moves not only instill investors’ confidence but also positively impact earnings per share.Zacks Rank and Stocks to ConsiderFLEETCOR currently carries a Zacks Rank #3 (Hold).Here are two better-ranked stocks from the Business Services sector:DocuSign DOCU beat the Zacks Consensus Estimate in all the four trailing quarters, with an earnings surprise of 25.6%. The consensus estimate for 2023 earnings is pegged at $2.52 per share, indicating 24.1% year-over-year growth. The consensus mark for 2023 revenues indicates an 8.1% increase from the year-ago reported figure. DOCU currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.CRA International CRAI beat the Zacks Consensus Estimate in two of the four trailing quarters and missed on two instances, the average earnings surprise being 5.1%. The Zacks Consensus Estimate for 2023 revenues indicates a 6.6% increase from the year-ago reported figure. The consensus mark for earnings is pegged at $5.49 per share, indicating a 7.6% year-over-year decline. CRAI carries a Zacks Rank #2 (Buy) at present.Story continuesWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCharles River Associates (CRAI) : Free Stock Analysis ReportFleetCor Technologies, Inc. (FLT) : Free Stock Analysis ReportDocuSign (DOCU) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

FLEETCOR (FLT) Stock Gains 31% in Six Months: Here's How

https://finance.yahoo.com/news/fleetcor-flt-stock-gains-31-152900167.html

380ae273-aa69-38d5-9693-3a7c8183a8fc

FLT

A month has gone by since the last earnings report for FleetCor Technologies (FLT). Shares have added about 5.9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is FleetCor Technologies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.FLEETCOR Surpasses Q2 Earnings & Revenues EstimatesFLEETCOR Technologies, Inc. reported impressive second-quarter 2023 results as both earnings and revenues surpassed the respective Zacks Consensus Estimate.  Adjusted earnings (excluding 99 cents from non-recurring items) of $4.19 per share outpaced the  consensus estimate by a slight margin and grew slightly year over year. Revenues of $948.2 million slightly beat the consensus mark and increased 10.1% year over year on a reported basis.Let’s check out the numbers in detail.Revenues in DetailProduct-category-wise, fleet revenues of $382.6 million rose 1% year over year on a reported basis. The figure lagged our estimated $406.2 million.Corporate Payments revenues of $247 million increased 30% year over year on a reported basis and beat our estimates by 13.5%.Brazil segment’s revenues of $126.1 million improved 13% year over year, beating our estimated $125.6 million.Lodging revenues of $136.6 million grew 19.7% year over year on a reported basis and surpassed our estimates by 5.7%.Other revenues of $56 million increased 1% year over year on a reported basis and were lower than our estimated $66.2 million.Operating ResultsOperating income increased 11% from the prior-year quarter’s level to $412.7 million. Operating income margin increased 50 basis points to 43.5%, in comparison with the prior-year quarter.Balance Sheet & Cash FlowFLEETCOR exited second-quarter 2022 with cash, cash equivalents and restricted cash of $1.25 billion, compared with $1.27 billion at the end of the prior quarter.Story continuesFLT provided $499 million in net cash from operating activities. Capital expenditures totaled $42.2 million.Q3 GuidanceRevenues are expected to be between $980 million and $1 billion, raised from previous guided range of $930 million and $950 million.Adjusted earnings per share are expected to be between $4.44 and $4.64, upgraded from the prior range of $4.02 and $4.22.Updated 2023 GuidanceAdjusted earnings per share are anticipated to be between $17.09 and $17.35, raised from the prior guidance of $16.95 and $17.35. The lower range of the prior guidance has been increased from $3.82 billion. Revenues are now anticipated to be between $3.84 billion and $3.86 billion.Interest expenses are now expected between $330 million and $340 million, raised from the prior expectation of $310 million and $330 million.Tax rate is expected to be approximately between 26% and 27%.Weighted average fuel prices are expected to be around $3.66 per gallon in US.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.VGM ScoresAt this time, FleetCor Technologies has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, FleetCor Technologies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Performance of an Industry PlayerFleetCor Technologies is part of the Zacks Financial Transaction Services industry. Over the past month, MasterCard (MA), a stock from the same industry, has gained 5%. The company reported its results for the quarter ended June 2023 more than a month ago.MasterCard reported revenues of $6.27 billion in the last reported quarter, representing a year-over-year change of +14%. EPS of $2.89 for the same period compares with $2.56 a year ago.For the current quarter, MasterCard is expected to post earnings of $3.20 per share, indicating a change of +19.4% from the year-ago quarter. The Zacks Consensus Estimate has changed 0% over the last 30 days.The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for MasterCard. Also, the stock has a VGM Score of D.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportFleetCor Technologies, Inc. (FLT) : Free Stock Analysis ReportMastercard Incorporated (MA) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Why Is FleetCor Technologies (FLT) Up 5.9% Since Last Earnings Report?

https://finance.yahoo.com/news/why-fleetcor-technologies-flt-5-153059238.html

8e478cd0-fccf-34a6-a129-e3c6a94e8853

FLUX

VISTA, Calif., August 30, 2023--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, announced today it will participate at the H.C. Wainwright 25th Annual Global Investment Conference September 11–12, 2023 and at the Lake Street Best Ideas Growth (BIG7) Conference on September 14, 2023.Flux Power Chief Executive Officer Ron Dutt will conduct 30-minute meetings during the H.C. Wainwright 25th Annual Global Investment Conference and 30-minute meetings during the Lake Street Best Ideas Growth (BIG7) Conference.Chief Executive Officer Ron Dutt will deliver the Company’s presentation in-person at the H.C. Wainwright Global Investment Conference on Monday, September 11 at 1:30 PM ET and will be available live and via replay at the webcast link below and will also be available on the Flux Power investor relations website at ir.fluxpower.com.H.C. Wainwright 25th Annual Global Investment ConferenceDate: September 11–12, 2023Presentation Time: Monday, September 11 at 1:30 PM ET (10:30 AM PT)Webcast: https://journey.ct.events/view/a079d949-d5d9-4f68-b5fe-9621e3051822 Speaker: Ron Dutt, Chief Executive OfficerFormat: In-person 1x1’s and PresentationLocation: Lotte New York Palace Hotel, New York CityConference Website: Click hereLake Street Best Ideas Growth (BIG7) ConferenceDate: September 14, 2023Format: In-person 1x1’sLocation: The Yale Club, New York CityConference Website: Click hereFor more information on the H.C. Wainwright 25th Annual Global Investment Conference or Lake Street Best Ideas Growth (BIG7) Conference, or to schedule a one-on-one meeting with Flux Power management, please contact your conference representative or you may also email your request to [email protected] or call Chris Tyson at (949) 491-8235.About Flux Power Holdings, Inc.Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.Story continuesForward-Looking StatementsThis release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include the use and impact of the credit facility with GBC on Flux Power’s business, strategy, operations, financial results and condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to obtain the necessary funds under the credit facilities, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.Follow us at:Blog: Flux Power Blog News Flux Power News Twitter: @FLUXpwr LinkedIn: Flux PowerView source version on businesswire.com: https://www.businesswire.com/news/home/20230830030525/en/ContactsMedia & Investor Relations: [email protected] Investor Relations: Chris Tyson, Executive Vice PresidentMZ Group - MZ North [email protected] www.mzgroup.us

Business Wire

Flux Power to Participate at H.C. Wainwright 25th Annual Global Investment Conference and Lake Street Best Ideas Growth (BIG7) Conference in September

https://finance.yahoo.com/news/flux-power-participate-h-c-123100092.html

993386be-812e-3157-9226-1b83ba90dd5b

FLUX

VISTA, Calif., September 06, 2023--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, will hold a conference call on Thursday, September 21, 2023 at 4:30 p.m. Eastern Time to discuss its results for the fiscal fourth quarter and full year ended June 30, 2023. A press release detailing these results will be issued prior to the call.Flux Power CEO Ron Dutt and CFO Chuck Scheiwe will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.To access the call, please use the following information:Date:Thursday, September 21, 2023Time:4:30 p.m. Eastern Time, 1:30 p.m. Pacific TimeToll-free dial-in number:1-877-407-4018International dial-in number:1-201-689-8471Conference ID:13739638Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1622559&tp_key=bfd2206c1f and via the investor relations section of the Company's website here.A replay of the webcast will be available after 7:30 p.m. Eastern Time through December 21, 2023.Toll-free replay number:1-844-512-2921International replay number:1-412-317-6671Replay ID:13739638About Flux Power Holdings, Inc.Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.Story continuesForward-Looking StatementsThis release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.Follow us at:Blog: Flux Power Blog News: Flux Power News Twitter: @FLUXpwr LinkedIn: Flux PowerView source version on businesswire.com: https://www.businesswire.com/news/home/20230906495375/en/ContactsMedia & Investor Relations: [email protected] External Investor Relations: Chris Tyson, Executive Vice PresidentMZ Group - MZ North [email protected] www.mzgroup.us

Business Wire

Flux Power to Host Fourth Quarter and Full Fiscal Year 2023 Results Conference Call on Thursday, September 21, 2023 at 4:30 p.m. Eastern Time

https://finance.yahoo.com/news/flux-power-host-fourth-quarter-123100698.html

a5061064-2b5c-300d-9341-25e87eeb022d

FMBH

First Mid Bancshares, Inc. (NASDAQ:FMBH) is about to trade ex-dividend in the next four days. The ex-dividend date is one business day before the record date, which is the cut-off date for shareholders to be present on the company's books to be eligible for a dividend payment. The ex-dividend date is important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. In other words, investors can purchase First Mid Bancshares' shares before the 11th of August in order to be eligible for the dividend, which will be paid on the 1st of September.The company's next dividend payment will be US$0.23 per share. Last year, in total, the company distributed US$0.92 to shareholders. Calculating the last year's worth of payments shows that First Mid Bancshares has a trailing yield of 3.0% on the current share price of $30.58. Dividends are an important source of income to many shareholders, but the health of the business is crucial to maintaining those dividends. So we need to investigate whether First Mid Bancshares can afford its dividend, and if the dividend could grow. View our latest analysis for First Mid Bancshares Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. First Mid Bancshares paid out a comfortable 25% of its profit last year.Companies that pay out less in dividends than they earn in profits generally have more sustainable dividends. The lower the payout ratio, the more wiggle room the business has before it could be forced to cut the dividend.Click here to see the company's payout ratio, plus analyst estimates of its future dividends.historic-dividendHave Earnings And Dividends Been Growing?Companies with consistently growing earnings per share generally make the best dividend stocks, as they usually find it easier to grow dividends per share. Investors love dividends, so if earnings fall and the dividend is reduced, expect a stock to be sold off heavily at the same time. For this reason, we're glad to see First Mid Bancshares's earnings per share have risen 11% per annum over the last five years.Story continuesAnother key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. In the past 10 years, First Mid Bancshares has increased its dividend at approximately 8.2% a year on average. It's encouraging to see the company lifting dividends while earnings are growing, suggesting at least some corporate interest in rewarding shareholders.The Bottom LineIs First Mid Bancshares an attractive dividend stock, or better left on the shelf? Typically, companies that are growing rapidly and paying out a low fraction of earnings are keeping the profits for reinvestment in the business. This strategy can add significant value to shareholders over the long term - as long as it's done without issuing too many new shares. First Mid Bancshares ticks a lot of boxes for us from a dividend perspective, and we think these characteristics should mark the company as deserving of further attention.In light of that, while First Mid Bancshares has an appealing dividend, it's worth knowing the risks involved with this stock. For example - First Mid Bancshares has 1 warning sign we think you should be aware of.Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

There's A Lot To Like About First Mid Bancshares' (NASDAQ:FMBH) Upcoming US$0.23 Dividend

https://finance.yahoo.com/news/theres-lot-first-mid-bancshares-120348606.html

d961f7aa-1bfb-3f34-95b1-e5a395cc4a80

FMBH

First Mid Bancshares, Inc.MATTOON, Ill., Aug. 15, 2023 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (“First Mid” or the “Company”) announced today that the acquisition of Blackhawk Bancorp, Inc. (“Blackhawk”) has been completed.As of June 30, 2023, Blackhawk had approximately $1.3 billion in total assets, $1.2 billion in deposits and $784 million in loans through 10 locations in Illinois and Wisconsin. With the completion of this acquisition, First Mid has approximately $8.0 billion in total assets.There are no immediate changes for Blackhawk customers. The conversion of accounts from Blackhawk is expected to happen in December of this year. Customers will receive information well in advance of any changes that may affect them.“We welcome Blackhawk’s customers and employees to First Mid and are excited to provide expanded services to the strong relationships Blackhawk has built,” said Joe Dively, First Mid Chairman and Chief Executive Officer. “We have worked closely with the Blackhawk team over the last few months to ensure a smooth transition.”In conjunction with the closing today, Todd James has resigned his position as CEO of Blackhawk and joined the First Mid Board of Directors. “We are excited to have Todd join our Board. He will provide a strong voice for our expanded footprint and valuable insight for our Board,” Dively concluded. About First Mid Bancshares, Inc.: First Mid Bancshares, Inc. is the parent company of First Mid Bank & Trust, N.A., Blackhawk Bank, First Mid Insurance Group and First Mid Wealth Management Company. First Mid has grown into an $8.0 billion community-focused organization that provides financial services through a network of banking centers in Illinois, Missouri, Texas, and Wisconsin, and a loan production office in Indiana. More information about the Company is available on our website at www.firstmid.com. Our stock is traded in The NASDAQ Stock Market LLC under the ticker symbol “FMBH”.Forward Looking Statements: This document may contain certain forward-looking statements about First Mid and Blackhawk, such as discussions of First Mid’s and Blackhawk’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid and Blackhawk, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that any of the anticipated benefits of the proposed transactions between First Mid and Blackhawk will not be realized or will not be realized within the expected time period; the risk that integration of the operations of Blackhawk with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; changes in interest rates; general economic conditions and those in the market areas of First Mid and Blackhawk; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s and Blackhawk’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid and Blackhawk; accounting principles, policies and guidelines; and the impact of the global COVID-19 pandemic on First Mid’s or Blackhawk’s businesses, the ability to complete the proposed transactions or any of the other foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.Story continuesAaron HoltVP, Shareholder [email protected] SmithChief Financial [email protected]

GlobeNewswire

First Mid Bancshares, Inc. Completes Acquisition of Blackhawk Bancorp, Inc.

https://finance.yahoo.com/news/first-mid-bancshares-inc-completes-153500243.html

da0f9896-8af0-3540-8397-b480e861fc4b

FMC

On September 07, 2023, FMC Corp (NYSE:FMC) experienced a daily loss of -4.49%, contributing to a 3-month loss of -25.01%. Despite this downturn, the company's Earnings Per Share (EPS) is a solid 4.91. The question we aim to answer is: Is FMC's stock significantly undervalued? To provide a comprehensive answer, we delve into an in-depth valuation analysis of FMC.Company OverviewFMC 30-Year Financial DataThe intrinsic value of FMCFMC Corp (NYSE:FMC) is a leading player in the crop chemical industry. With a diverse sales portfolio across geographies and crop exposure, FMC has positioned itself as one of the top five patented crop chemical companies globally. Through acquisitions and a robust research and development pipeline, FMC continues to innovate, focusing on new product development, particularly biologicals. Despite its current stock price of $78.5, the company's fair value, according to GF Value, is estimated at $124.55.FMC Corp (FMC): A Hidden Gem in the Agriculture Industry?Understanding GF ValueThe GF Value is a unique valuation model that estimates a stock's intrinsic value based on historical trading multiples, a GuruFocus adjustment factor, and future business performance estimates. If a stock's price is significantly above the GF Value Line, it may be overvalued, suggesting poor future returns. Conversely, if it's significantly below the GF Value Line, the stock may be undervalued, indicating potentially higher future returns.According to this model, FMC Corp (NYSE:FMC) appears significantly undervalued. This suggests that the long-term return of FMC's stock is likely to be much higher than its business growth.FMC Corp (FMC): A Hidden Gem in the Agriculture Industry?Link: These companies may deliver higher future returns at reduced risk.Financial StrengthInvesting in companies with poor financial strength can pose a high risk of permanent capital loss. To mitigate this risk, investors need to scrutinize a company's financial strength before purchasing shares. FMC's cash-to-debt ratio is 0.2, ranking worse than 75.53% of companies in the Agriculture industry. However, with an overall financial strength score of 5 out of 10, FMC's financial health is considered fair.Story continuesFMC Corp (FMC): A Hidden Gem in the Agriculture Industry?Profitability and GrowthInvesting in profitable companies, especially those with consistent profitability over the long term, is generally less risky. FMC has been profitable 10 times over the past 10 years. Over the past twelve months, the company had a revenue of $5.40 billion and Earnings Per Share (EPS) of $4.91. Its operating margin is 19.87%, ranking better than 86.03% of companies in the Agriculture industry.Growth is a crucial factor in a company's valuation. The 3-year average annual revenue growth rate of FMC is 9.5%, ranking worse than 66.21% of companies in the Agriculture industry. The 3-year average EBITDA growth rate is 12.1%, ranking worse than 62.2% of companies in the Agriculture industry.ROIC vs WACCAnother measure of a company's profitability is the comparison of its Return on Invested Capital (ROIC) to the Weighted Average Cost of Capital (WACC). When the ROIC is higher than the WACC, it suggests that the company is creating value for shareholders. For the past 12 months, FMC's ROIC is 11.46, and its WACC is 7.09.FMC Corp (FMC): A Hidden Gem in the Agriculture Industry?ConclusionIn summary, FMC (NYSE:FMC) appears significantly undervalued. The company's financial condition is fair, and its profitability is strong. However, its growth ranks worse than 62.2% of companies in the Agriculture industry. For more detailed financial information on FMC, check out its 30-Year Financials here.To discover high-quality companies that may deliver above-average returns, visit the GuruFocus High Quality Low Capex Screener.This article first appeared on GuruFocus.

GuruFocus.com

FMC Corp (FMC): A Hidden Gem in the Agriculture Industry?

https://finance.yahoo.com/news/fmc-corp-fmc-hidden-gem-153839143.html

0727f28d-cd11-393e-bccf-dbe0bef602ad

FMC

PHILADELPHIA, Sept. 7, 2023 /PRNewswire/ --FMC Corporation Logo. (PRNewsFoto/FMC Corporation)FMC Corporation (NYSE:FMC) announced that the report published today by short-seller Blue Orca Capital made misleading and factually inaccurate statements regarding FMC's patents for its diamide insecticide technology and inaccurately speculated on the strength of FMC's business.  As acknowledged by Blue Orca, it is a biased opinion piece.FMC has always been clear and transparent about its diamide growth strategy. The company has consistently disclosed material developments in diamide litigation in SEC filings. The Blue Orca report contains quotes and information that have been taken out of context, are factually incorrect or do not reflect the multiple dimensions of the FMC diamide growth strategy.FMC is disappointed a short seller firm would publish a misleading report that contains such speculation and factually incorrect statements.  FMC will assess the biased, inaccurate report and take appropriate steps.About FMCFMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers, crop advisers and turf and pest management professionals to address their toughest challenges economically while protecting the environment. With approximately 6,600 employees at more than 100 sites worldwide, FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn® and Twitter®.Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:  FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.Story continuesIn some cases, FMC has identified these forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2022 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). Moreover, investors are cautioned to interpret many of these factors as being impacted as a result of the residual adverse impacts of COVID and governmental, business, and societal responses to COVID.  We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.  Forward-looking statements are qualified in their entirety by the above cautionary statement. We specifically decline to undertake any obligation, and specifically disclaims any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow and organic revenue growth. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term. Although we provide forecasts for adjusted earnings per share, adjusted EBITDA and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided. CisionView original content to download multimedia:https://www.prnewswire.com/news-releases/fmc-corporation-response-to-inaccurate-short-seller-report-301921092.htmlSOURCE FMC Corporation

PR Newswire

FMC Corporation response to inaccurate short-seller report

https://finance.yahoo.com/news/fmc-corporation-response-inaccurate-short-165100578.html

17ae77e4-1d60-35b6-bd40-b868be4469de

FNCH

Finch Therapeutics forges a path forward, Insulet shakes up its C-suite, plus other biotech news in the Petri Dish.Continue reading

American City Business Journals

The Petri Dish: Laronde CEO exits after 6 months; Enanta seeks Covid pill partner

https://finance.yahoo.com/m/ee298cb8-2126-343b-9470-2c28a5af53ba/the-petri-dish-laronde-ceo.html

ee298cb8-2126-343b-9470-2c28a5af53ba

FNCH

Finch Therapeutics Group, Inc.BOSTON, June 09, 2023 (GLOBE NEWSWIRE) -- Finch Therapeutics Group, Inc. (“Finch”, “Finch Therapeutics” or the “Company”) (Nasdaq: FNCH), a microbiome technology company with a portfolio of intellectual property and microbiome assets, today announced it will effect a one-for-30 reverse stock split of its issued and outstanding common stock. Finch stockholders approved an amendment to its Amended and Restated Certificate of Incorporation to effect the reverse stock split at Finch’s Annual Meeting of Stockholders held on June 8, 2023. The reverse stock split is intended to increase the per share trading price of Finch’s common stock to enable Finch to satisfy the minimum price requirement for continued listing on the Nasdaq Global Select Market. Finch expects that, upon the opening of trading on June 12, 2023, its common stock will trade on the Nasdaq Global Select Market on a split-adjusted basis under the current trading symbol “FNCH” and the CUSIP number 31773D200.The reverse stock split affects all issued and outstanding shares of Finch’s common stock uniformly and will not alter any stockholder’s percentage interest in Finch’s equity, except to the extent that the reverse stock split results in some stockholders receiving cash in lieu of any fractional shares. No fractional shares will be issued in connection with the reverse split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment in lieu of such fractional shares equal to the fair market value of such fractional shares, as determined in good faith by Finch’s Board of Directors. The par value of Finch’s common stock will remain unchanged at $0.001 per share after the reverse stock split. There will be no change in the authorized number of shares of common stock or preferred stock after the reverse stock split.American Stock Transfer & Trust Company, LLC (“AST”) is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders are not required to take any action to receive post-split shares. Stockholders of record who hold their shares in book-entry form will be provided with a statement by AST reflecting the number of shares of Finch’s common stock registered in their accounts following the reverse stock split. Stockholders owning shares through a bank, broker or other nominee will have their positions adjusted to reflect the reverse stock split and will receive payment for any fractional shares in accordance with their respective bank’s, broker’s or nominee’s particular processes. Additional information regarding the reverse stock split can be found in Finch’s definitive proxy statement filed with the Securities and Exchange Commission on April 26, 2023.Story continuesAbout Finch TherapeuticsFinch Therapeutics is a microbiome technology company with a portfolio of intellectual property and microbiome assets. Finch has a robust intellectual property estate reflecting the Company’s pioneering role in the microbiome therapeutics field, including more than 70 issued U.S. and foreign patents with critical relevance for both donor-derived and donor-independent microbiome therapeutics in a range of potential indications. Finch’s assets include CP101, an investigational, orally administered microbiome candidate with positive clinical date from a Phase 2 randomized, placebo-controlled trial and a Phase 2 open-label trial in recurrent C. difficile infection (CDI). Additionally, Finch has pre-clinical assets that are designed to target ulcerative colitis, Crohn’s disease, and autism spectrum disorder, along with a significant biorepository of samples and microbial strains. In January 2023, Finch announced a decision to discontinue its Phase 3 trial of CP101 in recurrent CDI. Following this decision, Finch is focused on realizing the value of its intellectual property estate and other assets, while supporting the advancement of its microbiome technology through partnerships and collaborations.Forward-Looking StatementsThis press release includes “forward-looking statements.” Words such as “will,” "anticipates," "believes," "expects," "intends," “plans,” “potential,” "projects,” “would” and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the timing and impact of our reverse stock split. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, that if we cannot comply with Nasdaq’s continued listing standards, our common stock could be delisted, and the risks identified under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, and filed with the Securities and Exchange Commission (the “SEC”), as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, Finch undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.Investor Contact:[email protected] and Collaborator [email protected]

GlobeNewswire

Finch Announces Reverse Stock Split of Common Stock

https://finance.yahoo.com/news/finch-announces-reverse-stock-split-110000460.html

7c68b8c8-030b-3aee-b153-d803b8372753

FND

ATLANTA, September 05, 2023--(BUSINESS WIRE)--Floor & Decor Holdings, Inc. (NYSE: FND) today announced that the Company is scheduled to participate in a Fireside Chat at the Goldman Sachs 30th Annual Global Retailing Conference on Tuesday, September 12, 2023, at 2:35 p.m. Eastern Time.The audio portion of the presentation will be webcast live over the internet and can be accessed on the Company’s Investor Relations website, ir.flooranddecor.com. An online archive will be available on that site following the presentation.About Floor & Decor Holdings, Inc.Floor & Decor is a multi-channel specialty retailer and commercial flooring distributor operating over 200 warehouse-format stores and five design studios across 36 states as of June 29, 2023. The Company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone along with decorative accessories and wall tile, installation materials, and adjacent categories at everyday low prices. The Company was founded in 2000 and is headquartered in Atlanta, Georgia.View source version on businesswire.com: https://www.businesswire.com/news/home/20230905218961/en/ContactsInvestor Contact: Wayne HoodVice President of Investor [email protected] McConnellSenior Manager of Investor [email protected]

Business Wire

Floor & Decor Holdings, Inc. Announces Participation in the Goldman Sachs 30th Annual Global Retailing Conference

https://finance.yahoo.com/news/floor-decor-holdings-inc-announces-200500334.html

7d14b54c-054e-35e2-86f0-19fd08b92777

FND

- Leading high-growth retailer offering trade professionals the broadest in-stock selection of tile, wood, natural stone and luxury vinyl will reward its PRO customers with in-store activations and online training in September -ATLANTA, September 06, 2023--(BUSINESS WIRE)--Floor & Decor (NYSE: FND), the leading high-growth retailer specializing in hard-surface flooring for homeowners and professionals, has created ‘PRO Appreciation Month’ to reward and celebrate the contractors who work tirelessly to transform homes and commercial spaces across America. The promotion will take place in Floor & Decor stores nationwide and online, throughout September."Our annual PRO Appreciation Month gives us a chance to recognize pros across the country," said Wendy Martin, Chief Marketing Officer of Floor & Decor. "We understand how hard they work to serve their customers, creating amazing spaces and transforming everything from bathrooms to entire buildings. The Floor & Decor team thanks pros for their hard work and dedication."In honor of its pro customer base and to commemorate its commitment to being the one-stop resource for all hard-surface flooring needs, Floor & Decor is offering free in-store giveaways and online installation training, for professionals involved in installing and specifying hard-surface flooring in new construction, renovation and remodeling projects."We strive to be a place where pros can get what they need when they need it in order to get the job done," said Andy Remm, Senior Vice President Pro Services & Commercial Sales. "We know that shopping for flooring, tile and fixtures at our stores is just one part of their workday, so we want to make sure they feel inspired, valued and respected."In appreciation of its valued builders, contractors, architects, designers, remodelers and flooring installers, Floor & Decor’s PRO Appreciation Month includes:Story continuesGear GiveawaysEach pro who shops in-store in September will receive a free bucket tool organizer, while supplies last. No purchase required.In-Store PrizesOne pro in each of Floor & Decor’s 200+ stores nationwide will win a DeWalt multi-tool kit (valued at $229).Nationwide SweepstakesOne lucky pro will win a brand-new 2023 Chevy Silverado truck, plus a 12’ x 6’ box trailer, perfect for hauling tools and material to and from the job site.Free Educational WebinarsPros can sign up online at flooranddecor.com/promonth to attend online webinars hosted by Floor & Decor and its vendor partners every Wednesday throughout September. The free webinars are designed to help contractors sharpen their skills and learn new techniques.Floor & Decor is one of Fortune's 100 fastest-growing companies in 2023, with more than 200 warehouse-format stores and five Design Studios across 36 states nationwide. In April 2023, Floor & Decor was named to Yelp’s "Most Loved Brands" list.To learn more about PRO Appreciation Month and register for the giveaways and webinars, visit flooranddecor.com/promonth. For more information on Floor & Decor's PRO Services Team industry-leading PRO Premier Rewards program, visit flooranddecor.com.About Floor & Decor: Founded in 2000, Atlanta-based Floor & Decor is a leading high-growth specialty retailer of hard-surface flooring, operating more than 200 warehouse-format stores and five design studios across 36 states. The stores offer homeowners and professionals the industry’s broadest in-stock selection of tile, wood, natural stone, and laminate and luxury vinyl plank under one roof. In addition, Floor & Decor stocks the necessary tools, decorative materials, wall tile and related accessories for hard-surface flooring projects. Stores carry over 1 million square feet ofin-stock flooring and offer free design services, as well as having a dedicated pro sales team at each location. The company directly sources products from manufacturers around the globe, which enables it to bring innovative flooring trends to its customers, at everyday low prices. Floor & Decor has locations nationwide, but each store is bolstered by a local focus that creates a store experience and mix of products that meet the needs of each market served.View source version on businesswire.com: https://www.businesswire.com/news/home/20230906240401/en/ContactsMEDIA CONTACT: Anne LeZotteFloor & Decor(770) [email protected]

Business Wire

Floor & Decor Celebrates ‘PRO Appreciation Month’ to Acknowledge and Reward Professional Customers

https://finance.yahoo.com/news/floor-decor-celebrates-pro-appreciation-120000786.html

383f43e2-dbda-3faf-b867-2b00853ba20b

FNWD

MUNSTER, Ind., July 26, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $4.7 million, or $1.09 per diluted share, for the six months ended June 30, 2023, as compared to $6.6 million, or $1.59 per diluted share, for the corresponding prior year period. For the three months ended June 30, 2023, the Bancorp’s net income totaled $2.4 million, or $0.57 per diluted share, as compared to $4.4 million, or $1.04 per share, for the three months ending June 30, 2022. Selected performance metrics are as follows for the periods presented:Performance Ratios Quarter ended,  Six months ended,  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Unaudited) (Unaudited)  June 30, March 31, December 31,September 30,June 30,  June 30, June 30,  2023 2023 2022 2022 2022  2023 2022Return on equity 7.05% 6.42% 12.96% 13.65% 12.45%  6.74% 8.40%Return on assets 0.46% 0.43% 0.78% 0.88% 0.85%  0.45% 0.65%Noninterest income / average assets 0.57% 0.50% 0.56% 0.51% 0.56%  0.54% 0.60%Noninterest expense / average assets 2.66% 2.75% 3.07% 2.90% 2.91%  2.71% 3.11%Efficiency ratio 82.11% 82.35% 79.63% 74.54% 75.15%  82.23% 80.89%                “Business conditions have stabilized significantly over the second quarter, for both Peoples Bank and the industry more broadly. The Bank’s deposits were largely stable, although we did see continued movement of customers’ deposits from lower-cost to higher-cost deposit accounts. We have maintained a defensive liquidity position, and in this environment it is possible to generate some marginal income while we maintain our cash position. With that in mind, like many banks, we are focused on serving our core customers and communities with our capital and liquidity, and loan yields are starting to show some momentum,” said Benjamin Bochnowski, Chairman and CEO. “Our team has remained disciplined with operating expenses and we are serving our customers more efficiently and effectively. We anticipate that we could be at the top of the rate cycle for some time, and with that in mind, we are also highly focused on credit quality. We have been selective and diligent in our underwriting while we have reduced our number of non-performing loans.”Story continuesHighlights of the year-to-date period include:Net interest margin: The net interest margin for the six months ended June 30, 2023, was 2.98%, compared to 3.50% for the six months ended June 30, 2022. The tax-adjusted net interest margin (a non-GAAP measure) for the six months ended June 30, 2023, was 3.13%, compared to 3.70% for the six months ended June 30, 2022. The decreased net interest margin is primarily the result of the increase in short-term interest rates relative to long-term interest rates as part of the Federal Reserve’s response to high inflation. We anticipate the compression seen in the first six months of the year could continue, unless target rates decrease, and our interest-bearing liabilities are able to be repriced at those lower rates. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.Funding: On June 30, 2023, deposits totaled $1.80 billion, compared to $1.78 billion on December 31, 2022, an increase of $20.1 million or 1.1%. As of June 30, 2023, core deposits totaled $1.3 billion, compared to $1.4 billion on December 31, 2022, a decrease of $121.5 million or 8.6%. Core deposits include checking, savings, and money market accounts and represented 71.9% of the Bancorp’s total deposits at June 30, 2023. Through the first six months of 2023, balances for checking and savings accounts decreased, as balances migrated into higher yielding accounts. On June 30, 2023, balances for certificates of deposit totaled $504.7 million, compared to $363.1 million on December 31, 2022, an increase of $141.6 million or 39.0%. The decrease in core deposits and increase in certificate of deposit balances is related to customer preferences for higher yielding deposits, along with efforts by the Bank to manage future deposit costs. In addition, on June 30, 2023, borrowings and repurchase agreements totaled $196.4 million, compared to $135.5 million at December 31, 2022, an increase of $60.9 million or 44.9%. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. As of June 30, 2023, 71% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. The Bancorp has available liquidity of $693 million including borrowing capacity from the FHLB and Federal Reserve facilities.Unrealized losses on the securities portfolio: Accumulated other comprehensive losses were $60.2 million as of June 30, 2023, compared to $64.3 million on December 31, 2022, a decrease of $4.1 million or 6.4%. The yield on the securities portfolio improved on a year-to-date basis to 2.38% for the six months ended June 30, 2023, up from 2.12% for the six months ended June 30, 2022. The effective duration of the securities portfolio was 6.6 years as of June 30, 2023. Management continues to actively manage the securities portfolio and does not currently anticipate the need to realize losses from sales in the securities portfolio, as losses are currently driven by the interest rate environment and management expects such losses to be fully recoverable. Further, it remains unlikely the Bancorp will be required to sell the investments in the portfolio before recovery of their amortized cost basis, which may be at maturity.Gain on sale of loans: Lack of existing housing inventory and increases in mortgage rates have slowed the sale of fixed rate mortgage loans into the secondary market. As a result, gains from the sale of loans for the six months ended June 30, 2023, totaled $537 thousand, down from $898 thousand for the six months ended June 30, 2022. During the six months ended June 30, 2023, the Bank originated $19.3 million in new fixed rate mortgage loans for sale, compared to $29.2 million during the six months ended June 30, 2022. During the six months ended June 30, 2023, the Bank originated $17.4 million in new mortgage loans retained in its portfolio, compared to $50.0 million during the six months ended June 30, 2022. Total mortgage originations for the three month period ending June 30, 2023, totaled $22.7 million, an increase of $8.7 million from the three month period ending March 31, 2023’s total of $14.0 million. This increase was primarily driven by seasonal demand for mortgages peaking in the spring and summer months. These retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less, and the Bank continues to sell longer-duration fixed rate mortgages into the secondary market.Commercial lending: The Bank’s aggregate loan portfolio totaled $1.53 billion on June 30, 2023, compared to $1.51 billion on December 31, 2022, an increase of $20.5 million or 1.4%. The increase is the result of organic loan portfolio growth. During the six months ended June 30, 2023, the Bank originated $136.9 million in new commercial loans, compared to $196.9 million during the six months ended June 30, 2022. The loan portfolio represents 76.6% of earning assets and is comprised of 62.7% commercial related credits. At June 30, 2023, the Bancorp’s held loan balances in commercial real estate owner occupied properties of $215.4 million or 14.1% of total loan balances and commercial real estate non-owner occupied properties of $286.4 million of 18.7% of total loan balances. Of the $286.4 million in commercial real estate non-owner occupied properties balances, loans collateralized by office build represented $39.7 million or 2.5% of total loan balances.Asset quality: At June 30, 2023, non-performing loans totaled $12.3 million, compared to $18.4 million at December 31, 2022, a decrease of $6.1 million or 32.9%. The Bank’s ratio of non-performing loans to total loans was 0.80% at June 30, 2023, compared to 1.21% at December 31, 2022. The Bank’s ratio of non-performing assets to total assets was 0.62% at June 30, 2023, compared to 0.94% at December 31, 2022. The decrease in non-performing loans is primarily the result of management’s strategic non-performing asset management which includes proactive relationship management and note sales. At June 30, 2023, the allowance for credit losses (ACL) totaled $19.5 million and is considered adequate by management. For the quarter ended June 30, 2023, charge-offs, net of recoveries, totaled $579 thousand. The allowance for credit losses as a percentage of total loans was 1.27% at June 30, 2023, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 158.3% at June 30, 2023. On January 1, 2023, the Bancorp adopted ASU No. 2016-13 resulting in an implementation entry of $8.3 million, increasing the ACL by $5.2 million and unfunded commitment liability of $3.1 million, and also resulting in retained earnings decreasing $6.1 million and generating a deferred tax asset of $2.2 million. The majority of the implementation entry is related to including acquired loan portfolios in the model and the addition of using economic forecasts in estimating future losses. In addition, $1.0 million of non-accretable credit loan discounts on purchase credit impaired loans now classified as purchase credit deteriorated were reallocated to the ACL.Optimizing the banking center footprint: During the six months ended June 30, 2023, the Bank sold two banking centers held for sale, resulting in a gain of $276 thousand for the period. Each banking center closure and sale is expected to result in approximately $250 thousand in operational expense reduction, excluding personnel expenses. The Bank’s remaining 26 locations are being analyzed for footprint optimization opportunities, with additional locations showing the potential for reducing operating overhead over the next 12 months. These efforts are reducing fixed costs and allowing for redeployment of a portion of occupancy expenses into building a digital-forward foundation to better meet the needs of the customers and communities the Bancorp serves.Personnel: Management continues to look for efficiency in personnel and has netted a reduction of 21 full time equivalents, or 7%, through the six months ended June 30, 2023.Capital Adequacy: As of June 30, 2023, the Bank’s tier 1 capital to adjusted average assets ratio totaled 7.6%, which is within all regulatory capital requirements, and continues to be considered well capitalized. The Bancorp’s tangible book value per share was $25.64 at June 30, 2023, up from $25.41 as of December 31, 2022 (a non-GAAP measure). Tangible common equity to total assets was 5.11% at June 30, 2023, down from 5.27% as of December 31, 2022 (a non-GAAP measure). The decrease is due to increased average assets compared to year-ended December 31, 2022. Excluding accumulated other comprehensive losses, tangible book value per share decreased to $39.62 as of June 30, 2023, from $40.36 as of December 31, 2022 (a non-GAAP measure). The decrease is related to a reduction of retained earnings of $6.1 million due to the impact of the adoption of ASU No. 2016-13 and the payment of dividends of $2.7 million. See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for accumulated other losses, tangible capital as a percentage of tangible assets, and tangible capital as a percentage of tangible assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.Disclosures Regarding Non-GAAP Financial Measures Reported amounts are presented in accordance with GAAP. In this press release the Bancorp also is providing certain financial measures that are identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other losses, tangible book value per share, tangible book value per share adjusted for accumulated other losses, tangible common equity/total assets, adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.About Finward BancorpFinward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.Forward Looking StatementsThis press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: difficulties and delays in integrating the Bancorp’s and Royal’s businesses or fully realizing cost savings and other benefits; business disruption following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.                Finward BancorpQuarterly Financial Report                Performance Ratios Quarter ended,  Six months ended,  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Unaudited) (Unaudited)  June 30, March 31, December 31, September 30, June 30,  June 30, June 30,  2023 2023 2022 2022 2022  2023 2022Return on equity 7.05% 6.42% 12.96% 13.65% 12.45%  6.74% 8.40%Return on assets 0.46% 0.43% 0.78% 0.88% 0.85%  0.45% 0.65%Yield on loans 4.91% 4.67% 4.66% 4.34% 4.18%  4.79% 4.17%Yield on security investments 2.36% 2.39% 2.44% 2.30% 2.23%  2.38% 2.12%Total yield on earning assets 4.43% 4.22% 4.21% 3.88% 3.68%  4.33% 3.59%Cost of deposits 1.36% 0.92% 0.45% 0.19% 0.08%  1.14% 0.08%Cost of repurchase agreements 3.78% 2.65% 2.06% 0.98% 0.46%  3.39% 0.40%Cost of borrowed funds 4.53% 4.74% 5.19% 2.52% 1.10%  4.64% 0.83%Total cost of funds 1.57% 1.15% 0.65% 0.22% 0.09%  1.36% 0.09%Noninterest income / average assets 0.57% 0.50% 0.56% 0.51% 0.56%  0.54% 0.60%Noninterest expense / average assets 2.66% 2.75% 3.07% 2.90% 2.91%  2.71% 3.11%Net noninterest margin / average assets -2.09% -2.25% -2.52% -2.39% -2.36%  -2.17% -2.51%Efficiency ratio 82.11% 82.35% 79.63% 74.54% 75.15%  82.23% 80.89%Effective tax rate 3.86% 12.53% 1.12% 11.14% 11.70%  8.22% 11.60%                Non-performing assets to total assets 0.62% 1.02% 0.94% 0.58% 0.53%  0.62% 0.53%Non-performing loans to total loans 0.80% 1.34% 1.21% 0.73% 0.68%  0.80% 0.68%Allowance for credit losses to non-performing loans 158.26% 96.15% 70.18% 122.64% 133.78%  158.26% 133.78%Allowance for credit losses to loans outstanding 1.27% 1.29% 0.85% 0.89% 0.91%  1.27% 0.91%Foreclosed real estate to total assets 0.00% 0.00% 0.00% 0.00% 0.00%  0.00% 0.00%                Basic earnings per share $0.57 $0.52 $0.93 $1.07 $1.04  $1.09 $1.60Diluted earnings per share $0.57 $0.51 $0.93 $1.07 $1.04  $1.09 $1.59Net worth / total assets 6.33% 6.66% 6.59% 5.75% 6.50%  6.33% 6.50%Book value per share $31.77 $32.47 $31.73 $27.46 $31.80  $31.77 $31.80Closing stock price $22.00 $29.10 $36.20 $34.01 $37.49  $22.00 $37.49Price per earnings per share $9.59 $14.10 $9.70 $7.92 $8.97  $10.10 $11.73Dividend declared per common share $0.31 $0.31 $0.31 $0.31 $0.31  $0.62 $0.62                                Non-GAAP Performance Ratios Quarter ended,  Six months ended,  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Unaudited) (Unaudited)  June 30, March 31, December 31, September 30, June 30,  June 30, June 30,  2023 2023 2022 2022 2022  2023 2022Net interest margin - tax equivalent 3.03% 3.23% 3.73% 3.84% 3.78%  3.13% 3.63%Tangible book value per diluted share $25.64 $26.24 $25.41 $20.99 $25.24  $25.64 $25.24Tangible book value per diluted share adjusted for AOCI$39.62 $39.23 $40.36 $39.57 $38.69  $39.62 $38.69Tangible common equity to total assets 5.11% 5.38% 5.27% 4.39% 5.16%  5.11% 5.16%Tangible common equity to total assets adjusted for AOCI7.89% 8.05% 8.38% 8.28% 7.91%  7.89% 7.91%                           Quarter Ended           (Dollars in thousands)Average Balances, Interest, and Rates(unaudited)June 30, 2023 June 30, 2022 AverageBalance Interest Rate (%) AverageBalance Interest Rate (%)ASSETS           Interest bearing deposits in other financial institutions$44,916  $582 5.18 $25,679  $45  0.70Federal funds sold 1,709   19 4.45  1,388   2  0.58Certificates of deposit in other financial institutions 1,078   15 5.57  1,625   3  0.74Securities available-for-sale 373,280   2,206 2.36  438,309   2,449  2.23Loans receivable* 1,523,244   18,694 4.91  1,457,625   15,221  4.18Federal Home Loan Bank stock 6,547   97 5.93  3,038   20  2.63Total interest earning assets 1,950,774  $21,613 4.43  1,927,664  $17,740  3.68Cash and non-interest bearing deposits in other financial institutions 21,195       21,435     Allowance for credit losses (19,943)      (13,399)    Other noninterest bearing assets 152,623       149,339     Total assets$2,104,649      $2,085,039                 LIABILITIES AND STOCKHOLDERS' EQUITY           Total deposits$1,799,915  $6,105 1.36 $1,884,712  $389  0.08Repurchase agreements 34,909   330 3.78  22,618   26  0.46Borrowed funds 100,556   1,139 4.53  9,851   27  1.10Total interest bearing liabilities 1,935,380  $7,574 1.57  1,917,181  $442  0.09Other noninterest bearing liabilities 31,001       25,443     Total liabilities 1,966,381       1,942,624     Total stockholders' equity 138,268       142,415     Total liabilities and stockholders' equity$2,104,649      $2,085,039                             Return on average assets 0.46%       0.85%     Return on average equity 7.05%       12.45%     Net interest margin (average earning assets) 2.88%        3.59%      Net interest margin (average earning assets) - tax equivalent 3.03%       3.78%     Net interest spread 2.87%       3.59%      Net interest margin** 2.88%       3.59%     Ratio of interest-earning assets to interest-bearing liabilities1.01x      1.01x                              Year-to-Date           (Dollars in thousands)Average Balances, Interest, and Rates(unaudited)June 30, 2023 June 30, 2022 AverageBalance Interest Rate (%) AverageBalance Interest Rate (%)ASSETS  `     `  Interest bearing deposits in other financial institutions$30,140  $765 5.08 $24,032  $53  0.44Federal funds sold 1,275   27 4.24  4,683   2  0.09Certificates of deposit in other financial institutions 1,762   31 3.52  1,674   6  0.72Securities available-for-sale 373,413   4,440 2.38  474,016   5,024  2.12Loans receivable* 1,516,689   36,320 4.79  1,366,900   28,507  4.17Federal Home Loan Bank stock 6,547   166 5.07  3,530   42  2.38Total interest earning assets 1,929,826  $41,749 4.33  1,874,835  $33,634  3.59Cash and non-interest bearing deposits in other financial institutions 18,523       20,821     Allowance for loan losses (16,569)      (13,383)    Other noninterest bearing assets 154,227       138,343     Total assets$2,086,007      $2,020,616                 LIABILITIES AND STOCKHOLDERS' EQUITY           Total deposits$1,788,925  $10,192 1.14 $1,813,254  $726  0.08Repurchase agreements 26,635   451 3.39  21,013   42  0.40Borrowed funds 103,465   2,399 4.64  7,982   33  0.83Total interest bearing liabilities 1,919,025   13,042 1.36  1,842,249  $801  0.09Other noninterest bearing liabilities 28,066       22,029     Total liabilities 1,947,091       1,864,278     Total stockholders' equity 138,916       156,338     Total liabilities and stockholders' equity$2,086,007      $2,020,616                             Return on average assets 0.45%       0.65%     Return on average equity 6.74%       8.40%     Net interest margin (average earning assets) 2.98%        3.50%      Net interest margin (average earning assets) - tax equivalent 3.13%       3.70%     Net interest spread 2.97%       3.50%      Net interest margin** 2.98%       3.50%     Ratio of interest-earning assets to interest-bearing liabilities1.01x      1.02x                             Finward BancorpQuarterly Financial Report              Balance Sheet Data          (Dollars in thousands) (Unaudited) (Unaudited)   (Unaudited) (Unaudited)     June 30, March 31, December 31, September 30, June 30,     2023 2023 2022 2022 2022Total assets $2,161,218 $2,098,592 $2,070,339 $2,052,986 $2,101,485Cash & cash equivalents  115,673  54,781  31,282  38,296  79,302Certificates of deposit in other financial institutions  -  2,452  2,456  2,214  1,482Securities - available for sale  368,136  377,901  370,896  359,035  400,466              Loans receivable:           Commercial real estate $501,759 $484,564 $486,431 $452,852 $420,735 Residential real estate  480,791  476,899  484,595  471,565  459,151 Commercial business  95,796  100,652  93,278  95,372  103,649 Construction and land development  123,655  116,308  108,926  134,301  153,422 Multifamily  240,647  252,633  251,014  258,377  248,495 Home equity  43,153  39,877  38,978  37,578  35,672 Manufactured homes  32,669  34,027  34,882  35,866  37,693 Government  10,646  10,646  9,549  9,649  8,081 Consumer  667  723  918  827  1,673  Total loans $1,529,783 $1,516,329 $1,508,571 $1,496,387 $1,468,571              Deposits:           Core deposits:            Noninterest bearing checking $315,671 $330,057 $359,092 $386,137 $370,567  Interest bearing checking  350,931  363,237  396,285  422,559  384,689  Savings  339,434  365,176  402,365  427,505  436,203  Money market  284,406  276,236  254,157  269,110  327,360   Total core deposits  1,290,442  1,334,706  1,411,899  1,505,311  1,518,819 Certificates of deposit  504,705  471,404  363,118  327,653  398,396   Total deposits $1,795,147 $1,806,110 $1,775,017 $1,832,964 $1,917,215              Borrowings and repurchase agreements $196,402 $128,423 $135,503 $78,140 $24,536Stockholder's equity  136,750  139,736  136,393  118,023  136,654                 Finward BancorpQuarterly Financial Report                Consolidated Statements of Income Quarter ended,  Six Months Ended,(Dollars in thousands) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Unaudited) (Unaudited)  June 30, March 31, December 31, September 30, June 30,  June 30, June 30,  2023 2023 2022 2022 2022  2023 2022Interest income:               Loans $18,694  $17,626 $17,504 $16,122 $15,221  $36,320  $28,507Securities & short-term investments  2,919   2,510  2,358  2,417  2,519   5,429   5,127Total interest income  21,613   20,136  19,862  18,539  17,740   41,749   33,634Interest expense:               Deposits  6,105   4,087  2,007  871  389   10,192   726Borrowings  1,469   1,381  1,046  161  53   2,850   75Total interest expense  7,574   5,468  3,053  1,032  442   13,042   801Net interest income  14,039   14,668  16,809  17,507  17,298   28,707   32,833Provision for credit losses  514   488  -  -  -   1,002   -Net interest income after provision for credit losses  13,525   14,180  16,809  17,507  17,298   27,705   32,833Noninterest income:               Fees and service charges  1,832   1,311  1,823  1,570  1,560   3,143   2,864Wealth management operations  626   614  523  407  588   1,240   1,183Gain on sale of loans held-for-sale, net  274   263  126  344  291   537   898Increase in cash value of bank owned life insurance  201   179  182  183  193   380   445(Loss) gain on sale of foreclosed real estate, net  (15)  -  16  -  -   (15)  -(Loss) gain on sale of securities, net  (48)  -  -  23  258   (48)  639Other  136   241  169  103  6   377   11Total noninterest income  3,006   2,608  2,839  2,630  2,896   5,614   6,040Noninterest expense:               Compensation and benefits  7,098   7,538  6,587  7,498  7,538   14,636   14,905Occupancy and equipment  1,636   1,690  1,752  1,804  1,729   3,326   3,229Data processing  1,407   973  1,238  1,212  1,246   2,380   4,300Federal deposit insurance premiums  572   465  279  350  380   1,037   599Marketing  159   255  284  587  385   414   1,036Impairment charge on assets held for sale  -   -  1,232  -  -   -   -Net loss recognized on sale of premises and equipment -   -  49  254  -   -   -Other  3,123   3,306  4,224  3,305  3,898   6,429   7,376Total noninterest expense  13,995   14,227  15,645  15,010  15,176   28,222   31,445Income before income taxes  2,536   2,561  4,003  5,127  5,018   5,097   7,428Income tax expenses  98   321  45  571  587   419   862Net income $2,438  $2,240 $3,958 $4,556 $4,431  $4,678  $6,566                 Finward BancorpQuarterly Financial Report             Asset Quality (Unaudited) (Unaudited)   (Unaudited) (Unaudited)(Dollars in thousands) June 30, March 31, December 31, September 30, June 30,    2023 2023 2022 2022 2022Nonaccruing loans $12,071  $19,473  $18,128 $8,943 $8,813Accruing loans delinquent more than 90 days  255   878   248  1,982  1,208Securities in non-accrual  1,075   1,017   1,048  1,027  1,030Foreclosed real estate  61   60   -  -  - Total nonperforming assets $13,462  $21,428  $19,424 $11,952 $11,051             Allowance for credit losses (ACL):           ACL specific allowances for impaired loans $717  $1,075  $338 $749 $731 ACL general allowances for loan portfolio  18,790   18,493   12,559  12,649  12,675  Total ACL $19,507  $19,568  $12,897 $13,398 $13,406                              (Unaudited)           June 30, Required          2023 To Be Well          Actual Ratio Capitalized      Capital Adequacy Bank          Common equity tier 1 capital to risk-weighted assets  10.0%   6.5%       Tier 1 capital to risk-weighted assets  10.0%   8.0%       Total capital to risk-weighted assets  11.0%   10.0%       Tier 1 capital to adjusted average assets  7.6%   5.0%                                        Table 1 - Reconciliation of the Non-GAAP Performance Measures                             (Dollars in thousands)Three Months Ended, Six Months Ended (unaudited)June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Calculation of tangible common equity              Total stockholder's equity$136,750  $139,736  $136,393  $118,023  $136,654  $136,750  $136,654  Goodwill (22,395)  (22,395)  (22,395)  (22,615)  (22,615)  (22,395)  (22,615) Other intangibles (4,015)  (4,402)  (4,794)  (5,188)  (5,588)  (4,015)  (5,588)(A)Tangible common equity$110,340  $112,939  $109,204  $90,220  $108,451  $110,340  $108,451                 Calculation of tangible common equity adjusted for accumulated other comprehensive loss (income)            (A)Tangible common equity$110,340  $112,939  $109,204  $90,220  $108,451  $110,340  $108,451  Accumulated other comprehensive loss (income) 60,185   55,895   64,300   79,839   57,781   60,185   57,781 (B)Tangible common equity adjusted for accumulated other comprehensive loss (income)$170,525  $168,834  $173,504  $170,059  $166,232  $170,525  $166,232                 Calculation of tangible book value per share             (A)Tangible common equity$110,340  $112,939  $109,204  $90,220  $108,451  $110,340  $108,451  Shares outstanding 4,303,766   4,304,026   4,298,401   4,297,900   4,296,949   4,303,766   4,296,949  Tangible book value per diluted share$25.64  $26.24  $25.41  $20.99  $25.24  $25.64  $25.24                 Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss (income)            (B)Tangible common equity adjusted for accumulated other comprehensive loss (income)$170,525  $168,834  $173,504  $170,059  $166,232  $170,525  $166,232  Diluted average common shares outstanding 4,303,766   4,304,026   4,298,401   4,297,900   4,296,949   4,303,766   4,296,949  Tangible book value per diluted share adjusted for accumulated other comprehensive loss (income)$39.62  $39.23  $40.36  $39.57  $38.69  $39.62  $38.69                 Calculation of tangible common equity to total assets             (A)Tangible common equity$110,340  $112,939  $109,204  $90,220  $108,451  $110,340  $108,451  Total assets 2,161,218   2,098,592   2,070,339   2,052,986   2,101,485   2,134,808   2,101,485  Tangible common equity to total assets 5.11%   5.38%   5.27%   4.39%   5.16%   5.17%   5.16%  Calculation of tangible common equity to total assets             (B)Tangible common equity adjusted for accumulated other comprehensive loss (income)$170,525  $168,834  $173,504  $170,059  $166,232  $170,525  $166,232  Total assets 2,161,218   2,098,592   2,070,339   2,052,986   2,101,485   2,161,218   2,101,485  Tangible common equity to total assets adjusted for accumulated other comprehensive loss (income) 7.89%   8.05%   8.38%   8.28%   7.91%   7.89%   7.91%                 Calculation of tax adjusted net interest margin              Net interest income$14,039  $14,668  $16,809  $17,507  $17,298  $28,707  $32,833  Tax adjusted interest on securities and loans 748   756   791   817   930   1,504   1,896  Adjusted net interest income 14,787   15,424   17,600   18,324   18,228   30,211   34,729  Total average earning assets 1,950,774   1,908,647   1,886,596   1,910,722   1,927,664   1,929,826   1,874,835  Tax adjusted net interest margin 3.03%   3.23%   3.73%   3.84%   3.78%   3.13%   3.70%                 Efficiency ratio              Total non-interest expense$13,995  $14,227  $15,645  $15,010  $15,176  $28,222  $31,445  Total revenue 17,045   17,276   19,648   20,137   20,194   34,321   38,873  Efficiency ratio 82.11%   82.35%   79.63%   74.54%   75.15%   82.23%   80.89%                              FOR FURTHER INFORMATIONCONTACT SHAREHOLDER SERVICES(219) 853-7575

GlobeNewswire

Finward Bancorp Announces Earnings for the Six and Three Months Ended June 30, 2023

https://finance.yahoo.com/news/finward-bancorp-announces-earnings-six-130000586.html

953dc437-27ae-3465-8699-ebc9b74bf34f

FNWD

MUNSTER, Ind., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp ("Finward"), the parent company for Peoples Bank, today announced that on August 21, 2023, the Board of Directors of Finward declared a dividend of $0.31 per share payable on October 5, 2023, with a record date of September 22, 2023.About Finward BancorpFinward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and the Chicagoland area. Finward Bancorp’s common stock is quoted on the NASDAQ Capital Market under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.Forward Looking StatementsThis press release may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of Finward.  For these statements, Finward claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about Finward, including the information in the filings Finward makes with the SEC.  Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.Story continuesAlthough management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include: difficulties and delays in integrating Finward’s and Royal Financial’s businesses or fully realizing cost savings and other benefits; business disruption following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of Finward’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.  Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Finward’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov).  All subsequent written and oral forward-looking statements concerning Finward or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.  Except as required by law, Finward does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.CONTACT: FOR FURTHER INFORMATION CONTACT INVESTOR RELATIONS (219) 853-7575

GlobeNewswire

FINWARD BANCORP ANNOUNCES THIRD QUARTER DIVIDEND

https://finance.yahoo.com/news/finward-bancorp-announces-third-quarter-203000930.html

5b9c2495-9bfb-3f0c-ba8a-819dbf34768b

FOF

NEW YORK, June 28, 2023 /PRNewswire/ -- The Boards of Directors of the Cohen & Steers Closed-End Funds announced today the monthly distributions for July, August, and September 2023, as summarized in the charts below:TickerFund NameMonthly DividendFOFCohen & Steers Closed-End Opportunity Fund, Inc.$0.087LDPCohen & Steers Limited Duration Preferred and Income Fund, Inc.$0.131PSFCohen & Steers Select Preferred and Income Fund, Inc.$0.126PTACohen & Steers Tax-Advantaged Preferred Securities and Income Fund$0.134RFICohen & Steers Total Return Realty Fund, Inc.$0.080RLTYCohen & Steers Real Estate Opportunities and Income Fund$0.110RNPCohen & Steers REIT and Preferred and Income Fund, Inc.$0.136RQICohen & Steers Quality Income Realty Fund, Inc.$0.080UTFCohen & Steers Infrastructure Fund, Inc.$0.155 Distributions will be made on the following schedule:Month          Ex-Date               Record Date     Payable Date     JulyJul. 11, 2023Jul. 12, 2023Jul. 31, 2023AugustAug. 15, 2023Aug. 16, 2023Aug. 31, 2023SeptemberSept. 12, 2023Sept. 13, 2023Sept. 29, 2023 Cohen & Steers Limited Duration Preferred and Income Fund, Inc. has decreased its monthly distribution by $0.004 per share, to $0.131 per share. Cohen & Steers Select Preferred and Income Fund, Inc. has decreased its monthly distribution by $0.009, to $0.126. Cohen & Steers Real Estate Opportunities and Income Fund increased its monthly distribution by $0.006, to $0.110. Each Fund's monthly distribution has been adjusted to reflect current market conditions.Beginning in December 2016, Cohen & Steers Limited Duration Preferred and Income Fund, Inc. and Cohen & Steers Select Preferred and Income Fund, Inc., in accordance with exemptive relief issued by the U.S. Securities and Exchange Commission (SEC), and with approval of its Board of Directors (the Board), implemented a managed distribution policy under which both Funds included long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders (the Plan). Effective July 1, 2023, the Board approved the termination of the Plan for PSF and LDP and adopted a new policy for each Fund to make regular monthly distributions at a level rate (the Policy). LDP and PSF expect these distributions will continue to be declared and announced on a quarterly basis. As a result of the Policy, both Funds may pay distributions in excess of their investment company taxable income and realized gains. In order to make these distributions, each Fund may have to sell portfolio securities at a less opportune time, which could have an adverse effect on the market price of the Fund's shares. Once the Policy is in effect for LDP and PSF, following each distribution that does not consist solely of net investment income, the Fund will issue a notice that will provide information regarding the amount and composition of the distribution and other related information. The Board may amend or terminate the Policy, or re-adopt a managed distribution plan, at any time without prior notice to shareholders.Story continuesCohen & Steers Tax-Advantaged Preferred Securities and Income Fund and Cohen & Steers Real Estate Opportunities and Income Fund pay regular monthly cash distributions to common shareholders at a level rate that may be adjusted from time to time. Each of these fund's distributions reflect net investment income, and may also include net realized capital gains and/or return of capital. Return of capital includes distributions paid by a fund in excess of its net investment income. Such excess is distributed from the fund's assets. Under federal tax regulations, some or all of the return of capital distributed by a fund may be taxed as ordinary income. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.Cohen & Steers Closed-End Opportunity Fund, Inc., Cohen & Steers Total Return Realty Fund, Inc., Cohen & Steers REIT and Preferred and Income Fund, Inc., Cohen & Steers Infrastructure Fund, Inc., and Cohen & Steers Quality Income Realty Fund, Inc. only:Cohen & Steers Closed-End Opportunity Fund, Inc., Cohen & Steers Total Return Realty Fund, Inc., Cohen & Steers REIT and Preferred and Income Fund, Inc., Cohen & Steers Infrastructure Fund, Inc., and Cohen & Steers Quality Income Realty Fund, Inc. (each, a "Fund" and collectively the "Funds") declared their monthly distributions pursuant to such Fund's managed distribution plans. Each Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The policy gives each Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. Information can also be found on the Funds' website at cohenandsteers.com. The Board of Directors of each Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of each Fund's shares.Distributions of a fund's investment in real estate investment trusts (REITs), master limited partnerships (MLPs) and/or closed-end funds (CEFs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to each fund after year end by the REITs, MLPs and CEFs held by a fund.Each Fund's distributions may include net investment income, long-term capital gains, short-term capital gains and/or return of capital. Under the plan, prior to the payment date of the distribution every month, each Fund will issue a press release and a notice containing information about the amount and sources of the distribution and other related information to shareholders of record on the record date. Please note that the notice is not provided for tax reporting purposes but for informational purposes only. Information can also be found on the Funds' website at cohenandsteers.com.Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes. Investors should consider the investment objectives, risks, charges and expense of the fund carefully before investing. You can obtain the fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.Website: https://www.cohenandsteers.com/Symbol: (NYSE: CNS)About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo, and Singapore.Forward-Looking StatementsThis press release and other statements that Cohen & Steers may make may contain 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, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. CisionView original content:https://www.prnewswire.com/news-releases/cohen--steers-closed-end-funds-declare-distributions-for-july-august-and-september-2023-301866436.htmlSOURCE Cohen & Steers

PR Newswire

Cohen & Steers Closed-End Funds Declare Distributions for July, August, and September 2023

https://finance.yahoo.com/news/cohen-steers-closed-end-funds-235300674.html

fd158937-0fdb-34bc-91a6-960464f251f9

FOF

NEW YORK, Aug. 31, 2023 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) (the "Fund") with information regarding the sources of the distribution to be paid on August 31, 2023 and cumulative distributions paid fiscal year-to-date.In December 2021, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.Story continuesThe following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.DISTRIBUTION ESTIMATESAugust 2023YEAR-TO-DATE (YTD) August 31, 2023*SourcePer ShareAmount% of CurrentDistributionPer Share Amount% of 2023 DistributionsNet Investment Income$0.030735.29 %$0.269338.69 %Net Realized Short-Term Capital Gains$0.00000.00 %$0.00000.00 %Net Realized Long-Term Capital Gains$0.00000.00 %$0.00000.00 %Return of Capital (or other Capital Source)$0.056364.71 %$0.426761.31 %Total Current Distribution$0.0870100.00 %$0.6960100.00 % 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 policy. The Fund estimates that it has distributed more than its income and 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, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and 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 amounts and sources of distributions year-to-date may be subject to additional adjustments.*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 PURPOSESThe Fund's Year-to-date Cumulative Total Return for fiscal year 2023 (January 1, 2023 through July 31, 2023) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2023. In addition, the Fund's Average Annual Total Return for the five-year period ending July 31, 2023 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2023. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual 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.Fund Performance and Distribution Rate Information: Year-to-date January 1, 2023 to July 31, 2023Year-to-date Cumulative Total Return19.43 %Cumulative Distribution Rate26.33 %Five-year period ending July 31, 2023Average Annual Total Return34.32 %Current Annualized Distribution Rate49.50 % 1.Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.2.Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2023 through August 31, 2023)measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of July 31, 2023.3.Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending July 31, 2023. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.4.The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of July 31, 2023. Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.Website: https://www.cohenandsteers.comSymbol: (NYSE: CNS)About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.Forward-Looking StatementsThis press release and other statements that Cohen & Steers may make may contain 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, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. CisionView original content:https://www.prnewswire.com/news-releases/cohen--steers-closed-end-opportunity-fund-inc-fof-notification-of-sources-of-distribution-under-section-19a-301915370.htmlSOURCE Cohen & Steers, Inc.

PR Newswire

Cohen & Steers Closed-End Opportunity Fund, Inc. (FOF) Notification of Sources of Distribution Under Section 19(a)

https://finance.yahoo.com/news/cohen-steers-closed-end-opportunity-222700557.html

191ce5ef-9320-356b-a234-3688d6d049f2

FORA

Forian Inc.Second quarter revenue grew 36% year-over-yearNEWTOWN, PA, Aug. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, today announced results for the quarter ended June 30, 2023.“Forian’s commitment to delivering value to our customers and shareholders in a more challenging fiscal environment is evident from another quarter of operational and financial achievements. We continued to realize the benefits of our business streamlining, cost rationalization and operating leverage to reduce our cash burn while showing positive Adjusted EBITDA and keeping pace to meet our year-end revenue guidance,” stated Max Wygod, Chairman and Chief Executive Officer of Forian.Second Quarter 2023 Financial ResultsForian delivered the following results for the second quarter of 2023:   Three Months EndedJune 30, Period-over-Period % Change       2023Unaudited 2022Unaudited Total revenue $ 4,893,542  $ 3,602,913  36%        Loss from continuing operations, net of tax $      (1,090,400) $ (4,008,132) 73%Loss from discontinued operations, net of tax $      (32,426) $ (1,425,413) 98%Net Loss $(1,122,826) $ (5,433,545) 79%        Loss from continuing operations, net of tax per share – diluted$ (0.03) $ (0.13) 77%Loss from discontinued operations, net of tax per share – diluted$ (0.00) $ (0.04) 100%Loss per share – diluted $ (0.03) $ (0.17) 82%        Adjusted EBITDA1 – continuing operations $ 67,059  $ (2,537,648) 103%Revenue for the quarter was $4.9 million, an increase of $1.3 million versus the prior yearNet loss from continuing operations for the quarter was $1.1 million, or $0.03 per share, compared to $4.0 million, or $0.13 per share, in the prior yearAdjusted EBITDA1 for the quarter was $0.1 million, compared to negative $2.5 million in the prior yearCash, cash equivalents and marketable securities at June 30, 2023 totaled $41.2 millionStory continuesSecond Quarter 2023 Operational HighlightsExecuted on our business plan, increasing our revenue while reducing costsStrengthened our balance sheet in July 2023 with $5.9 million of cash proceeds from the sale of our minority equity interest in a healthcare software and analytics customer that was acquired1 This release uses non-GAAP financial measures that are adjusted for the impact of various U.S. GAAP items. See the section titled “Non-GAAP Financial Measures” and the table entitled “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures” below for details.Quarterly Conference Call and Webcast Forian will host a conference call and webcast at 4:30 p.m. ET on August 10, 2023 to discuss its financial results with the investment community. To register for the conference call, click here. The webcast will be available live at https://edge.media-server.com/mmc/p/bdrcwudf. This information is also available on our website at www.forian.com/investors. To be included on the Company’s email distribution list, please sign up at www.forian.com/investors.About ForianForian provides a unique suite of data management capabilities and proprietary information and analytics solutions to optimize and measure operational, clinical and financial performance for customers within the traditional and emerging life sciences and healthcare payer and provider segments. For more information, please visit the Company’s website at www.forian.com.Cautionary Statements Regarding Forward-Looking StatementsThis release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, which may include GAAP and non-GAAP financial measures, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about future financial and operating results, company strategy and intended product offerings and market positioning. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with operations, strategy and goals, our ability to execute on our strategy and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Forian’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 30, 2023, and elsewhere in Forian’s filings and reports with the SEC. Forward-looking statements contained in this release are made as of the date hereof, and we undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.Media and Investor Contact:forian.com/[email protected] Forian Inc.FORIAN INC. CONDENSED CONSOLIDATED BALANCE SHEETS             June 30, 2023    December 31, 2022    (UNAUDITED)    ASSETS    Current assets:    Cash and cash equivalents$2,902,446  $2,795,743  Marketable securities 38,344,436   17,396,487  Accounts receivable, net 3,839,828   1,809,028  Proceeds receivable from sale of discontinued operation, net 6,501,708   -  Contract assets 1,810,342   2,252,958  Prepaid expenses 968,130   835,786  Other assets 700,300   432,338  Current assets of discontinued operations -   1,393,688  Total current assets 55,067,190   26,916,028       Property and equipment, net 96,836   75,030  Right of use assets, net 20,836   32,560  Deposits and other assets 164,369   196,675  Non current assets of discontinued operations -   19,037,874  Total assets$55,349,231  $46,258,167       LIABILITIES AND STOCKHOLDERS' EQUITY    Current liabilities:    Accounts payable$921,542  $316,105  Accrued expenses 4,824,236   3,766,789  Short-term operating lease liabilities 20,836   21,600  Warrant liability 2,053   4,547  Deferred revenues 3,262,763   2,581,287  Current liabilities of discontinued operations -   1,662,247  Total current liabilities 9,031,430   8,352,575       Long-term liabilities:    Long-term operating lease liabilities -   10,960  Convertible notes payable, net of debt issuance costs ($6,000,000 in principal is held by a related party) 25,525,762   25,106,547  Non current liabilities of discontinued operations -   365,609  Total long-term liabilities 25,525,762   25,483,116       Total liabilities 34,557,192   33,835,691       Commitments and contingencies    Stockholders' equity:    Preferred Stock; par value $0.001; 5,000,000 Shares authorized; 0 issued and outstanding as of June 30, 2023 and December 31, 2022 -   -  Common Stock; par value $0.001; 95,000,000 Shares authorized; 32,452,051 issued and outstanding as of June 30, 2023 and 32,251,326 issued and outstanding as of December 31, 2022 32,452   32,251  Additional paid-in capital 74,176,035   71,182,326  Accumulated deficit (53,416,448)  (58,792,101) Total stockholders' equity 20,792,039   12,422,476  Total liabilities and stockholders' equity$55,349,231  $46,258,167            FORIAN INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)           For the Three Months Ended June 30,       For the Six Months Ended June 30,        2023   2022   2023   2022           Revenue$4,893,542  $3,602,913  $9,763,929  $7,137,774           Costs and Expenses:        Cost of revenue 1,276,712   1,271,402   2,528,927   2,514,432  Research and development 304,187   1,419,519   835,876   2,509,398  Sales and marketing 1,237,327   1,003,104   2,433,519   1,823,698  General and administrative 3,548,599   3,820,730   7,188,425   9,094,698  Separation expenses -   -   599,832   5,417,043  Depreciation and amortization 15,257   16,334   53,687   31,683  Total costs and expenses 6,382,082   7,531,089   13,640,266   21,390,952           Loss From Continuing Operations (1,488,540)  (3,928,176)  (3,876,337)  (14,253,178)          Other Income (Expense):        Change in fair value of warrant liability 8,053   114,776   2,494   334,616  Interest and investment income 637,032   18,916   1,019,954   22,711  Interest expense (210,758)  (208,648)  (419,214)  (419,981) Total other income (expense), net 434,327   (74,956)  603,234   (62,654)          Net loss from continuing operations before income taxes (1,054,213)  (4,003,132)  (3,273,103)  (14,315,832) Income tax expense (36,187)  (5,000)  (66,096)  (10,000) Loss from continuing operations, net of tax (1,090,400)  (4,008,132)  (3,339,199)  (14,325,832)          Loss from discontinued operations -   (1,425,413)  (94,427)  (3,163,960) Gain on sale of discontinued operations -   -   11,531,849   202,159  Income tax effect on discontinued operations (32,426)  -   (2,722,570)   (Loss) Income from discontinued operations, net of tax (32,426)  (1,425,413)  8,714,852   (2,961,801) Net (loss) income (1,122,826)  (5,433,545)  5,375,653   (17,287,633)          Net (loss) income per share        Basic and diluted        Continuing operations$(0.03) $(0.13) $(0.10) $(0.45) Discontinued operations$(0.00) $(0.04) $0.27  $(0.09) Net (loss) income per share - basic and diluted$(0.03) $(0.17) $0.17  $(0.54)          Weighted-average shares outstanding- basic and diluted: 32,260,992   31,984,208   32,369,904   31,921,761            FORIAN INC.      CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS      (UNAUDITED)                       For the Six Months Ended June 30,         2023   2022       CASH FLOWS FROM OPERATING ACTIVITIES:          Net income (loss) $5,375,653  $(17,287,633)      Less: Income (loss) from discontinued operations  8,714,852   (2,961,801)      Loss from continuing operations  (3,339,199)  (14,325,832)      Adjustments to reconcile net loss to net cash used in operating activities:          Depreciation and amortization  53,687   31,683       Amortization on right of use asset  11,724   801       Amortization of debt issuance costs  2,667   2,666       Accrued interest on Convertible Notes  416,548   417,315       Amortization of discount - proceeds from sale of BioTrack  (245,041)  -       Realized and unrealized gain on marketable securities  (767,533)  (22,043)     `Stock-based compensation expense  3,368,575   8,988,172       Change in fair value of warrant liability  (2,494)  (334,616)      Change in operating assets and liabilities:          Accounts receivable  (2,030,800)  (475,568)      Contract assets  442,616   (689,281)      Prepaid expenses  (132,344)  (250,660)      Changes in lease liabilities during the period  (11,724)  (801)      Deposits and other assets  (235,656)  544,571       Accounts payable  605,437   200,371       Accrued expenses  (236,088)  (266,399)      Deferred revenues  681,476   1,793,532       Net cash used in operating activities - continuing operations  (1,418,149)  (4,386,089)      Net cash used in operating activities - discontinued operations  (59,075)  (1,355,306)      Net cash used in operating activities  (1,477,224)  (5,741,395)                 CASH FLOWS FROM INVESTING ACTIVITIES:          Additions to property and equipment  (75,493)  (45,367)      Purchase of marketable securities  (61,573,237)  (23,959,558)      Sale of marketable securities  41,392,821   24,799,107       Cash from sale of discontinued operations  21,967,193   225,577       Net cash (used in) provided by investing activities - continuing operations  1,711,284   1,019,759       Net cash used in investing activities - discontinued operations  -   (1,654,163)      Net cash used in investing activities  1,711,284   (634,404)                 CASH FLOWS FROM FINANCING ACTIVITIES:          Payments on notes payable and financing arrangements  -   (13,122)      Payment of employee withholding tax related to restricted stock units  (127,357)  (58,085)      Net cash used in financing activities- continuing operations  (127,357)  (71,207)      Net cash used in financing activities  (127,357)  (71,207)                 Net change in cash  106,703   (6,447,006)                 Cash and cash equivalents, beginning of period  2,795,743   17,938,490                  Cash and cash equivalents, end of period $2,902,446  $11,491,484                  Supplemental disclosure of cash flow information          Cash paid for interest $-  $-       Cash paid for taxes $1,423,000  $2,550                  Non-GAAP Financial MeasuresIn this press release, we have provided certain non-GAAP measures, which we define as financial information that has not been prepared in accordance with U.S. GAAP. The non-GAAP financial measure provided herein is earnings before interest, taxes, non-cash and other items (“Adjusted EBITDA”), which should be viewed as supplemental to, and not as an alternative for, net income or loss calculated in accordance with U.S. GAAP (referred to below as “net loss”).Adjusted EBITDA is used by our management as an additional measure of our Company’s performance for purposes of business decision-making, including developing budgets, managing expenditures and evaluating potential acquisitions or divestitures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our Company’s financial results that may not be shown solely by period-to-period comparisons of net income. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees in order to evaluate our Company’s performance. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, particularly those items that are recurring in nature. In order to compensate for those limitations, management also reviews the specific items that are excluded from Adjusted EBITDA, but included in net income, as well as trends in those items.We believe that the presentation of Adjusted EBITDA is useful to investors in their analysis of our results for reasons similar to the reasons why our management finds it useful and because it helps facilitate investor understanding of decisions made by management in light of the performance metrics used in making those decisions. In addition, as more fully described below, we believe that providing Adjusted EBITDA, together with a reconciliation of net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different effective income tax rates and tax attributes, different capitalized asset values and/or different forms of employee compensation. However, Adjusted EBITDA is not intended as a substitute for comparisons based on net loss. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measures and the corresponding U.S. GAAP measures provided by each company under applicable SEC rules.The following is an explanation of the items excluded by us from Adjusted EBITDA but included in net loss:Depreciation and Amortization. Depreciation and amortization expense is a non-cash expense relating to capital expenditures that are expensed on a straight-line basis over the estimated useful life of the related assets. We exclude depreciation and amortization expense from Adjusted EBITDA because we believe that (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired tangible and intangible assets. Accordingly, we believe that this exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that the use of tangible and intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and should also note that such expense will recur in future periods.Stock-Based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards to employees. We believe that excluding the effect of stock-based compensation from Adjusted EBITDA assists management and investors in making period-to-period comparisons in our Company’s operating performance because (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Stock-based compensation expense includes certain separation expenses related to the vesting of stock options. Effective February 10, 2023, the Company’s Chief Executive Officer, President and Class II member of the Board of Directors resigned. In connection with the resignation, the Company entered into a separation agreement providing for, among other things, accelerated vesting of 106,656 unvested restricted shares of the Company common stock. Stock based compensation expense for the six months ended June 30, 2023, includes $349,832 related to the accelerated vesting of stock. On March 2, 2022, we and the former chief executive officer and the former chief financial officer of Helix mutually agreed not to renew special advisor agreements. Per the terms of the agreements, options to purchase 366,166 shares of common stock continued to vest according to their original terms through March 2, 2023, and unvested stock options to purchase 732,332 shares of common stock were forfeited. The advisors were not required to perform services to the Company beyond the non-renewal date of March 2, 2022. As a result, we recorded $5,417,043 of stock compensation expenses during March 2022 related to the options that vested through the twelve months ending March 2, 2023. We believe that excluding stock-based compensation from Adjusted EBITDA assists management and investors in making meaningful comparisons between our Company’s operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future.Interest Expense. Interest expense is associated with the convertible notes entered into on September 1, 2021 in the amount of $24,000,000 (the “Notes”). The Notes are due on September 1, 2025 and accrue interest at an annual rate of 3.5%. We exclude interest expense from Adjusted EBITDA (i) because it is not directly attributable to the performance of our business operations and, accordingly, its exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different capital structures. Investors should note that interest expense associated with the Notes will recur in future periods.Investment Income. Investment income is associated with the level of marketable debt securities and other interest-bearing accounts in which we invest. Interest and investment income can vary over time due to a variety of financing transactions, changes in interest rates, cash used to fund operations and capital expenditures and acquisitions that we have entered into or may enter into in the future. We exclude interest and investment income from Adjusted EBITDA (i) because these items are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different capital structures. Investors should note that interest income will recur in future periods.Other Items. We engage in other activities and transactions that can impact our net loss. In the periods being reported, these other items included (i) change in fair value of warrant liability which related to warrants assumed in the acquisition of Helix; and (ii) other income which consists of profits on marketable security investments. We exclude these other items from Adjusted EBITDA because we believe these activities or transactions are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that some of these other items may recur in future periods.Severance expenses. Effective February 10, 2023, the Company’s Chief Executive Officer, President and Class II member of the Board of Directors resigned. In connection with the resignation, the Company entered into a separation agreement providing for, among other things, (i) salary continuation for twelve months and (ii) accelerated vesting of 106,656 unvested restricted shares of the Company common stock. Severance expenses for the six months ended June 30, 2023 includes $250,000 related to the salary continuation. We exclude these other items from Adjusted EBITDA because we believe these costs are not recurring and not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance. In addition, the Company records normal course of business severance expenses in the operating expense line item related to the employee’s activities.Income tax expense. We exclude the income tax expense from Adjusted EBITDA (i) because we believe that the income tax expense is not directly attributable to the underlying performance of our business operations and, accordingly, its exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different tax attributes.There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with U.S. GAAP and may be different from non-GAAP financial measures provided by other companies.The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which items are adjusted to calculate our non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a U.S. GAAP basis as well as a non-GAAP basis and also by providing U.S. GAAP measures in our public disclosures.Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business and to view our non-GAAP financial measures in conjunction with the most directly comparable U.S. GAAP financial measures.The following table reconciles the specific items excluded from U.S. GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:FORIAN INC. RECONCILIATION OF US GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED)  For the Three Months Ended June 30, For the Six Months Ended June 30,   2023   2022   2023   2022           Total revenue$4,893,542  $3,602,913  $9,763,929  $7,137,774           Net loss from continuing operations$(1,090,400) $(4,008,132) $(3,339,199) $(14,325,832)          Depreciation and amortization 15,257   16,334   53,687   31,683  Stock based compensation expense 1,540,342   1,374,194   3,368,575   8,988,172  Change in fair value of warrant liability (8,053)  (114,776)  (2,494)  (334,616) Interest and investment income (expense) (637,032)  (18,916)  (1,019,954)  (22,711) Interest expense 210,758   208,648   419,214   419,981  Severance expense -   -   250,000   -  Income tax expense 36,187   5,000   66,096   10,000           Adjusted EBITDA – continuing operations$67,059  $(2,537,648) $(204,075) $(5,233,323)                   

GlobeNewswire

Forian Inc. Announces Second Quarter 2023 Financial Results

https://finance.yahoo.com/news/forian-inc-announces-second-quarter-200000717.html

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FORA

Forian Inc. (NASDAQ:FORA) Q2 2023 Earnings Call Transcript August 10, 2023Forian Inc. beats earnings expectations. Reported EPS is $-0.03, expectations were $-0.05.Operator: Greetings, and welcome to Forian Inc. Second Quarter 2023 Financial Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal comments and webcast. Participating today from Forian are Max Wygod, Executive Chairman and Chief Executive Officer; and Michael Vesey, Chief Financial Officer. Before we begin, I'd like to remind you that management's remarks today may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by those forward-looking statements due to a variety of important factors including those discussed in the Risk Factors section of the Company's annual report on Form 10-K for the year ended December 31, 2022 as files with the SEC on March 31, 2023.Estimating financial performance accurately for future performance is difficult as it involves assumptions and internal estimates that may prove to be incorrect and is based on plans and circumstances that may change. There is, therefore, a significant risk that actual results could differ materially from the outlook provided today. Any forward-looking statements made on the call today represents the company's views as of this date and the company undertakes no obligation to update them except as required by law. Words such as estimate, projected, expect, anticipate, forecast, plan, intend, believe, seek, may, will, should, future, propose and variations of these words or similar expressions or versions of such words or expressions are intended to identify forward-looking statements These statements include, but are not limited to, statements regarding future growth, anticipated performance and prospects.Story continuesToday's presenters will also refer to certain non-GAAP financial measures on our call, such as adjusted EBITDA, which the company believes may be important to investors to assess its operating performance and should be considered as supplement to and not a substitute for financial measures prepared in accordance with GAAP. A reconciliation of the comparable GAAP metric can be found in today's press release and webcast, both of which are available on the company's website. Those numbers are unaudited and any statements regarding the company's anticipated performance may be subject to change, including as a result of risks discussed in the Risk Factors section of the company's annual report on Form 10-K filed with the SEC on March 30, 2023. Today's call and webcast is being recorded.A copy of the recording webcast as well as the full transcript and copies of today's press release and SEC filings will be available at forian.com/investors. I am now pleased to introduce the company's Executive Chairman and Chief Executive Officer, Max Wygod. Sir, you may begin.Max Wygod: Thank you. Good afternoon, everyone, and thank you for joining us. After the close today, Forian reported fiscal 2023 second quarter results. Our second quarter results reflect success in executing against our long-term strategy. As I stated last call, we are now operating as a health care focused enterprise that has been able to strategically navigate the headwinds of a challenging macroeconomic environment. Forian delivered another quarter of strong operational results with 36% organic year-over-year revenue growth and reached adjusted EBITDA breakeven ahead of schedule. Today, I'll share some highlights from the second quarter and speak to a couple of examples of how our solutions are used, and then Mike will provide details on our financial results.In the second quarter, Forian delivered strong operational and financial results. Forian's totaled second quarter revenue was $4.9 million, which, as noted, represents 36% year-over-year growth. Our net loss for the quarter was $1.1 million, and our adjusted EBITDA from continuing operations was positive $100,000, reflecting consistent and continued improvement from previous quarters. I’m proud of the team's work in delivering these solid results and hitting the adjusted EBITDA breakeven milestone as we executed on our growth plan despite a challenging macroeconomic environment. As previously reported, in the first quarter, we still saw some pending budgets and discretionary spending and longer sales cycles. Forian's growth has been fueled by our expertise in delivering high-value information solutions to our health care and life science customers.Our market-leading data assets in our Chronos data lake power solutions ranging from clinical trial development and execution to post-launch commercial analytics to real-world evidence. I'll share a few examples of how our customers are leveraging Chronos to improve their business performance. Given the extraordinary cost of bringing a drug or FDA-approved device to market, life science manufacturers and CROs need actual information to size and quantify market opportunity optimized trial protocol design, test protocol feasibility, identify and select optimal trial sites and conduct Phase 4 post-market surveillance studies. Chronos supports all of these use cases. Life science companies spend tens of billions of dollars each year on marketing to physicians, consumers and health plans.Upon approval and launch, Forian delivers commercial analytic insights including innovative provider targeting and segmentation solutions, marketing measurement and optimization, market sizing and market share assessments and market access analytics, including drug pricing and assessments of prior authorization and precertification requirements that impact patients' access to therapeutics. In terms of real-world evidence, Chronos maps longitudinal patient journeys on over 300 million de-identified patients in the U.S. on covering in sites such as health care product and service use, drug efficacy and safety, patient compliance and persistence to therapy and health care economics and outcomes research. Real-world evidence is the foundation upon which life science companies understand how their products are being used by whom and to what effect.It is essential for their development in testing of hypotheses for new drug development, expanding usage to new indications, improving the efficacy, safety and value of a product or service in the real-world. In addition to life science companies, Chronos delivers valuable insights to providers and payers interested in developing efficient, high-quality provider networks, tracking patient leakage to competitor health systems quantifying high-value referring providers to steer patients to their facilities and understanding the dynamics of health care delivery and service use across the systems of care. Our customers appreciate our deep understanding of health care data. Our solution engineers continue to develop and deliver innovative high-value products from Chronos.In addition, we are beginning to leverage the growing generative AI markets attention to health care. Increasingly, our customers are enabling artificial intelligence solutions trained on Chronos. By doing so, our customers are gaining greater insight into their products, their customers and the dynamics of a rapidly changing marketplace. As the momentum in AI continues, we believe there will be more opportunities to empower clients with more specific data solutions uniquely suited for training advanced AI models on covering unique insights that improve the health care delivery system, support the development of new therapeutics and improved patient outcomes. Finally, we continue to improve our balance sheet. As reported, after the end of the quarter, a customer of Forian in which we held an equity interest was acquired.Copyright: dizanna / 123RF Stock PhotoAnd as a result, Forian received approximately $5.9 million of cash proceeds in consideration of all of its equity interest in the customer. Forian may receive additional earn-out payments in 2025 and 2026 and an aggregate amount of up to approximately $3.6 million if certain conditions are met. The additional cash proceeds and operational improvements put for in a strong position. We intend to use the net proceeds for general corporate purposes, including business expansion, deleveraging or the financial and possible acquisitions. Overall, Forian delivered another solid financial and operating quarter, along with the milestone event of reaching adjusted EBITDA breakeven. Our revenue growth, improved margins and cash flow resulted from a committed team executing at a high level, and we look forward to further growth in quarters to come.I will now hand it over to Mike to go over our financial results in more detail. Mike?Michael Vesey: Thanks, Max. Today, I’ll provide an overview of Forian’s financial results for the quarter ended June 30, 2023. As previously disclosed in our SEC filings, Forian completed the disposition of BioTrack on February 10, 2023. Through this transaction and the previous dispositions of our Engeni and Security Grade businesses, Forian no longer provides software solutions to the cannabis industry, representing a strategic shift which has a significant impact on operations. Accordingly, we have accounted for the operations of the disposed of businesses as a discontinued operation effective with our first quarter in 2023 and every classified previous reported operating results on a consistent basis. My discussion today will reference comparative results for our continuing operations for the quarter ended June 30, 2023 unless noted otherwise.The press release issued today presents Forian’s financial results on a GAAP basis. As in prior quarters, we have also reported adjusted EBITDA, which management uses as a measure to track the performance of the business. As noted, the press release and these presentation materials include a detailed reconciliation of adjusted EBITDA to net loss. Our consolidated revenues of $4.9 million for the quarter were up $1.3 million or 36% compared to the same quarter last year. The growth in revenue over the prior year was driven by both new customers and increased revenues from our existing relationships. The majority of our information contracts provided for continuing information deliverables to our customers over a multi-year period, providing a predictable recurring revenue stream on a going forward basis.Net loss from continuing operations for the quarter decreased $2.9 million from the same quarter last year to $1.1 million. The decrease in net loss was primarily driven by a decrease in loss from continuing operations of $2.4 million, partially offset by changes in other income items such as interest income and taxes. The improvement in loss from continuing operations resulted from the $1.3 million of revenue growth discussed above and a $1.1 million reduction in cost and expenses. The decrease in cost and expenses was primarily due to lower G&A and research and development expenses resulting from the streamlining of our operations after the divestiture of BioTrack. Adjusted EBITDA from continuing operations, which excludes stock-based compensation, depreciation, amortization and certain other non-recurring items was positive $0.1 million compared to negative $2.5 million in the same quarter last year, demonstrating the operating leverage in our streamlining business.We expect our capital efficient business model to allow us to continue to leverage these investments we made in our infrastructure with a low level of incremental expense growth relative to revenue growing forward. As noted earlier, a reconciliation of our net loss to adjusted EBITDA along with an explanation of the reconciling items is included in today’s earnings release. Turning to our balance sheet. We ended the year with $41.2 million of cash and marketable securities and $25.5 million in convertible notes with no maturities prior to September 2025. It should be noted that these amounts exclude approximately $12.4 million of additional proceeds due from the sale of investments, which will be received in future periods. In July 2023, we received $5.9 million in consideration for a minority interest we held in a customer that was acquired.We may receive additional earnout payments up to $3.6 million related to this transaction if certain criteria are met. Additionally, we’ll receive monthly payments totaling $6.7 million related to the sale of BioTrack through February 10, 2024, providing additional liquidity to pursue our growth objectives. Our healthcare information revenues were $16.4 million in 2022. We expect 2023 revenues to be in the range of $20.5 million to $22.5 million, reflecting an increase of 25% to 37% over the prior year healthcare information revenues. We expect continued improvements in our net loss and adjusted EBITDA as we continue to leverage our infrastructure achieving a positive EBITDA contribution in the second half of 2023. And with that, I’ll turn the call over to the operator who will open the line for questions.See also 10 Best Revenue Growth Stocks to Buy and Chuck Royce Portfolio, Performance and Net Worth.To continue reading the Q&A session, please click here.

Insider Monkey

Forian Inc. (NASDAQ:FORA) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/forian-inc-nasdaq-fora-q2-102948674.html

e27764e5-30fc-3f2d-ac48-68fe772a6c3e

FORD

Forward IndustriesHAUPPAUGE, N.Y., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD), a global design, sourcing and distribution group, today announced financial results for its third quarter ended June 30, 2023.Third Quarter Fiscal Year 2023 Financial HighlightsRevenues were $10.1 million, a decrease of 4.7% from $10.6 million for the third quarter of fiscal year 2022.Gross margin declined to 18.0% compared to 18.1% for the third quarter of fiscal year 2022.Operating loss was $0.5 million compared to $0.4 million for the third quarter of fiscal year 2022. Basic and diluted loss per share was $0.05 compared to $0.04 for the third quarter of fiscal year 2022.Cash balance of $2.8 million at June 30, 2023 as compared to $2.6 million at September 30, 2022.Terry Wise, Chief Executive Officer of Forward Industries, stated, “Pleasingly, the quarter witnessed the sustained positive momentum within our design division. However, this strong performance was offset by the continued difficulties within the retail and OEM sector. Consequently, after careful deliberation and consideration we have reluctantly resolved to discontinue our retail division in an orderly manner that will ensure we fulfil our commitments to our customers. This has been a pivotal quarter for the Company, one in which as a direct consequence of the decisions taken, we hope will result in profitability in the near future.”The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on August 14, 2023 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended June 30, 2023 and 2022. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.Cautionary Note Regarding Forward-Looking Statements This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2023. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, pricing pressures, lack of success of our sales people, supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, and issues at Chinese factories that we source our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2022 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.Story continuesAbout Forward IndustriesForward is a global design, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering servicesFor more information, contact:         Kathleen Weisberg, CFO, Forward Industries, Inc.                (631) 547-3055, [email protected] FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS           June 30, September 30,     2023   2022 Assets (Unaudited)         Current assets:    Cash $2,821,163  $2,575,522  Accounts receivable, net 7,659,132   7,542,666  Inventories, net 1,892,790   3,801,030  Prepaid expenses and other current assets 689,955   417,605           Total current assets 13,063,040   14,336,823        Property and equipment, net 282,308   241,146 Intangible assets, net 946,333   1,105,901 Goodwill 1,758,682   1,758,682 Operating lease right-of-use assets, net 3,124,871   3,427,726 Other assets 68,737   68,737           Total assets$19,243,971  $20,939,015        Liabilities and shareholders' equity          Current liabilities:    Accounts payable$684,616  $268,160  Due to Forward China 7,948,249   7,713,880  Deferred income 264,726   438,878  Current portion of earnout consideration -   25,000  Current portion of operating lease liability 406,223   377,940  Accrued expenses and other current liabilities 1,283,337   1,153,906    Total current liabilities 10,587,151   9,977,764        Other liabilities:    Note payable to Forward China 1,200,000   1,400,000  Operating lease liability, less current portion 2,942,772   3,249,824  Earnout consideration, less current portion 30,000   45,000   Total other liabilities 4,172,772   4,694,824           Total liabilities 14,759,923   14,672,588        Commitments and contingencies          Shareholders' equity:    Common stock, par value $0.01 per share; 40,000,000 shares authorized;     10,061,185 shares issued and outstanding at June 30, 2023     and September 30, 2022 100,612   100,612  Additional paid-in capital 20,171,299   20,115,711  Accumulated deficit (15,787,863)  (13,949,896)          Total shareholders' equity 4,484,048   6,266,427           Total liabilities and shareholders' equity$19,243,971  $20,939,015         FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)       For the Three Months Ended June 30, For the Nine Months Ended June 30,  2023   2022   2023   2022         Revenues, net$10,127,159  $10,588,835  $31,594,818  $32,517,139 Cost of sales 8,303,997   8,671,103   26,340,525   25,727,964 Gross profit 1,823,162   1,917,732   5,254,293   6,789,175         Sales and marketing expenses 711,472   664,484   2,175,081   2,106,263 General and administrative expenses 1,633,740   1,639,053   4,912,197   5,177,241         Loss from operations (522,050)  (385,805)  (1,832,985)  (494,329)        Fair value adjustment of earnout consideration -   -   (40,000)  - Interest expense 25,475   30,424   80,214   94,115 Interest income (10,489)  -   (11,345)  - Other (income)/expense, net (292)  2,684   (23,887)  6,780 Loss before income taxes (536,744)  (418,913)  (1,837,967)  (595,224)        Provision for income taxes -   -   -   -         Net loss$(536,744) $(418,913) $(1,837,967) $(595,224)        Loss per share:       Basic$(0.05) $(0.04) $(0.18) $(0.06)Diluted$(0.05) $(0.04) $(0.18) $(0.06)        Weighted average common shares outstanding:       Basic 10,061,185   10,061,185   10,061,185   10,061,185 Diluted 10,061,185   10,061,185   10,061,185   10,061,185         

GlobeNewswire

Forward Reports Fiscal 2023 Third Quarter Results

https://finance.yahoo.com/news/forward-reports-fiscal-2023-third-162300265.html

0b357603-e8c9-3999-b592-3c6bacaa93e1

FORD

Intelligent Product Solutions- Red Dot Design Award recognizes IPS’s high design quality for Verizon Receiver hardware product -HAUPPAUGE, N.Y., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Intelligent Product Solutions (IPS), the product design division of Forward Industries (NASDAQ: FORD), today announced it received a prestigious Red Dot design award for its work on the Verizon Receiver. The Verizon Receiver, with a sophisticated look, delivers fast 5G internet to every home within the 5G coverage area.Red Dot award, the highly-regarded seal for outstanding design quality worldwide, is one of the biggest design competitions in the world, with roughly 20,000 entries per year from 60 countries. It recognizes high design quality in 51 different categories. Award recipients are chosen by an international jury made up of 43 design experts from over 20 nations who score and award products based on the tenets of “good design and innovation.”IPS’s approach for the Verizon receiver focused on delivering an intuitive system that enables installation on window, a wall or a railing, indoors or outdoors to best meet technical and customer needs. The design innovations include a self-orienting 5G antenna, reversible cover, and discrete mounting brackets.“Receiving a Red Dot Award is a great honor and recognition of the superior product design work we deliver to our clients,” said Paul Severino, president of Intelligent Product Solutions. “This design effort on the Verizon Receiver was a truly collaborative effort with Verizon and Aruliden.”About Intelligent Product SolutionsIntelligent Product Solutions (IPS), a subsidiary of Forward Industries (NASDAQ: FORD), is an award-winning global product design and development company with headquarters in New York.  IPS offers a full range of expert product design and engineering services, with an expertise in medtech and wearable technology solutions. Its clients are among the leading brands in consumer electronics and medical devices, including AdhereTech, Google, Verizon, Zebra Technologies and Steinway. To learn more about IPS, visit https://www.intelligentproducts.solutions/ or contact [email protected] continuesAbout Forward IndustriesForward is a global design, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services.For more media information, contact:Lisa Hendrickson, LCH Communications for [email protected]

GlobeNewswire

Intelligent Product Solutions, a Forward Industries Company, Receives Red Dot 2023 Award for Innovative Design with Verizon

https://finance.yahoo.com/news/intelligent-product-solutions-forward-industries-130000561.html

98a8d879-2555-3a3f-a2bd-c21029012875

FORR

Attendees will hear from Forrester's Return On Integration and Program Of The Year award winners on how they tackled their most pressing challenges to drive growthSINGAPORE, Sept. 6, 2023 /PRNewswire/ -- Forrester (Nasdaq: FORR) will recognize UiPath, a leading enterprise automation software company, as this year's Return on Integration (ROI) Honors winner at its B2B Summit APAC, held September 19-20, 2023, in Singapore, and digitally. The ROI Honor is awarded to the organization that has achieved strong cross-functional alignment to accelerate company growth. Additionally, Dell Technologies and F5, Inc. will also receive B2B Programs Of The Year (POY) awards for improving functional performance in revenue operations and demand & ABM, respectively.(PRNewsfoto/Forrester)B2B Summit APAC is the premier event for B2B marketing and sales leaders to explore new ideas, pragmatic frameworks, and compelling data to fuel their customer-obsessed growth engines. At the event, honorees will present how they have grown revenue, accelerated time to market, and launched integrated global campaigns — all through intentional cross-functional alignment.Adopting Forrester's B2B Revenue Waterfall framework, UiPath restructured its demand management program to align more closely with the modern B2B buyer's journey. To drive this shift, the company brought together its marketing, sales, operations, and other functional teams to target buying groups more effectively. In addition, the company utilized artificial intelligence (AI) and automation to streamline processes and deliver a scalable campaign model. Join this keynote session to learn how UiPath achieved strong alignment internally to dramatically improve pipeline attainment and increase quality engagement with its customers."To capitalize on the explosive interest in generative AI and differentiate itself in a challenging macroeconomic environment, UiPath kicked off a 15-city roadshow, 'The AI-powered Automation Summit', to position itself as an AI leader and strategic partner in the region," said Colin Png, VP of marketing, Asia Pacific and Japan at UiPath. "We collaborated closely with our internal stakeholders to align on business objectives and optimize our go-to-market strategy for scale and speed. As a result, we were able to execute a rapid time-to-market framework that embraces dynamic business requirements in local markets and generate high-value pipeline opportunities for our sellers."Story continues"Our Return On Integration Honors winners and Program Of The Year Award winners are excellent examples of companies that have overcome their toughest challenges through cross-functional integration and alignment," said Dane Anderson, SVP of international research and product at Forrester. "UiPath's investment in revenue-building efforts has also improved value for their buyers and customers. We look forward to having them share their success story on-stage at this year's B2B Summit APAC."Resources:View the full conference agenda for Forrester's B2B Summit APAC and register to attend.Members of the press interested to attend can contact [email protected] how Forrester Decisions for B2B Marketing Executives and Forrester Decisions for B2B Sales Executives can help drive functional alignment.Download the Planning Guide 2024: B2B Marketing Executives report for research-driven insight on the areas Forrester has identified for investing, divesting, and experimenting when budgeting for 2024.About ForresterForrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.CisionView original content to download multimedia:https://www.prnewswire.com/apac/news-releases/forrester-to-honor-uipath-for-accelerating-growth-through-revenue-engine-alignment-at-its-b2b-summit-apac-2023-301918622.htmlSOURCE Forrester

PR Newswire

Forrester To Honor UiPath For Accelerating Growth Through Revenue Engine Alignment At Its B2B Summit APAC 2023

https://finance.yahoo.com/news/forrester-honor-uipath-accelerating-growth-040000342.html

0084779f-e4f9-3e37-b580-9edda008fb89

FORR

Enterprise AI initiatives will boost IT organizations’ productivity and creative problem-solving by 50% in the year aheadAUSTIN, Texas & CAMBRIDGE, Mass., September 08, 2023--(BUSINESS WIRE)--According to Forrester’s (Nasdaq: FORR) 2024 Tech Leadership Predictions, which will be unveiled at Technology & Innovation North America next week, 87% of US enterprise technology leaders anticipate increasing their organizations’ technology investment over the next 12 months — with nearly 50% increasing their investments in AI capabilities. While generative AI is expected to deliver greater productivity and efficiency, 50% of technology leaders will fail to master the AI skills gap. Join this keynote to discover what the future holds for tech leaders in 2024 and how they can achieve growth with continuous improvement from insights and AI.Forrester analysts will unveil new research to help chief information officers, chief technology officers, chief digital officers, and their teams uncover best practices and tools to enable, create, and amplify growth through their technology strategy. Additionally, Forrester will host an AI hack-a-thon on September 10 where in-person attendees will work in teams using various large language models (LLMs) to address food insecurity in Austin and create pitch materials for local civic investors and philanthropists. This event is structured to foster learning around both generative AI’s capabilities as well as its limitations.Noteworthy new research to be showcased at this year’s event includes:Future Fit Organizations Need Adaptive Leaders. Today, leaders face increasing and accelerating uncertainty, which manifests itself in economic turbulence, new ways of working, talent shortages, and challenges of continuous transformation. Join this session to explore how leaders can help their teams be adaptive, creative, and resilient despite these challenges.Caution! Shiny Objects Can Blind You. To make smart and strategic investments, tech leaders need to gauge the barriers and caveats to adopting currently hyped emerging technologies, including generative AI. Join this panel to determine which emerging technologies have potential and which can be ignored.Story continuesTechnical Debt Modernization And Migration Scenario Tool. When developing and evaluating modernization and migration strategies, tech leaders must consider the impact of technical debt across such dimensions as costs, personnel, level of effort, and risk. Join this session to uncover a framework leaders can use to make decisions that minimize the impacts of technical debt.Bring-Your-Own-AI Hits The Enterprise. Employees are already using consumer AI services that their business doesn’t own. Tech leaders must develop a management strategy that maximizes the benefits and limits the risks of "bring-your-own-AI" (BYOAI). Join this session to learn best practices for how to effectively manage BYOAI at scale."While every tech leader is jumping on the generative AI bandwagon, the winning strategy for leaders is not to overly focus on the allure of generative AI," said Matthew Guarini, event host and VP, senior research director at Forrester. "To harness the potential of generative AI, tech leaders need to instead get their people and process changes right to complement this technology. At Technology & Innovation North America, we will unveil research and share best practices to leverage this AI moment and help leaders create an environment that promotes innovation, continuous learning, and greater alignment with their broader business strategy."Resources:Register to attend Forrester’s Technology & Innovation North America 2023 conference.View the full agenda and speakers for Technology & Innovation North America 2023.Explore the changing role of technology leaders and how they can accelerate growth at their organizations.Follow @Forrester and #ForrTech for updates.About ForresterForrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester’s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.View source version on businesswire.com: https://www.businesswire.com/news/home/20230908373123/en/ContactsIra [email protected]

Business Wire

Forrester To Unveil Its 2024 Tech Leadership Predictions At Technology & Innovation North America

https://finance.yahoo.com/news/forrester-unveil-2024-tech-leadership-130000069.html

c556bdbd-31fc-34da-b403-c14383262774

FOX

NEW YORK, September 07, 2023--(BUSINESS WIRE)--FOX Nation, FOX News Media’s subscription-based streaming service, will debut The Killer Interview with Piers Morgan on Tuesday, September 12th. Produced in conjunction with Plum Pictures and Wake Up Productions, the eight-episode series will spotlight a handful of the most fiercely contested murder cases in the United States while giving the convicted killers a chance to plead their innocence. Episode one on murderer Karl Karlsen will also air on FOX News Channel on Sunday, September 17th at 10 PM/ET.In commenting on the announcement, Morgan said, "I’ve interviewed thousands of people from all walks of life including presidents, prime ministers, pop superstars, business tycoons and movie legends. But for me as a journalist, there is nothing more compelling than sitting face-to-face with some of the most dangerous killers in the world to hold them directly to account for their crimes. This series is a fascinating collection of very varied and explosive interviews that I’m sure will leave viewers debating with family and friends as to the subject’s guilt or otherwise and give a gripping insight into the murderers’ mindset and motivation for doing what they did."FOX Nation President Jason Klarman added, "We’re excited to debut a series of this magnitude as part of our Fox Justice vertical this month and know viewers will be engaged by it as well."Over the course of the eight episodes, the series will offer exclusive interviews as Morgan goes head-to-head with murderers, many insisting they were wrongly convicted. From New York’s Clinton Correctional Facility to Texas’ Gatesville Women’s Prison, viewers will gain new insights and hear startling first-time revelations from these men and women convicted of horrific crimes. Through these first-hand accounts, viewers will have the opportunity to decide whether they believe justice has been served.Below are the episodic descriptions:Story continuesEpisode 1: Karl KarlsenKarl Karlsen believes he is the victim of tragic misfortune, while the State believes he is a cold-blooded murderer who killed members of his own family for insurance payouts.Episode 2: Robert SpahalskiMorgan interviews Robert Spahalski, a serial killer whose victims were those he knew and loved.Episode 3: Matt BakerMorgan goes head-to-head with a Baptist preacher found guilty of murdering his wife so he could be with his mistress.Episode 4: Christopher PorcoA mild-mannered man, convicted of brutally murdering his father and the attempted murder of his mother with an axe, tries to convince Morgan of his innocence.Episode 5: Daniel PelosiAfter 18 years in prison for the murder of a New York multi-millionaire, Daniel Pelosi says he no longer wants to cover-up for his ex-wife and is prepared to reveal exactly who killed Wall Street financier Ted Ammon.Episode 6: Rod CovlinMorgan interviews Rod Covlin, the man the NYPD believes almost got away with murdering his wealthy financier wife. This is the first interview he has given.Episode 7: Levi KingMorgan interviews Levi King, to determine if it was nature or nurture which led to a 24 hour killing spree that cost the lives of 5 innocent people.Episode 8: Kimberly SaenzKimberly Saenz, a killer nurse convicted of murdering her dialysis patients by injecting them with bleach, gives her first ever interview to Morgan.FOX Nation is a direct-to-consumer on-demand streaming service, designed to complement the FOX News Channel experience, as a members-only destination for its most passionate and loyal viewers. Featuring thousands of hours of content, the OTT product includes daily short-form conservative opinion programming and lifestyle shows, as well as a history-oriented documentaries and investigative series, from a multitude of FOX News personalities, at a cost of $5.99 a month/$64.99 a year. FOX Nation is available on iOS and Android devices as well as Apple TV, Web, Amazon Fire TV, Google Chromecast, Roku, Xbox One, Comcast Xfinity platforms, Vizio SmartCast and Cox Contour platforms.View source version on businesswire.com: https://www.businesswire.com/news/home/20230907208111/en/ContactsFOX Nation MediaAlexandra Coscia: 212.301.3272 or [email protected] Sofie Watson: 212.301.3818 or [email protected]

Business Wire

FOX Nation to Drop The Killer Interview with Piers Morgan on Tuesday, September 12th

https://finance.yahoo.com/news/fox-nation-drop-killer-interview-181700178.html

f8ba50bd-cb88-31f4-875c-066be26cca5d

FOX

New Original Episodes of Mark Levin’s Top-Rated Program Will Air on Both Saturdays & Sundays at 8PM/ETNEW YORK, September 07, 2023--(BUSINESS WIRE)--FOX News Channel (FNC) will expand host Mark Levin’s Life, Liberty & Levin to now air on Saturdays at 8 PM/ET in addition to its regular 8 PM/ET Sunday timeslot, announced Meade Cooper, executive vice president of primetime programming. The new airing on Saturday evenings will take effect on September 16th and additional weekend programming changes will be announced at a later date.In making the announcement, Cooper said, "Since joining the network in 2017, Mark has provided our audience with thought-provoking analysis on America’s core values and their impact on current events. We are looking forward to expanding his popular show to two nights a week."Levin added, "It's an honor to join the other outstanding hosts on Saturday in bringing the most intelligent, informative and entertaining programming to the nation. Thank you to our loyal audience and FOX News."For the last five years, Levin’s program has offered FNC viewers unparalleled insight into the fundamental values and principles that guide American culture and its impact on politics, featuring in-depth solo interviews with major newsmakers. Life, Liberty & Levin is the highest-rated primetime program in cable news on Sundays, averaging 1.4 million viewers and 104,000 in the 25-54 demographic, posting triple and double-digit advantages over CNN and MSNBC across the board.In addition to his role at FNC, Levin is the host of one of America’s largest nationally syndicated radio program The Mark Levin Show, airing on over 300 stations across the country and heard by millions of listeners. Prior to his career in media, Levin served as an adviser to several members of President Ronald Reagan's cabinet and was Chief of Staff to then Attorney General Edwin Meese. During his tenure in the Reagan administration, he served as an Associate Director of Presidential Personnel, Deputy Solicitor of the U.S. Department of Interior and Deputy Assistant Secretary of the U.S. Department of Education, among other positions.Story continuesA seven-time New York Times bestselling author, Levin is the recipient of numerous awards including the American Conservative Union's Ronald Reagan Award, the Media Research Center's William F. Buckley Award for Media Excellence, and the Gene Burns Memorial Award for Freedom of Speech.FOX News Channel (FNC) is a 24-hour all-encompassing news service and has been the number one network in basic cable for the last seven years and the most-watched television news channel for more than 21 consecutive years, currently attracting nearly 50% of the cable news viewing audience according to Nielsen Media Research. Notably, Nielsen/MRI Fusion has consistently shown FNC to be the network of choice for more Democrat and Independent viewers, with the most politically diverse audience in cable news. Owned by Fox Corporation, FNC is available in nearly 80 million homes and dominates the cable news landscape, routinely notching the top 10 programs.View source version on businesswire.com: https://www.businesswire.com/news/home/20230907849720/en/ContactsFOX News Media:Connor Smith/212.301.3879 or [email protected]

Business Wire

FOX News Channel Expands Life, Liberty & Levin to Two Weekend Nights

https://finance.yahoo.com/news/fox-news-channel-expands-life-204100732.html

26cbd4e3-be85-365c-bc9e-22ab6e8c3c02

FOXA

NEW YORK, September 07, 2023--(BUSINESS WIRE)--FOX Nation, FOX News Media’s subscription-based streaming service, will debut The Killer Interview with Piers Morgan on Tuesday, September 12th. Produced in conjunction with Plum Pictures and Wake Up Productions, the eight-episode series will spotlight a handful of the most fiercely contested murder cases in the United States while giving the convicted killers a chance to plead their innocence. Episode one on murderer Karl Karlsen will also air on FOX News Channel on Sunday, September 17th at 10 PM/ET.In commenting on the announcement, Morgan said, "I’ve interviewed thousands of people from all walks of life including presidents, prime ministers, pop superstars, business tycoons and movie legends. But for me as a journalist, there is nothing more compelling than sitting face-to-face with some of the most dangerous killers in the world to hold them directly to account for their crimes. This series is a fascinating collection of very varied and explosive interviews that I’m sure will leave viewers debating with family and friends as to the subject’s guilt or otherwise and give a gripping insight into the murderers’ mindset and motivation for doing what they did."FOX Nation President Jason Klarman added, "We’re excited to debut a series of this magnitude as part of our Fox Justice vertical this month and know viewers will be engaged by it as well."Over the course of the eight episodes, the series will offer exclusive interviews as Morgan goes head-to-head with murderers, many insisting they were wrongly convicted. From New York’s Clinton Correctional Facility to Texas’ Gatesville Women’s Prison, viewers will gain new insights and hear startling first-time revelations from these men and women convicted of horrific crimes. Through these first-hand accounts, viewers will have the opportunity to decide whether they believe justice has been served.Below are the episodic descriptions:Story continuesEpisode 1: Karl KarlsenKarl Karlsen believes he is the victim of tragic misfortune, while the State believes he is a cold-blooded murderer who killed members of his own family for insurance payouts.Episode 2: Robert SpahalskiMorgan interviews Robert Spahalski, a serial killer whose victims were those he knew and loved.Episode 3: Matt BakerMorgan goes head-to-head with a Baptist preacher found guilty of murdering his wife so he could be with his mistress.Episode 4: Christopher PorcoA mild-mannered man, convicted of brutally murdering his father and the attempted murder of his mother with an axe, tries to convince Morgan of his innocence.Episode 5: Daniel PelosiAfter 18 years in prison for the murder of a New York multi-millionaire, Daniel Pelosi says he no longer wants to cover-up for his ex-wife and is prepared to reveal exactly who killed Wall Street financier Ted Ammon.Episode 6: Rod CovlinMorgan interviews Rod Covlin, the man the NYPD believes almost got away with murdering his wealthy financier wife. This is the first interview he has given.Episode 7: Levi KingMorgan interviews Levi King, to determine if it was nature or nurture which led to a 24 hour killing spree that cost the lives of 5 innocent people.Episode 8: Kimberly SaenzKimberly Saenz, a killer nurse convicted of murdering her dialysis patients by injecting them with bleach, gives her first ever interview to Morgan.FOX Nation is a direct-to-consumer on-demand streaming service, designed to complement the FOX News Channel experience, as a members-only destination for its most passionate and loyal viewers. Featuring thousands of hours of content, the OTT product includes daily short-form conservative opinion programming and lifestyle shows, as well as a history-oriented documentaries and investigative series, from a multitude of FOX News personalities, at a cost of $5.99 a month/$64.99 a year. FOX Nation is available on iOS and Android devices as well as Apple TV, Web, Amazon Fire TV, Google Chromecast, Roku, Xbox One, Comcast Xfinity platforms, Vizio SmartCast and Cox Contour platforms.View source version on businesswire.com: https://www.businesswire.com/news/home/20230907208111/en/ContactsFOX Nation MediaAlexandra Coscia: 212.301.3272 or [email protected] Sofie Watson: 212.301.3818 or [email protected]

Business Wire

FOX Nation to Drop The Killer Interview with Piers Morgan on Tuesday, September 12th

https://finance.yahoo.com/news/fox-nation-drop-killer-interview-181700178.html

f8ba50bd-cb88-31f4-875c-066be26cca5d

FOXA

New Original Episodes of Mark Levin’s Top-Rated Program Will Air on Both Saturdays & Sundays at 8PM/ETNEW YORK, September 07, 2023--(BUSINESS WIRE)--FOX News Channel (FNC) will expand host Mark Levin’s Life, Liberty & Levin to now air on Saturdays at 8 PM/ET in addition to its regular 8 PM/ET Sunday timeslot, announced Meade Cooper, executive vice president of primetime programming. The new airing on Saturday evenings will take effect on September 16th and additional weekend programming changes will be announced at a later date.In making the announcement, Cooper said, "Since joining the network in 2017, Mark has provided our audience with thought-provoking analysis on America’s core values and their impact on current events. We are looking forward to expanding his popular show to two nights a week."Levin added, "It's an honor to join the other outstanding hosts on Saturday in bringing the most intelligent, informative and entertaining programming to the nation. Thank you to our loyal audience and FOX News."For the last five years, Levin’s program has offered FNC viewers unparalleled insight into the fundamental values and principles that guide American culture and its impact on politics, featuring in-depth solo interviews with major newsmakers. Life, Liberty & Levin is the highest-rated primetime program in cable news on Sundays, averaging 1.4 million viewers and 104,000 in the 25-54 demographic, posting triple and double-digit advantages over CNN and MSNBC across the board.In addition to his role at FNC, Levin is the host of one of America’s largest nationally syndicated radio program The Mark Levin Show, airing on over 300 stations across the country and heard by millions of listeners. Prior to his career in media, Levin served as an adviser to several members of President Ronald Reagan's cabinet and was Chief of Staff to then Attorney General Edwin Meese. During his tenure in the Reagan administration, he served as an Associate Director of Presidential Personnel, Deputy Solicitor of the U.S. Department of Interior and Deputy Assistant Secretary of the U.S. Department of Education, among other positions.Story continuesA seven-time New York Times bestselling author, Levin is the recipient of numerous awards including the American Conservative Union's Ronald Reagan Award, the Media Research Center's William F. Buckley Award for Media Excellence, and the Gene Burns Memorial Award for Freedom of Speech.FOX News Channel (FNC) is a 24-hour all-encompassing news service and has been the number one network in basic cable for the last seven years and the most-watched television news channel for more than 21 consecutive years, currently attracting nearly 50% of the cable news viewing audience according to Nielsen Media Research. Notably, Nielsen/MRI Fusion has consistently shown FNC to be the network of choice for more Democrat and Independent viewers, with the most politically diverse audience in cable news. Owned by Fox Corporation, FNC is available in nearly 80 million homes and dominates the cable news landscape, routinely notching the top 10 programs.View source version on businesswire.com: https://www.businesswire.com/news/home/20230907849720/en/ContactsFOX News Media:Connor Smith/212.301.3879 or [email protected]

Business Wire

FOX News Channel Expands Life, Liberty & Levin to Two Weekend Nights

https://finance.yahoo.com/news/fox-news-channel-expands-life-204100732.html

26cbd4e3-be85-365c-bc9e-22ab6e8c3c02

FR

EastGroup Properties EGP announced a hike of 1.6% in its quarterly dividend, raising it to $1.27 per share from $1.25. It will be paid out on Oct 13 to shareholders on record as of Sep 29, 2023.Based on the increase, the annual dividend rate now comes to $5.08 a share, resulting in an annualized yield of 2.9%, considering EastGroup’s closing price of $177.76 on Aug 25. Moreover, the company notes that projected total dividends per share for 2023 are expected to mark an increase of 7.2% over total dividends declared in 2022.Solid dividend payouts remain the biggest enticements for REIT investors, and quite encouragingly, EastGroup Properties is committed to boosting shareholder wealth. The company has hiked its dividend in each of the last 12 years, the recent one marking its 175th consecutive quarterly distribution to shareholders. Further, EGP increased or maintained its dividend for 31 consecutive years and hiked it for 28 years during this period.The stock looks attractive based on the regular rise in the dividend income amid a challenging environment. Now, let’s check out EastGroup Properties’ fundamentals and financial performance before taking any investment decision.This industrial REIT focuses on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States. With its focus on the ownership of premier distribution facilities usually clustered near major transportation features in supply-constrained submarkets, EastGroup has a well-leased industrial portfolio. The company’s operating portfolio was 98.5% leased and 98.2% occupied as of Jun 30, 2023. Also, the average occupancy of the operating portfolio was 98.1% for the second quarter of 2023.EastGroup has a decent performance. It beat the Zacks Consensus Estimate in three of the trailing four quarters and matched on one occasion on funds from operations (FFO) per share basis, the average surprise being 0.98%. Moreover, EastGroup Properties’ return on equity (“ROE”) is 8.04%, significantly higher than the industry’s ROE of 2.93%.Over the next five years, the company’s FFO per share is projected to grow at a rate of 6.90%. The favorable estimate revision for the ongoing year reflects an upbeat outlook for the company. It has moved 1.1% upward in the past month to $7.62, indicating 8.86% year-over-year growth.This industrial REIT churns cash flow of $7.80 per share compared with the industry’s average of $1.87. Its projected sales growth of 14.86% is higher than the industry’s average of 3.82%.Amid an e-commerce boom, growth in industries and companies making efforts to improve supply-chain efficiencies, the demand for logistics infrastructure and efficient distribution networks has been shooting up. This is aiding the industrial real estate market to prosper.Apart from the fast adoption of e-commerce, industrial real estate space is anticipated to gain traction over the long run from a likely rise in the inventory levels of companies as a precaution for any supply-chain disruption. This will offer opportunities to industrial landlords, including EastGroup, Prologis PLD and First Industrial Realty Trust FR, to enjoy a favorable market environment.Particularly for EastGroup, we believe such deployment activity highlights the company’s operational strength and commitment to rewarding its shareholders handsomely. The latest hike reflects the company’s ability to generate solid cash flow growth through its operating platform and high-quality portfolio.In the last five years, EastGroup has increased its dividend six times, and the annualized dividend growth rate for this period is 15.03%. This is attractive to income investors and represents a steady income stream. Check EastGroup Properties’ dividend history here.Investors are always on the lookout for companies with a track record of consistent and incremental dividend payments to put their money on. Such moves will boost investors’ confidence in the stock.The company’s shares have rallied 9.2%, outperforming the industry’s growth of 0.8% in the past three months.Story continuesZacks Investment ResearchImage Source: Zacks Investment ResearchEastGroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Prologis carries a Zacks Rank of 3 at present. Prologis’ long-term growth rate is projected at 9%. The Zacks Consensus Estimate for PLD’s 2023 FFO per share has been revised marginally upward in the past month to $5.59.First Industrial Realty Trust has a Zacks Rank of 3 at present. First Industrial Realty’s 2023 revenues are expected to increase 13.07% year over year. The Zacks Consensus Estimate for FR’s 2023 FFO per share has been revised marginally upward in the past month to $2.43.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportPrologis, Inc. (PLD) : Free Stock Analysis ReportFirst Industrial Realty Trust, Inc. (FR) : Free Stock Analysis ReportEastGroup Properties, Inc. (EGP) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

EastGroup (EGP) Rewards Investors, Hikes Quarterly Dividend

https://finance.yahoo.com/news/eastgroup-egp-rewards-investors-hikes-151400761.html

1f8a069c-f001-3be7-90e2-cd1cc840baed

FR

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.First Industrial Realty Trust in FocusFirst Industrial Realty Trust (FR) is headquartered in Chicago, and is in the Finance sector. The stock has seen a price change of 7.5% since the start of the year. Currently paying a dividend of $0.32 per share, the company has a dividend yield of 2.47%. In comparison, the REIT and Equity Trust - Other industry's yield is 4.84%, while the S&P 500's yield is 1.66%.In terms of dividend growth, the company's current annualized dividend of $1.28 is up 8.5% from last year. First Industrial Realty Trust has increased its dividend 5 times on a year-over-year basis over the last 5 years for an average annual increase of 8.48%. Future dividend growth will depend on earnings growth as well as payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. First Industrial Realty Trust's current payout ratio is 53%. This means it paid out 53% of its trailing 12-month EPS as dividend.FR is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2023 is $2.43 per share, with earnings expected to increase 6.58% from the year ago period.Bottom LineFrom greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. It's important to keep in mind that not all companies provide a quarterly payout.Story continuesFor instance, it's a rare occurrence when a tech start-up or big growth business offers their shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, FR is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of 3 (Hold).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportFirst Industrial Realty Trust, Inc. (FR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

First Industrial Realty Trust (FR) Could Be a Great Choice

https://finance.yahoo.com/news/first-industrial-realty-trust-fr-154509184.html

18d18889-8e1d-3f5d-b3c2-60aa50ad3a8c

FRD

In this piece, we will take a look at ten metals stocks with insider buying. If you want to skip out the introduction of the metals industry and insider transactions, then head on over to 5 Metals Stocks with Insider Buying. The metals industry is one of the most important sectors that you might come across if the world is to shift to using renewable vehicles and power generation at a large scale. This is because of lithium, a material that is primarily used in battery production due to its suitability for battery performance. Australia and Chile have the largest lithium reserves in the world, and the Oceanic nation benefits, particularly from having a large share of global lithium production. Australia accounted for 47% of the global lithium production in 2022, courtesy of the six mining operations located there. Chile and Australia together account for most of the world's lithium output, with the South American country exporting large amounts of lithium to the U.S. as well. For more details, you can check out 10 Most Profitable Lithium Stocks Now and Lithium Reserves by Country: Top 15 Countries.The surge in demand for lithium that is expected to come into play over the course of the next several years as countries lay down plans to gradually phase out internal combustion vehicles might outstrip the ability of the industry to supply the metal. Estimates from McKinsey show that global lithium demand is expected to rise from 500 thousand metric tons of lithium carbonate equivalent (LCE) in 2021 to as much as five million metric tons by as soon as 2030. To meet this demand, the consulting firm believes that the lithium industry has to use currently nascent technologies such as direct lithium extraction (LTE). The adoption of these technologies and the lithium mining firms' ability to meet demand are also hampered by the years of lead times between the discovery of lithium reserves and production output.Considering this hype around lithium, one would believe that the metal is not only essential for electric vehicle production but also for the global shift to renewable power sources. However, this is not the case when we take a look at the list of materials that are crucial to the development of ten industries that will cumulatively drive fossil fuels away from the global economy. The list of industries includes hydrogen power, wind power, nuclear power, and other common names. It shows that iron is the most important metal for the shift to renewable energy since it is required in all of the ten industries through high steel demand. To see which countries produce the most iron ore, which is the backbone of modern day steel, do check out 16 Largest Iron Ore Producing Countries In The World.Story continuesLooking at these details, it's clear that the metals industry is crucial not only for today's world but also for the world of the future. While iron and lithium are primarily known for their industrial uses, another metal, gold, is used by both consumers and financial institutions. One of the oldest currencies in the world is gold, and it was also the standard behind the U.S. dollar until very recently. Gold is held by central banks as a reserve asset to maintain monetary liquidity, and its prices are often quite volatile as they are used as one of the handfuls of global economic barometers. We took a look at the companies part of the VanEck Gold Miners ETF and gathered the number of hedge funds that had invested in them as of Q1 2023 end to determine that Newmont Corporation (NYSE:NEM), Agnico Eagle Mines Limited (NYSE:AEM), and Barrick Gold Corporation (NYSE:GOLD) were some top hedge fund gold company stock picks. Shifting gears to stock investing, there are several ways in which one can invest in the market. Any investing decision involves integrating various factors into the bigger picture about a firm and its shares. One such factor is insider transactions. Public reporting requirements make it mandatory for all stock purchases by directors and insiders with significant shareholdings in a firm to disclose these transactions. Directors are not allowed to trade stocks based on non public information, as doing so would otherwise distort the market, influence the fair price, and create an uneven balance of information between participants. Directors and others can however buy stock in 'window periods' which are typically decided on by the company. The SEC tracks insider stock transactions through multiple reporting requirements, and these are typically monitored by investors to gauge management's own sentiment towards their company. For some interesting insider transactions which came right before shares dropped, you should read 11 Stocks with Heavy Insider Buying in 2023.As to how companies manage a tricky lithium market, here's what Tesla, Inc. (NASDAQ:TSLA)'s former chief financial officer had to say during the firm's latest earnings call:On the commodity side, we are continuing to see improvements there, as we’ve discussed previously. Lithium is the most notable improvement so far. I think I commented on this on the last call, because typically, we see this coming about a quarter before it actually is realized in our financials.And also just as a reminder, we’re not fully exposed to the price of lithium. Our supply chain team has done a terrific job in partnership with another – a bunch of other companies to put in place some long-term agreements here, but we do have some exposure that moves up and down. We’re also seeing benefits in aluminum and steel, which I think is great. Not as large as the lithium impacts, but they contribute nonetheless.With this context, let's take a look at some metals stocks with an uptick in insider buying. The firms that top the list are Trilogy Metals Inc. (NYSE:TMQ), Paramount Gold Nevada Corp. (NYSE:PZG), and TMC the metals company Inc. (NASDAQ:TMC).10 Metals Stocks with Insider BuyingOur Methodology We used Insider Monkey’s insider trading screener to make our list of metals stocks with the highest insider buying and ranked the companies according to insider ownership percentage change. Steel companies are also included in the list since their main product requires iron for manufacturing.10 Metals Stocks with Insider Buying10. Piedmont Lithium Inc. (NASDAQ:PLL)6-Month Insider Ownership Change:  0.19% Piedmont Lithium Inc. (NASDAQ:PLL) is an American lithium company headquartered in North Carolina. Most of its insider transactions have been sales this year, and only a director bought $105,000 worth of shares in March.Insider Monkey took a look at 943 hedge funds for their first quarter of 2023 investments and discovered that 13 had owned Piedmont Lithium Inc. (NASDAQ:PLL)'s shares.Along with Paramount Gold Nevada Corp. (NYSE:PZG), Trilogy Metals Inc. (NYSE:TMQ),  and TMC the metals company Inc. (NASDAQ:TMC), Piedmont Lithium Inc. (NASDAQ:PLL) is a metals stock with insider buying in 2023.9. Coeur Mining, Inc. (NYSE:CDE)6-Month Insider Ownership Change:  0.85%Coeur Mining, Inc. (NYSE:CDE) is an American gold mining company with operations in New Mexico, Alaska, South Dakota, and Canada. Its directors, chairman, and exploration and logistics executives have bought more than $100,000 worth of shares between February and April.As of Q1 2023 end, 17 of. the 943 hedge funds part of Insider Monkey's database had invested in Coeur Mining, Inc. (NYSE:CDE).  Out of these, the firm's largest investor is Paul Marshall and Ian Wace's Marshall Wace LLP through a stake worth $27 million.8. U.S. GoldMining Inc. (NASDAQ:USGO)6-Month Insider Ownership Change:  1.25%U.S. GoldMining Inc. (NASDAQ:USGO) is an American gold exploration firm with an operational presence in its home state, Alaska. It held its IPO in April 2023, and since then, insiders and a director have bought more than a million dollars of stock. Since the IPO was held in April, no hedge fund had invested in U.S. GoldMining Inc. (NASDAQ:USGO) during this year's first quarter. With second quarter filings out soon, be on the lookout to see if this changes.7. Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP)6-Month Insider Ownership Change:  1.73%Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) is a metalwork company that manufactures various kinds of steel alloys. It's one of the hidden stocks of 2023 when it comes to market performance since the shares are up by 100% year to date  -  a nice way to double your money. The stock price also makes it unsurprising that several directors have bought the shares this year, with some tens of thousands of dollars of purchases taking place in February before the shares took off.Insider Monkey's March quarter of 2023 survey covering 943 hedge funds revealed that four had held a stake in the company. Out of these, Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP)'s largest investor is the firm Minerva Advisors since it owns 738,427 shares that are worth $6.7 million.6. Friedman Industries, Incorporated (NYSE:FRD)6-Month Insider Ownership Change:  1.87%Friedman Industries, Incorporated (NYSE:FRD) is a steel manufacturer that supplies products to different industrial sectors such as transportation and construction. Its director Dr. Durga Agarwal bought 5,000 shares for $81,600 in July 2023.Three of the 943 hedge funds part of Insider Monkey's Q1 2023 research had invested in Friedman Industries, Incorporated (NYSE:FRD). Jim Simons' Renaissance Technologies is the biggest stakeholder out of these due to its $4.5 million investment.Trilogy Metals Inc. (NYSE:TMQ), Friedman Industries, Incorporated (NYSE:FRD), Paramount Gold Nevada Corp. (NYSE:PZG), and TMC the metals company Inc. (NASDAQ:TMC) are some metals stocks with insider buying.Click to continue reading and see 5 Metals Stocks with Insider Buying.Suggested Articles:11 Stocks with Heavy Insider Buying10 Large-Cap Stocks with Insider Buying10 Energy Stocks with Insider BuyingDisclosure: None. 10 Metals Stocks with Insider Buying is originally published on Insider Monkey.

Insider Monkey

10 Metals Stocks with Insider Buying

https://finance.yahoo.com/news/10-metals-stocks-insider-buying-213445446.html

304028ad-b740-3751-8eb5-37a8d7b76c86

FRD

Friedman Industries Inc.LONGVIEW, Texas, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE American: FRD) announced today its results of operations for the quarter ended June 30, 2023.June 30, 2023 Quarter Highlights:Net earnings of approximately $7.7 millionSales of approximately $137.3 million23% increase in sales volume over prior year quarter volumeWorking capital balance at quarter-end of approximately $113.1 million“Our first quarter results are a great start to fiscal year 2024 as we strive to deliver record earnings for a third year in a row,” said Michael J. Taylor, President and Chief Executive Officer. “Our team did a good job of evaluating and responding to market conditions during the first quarter. As fiscal 2024 continues, we are focused on maximizing sales volume on our existing assets while also evaluating additional growth opportunities for the Company,” Taylor concluded.For the quarter ended June 30, 2023 (the “2023 quarter”), the Company recorded net earnings of approximately $7.7 million ($1.04 diluted earnings per share) on net sales of approximately $137.3 million compared to net earnings of approximately $11.2 million ($1.55 diluted earnings per share) on net sales of approximately $161.8 million for the quarter ended June 30, 2022 (the “2022 quarter”). Sales volume increased from approximately 105,000 tons in the 2022 quarter to approximately 129,000 tons in the 2023 quarter. The growth in sales volume was primarily related to the Company’s Sinton, Texas facility which commenced operations in October 2022 and the 2022 quarter containing only two months of sales activity following the April 30, 2022 acquisition of facilities and inventory from Plateplus, Inc.The lower revenue for the 2023 quarter was primarily the result of pricing dynamics of hot-rolled steel coil (“HRC”) entering and during the 2023 and 2022 quarters. Our operating results are significantly impacted by the market price of HRC and the Company experienced volatility in this price during both the 2023 quarter and the 2022 quarter. Entering the 2022 quarter, HRC prices experienced a sharp and abrupt increase in reaction to the Russian invasion of Ukraine, increasing approximately 60% from March 2022 to April 2022. HRC prices then declined approximately 60% until the middle of December 2022. From late November 2022 until April 2023, domestic steel producers announced several rounds of price increases with HRC prices increasing approximately 95% during this time. From the middle of April 2023 and until the end of the 2023 quarter, HRC prices declined approximately 27%. For both the 2023 and 2022 quarters, the Company experienced significant increases in steel prices entering the quarters with an inflection point in steel price occurring during each quarter. As a result, both quarters experienced stronger margins in the first half followed by margin compression in the second half. Overall, both quarters are characterized as periods of relatively strong margins.Story continuesThe table below provides our unaudited statements of operations for the quarters ended June 30, 2023 and 2022: SUMMARY OF OPERATIONS (unaudited)(In thousands, except for per share data)        Three Months Ended June 30,   2023 2022       Net Sales $137,298  $161,803        Cost of products sold  120,969   143,131  Selling, general and administrative expenses 5,972   6,353        Earnings from operations 10,357   12,319        Gain on economic hedges of risk 430   2,754  Interest expense  (540)  (429) Other income  6   13        Earnings before income taxes 10,253   14,657        Income tax expense  2,563   3,473        Net earnings $7,690  $11,184        Net earnings per share:     Basic $1.04  $1.55  Diluted $1.04  $1.55  The table below provides summarized unaudited balance sheets as of June 30, 2023 and March 31, 2023:SUMMARIZED BALANCE SHEETS (unaudited)(In thousands)     June 30, 2023 March 31, 2023ASSETS:   Current Assets156,091 143,656Noncurrent Assets55,311 55,656Total Assets211,402 199,312    LIABILITIES AND STOCKHOLDERS' EQUITY:  Current Liabilities43,017 45,088Noncurrent Liabilities45,016 38,792Total Liabilities88,033 83,880    Total Stockholders' Equity123,369 115,432    Total Liabilities and Stockholders' Equity211,402 199,312    FLAT-ROLL SEGMENT OPERATIONS (previously referred to as the “coil segment”)Flat-roll product segment sales for the 2023 quarter totaled approximately $125.2 million compared to approximately $142.9 million for the 2022 quarter. The decrease in sales was driven primarily by a decline in the average selling price of inventory, although this was partially offset by an increase in sales volume. The average per ton selling price of flat-roll segment inventory decreased from approximately $1,525 per ton in the 2022 quarter to approximately $1,038 per ton in the 2023 quarter. Inventory tons sold increased from approximately 94,000 tons in the 2022 quarter to approximately 120,000 tons in the 2023 quarter. The significant increase in sales volume was primarily attributable to the additional facilities acquired from Plateplus, Inc. on April 30, 2022 and the new Sinton, Texas facility becoming operational in October 2022. Flat-roll segment operations recorded operating profits of approximately $11.8 million and $13.5 million for the 2023 and 2022 quarters, respectively.TUBULAR SEGMENT OPERATIONSTubular product segment sales for the 2023 quarter totaled approximately $12.1 million compared to approximately $18.9 million for the 2022 quarter. Sales decreased due to a decline in the average selling price per ton and a decrease in tons sold. The average per ton selling price of tubular segment inventory decreased from approximately $1,779 per ton in the 2022 quarter to approximately $1,358 per ton in the 2023 quarter. Tons sold decreased from approximately 10,500 tons in the 2022 quarter to approximately 9,000 tons in the 2023 quarter. The tubular segment recorded operating profits of approximately $2.3 million and $2.1 million for the 2023 and 2022 quarters, respectively.OUTLOOKThe Company expects steady demand for its second quarter of fiscal 2024 with sales volume expected to be approximately the same as the first quarter. HRC price has continued to see downward pressure during the second quarter. The Company expects lower physical margins for the second quarter compared to the first quarter due to the HRC price trend with hedging related gains partially offsetting the impact of lower margins.ABOUT FRIEDMAN INDUSTRIESFriedman Industries, Incorporated (“Company”), headquartered in Longview, Texas, is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois; Sinton, Texas and Lone Star, Texas. The Company has two reportable segments: flat-roll products and tubular products. The flat-roll product segment consists of the operations in Hickman, Decatur, East Chicago, Granite City and Sinton where the Company processes hot-rolled steel coils. The Hickman, East Chicago and Granite City facilities operate temper mills and corrective leveling cut-to length lines. The Sinton and Decatur facilities operate stretcher leveler cut-to-length lines. The Sinton facility is a newly constructed facility with operations commencing in October 2022. The East Chicago and Granite City facilities were acquired from Plateplus, Inc. on April 30, 2022. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe and distributes pipe through its Texas Tubular Products division.CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSThis news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and such statements involve risk and uncertainty. Forward-looking statements include those preceded by, followed by or including the words “will,” “expect,” “intended,” “anticipated,” “believe,” “project,” “forecast,” “propose,” “plan,” “estimate,” “enable,” and similar expressions, including, for example, statements about our business strategy, our industry, our future profitability, growth in the industry sectors we serve, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions, future production capacity, product quality and estimates and projections of future activity and trends in the oil and natural gas industry.  These forward-looking statements may include, but are not limited to, expected financial results for the quarter ended September 30, 2023, everything under the header “Outlook” above, including sales volumes, margins, hedging results, and potential price increases, expectations as to financial results during the Company’s upcoming fiscal quarters, future changes in the Company’s financial condition or results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this news release.Forward-looking statements are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although forward-looking statements reflect our current beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, the continuing impact of the COVID-19 pandemic, changes in government policy regarding steel, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, changes in and availability of raw materials, our ability to satisfy our take or pay obligations under certain supply agreements, unplanned shutdowns of our production facilities due to equipment failures or other issues, increased competition from alternative materials and risks concerning innovation, new technologies, products and increasing customer requirements. Accordingly, undue reliance should not be placed on our forward-looking statements. Such risks and uncertainty are also addressed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the Company’s Annual Report on Form 10-K and its other Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent law requires.For further information, please refer to the Company's Form 10-Q as filed with the SEC on August 14, 2023 or contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at (903)758-3431.

GlobeNewswire

Friedman Industries, Incorporated Announces First Quarter Results and Provides Near-Term Outlook

https://finance.yahoo.com/news/friedman-industries-incorporated-announces-first-202400608.html

5cf41f74-2e7c-32ba-8207-3163f14c9277

FRHC

ALMATY, Kazakhstan & NEW YORK, August 14, 2023--(BUSINESS WIRE)--Freedom Holding Corp. (hereinafter referred to as the "Company") (Nasdaq: FRHC), a diversified multi-national financial services firm, announced today that on August 11, 2023, the Company received a letter (the "Non-Compliance Letter") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Nasdaq Listing Rule") as a result of its failure to have timely filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the "June 2023 10-Q") with the Securities and Exchange Commission ("SEC").The Non-Compliance Letter provides that, under Nasdaq rules, the Company now has 60 calendar days, or until October 10, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq’s listing requirements. If the Company’s plan is accepted, Nasdaq may grant the Company up to 180 days, or until February 5, 2024, for the Company to regain compliance. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel under Nasdaq Listing Rule 5815(a). The Non-Compliance Letter has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market.The delayed filing of the Company's annual report on Form 10-K for the fiscal year ended March 31, 2023, which was filed on August 3, 2023, had the effect of decreasing the time available for the Company to prepare the June 2023 10-Q. The Company is working diligently to complete the necessary work to file the June 2023 10-Q and expects to file the June 2023 10-Q with the SEC as soon as practicable within the 60-day period to regain compliance with the Nasdaq Listing Rule.Forward-Looking StatementsThis press release contains "forward-looking" statements, including with respect to the Company’s anticipated filing of the June 2023 10-Q. No assurance can be given that the June 2023 10-Q will be filed within 60 days, or that Nasdaq will continue to list the Company’s common stock. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the fiscal year ended March 31, 2023, and our other reports and filings with SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.Story continuesView source version on businesswire.com: https://www.businesswire.com/news/home/20230814964855/en/ContactsDeborah Kostroun (US)[email protected] Tel.: +1 201 403-8185Ramina Fakhrutdinova (KZ)[email protected] Tel.: +7 727 311 10 64, ext. 640

Business Wire

Freedom Holding Corp. Receives Nasdaq Notification of Noncompliance with Listing Rule 5250(c)(1)

https://finance.yahoo.com/news/freedom-holding-corp-receives-nasdaq-180000035.html

ba28d462-a010-35e1-9de2-6b0d2253910e

FRHC

New York-based short-selling firm Hindenburg Research said Tuesday that it was betting against shares of Kazakhstan-based Freedom Holding Corp., a Nasdaq-listed financial conglomerate catering to countries in Eastern Europe and Central Asia. In its report, Hindenburg alleged that Freedom has functioned as a conduit for sanctions evasion in the wake of the Russian invasion of Ukraine while also fabricating revenues through related party transactions and manipulating its own shares through two small brokerages. The Wall Street Journal was not able to immediately verify several of Hindenburg's claims.Continue reading

The Wall Street Journal

Short-Seller Hindenburg Takes Aim at Freedom Holding Corp. Stock

https://finance.yahoo.com/m/e7f5aa72-d207-3373-aba2-6b3e99c660d4/short-seller-hindenburg-takes.html

e7f5aa72-d207-3373-aba2-6b3e99c660d4

FRPH

FRP Holdings, Inc.JACKSONVILLE, Fla., Aug. 07, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) anticipates issuing its second quarter earnings results on Wednesday, August 9, 2023. The Company will host a conference call on Thursday, August 10, 2023 at 9:30 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1- 800-274-8461 (passcode 40104) within the United States. International callers may dial 1-203-518-9814 (passcode 40104). Audio replay will be available until August 24, 2023 by dialing 1-888-562-2817 (no passcode required) within the United States. International callers may dial 1-402-220-7354. An audio replay will also be available on the Company’s investor relations page (https://www.frpdev.com/investor-relations/) following the call. The Company will also be posting a brief slideshow with financial highlights from the first quarter on our website on Wednesday, August 9. This will be available on the Company’s investor relations page under Investor Presentations. For information on our commitment to best practices in Environmental, Social, and Governance matters, please visit the ESG section of our website at https://www.frpdev.com/investor-relations/esg-report/.FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, (iv) leasing and management of a residential apartment building.Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area; demand for apartments in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.Story continuesCONTACT: Contact: John D. Baker III Chief Financial Officer 904/858-9100

GlobeNewswire

FRP Holdings, Inc. Announces Release Date for Its 2023 Second Quarter Earnings and Details for the Earnings Conference Call

https://finance.yahoo.com/news/frp-holdings-inc-announces-release-140000604.html

a8a64b5a-c4fa-3f36-9c5f-b1f70d9314b0

FRPH

FRP Holdings, Inc.JACKSONVILLE, Fla., Aug. 09, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH)  –Second Quarter Operational Highlights16.3% increase in pro-rata NOI ($7.61 million vs $6.55 million) over second quarter 2022Mining royalties’ highest second quarter ever in terms of revenue; royalty revenue increased 13.2% over second quarter 2022; 9.9% increase in royalties per ton55.7% increase in Asset Management revenue versus same period last year; 23.8% increase in Asset Management NOI versus second quarter 2022Second Quarter Consolidated Results of OperationsNet income for the second quarter of 2023 was $598,000 or $.06 per share versus $657,000 or $.07 per share in the same period last year. The second quarter of 2023 was impacted by the following items:Operating profit increased $701,000 compared to the same quarter last year due to improved revenues.Management company indirect increased $235,000 due to merit increases and new hires along with recruiting costs.Interest expense increased $390,000 compared to the same quarter last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development this quarter compared to last year.Interest income increased $2,005,000 due primarily to an increase in interest earned on cash equivalents and increased income from our lending ventures.Equity in loss of Joint Ventures increased $2,281,000 primarily due to losses during lease up at The Verge and .408 Jackson.Second Quarter Segment Operating ResultsAsset Management Segment:Total revenues in this segment were $1,420,000, up $508,000 or 55.7%, over the same period last year. Operating profit was $410,000, up $216,000 from $194,000 in the same quarter last year. Revenues and operating profit are up because of full occupancy at 1841 and 1865 62nd Street (compared to 43.4% and 64.1% occupancy in the second quarter of 2022, respectively) and the addition of 1941 62nd Street to this segment in March 2023. 1941 62nd Street is a 101,750 square-foot build-to-suit, which is fully leased and occupied. We now have nine buildings in service at three different locations totaling 515,077 square feet of industrial and 33,708 square feet of office. At quarter end, we were 95.6% leased and 95.6% occupied. Net operating income in this segment was $843,000, up $162,000 or 23.8% compared to the same quarter last year.Story continuesMining Royalty Lands Segment:Total revenues in this segment were $3,264,000 versus $2,883,000 in the same period last year. Total operating profit in this segment was $2,732,000, an increase of $382,000 versus $2,350,000 in the same period last year. This increase is the result of increases in revenue at nearly every active location. Net Operating Income this quarter for this segment was $3,125,000, up $380,000 or 14% compared to the same quarter last year.Development Segment:With respect to ongoing projects:We are the principal capital source of a residential development venture in Prince George’s County, Maryland known as “Amber Ridge.” Of the $18.5 million in committed capital to the project, $17.2 million in principal draws have taken place through quarter end. Through the end of June 30, 2023, 164 of the 187 units have been sold, and we have received $19.6 million in preferred interest and principal to date.Bryant Street is a mixed-use joint venture between the Company and MRP in Washington, DC consisting of four buildings: The Coda, The Chase 1A, The Chase 1B, and one commercial building which became fully leased this quarter, 90% of which is leased to an Alamo Draft House movie theater. At quarter end, the Coda was 95% leased and 94.8% occupied and the two buildings that comprise the Chase were 90.69% leased and 92.49% occupied. In total, at quarter end, Bryant Street’s 487 residential units were 92.2% leased and 93.2% occupied. Its commercial space was 95.9% leased and 79.1% occupied at quarter end.Lease-up is underway at The Verge, and at quarter end, the building was 68.6% leased and 43.3% occupied inclusive of 25 units licensed to Placemaker Management for a short-term corporate rental program. Retail at this location is 45.2% leased. This is our third mixed-use project in the Anacostia waterfront submarket in Washington, DC..408 Jackson is our second joint venture project in Greenville. Leasing began in the fourth quarter of 2022 with residential units 85.9% leased and 76.2% occupied at quarter end. Retail at this location is 100% leased and currently under construction and expected to open during the fourth quarter of this year.Windlass Run, our suburban office and retail joint venture with St. John Properties, Inc. signed a new office lease for 12,126 square feet bringing the office portion of the project to 78.28% leased and 61.45% occupied. Additional retail space at this site is 22.86% leased and 13.46% occupied.Stabilized Joint Venture Segment:Total revenues in this segment were $5,545,000, an increase of $120,000 versus $5,425,000 in the same period last year. The Maren’s revenue was $2,640,000 an increase of 7.4% and Dock 79 revenues decreased $62,000 to $2,906,000 or 2.1%. Total operating profit in this segment was $912,000, a decrease of $7,000 versus $919,000 in the same period last year. Pro-rata net operating income this quarter for this segment was $2,152,000, down $248,000 or 10.3% compared to the same quarter last year because of the sale of our 20% TIC interest in both properties to SIC, mitigated by $223,000 in pro rata NOI from our share of the Riverside joint venture in Greenville, SC.At the end of June, The Maren was 92.42% leased and 94.32% occupied. Average residential occupancy for the quarter was 96.88%, and 39.62% of expiring leases renewed with an average rent increase on renewals of 5.66%. The Maren is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 56.3% ownership.Dock 79’s average residential occupancy for the quarter was 94.75%, and at the end of the quarter, Dock 79’s residential units were 91.48% leased and 95.41% occupied. This quarter, 65.31% of expiring leases renewed with an average rent increase on renewals of 3.20%. Dock 79 is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 52.8% ownership.During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in Greenville, South Carolina. At quarter end, the building was 97.0% leased with 95.5% occupancy. Average occupancy for the quarter was 95.42% with 61.76% of expiring leases renewing with an average rental increase of 11.96%. Riverside is a joint venture with Woodfield Development and the Company owns 40% of the venture.Six Months Operational Highlights (compared to the same period last year)24.5% increase in pro-rata NOI ($14.60 million vs $11.73 million)Mining Royalties increased 23.3%; 10.1% increase in royalties per ton42.2% increase in Asset Management revenue; 39.2% increase in Asset Management NOISix Months Consolidated Results of OperationsNet income for the first six months of 2023 was $1,163,000 or $.12 per share versus $1,329,000 or $.14 per share in the same period last year. The first six months of 2023 was impacted by the following items:Operating profit increased $2,191,000 compared to the same period last year due to improved revenues and profits in all four segments.Management company indirect increased $300,000 due to merit increases and new hires along with recruiting costs.Interest expense increased $658,000 compared to the same period last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development compared to last year.Interest income increased $3,489,000 due primarily to an increase in interest earned on cash equivalents and increased income from our lending ventures.Equity in loss of Joint Ventures increased $4,302,000 primarily due to losses during lease up at The Verge and .408 Jackson.The first six months of 2022 included a $733,000 gain on sales of excess property at Brooksville.Six Months Segment Operating ResultsAsset Management Segment:Total revenues in this segment were $2,490,000, up $739,000 or 42.2%, over the same period last year. Operating profit was $705,000, up $363,000 from $342,000 in the same period last year. Revenues and operating profit are up partly because of rent growth at Cranberry Run, but primarily because of full occupancy at 1865 and 1841 62nd Street and the addition of 1941 62nd Street to this segment in March 2023. Net operating income in this segment was $1,630,000, up $459,000 or 39.2% compared to the same period last year.Mining Royalty Lands Segment:Total revenues in this segment were $6,546,000 versus $5,308,000 in the same period last year. Total operating profit in this segment was $5,522,000, an increase of $1,083,000 versus $4,439,000 in the same period last year. This increase is the result of the additional royalties from the acquisition in Astatula, Florida, which we completed at the beginning of the second quarter 2022, as well as increases in revenue at nearly every active location. Net Operating Income in this segment was $6,273,000, up $1,236,000 or 25% compared to the same period last year.Stabilized Joint Venture Segment:In the fourth quarter of 2022, as part of our new partnership with Steuart Investment Company and MidAtlantic Realty Partners, we sold a 20% ownership interest in a tenancy-in-common (TIC) of Dock 79 and The Maren for $65.3 million, $44.5 million attributable to the Company, placing a combined valuation of the two buildings at $326.5 million.Total revenues in this segment were $10,821,000, an increase of $336,000 versus $10,485,000 in the same period last year. The Maren’s revenue was $5,231,000, an increase of 7.5% and Dock 79 revenues decreased $29,000 to $5,591,000 or .5%. Total operating profit in this segment was $1,716,000, an increase of $431,000 versus $1,285,000 in the same period last year. Pro-rata net operating income for this segment was $4,174,000, down $364,000 or 8.0% compared to the same period last year because of the sale of our 20% TIC interest in both properties to SIC, mitigated by $445,000 in pro rata NOI from our share of the Riverside joint venture.At the end of June, The Maren was 92.42% leased and 94.32% occupied. Average residential occupancy for the first six months of 2023 was 96.37%, and 43.53% of expiring leases renewed with an average rent increase on renewals of 6.64%. The Maren is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 56.3% ownership.Dock 79’s average residential occupancy for the first six months of 2023 was 93.77%, and at the end of the quarter, Dock 79’s residential units were 91.48% leased and 95.41% occupied. Through the first six months of the year, 65.22% of expiring leases renewed with an average rent increase on renewals of 3.74%. Dock 79 is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 52.8% ownership.During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in Greenville, South Carolina. At end of June, the building was 97.0% leased with 95.5% occupancy. Average occupancy for the first six months of 2023 was 94.92% with 58.73% of expiring leases renewing with an average rental increase of 11.76%. Riverside is a joint venture with Woodfield Development and the Company owns 40% of the venture.Summary and OutlookRoyalty revenue for this quarter was up 13% over the same period last year, and royalty revenue for the first six months is up 23%. The last three quarters have been the three highest revenue quarters in this segment’s history. Mining royalty revenue for the last twelve months is $11.92 million, a 21% increase over the same period last year, and the segment’s highest revenue total over any twelve-month period.In the Stabilized Joint Venture segment, pro-rata NOI is down for the segment for both the quarter and the first six months, which is to be expected after selling 20% of our share of Dock 79 and The Maren to SIC. NOI for the two projects as a whole increased 2.56% ($6,841,000 vs $6,670,000) for the first six months compared to the same period last year. After taking a dip in the first quarter, average occupancy at Dock 79 is back where we expect it to be (94.75%). The effort to get it back to where it should be is largely responsible for the flattening in rental increases (3.20% in the second quarter vs 4.52% in the first quarter) as well as the 3% loss on trade-outs. The Maren maintained a strong average occupancy this quarter (96.88%), though renewal rates (39.62%), increases (5.66%), and trade outs (6.0%) were slightly below what we’ve achieved in the past.    Riverside in Greenville (which was added to this segment in the third quarter of last year) has maintained strong occupancy (95.42% this quarter) post stabilization. The renewal rate for the first six months (58.73%) is good, but the average increase on renewals of 11.76% is exceptional. These metrics continue to reinforce our faith in this market as well as the quality of the asset. Our pro-rata share of NOI at Riverside this quarter was $223,000 and $445,000 for the first six months.In our Asset Management Segment, occupancy and our overall square-footage have increased since the second quarter of 2022, leading to a 39.2% increase in NOI for the first six months compared to the same period last year. We are 95.6% leased and occupied on 548,785 square feet compared to 84.3% occupied on 447,035 square feet at the end of the second quarter of 2022.Inflation and the upward pressure on interest rates, while potentially softening, remain an obstacle for any developer. We have benefitted from the effect of these forces on rents and royalties, but the compression of future margins from hard costs and financing is a real problem for development. In (relatively) less capital-intensive projects like warehouse construction, this situation is potentially beneficial, because we can use our cash on hand to finance construction on an all equity basis and develop in-demand industrial product while the interest rates on construction loans keep most development on the sidelines. But in the instance of multi-family development, where a construction loan is an absolute necessity, we will in all likelihood sit tight for the time being. In regards to the first phase of our partnership with SIC and MRP, we will continue to pursue entitlements and all work required to prepare the project for development, but will delay vertical construction until the lending markets soften. As we mentioned last quarter, we have a long-term vision for the company, and we’re not going to rush into anything and take on additional development risk if market conditions prevent us from making a reasonable return. We still have the utmost confidence in our assets and the markets in which they thrive. To that end, this past quarter we repurchased 18,340 shares at average cost of $54.52 per share.We would like to remind our investors that we are holding an Investor Day on October 11, 2023 in Washington D.C. Investor Day presentations will begin at 10:00 A.M. EDT at Dock 79 and will be followed by a Q&A session. The event will feature presentations from its executive management team. For information on the event and to RSVP, please email [email protected].   A live webcast and presentation materials will be available to all interested parties at https://www.frpdev.com/investor-relations/. For those unable to join the live webcast, a replay will be available on our website shortly after the event.Conference CallThe Company will host a conference call on Thursday, August 10, 2023 at 9:30 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1- 800-274-8461 (passcode 40104) within the United States. International callers may dial 1-203-518-9814 (passcode 40104). Audio replay will be available until August 24, 2023 by dialing 1-888-562-2817 (no passcode required) within the United States. International callers may dial 1-402-220-7354. An audio replay will also be available on the Company’s investor relations page (https://www.frpdev.com/investor-relations/) following the call.Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area; demand for apartments in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements. FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, (iv) leasing and management of a residential apartment building.FRP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In thousands except per share amounts)(Unaudited)  THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2023 2022 2023 2022Revenues:               Lease revenue$7,432   6,745   14,264   13,027 Mining lands lease revenue 3,264   2,883   6,546   5,308 Total Revenues 10,696   9,628   20,810   18,335                 Cost of operations:               Depreciation, depletion and amortization 2,819   2,868   5,599   5,766 Operating expenses 1,822   1,541   3,562   3,349 Property taxes 879   1,041   1,826   2,069 Management company indirect 1,040   805   1,879   1,579 Corporate expenses 1,369   1,307   2,323   2,142 Total cost of operations 7,929   7,562   15,189   14,905                 Total operating profit 2,767   2,066   5,621   3,430                 Net investment income 3,125   1,120   5,507   2,018 Interest expense (1,129)  (739)  (2,135)  (1,477)Equity in loss of joint ventures (4,047)  (1,766)  (7,672)  (3,370)Gain (loss) on sale of real estate (2)  —   8   733                 Income before income taxes 714   681   1,329   1,334 Provision for (benefit from) income taxes 222   99   431   348                 Net income 492   582   898   986 Loss attributable to noncontrolling interest (106)  (75)  (265)  (343)Net income attributable to the Company$598   657   1,163   1,329                 Earnings per common share:               Net income attributable to the Company-               Basic$0.06   0.07   0.12   0.14 Diluted$0.06   0.07   0.12   0.14                 Number of shares (in thousands) used in computing:           -basic earnings per common share 9,432   9,384   9,424   9,375 -diluted earnings per common share 9,466   9,424   9,463   9,416 FRP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited) (In thousands, except share data)     June 30 December 31Assets:2023 2022Real estate investments at cost:       Land$141,578   141,579 Buildings and improvements 282,070   270,579 Projects under construction 2,667   12,208 Total investments in properties 426,315   424,366 Less accumulated depreciation and depletion 62,720   57,208 Net investments in properties 363,595   367,158         Real estate held for investment, at cost 10,392   10,182 Investments in joint ventures 152,587   140,525 Net real estate investments 526,574   517,865         Cash and cash equivalents 166,537   177,497 Cash held in escrow 823   797 Accounts receivable, net 1,472   1,166 Unrealized rents 1,299   856 Deferred costs 2,620   2,343 Other assets 571   560 Total assets$699,896   701,084         Liabilities:       Secured notes payable$178,631   178,557 Accounts payable and accrued liabilities 3,153   5,971 Other liabilities 1,886   1,886 Federal and state income taxes payable 186   18 Deferred revenue 891   259 Deferred income taxes 67,903   67,960 Deferred compensation 1,381   1,354 Tenant security deposits 873   868 Total liabilities 254,904   256,873         Commitments and contingencies               Equity:       Common stock, $.10 par value 25,000,000 shares authorized, 9,495,673 and 9,459,686 shares issued and outstanding, respectively 950   946 Capital in excess of par value 67,028   65,158 Retained earnings 342,610   342,317 Accumulated other comprehensive loss, net (712)  (1,276)Total shareholders’ equity 409,876   407,145 Noncontrolling interest 35,116   37,066 Total equity 444,992   444,211 Total liabilities and equity$699,896   701,084 Asset Management Segment: Three months ended June 30    (dollars in thousands)2023 % 2022 % Change %            Lease revenue$1,420  100.0% 912  100.0% 508  55.7%                   Depreciation, depletion and amortization 359  25.3% 230  25.2% 129  56.1%Operating expenses 176  12.4% 111  12.2% 65  58.6%Property taxes 63  4.4% 52  5.7% 11  21.2%Management company indirect 141  9.9% 100  10.9% 41  41.0%Corporate expense 271  19.1% 225  24.7% 46  20.4%                   Cost of operations 1,010  71.1% 718  78.7% 292  40.7%                   Operating profit$410  28.9% 194  21.3% 216  111.3%Mining Royalty Lands Segment: Three months ended June 30    (dollars in thousands)2023 % 2022 % Change %            Mining lands lease revenue$3,264  100.0% 2,883  100.0% 381  13.2%                   Depreciation, depletion and amortization 151  4.6% 189  6.6% (38) -20.1%Operating expenses 16  0.5% 17  0.6% (1) -5.9%Property taxes 74  2.3% 69  2.4% 5  7.2%Management company indirect 137  4.2% 110  3.8% 27  24.5%Corporate expense 154  4.7% 148  5.1% 6  4.1%                   Cost of operations 532  16.3% 533  18.5% (1) -0.2%                   Operating profit$2,732  83.7% 2,350  81.5% 382  16.3%Development Segment: Three months ended June 30(dollars in thousands)2023 2022 Change      Lease revenue$467  408  59           Depreciation, depletion and amortization 41  47  (6)Operating expenses 73  80  (7)Property taxes 179  356  (177)Management company indirect 646  506  140 Corporate expense 815  816  (1)          Cost of operations 1,754  1,805  (51)          Operating loss$(1,287) (1,397) 110 Stabilized Joint Venture Segment: Three months ended June 30    (dollars in thousands)2023 % 2022 % Change %            Lease revenue$5,545  100.0% 5,425  100.0% 120  2.2%                   Depreciation, depletion and amortization 2,268  40.9% 2,402  44.3% (134) -5.6%Operating expenses 1,557  28.1% 1,333  24.6% 224  16.8%Property taxes 563  10.2% 564  10.4% (1) -0.2%Management company indirect 116  2.1% 89  1.6% 27  30.3%Corporate expense 129  2.3% 118  2.2% 11  9.3%                   Cost of operations 4,633  83.6% 4,506  83.1% 127  2.8%                   Operating profit$912  16.4% 919  16.9% (7) -0.8%Asset Management Segment: Six months ended June 30    (dollars in thousands)2023 % 2022 % Change %            Lease revenue$2,490  100.0% 1,751  100.0% 739  42.2%                   Depreciation, depletion and amortization 637  25.6% 464  26.5% 173  37.3%Operating expenses 317  12.7% 279  15.9% 38  13.6%Property taxes 123  4.9% 105  6.0% 18  17.1%Management company indirect 255  10.3% 192  11.0% 63  32.8%Corporate expense 453  18.2% 369  21.1% 84  22.8%                   Cost of operations 1,785  71.7% 1,409  80.5% 376  26.7%                   Operating profit$705  28.3% 342  19.5% 363  106.1%Mining Royalty Lands Segment: Six months ended June 30    (dollars in thousands)2023 % 2022 % Change %            Mining lands lease revenue$6,546  100.0% 5,308  100.0% 1,238  23.3%                   Depreciation, depletion and amortization 334  5.1% 244  4.6% 90  36.9%Operating expenses 33  0.5% 32  0.6% 1  3.1%Property taxes 143  2.2% 134  2.5% 9  6.7%Management company indirect 253  3.8% 217  4.1% 36  16.6%Corporate expense 261  4.0% 242  4.6% 19  7.9%                   Cost of operations 1,024  15.6% 869  16.4% 155  17.8%                   Operating profit$5,522  84.4% 4,439  83.6% 1,083  24.4%Development Segment: Six months ended June 30(dollars in thousands)2023 2022 Change      Lease revenue$953  791  162           Depreciation, depletion and amortization 96  92  4 Operating expenses 167  291  (124)Property taxes 466  711  (245)Management company indirect 1,157  996  161 Corporate expense 1,389  1,337  52           Cost of operations 3,275  3,427  (152)          Operating loss$(2,322) (2,636) 314 Stabilized Joint Venture Segment: Six months ended June 30    (dollars in thousands)2023 % 2022 % Change %            Lease revenue$10,821  100.0% 10,485  100.0% 336  3.2%                   Depreciation, depletion and amortization 4,532  41.9% 4,966  47.4% (434) -8.7%Operating expenses 3,045  28.1% 2,747  26.2% 298  10.8%Property taxes 1,094  10.1% 1,119  10.7% (25) -2.2%Management company indirect 214  2.0% 174  1.6% 40  23.0%Corporate expense 220  2.0% 194  1.8% 26  13.4%                   Cost of operations 9,105  84.1% 9,200  87.7% (95) -1.0%                   Operating profit$1,716  15.9% 1,285  12.3% 431  33.5%Non-GAAP Financial Measures.To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro-rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. This measure is not, and should not be viewed as, a substitute for GAAP financial measures.Pro-rata Net Operating Income Reconciliation           Six months ended 06/30/23 (in thousands)                Stabilized       Asset   Joint Mining Unallocated FRP Management Development Venture Royalties Corporate Holdings Segment Segment Segment Segment Expenses TotalsNet Income (loss)$513  (5,257) (509) 4,018  2,133  898 Income Tax Allocation 190  (1,950) (90) 1,490  791  431 Income (loss) before income taxes 703  (7,207) (599) 5,508  2,924  1,329                    Less:                  Unrealized rents 420  —  —  97  —  517 Gain on sale of real estate —  —  —  10  —  10 Interest income —  2,561  —  —  2,946  5,507 Plus:                  Unrealized rents —  —  100  —  —  100 Loss on sale of real estate 2  —  —  —  —  2 Equity in loss of Joint Ventures —  7,446  202  24  —  7,672 Professional fees - other —  —  59  —  —  59 Interest Expense —  —  2,113  —  22  2,135 Depreciation/Amortization 637  96  4,532  334  —  5,599 Management Co. Indirect 255  1,157  214  253  —  1,879 Allocated Corporate Expenses 453  1,389  220  261  —  2,323                    Net Operating Income (loss) 1,630  320  6,841  6,273  —  15,064                    NOI of noncontrolling interest —  —  (3,112) —  —  (3,112)Pro-rata NOI from unconsolidated joint ventures —  2,205  445  —  —  2,650                    Pro-rata net operating income$1,630  2,525  4,174  6,273  —  14,602 Pro-rata Net Operating Income Reconciliation           Six months ended 06/30/22 (in thousands)                Stabilized       Asset   Joint Mining Unallocated FRP Management Development Venture Royalties Corporate Holdings Segment Segment Segment Segment Expenses TotalsNet Income (loss)$249  (3,351) (92) 3,758  422  986 Income Tax Allocation 93  (1,242) 92  1,393  12  348 Income (loss) before income taxes 342  (4,593) —  5,151  434  1,334                    Less:                  Unrealized rents 196  —  —  105  —  301 Gain on sale of real estate —  —  —  733  —  733 Equity in gain of Joint Ventures —  —  171  —  —  171 Interest income —  1,563  —  —  455  2,018 Plus:                  Unrealized rents —  —  51  —  —  51 Equity in loss of Joint Ventures —  3,520  —  21  —  3,541 Interest Expense —  —  1,456  —  21  1,477 Depreciation/Amortization 464  92  4,966  244  —  5,766 Management Co. Indirect 192  996  174  217  —  1,579 Allocated Corporate Expenses 369  1,337  194  242  —  2,142                    Net Operating Income (loss) 1,171  (211) 6,670  5,037  —  12,667                    NOI of noncontrolling interest —  —  (2,132) —  —  (2,132)Pro-rata NOI from unconsolidated joint ventures —  1,192  —  —  —  1,192                    Pro-rata net operating income$1,171  981  4,538  5,037  —  11,727 Contact:John D. Baker III  Chief Financial Officer904/858-9100

GlobeNewswire

FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Second Quarter and Six Months Ended June 30, 2023

https://finance.yahoo.com/news/frp-holdings-inc-nasdaq-frph-173800999.html

0dc648b5-10c3-36cc-acef-b013d784d08d

FRSH

For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Freshworks Inc. (FRSH) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.Freshworks Inc. is one of 631 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Freshworks Inc. is currently sporting a Zacks Rank of #2 (Buy).Over the past 90 days, the Zacks Consensus Estimate for FRSH's full-year earnings has moved 12.7% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.Based on the latest available data, FRSH has gained about 44.1% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 36.8% on average. This shows that Freshworks Inc. is outperforming its peers so far this year.ACM Research, Inc. (ACMR) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 98.4%.In ACM Research, Inc.'s case, the consensus EPS estimate for the current year increased 41.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).Looking more specifically, Freshworks Inc. belongs to the Internet - Software industry, a group that includes 147 individual stocks and currently sits at #87 in the Zacks Industry Rank. This group has gained an average of 43.8% so far this year, so FRSH is performing better in this area.Story continuesOn the other hand, ACM Research, Inc. belongs to the Semiconductor Equipment - Material Services industry. This 1-stock industry is currently ranked #1. The industry has moved +43.3% year to date.Investors with an interest in Computer and Technology stocks should continue to track Freshworks Inc. and ACM Research, Inc. These stocks will be looking to continue their solid performance.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportFreshworks Inc. (FRSH) : Free Stock Analysis ReportACM Research, Inc. (ACMR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Is Freshwork (FRSH) Stock Outpacing Its Computer and Technology Peers This Year?

https://finance.yahoo.com/news/freshwork-frsh-stock-outpacing-computer-134010279.html

74fa751c-52e2-34c2-8ae1-718bf57be73d

FRSH

Freshworks IncSAN MATEO, Calif., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Freshworks Inc., (NASDAQ: FRSH) today announced that Tyler Sloat, Chief Financial Officer, is scheduled to participate in a fireside chat at the Piper Sandler Growth Frontiers Conference on Tuesday, September 12, 2023 at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time).An audio webcast replay will be accessible from the Freshworks investor relations website at https://ir.freshworks.com.About Freshworks Inc.Freshworks Inc., (NASDAQ: FRSH) creates AI-driven business software anyone can use. Purpose-built for IT, customer support, and sales and marketing teams, our AI-boosted products let everyone work more efficiently and deliver more value for immediate business impact. Headquartered in San Mateo, California, Freshworks operates around the world to serve more than 65,000 customers, including American Express, Blue Nile, Bridgestone, Databricks, Fila, Klarna, and OfficeMax. For the freshest company news visit www.freshworks.com and follow us on Facebook, LinkedIn and Twitter.© 2023 Freshworks Inc. All Rights Reserved. Freshworks and its associated logo is a trademark of Freshworks Inc. All other company, brand and product names may be trademarks or registered trademarks of their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third party of Freshworks Inc. or any aspect of this press release.Investor Relations Contact:Joon [email protected] Relations Contact:Jayne [email protected]

GlobeNewswire

Freshworks to Participate in Piper Sandler Growth Frontiers Conference

https://finance.yahoo.com/news/freshworks-participate-piper-sandler-growth-120000919.html

e4390d68-c953-3c6d-8456-6d29023b97f1

FRT

Income investors may find this dividend stock appealing, but further considerations are needed before investing.Continue reading

Motley Fool

This Company Raised Its Dividend Payout for 56 Consecutive Years, But Does That Make It a Good Investment?

https://finance.yahoo.com/m/e7b0dde4-109d-3299-95ca-722ea9c7939f/this-company-raised-its.html

e7b0dde4-109d-3299-95ca-722ea9c7939f

FRT

The retail landlord's stock is down around 30% from its 2022 highs and the dividend yield is at levels seen during the last two recessions.Continue reading

Motley Fool

Federal Realty Investment Trust: Buy, Sell, or Hold?

https://finance.yahoo.com/m/68cf936b-bfa8-35b1-a26b-bcd595cab606/federal-realty-investment.html

68cf936b-bfa8-35b1-a26b-bcd595cab606

FSK

FS KKR Capital Corp.’s FSK second-quarter 2023 adjusted net investment income (NII) per share of 78 cents surpassed the Zacks Consensus Estimate of 76 cents. This compared favorably with the prior-year quarter’s 67 cents.A solid rise in total investment income aided results. Also, portfolio activity was decent in the quarter. However, higher expenses hurt FSK’s results to some extent.NII (GAAP basis) was $229 million, up 12.8% from the prior-year quarter’s levels.Total Investment Income & Expenses JumpTotal investment income was $462 million, up 21.9% from the year-ago quarter’s figure. The top line outpaced the Zacks Consensus Estimate of $450 million.Total operating expenses increased 22% to $233 million. The upside was mainly due to higher interest expenses. Moreover, the company recorded a subordinated income incentive fee of $47 million in the reported quarter.Total Portfolio Value & Balance Sheet DecentThe fair value of FS KKR Capital’s total investment portfolio was $14.8 billion as of Jun 30, 2023.As of Jun 30, 2023, the company’s net asset value was $24.69 per share compared with $26.41 on Jun 30, 2021. The company had $15.9 billion in total assets and $6.9 billion in total stockholders’ equity at the end of the second quarter. As of Jun 30, 2023, 58% of FSK’s $8.2 billion of total debt was unsecured and 42% was secured.Our TakeDecent origination volumes are expected to support FS KKR Capital’s profitability. However, a tough operating backdrop remains a headwind.FS KKR Capital Corp. Price, Consensus and EPS Surprise FS KKR Capital Corp. Price, Consensus and EPS SurpriseFS KKR Capital Corp. price-consensus-eps-surprise-chart | FS KKR Capital Corp. Quote Currently, FSK carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Finance CompaniesHercules Capital Inc.’s HTGC second-quarter 2023 NII of 53 cents per share outpaced the Zacks Consensus Estimate of 50 cents. The bottom line reflects a rise of 66% from the year-ago quarter.Results were primarily aided by an increase in the total investment income. Also, the balance sheet position remained strong, and new commitments were robust. However, higher expenses hurt HTGC’s results to some extent.Ares Capital Corporation’s ARCC second-quarter 2023 core earnings of 58 cents per share surpassed the Zacks Consensus Estimate by a penny. The bottom line also reflected a rise of 26.1% from the prior-year quarter.ARCC’s results were primarily aided by an improvement in total investment income. Also, the company’s portfolio activity was robust in the quarter. However, an increase in expenses hurt the results to some extent.Story continuesWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAres Capital Corporation (ARCC) : Free Stock Analysis ReportHercules Capital, Inc. (HTGC) : Free Stock Analysis ReportFS KKR Capital Corp. (FSK) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

FS KKR Capital (FSK) Q2 Earnings Beat Despite Higher Expenses

https://finance.yahoo.com/news/fs-kkr-capital-fsk-q2-150000810.html

5ede5e02-a1c0-38b6-8901-cb87dd48ac4d

FSK

On August 11, 2023, Daniel Pietrzak, Co-President and Chief Investment Officer of FS KKR Capital Corp (NYSE:FSK), purchased 5000 shares of the company. This move is significant as insider buying often signals confidence in the company's future prospects.Warning! GuruFocus has detected 5 Warning Signs with FSK. Click here to check it out. FSK 30-Year Financial DataThe intrinsic value of FSKDaniel Pietrzak is a seasoned financial executive with extensive experience in the investment industry. As Co-President and CIO of FS KKR Capital Corp, he plays a crucial role in the company's strategic decision-making and investment operations. His recent purchase of FSK shares underscores his belief in the company's potential for growth and profitability.FS KKR Capital Corp is a leading investment firm that provides customized credit solutions to private middle market U.S. companies. The firm seeks to generate attractive, risk-adjusted returns through its large-scale, diversified platform and strategic partnerships with leading institutional investors.Over the past year, Daniel Pietrzak has purchased a total of 11,000 shares and sold none, indicating a strong bullish sentiment towards the company. This trend aligns with the overall insider transaction history for FS KKR Capital Corp, which shows 10 insider buys and only 1 insider sell over the past year.Insider Buying: Co-President and CIO Daniel Pietrzak Acquires 5000 Shares of FS KKR Capital CorpOn the day of Pietrzak's recent buy, shares of FS KKR Capital Corp were trading at $20.12, giving the company a market cap of $5.67 billion. Despite the relatively high price-earnings ratio of 20.25, which is above the industry median of 14.14 and the company's historical median, the stock appears to be significantly undervalued based on its GuruFocus Value.Insider Buying: Co-President and CIO Daniel Pietrzak Acquires 5000 Shares of FS KKR Capital CorpWith a price of $20.12 and a GuruFocus Value of $32.49, FS KKR Capital Corp has a price-to-GF-Value ratio of 0.62. This suggests that the stock is significantly undervalued. The GF Value is an intrinsic value estimate developed by GuruFocus, calculated based on historical multiples, a GuruFocus adjustment factor, and future estimates of business performance from Morningstar analysts.In conclusion, the recent insider buying activity by Daniel Pietrzak, coupled with the company's strong fundamentals and undervalued status, presents a compelling case for potential investors. As always, investors are advised to conduct their own comprehensive research before making investment decisions.This article first appeared on GuruFocus.

GuruFocus.com

Insider Buying: Co-President and CIO Daniel Pietrzak Acquires 5000 Shares of FS KKR Capital Corp

https://finance.yahoo.com/news/insider-buying-co-president-cio-130144940.html

51053b31-b03b-30f5-b111-e42ae9006fd6

FSLR

First Solar stock was rising Friday after analysts provided bullish commentary on the solar panel company. First Solar (ticker: FSLR) hosted its first analyst day since 2017 before the opening bell on Thursday, providing investors and Wall Street analysts with its cost cutting plans and technological investments for the next three years. First Solar management said that it expects gross margin, excluding the value of the Inflation Reduction Act, rising from 20% to 30% over the next three years.Continue reading

Barrons.com

First Solar Stock Rises After Analyst Day. What Wall Street Thinks.

https://finance.yahoo.com/m/064c3d93-93f4-3b83-a929-8576833af797/first-solar-stock-rises-after.html

064c3d93-93f4-3b83-a929-8576833af797

FSLR

Shares of First Solar are rising following an upgrade to buy from Deutsche Bank. FSLR stock was up as much as 2.5% in morning trading.Continue reading

Investor's Business Daily

First Solar Rises On Upgrade As Analyst Sees Strong Roadmap

https://finance.yahoo.com/m/c1c90b60-443c-3236-ae37-f8888e100ce5/first-solar-rises-on-upgrade.html

c1c90b60-443c-3236-ae37-f8888e100ce5

FTHM

Elite Financing Group Joins Encompass Lending Group to Strengthen Consumer Lending Footprint Across TexasCARY, N.C., Aug. 31, 2023 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM) ("Fathom" or the "Company"), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced that its subsidiary, Encompass Lending Group ("Encompass"), has expanded its operations in Texas through the addition of Austin-based Elite Financing Group, a residential mortgage lender. Elite Financing Group will operate under the Encompass Lending Group umbrella. Terms were not disclosed.(PRNewsfoto/Fathom Realty)Elite Financing Group provides a full range of residential lending solutions to individuals and families, offering mortgages for home purchase, refinancing, as well as home loans for veterans and first-time home buyers. An equal housing lender, Elite Financing Group has offices in the Austin and Dallas-Fort Worth markets and has been one of the top rated mortgage companies rated by the Austin Business Journal for five of the last six years."I'm thrilled to welcome Elite Financing Group to our Fathom family," said Fathom CEO Joshua Harley. "Joshua Bibler, Jorge Aldrete and their team share our mission and bring a local market expertise to Encompass Lending which should help strengthen our mortgage business in Texas and ultimately enhance our offerings and support our growth. With Elite Financing Group's current book of business and their local relationships, we have the potential of nearly doubling our mortgage closings Nationwide over the next year. We look forward to working together in advancing our growth strategy.""We are excited to add Elite Financing Group to the Encompass Lending family," said Sean Varin, President of Encompass Lending Group. "Their team brings a wealth of experience and well-earned respect in the mortgage industry that will help strengthen our existing presence in the Dallas-Fort Worth market and expand our operations into Austin to ultimately serve more clients throughout Texas. They bring a wealth of experience, knowledge, and a high level of customer service that reflects our culture and complements our existing skillsets."Story continues"We believe Encompass is a perfect fit for our team during this dynamic moment in the real estate industry," said Joshua Bibler, Founding Principal of Elite Financing Group. "We are focused on helping home buyers make informed, confident decisions about their mortgage selection and help improve the lives of others through home ownership. For 18 years we have successfully navigated the ever-changing mortgage industry, never wavering on our commitment to customer service and we look forward to continuing to provide quality, personalized service that best meets homeowner's needs."About Fathom Holdings Inc.Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title. For more information, visit www.FathomInc.com.Cautionary Note Concerning Forward-Looking StatementsThis press release contains "forward-looking statements," including, but not limited to, the company's ability to significantly bring more mortgage business to its loan officers. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks related to acquisitions; risks related to general economic conditions, including interest rates; risks in effectively managing rapid growth in our business; reliance on key personnel; competitive risks; and the other risk factors set forth from time to time in our SEC filings, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.Investor Contact:Alex Kovtun and Matt Glover Gateway Group, Inc.949-574-3860 [email protected] original content to download multimedia:https://www.prnewswire.com/news-releases/fathom-holdings-subsidiary-encompass-lending-group-expands-texas-operations-301914290.htmlSOURCE Fathom Realty

PR Newswire

Fathom Holdings Subsidiary, Encompass Lending Group, Expands Texas Operations

https://finance.yahoo.com/news/fathom-holdings-subsidiary-encompass-lending-120500630.html

41efb0b5-a9a0-34ec-8812-6f15a55b9b51

FTHM

CARY, N.C., Sept. 6, 2023 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM) ("Fathom" or the "Company"), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, will participate in the B. Riley Securities Consumer Conference being held at Sofitel Hotel in New York.(PRNewsfoto/Fathom Realty)Fathom Founder and Chief Executive Officer Joshua Harley and President and Chief Financial Officer Marco Fregenal will present on September 14, 2023 at 3:30 p.m. ET and hold one-on-one meetings with institutional investors at the conference throughout the day.For more information about the conference or to schedule a one-on-one meeting, please contact your B.Riley Securities representative or Fathom's investor relations team at [email protected] Fathom Holdings Inc.Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title. For more information, visit www.FathomInc.com.Investor Contact:Alex Kovtun and Matt Glover Gateway Group, Inc. [email protected] original content to download multimedia:https://www.prnewswire.com/news-releases/fathom-holdings-to-participate-in-the-b-riley-securities-consumer-conference-301919771.htmlSOURCE Fathom Realty

PR Newswire

Fathom Holdings to Participate in the B. Riley Securities Consumer Conference

https://finance.yahoo.com/news/fathom-holdings-participate-b-riley-200500767.html

4ea2ec2c-1eca-369b-b35a-cd8f393f9ded

FTNT

Fortinet (FTNT) closed at $63.17 in the latest trading session, marking a +1.51% move from the prior day. This move outpaced the S&P 500's daily loss of 0.32%. Elsewhere, the Dow gained 0.17%, while the tech-heavy Nasdaq lost 0.89%.Heading into today, shares of the network security company had gained 4.1% over the past month, outpacing the Computer and Technology sector's gain of 1.88% and the S&P 500's loss of 0.12% in that time.Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. The company is expected to report EPS of $0.37, up 12.12% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.35 billion, up 17.36% from the prior-year quarter.FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.51 per share and revenue of $5.4 billion. These results would represent year-over-year changes of +26.89% and +22.24%, respectively.Investors might also notice recent changes to analyst estimates for Fortinet. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.32% higher. Fortinet is currently sporting a Zacks Rank of #3 (Hold).Looking at its valuation, Fortinet is holding a Forward P/E ratio of 41.23. For comparison, its industry has an average Forward P/E of 39.25, which means Fortinet is trading at a premium to the group.Story continuesIt is also worth noting that FTNT currently has a PEG ratio of 2.25. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Internet - Software was holding an average PEG ratio of 1.65 at yesterday's closing price.The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 84, putting it in the top 34% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportFortinet, Inc. (FTNT) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Fortinet (FTNT) Gains As Market Dips: What You Should Know

https://finance.yahoo.com/news/fortinet-ftnt-gains-market-dips-214521472.html

b59673bf-4a80-3c4c-a7cf-1caa502f83d6

FTNT

Shares of Fortinet (NASDAQ: FTNT) dropped 22.5% in August, according to S&P Global Market Intelligence. The company reported quarterly earnings that were roughly in line with investor expectations. Fortinet's quarterly earnings narrowly beat analyst estimates despite falling just short of Wall Street's revenue forecast.Continue reading

Motley Fool

Why Did Fortinet Stock Drop 23% Last Month?

https://finance.yahoo.com/m/9d3e60f8-870d-3b81-9ffd-60068cbd9655/why-did-fortinet-stock-drop.html

9d3e60f8-870d-3b81-9ffd-60068cbd9655

FUV

With the electric vehicle (EV) revolution gathering pace with each passing day, legacy automakers are stepping up e-mobility investments, introducing new models and setting ambitious targets to electrify their fleet. Italian-American auto giant Stellantis STLA took a significant step forward in its electrification journey by partnering with AGI, a leading infrastructure solutions provider. Germany-based auto giant Volkswagen VWAGY opened pre-orders for the ID.7 electric sedan in Europe, starting at around $62,000.Meanwhile, U.S. legacy automaker General Motors GM is set to close its Arizona IT Innovation Center at the end of October, leading to 940 job cuts.On the earnings front, Advance Auto Parts AAP and Arcimoto FUV released second- quarter 2023 results last week. The auto parts retailer not just missed earnings estimates but also witnessed a sharp decline on a yearly basis. Discouragingly, it also slashed its full-year EPS forecast. Meanwhile, the maker of specialty electric three-wheeled vehicles, witnessed sales growth and narrower loss on a yearly basis. Last Week’s Top StoriesAdvance Auto delivered adjusted earnings of $1.43 per share for second-quarter 2023, down 62% from the year-ago quarter's figure. The reported figure also fell short of the Zacks Consensus Estimate of $1.72 per share. It generated net revenues of $2,686 million, which topped the Zacks Consensus Estimate of $2,671 million on lower-than-expected comps decline. Comparable store sales dropped 0.6%. We projected a decline of 0.7%. The top line increased 0.8% year over year.Advance Auto estimates 2023 net sales in the band of $11.25-$11.35 billion, up from the previous guided range of $11.2-$11.3 billion. Comparable store sales are projected within a range of negative 0.5% to positive 0.5%. Adjusted operating income margin is envisioned in the range of 4-4.3%, down from 5-5.3% guided earlier. Earnings are forecast between $4.50 per share and $5.10 per share, down from the prior estimate of $6-$6.50 per share.Story continuesStellantis joined forces with AGI to bolster the electrification of its vast U.S. dealership network, spanning more than 2,600 sites, by providing state-of-the-art electric vehicle supply equipment (EVSE) for charging.AGI, with its rich legacy of over 50 years in branded infrastructure implementation, has emerged as one of the most seasoned and adept providers of nationwide EVSE turnkey program execution. This partnership is poised to be a game-changer, ensuring that Stellantis’ dealerships are equipped with the best in EV charging infrastructure.AGI's prowess in electrical engineering, project management, fabrication and maintenance will be indispensable for Stellantis’ dealers, propelling them toward EV readiness. This partnership further enriches Stellantis' U.S. portfolio of EV infrastructure and training partners. It aligns perfectly with Stellantis' ambitious "Dare Forward 2030" strategy, which targets 100% passenger car battery electric vehicle sales mix in Europe and a 50% mix in the United States by 2030.General Motors is set to trim 940 workers after the closure of the Arizona IT Innovation Center. Per the email obtained by the Detroit Free Press, Stacy Lynett, vice president of Information and Digital Technology GM, wrote that the company decided to cease information and digital technology operations at the Arizona IT Innovation Center at the end of October. The move will help the company optimize its innovation center footprint and gain the efficiency and effectiveness it needs.Lynett added that all information and digital technology jobs are being eliminated at the center to streamline operations and allow GM to focus on its growth areas. Laid-off employees can apply for other openings at the company and the company will provide outplacement support. Employees who have worked for at least one year will be eligible for a severance package.Arcimoto’s second-quarter 2023 revenues were up 17% year over year to $1.76 million. First-half revenues surged 45% year over year to $3.1 million compared with $2.1 million in the corresponding period of 2022. In the quarter under review, the company incurred a net loss of around $13.2 million, translating to $1.71 per share, which narrowed from $17.4 million, or $8.80 per share, in the corresponding period of last year. Arcimoto produced 94 new fun utility vehicles (FUVs) in the first half of the year and reached a significant milestone by rolling out its 1,000th vehicle in June 2023.Last week, Arcimoto joined forces with MATBOCK to provide electrical systems architecture and energy storage solutions for hybrid-electric tactical vehicles. This partnership empowers MATBOCK to focus on delivering innovative technology for specific U.S. Department of Defense operations. As part of its tactical electric vehicle program launched in 2022, MATBOCK is incorporating cutting-edge battery, propulsion and exportable power solutions. This collaboration not only underscores the integration of electric vehicle technology in military contexts but also aligns with Arcimoto's commitment to advancing green energy solutions.Volkswagen’s ID.7 electric sedan, with up to 385 miles of WLTC range, is open for pre-orders for European customers. After ID.3, ID.4, ID.5, ID.6 and ID.Buzz electric van, ID.7 is the sixth largest member of the Volkswagen family. The upper mid-size electric sedan includes two versions, the Pro and Pro S and a teased GTX sporty trim with a dual-motor AWD system and enhanced performance.VWAGY calls ID.7 an “efficiency champion” because of its aerodynamic-optimizing design across the entire vehicle that enables average fuel consumption of 16.3 – 14.1 kWh per 100 km.The vehicle has an augmented reality head-up display, a "Discover Pro Max" navigation system, Hudson alloy wheels with a diamond-cut finish and keyless locking. It is also equipped with standard assist systems for the launch, including Travel Assist, Lane Assist, Emergency Assist, Side Assist, Rear Traffic Alert and an exit warning system. European buyers can pre-order the ID.7 Pro for around $61,600. The placement of the electric motor, installed in the rear, leaves plenty of legroom for passengers, while the luggage compartment can hold a total volume of up to 532 liters.VWAGY currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Price PerformanceThe following table shows the price movement of some of the major auto players over the last week and six-month period.Zacks Investment ResearchImage Source: Zacks Investment ResearchWhat's Next in the Auto Space?Industry watchers will be keeping a close watch on August U.S. car sales, which will be coming out soon.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAdvance Auto Parts, Inc. (AAP) : Free Stock Analysis ReportGeneral Motors Company (GM) : Free Stock Analysis ReportArcimoto, Inc. (FUV) : Free Stock Analysis ReportVolkswagen AG Unsponsored ADR (VWAGY) : Free Stock Analysis ReportStellantis N.V. (STLA) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Auto Roundup: STLA-AGI Partnership, AAP's Q2 Earnings Miss & More

https://finance.yahoo.com/news/auto-roundup-stla-agi-partnership-134000043.html

8dc5cee8-2abe-3ad1-9923-820721e7b02f

FUV

ArcimotoThe vehicle designed with Gwynndustries Inc. is the first vehicle in a new partnership between the two companiesEUGENE, Ore., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, ultra-efficient small footprint electric vehicles for moving people and things, today announced it will showcase a new variation of the MUV (Modular Utility Vehicle) at the Del Mar Wine + Food festival this weekend, Sept. 9-10. Attendees can experience the custom MUV at the Gwynn Foods . and AleSmith booth #13, located in the Locally Made Zone.The all-new MUV variation, equipped with an enclosed cargo box to house a cold keg, tap system and two tap handles, showcases one of the numerous applications of the vehicle. The all-electric MUV, built on the company’s flagship FUV platform, provides optimal performance for industrial, commercial and ground support applications for customers who need to move goods, materials, supplies and equipment reliably, quietly and sustainably.“We purpose built the MUV to be versatile and we’re thrilled to unveil one of the many variations the platform has to offer,” said Chris Dawson, Chief Executive Officer, Arcimoto. “It has been a pleasure collaborating with the legendary Gwynn family to bring this unique product to the market. This is just the beginning of an amazing partnership with Gwynndustries and we’re excited to continue to work together to drive our shared mission.”The modified MUV, specifically designed with Gwynndustries, marks the launch of Arcimoto’s partnership with the Gwynn family. Arcimoto and Gwynndustries plan to collaborate on additional other purposeful activations and vehicle designs to promote Arcimoto’s right-sized, small footprint vehicle offerings and drive awareness to Gwynndustries’ commitment to providing sustainable solutions and educational resources to Southern California communities.“Gwynndustries is proud to join forces with Arcimoto in a creative way to build awareness on the steps we can take together to lower the carbon footprint during our daily drive,” said Dr. Alicia Gwynn, President of the Tony and Alicia Gwynn Foundation. “We have teamed up on a series of events and campaigns to educate the public to rethink how we drive, eat, shop and live by shifting towards a sustainable transportation system.”Story continuesIn addition to the tap-modified MUV, Arcimoto plans to release a limited edition vehicle design to commemorate Tony Gwynn and his incredible achievements in the sport of baseball. The custom Gwynndustries MUV tap build is the first release of a series of special kits designed specifically for the MUV.About Arcimoto, Inc.Arcimoto is a pioneer in the design and manufacture of rightsized, ultra-efficient, incredibly fun electric vehicles for everyday mobility. Built on the revolutionary three-wheel Arcimoto Platform, our vehicles are purpose-built for daily driving and local delivery, all at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is dedicated to creating world-class EVs that make the world a better place. For more information, please visit Arcimoto.com.About MATBOCKMATBOCK is a veteran-owned small business that designs lighter and more practical equipment for every environment. Our personal experiences involving continued operations in multiple theaters led to our basic foundation-ounces equal pounds and lighter warriors are faster warriors. We constantly strive to provide our warriors with the most effective and efficient gear possible.Safe Harbor / Forward-Looking StatementsExcept for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.Public Relations Contact:Allie [email protected] PR for ArcimotoInvestor Relations Contact:[email protected]

GlobeNewswire

Arcimoto to Unveil New Tap Variation of the MUV at the Del Mar Wine + Food Festival, Sept. 9-10

https://finance.yahoo.com/news/arcimoto-unveil-tap-variation-muv-120000432.html

a4882a0c-8ecd-3406-ad0a-ccaaaf3aac44

G

Achieving #1 on the Maturity Index and #3 on Penetration propels Genpact into a Leader positionRecognition reflects Genpact's strength in data science, artificial intelligence (AI), and advanced analytics to drive strategic business value for clientsNEW YORK, Sept. 7, 2023 /PRNewswire/ -- Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, today announced its recognition as one of the "Top Data Science Service Providers 2023" by Analytics India Magazine (AIM) Research, a market research firm that specializes in leveraging the power of AI and data science to deliver powerful insights into today's markets. New Genpact logo - September 2017 (PRNewsfoto/Genpact)To empower businesses in making pivotal decisions, AIM Research presents the Penetration and Maturity (PeMa) Quadrant for Data Science Service Providers – an industry benchmark for companies to evaluate the competencies of leading providers. The assessment evaluates two core parameters: market Penetration (Pe) and service Maturity (Ma). Striking the right balance between these two criteria is integral to addressing client needs and capitalizing on potential revenue streams.Genpact secured the first rank on the Maturity Index and the third position on the Penetration Index in the AIM Research 2023 PeMa quadrant, earning placement in the coveted Leaders quadrant. Additionally, Genpact's augmented intelligence capabilities, which is its unique ability to combine machine intelligence with human intelligence, topped the list of key competencies and differentiators of leading data science service providers. "In this data and AI-driven era, businesses seek partners who can provide actionable insights to unlock efficiencies and fuel competitive growth," said Harsh Kar, Global Business Leader, Data and AI, Genpact. "Our recognition as a top Data Science Service Provider highlights our commitment to continuous development and investment in AI and data analytics. This enables us to support our clients to make quick, strategic decisions that drive outcomes in today's fast-paced environment."Story continuesThe PeMa study is based on rigorous industry research designed to create the "Top Data Science Service Providers 2023" list to help businesses choose the right data science partner aligned with their needs and goals. This year, primary data came from 36 participating firms, focusing on key factors evaluating the capabilities of leading industry players that provide analytics or related services and their headway into the market.Learn more about Genpact as a Top Data Science Service Provider 2023 and see the full report, here.About Analytics India Magazine (AIM) ResearchAIM Research (A subsidiary of Analytics India Magazine) provides rigorous, objective research and advisory to organizations that plans to achieve higher level of success with their analytics implementations. As AI and data science experts, AIM Research is pioneering advanced market research to shape the way companies make decisions. Our single, overriding goal is to equip our clients with the insights, advice and tools they need to create a well-oiled data driven enterprise. With a decade of experience under our belt, we are transforming how businesses use AI & data-driven insights to succeed. Visit us at https://aimresearch.co/ Analytics India Magazine chronicles technological progress in the space of analytics, artificial intelligence, data science & big data by highlighting the innovations, players, and challenges shaping the future of India through promotion and discussion of ideas and thoughts by smart, ardent, action-oriented individuals who want to change the world.About GenpactGenpact (NYSE: G) is a global professional services firm delivering the outcomes that transform our clients' businesses and shape their future. We're guided by our real-world experience redesigning and running thousands of processes for hundreds of global companies. Our clients – including many in the Global Fortune 500 – partner with us for our unique ability to combine deep industry and functional expertise, leading talent, and proven methodologies to drive collaborative innovation that turns insights into action and delivers outcomes at scale. We create lasting competitive advantages for our clients and their customers, running digitally enabled operations and applying our Data-Tech-AI services to design, build, and transform their businesses. And we do it all with purpose. From New York to New Delhi and more than 30 countries in between, our 115,000+ team is passionate in its relentless pursuit of a world that works better for people. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.MEDIA CONTACTS:Siya BelliappaGenpact Media Relations – Global+1 [email protected] CisionView original content to download multimedia:https://www.prnewswire.com/news-releases/genpact-named-a-top-data-science-service-provider-for-2023-by-analytics-india-magazine-aim-research-301920423.htmlSOURCE Genpact

PR Newswire

Genpact Named a Top Data Science Service Provider for 2023 by Analytics India Magazine (AIM) Research

https://finance.yahoo.com/news/genpact-named-top-data-science-120500654.html

4972e7f5-a0be-3813-baaa-d0dde990c7a8

G

Genpact Limited G maintains a strong foothold in the BPO services market, driven by its domain expertise in business analytics, digital solutions, and consulting. This competitive edge is further reinforced by its diverse and robust clientele worldwide. Additionally, the company's commitment to consistently rewarding shareholders with both dividend payments and share repurchases not only enhances investor confidence but also contributes positively to its earnings per share.Genpact has an impressive Growth Score of B. This style score condenses all the essential metrics from a company’s financial statements to get a true sense of the quality and sustainability of its growth.Factors That Augur WellGenpact is a dominant player in the BPO services market, excelling in business analytics, digital solutions, and consulting. The company provides industry-specific solutions for IIoT, user experience, supply-chain management, data engineering, digital content management, risk management, procurement, logistics, and more. Genpact's integration of process, analytics, and digital technologies, along with deep domain expertise, attract a growing customer base. Strategic acquisitions, cost control, and share repurchases are expected to drive long-term success.Genpact Limited Revenue (TTM)Genpact Limited Revenue (TTM)Genpact Limited revenue-ttm | Genpact Limited QuoteArtificial Intelligence (AI) presents a significant growth opportunity for Genpact. Digital Smart Enterprise Processes , which is a patented approach, enhances efficiency and process quality using AI, specialized digital tech, Lean Six Sigma, and experience-centric principles. Genpact Cora, an automation to AI platform, accelerates digital transformations. Acquisitions like Rage Framework and design thinking-focused firms expand Genpact's AI portfolio, positioning it well for future AI advancements.Genpact's commitment to shareholders is evident through share repurchases and dividends. In 2022, the company repurchased $214.1 million worth of shares, with $298.2 million in 2021 and $137.1 million in 2020. Dividend payments totaled $91.8 million in 2022, $80.5 million in 2021, and $74.2 million in 2020, reflecting Genpact's dedication to creating shareholder value and confidence in its business.Story continuesGenpact's current ratio at the end of second-quarter 2023 was pegged at 1.88, higher than the current ratio of 1.84 reported at the end of the prior-quarter and the year-ago quarter’s 1.58. Increasing current ratio bodes well as it indicates that the company will have no problem meeting its short-term debt obligations.Some RisksThe outsourcing sector relies heavily on foreign talent and is labor-intensive. Increased competition for talent may lead to higher labor costs, potentially limiting the industry's growth. Genpact, as a player in this sector, could be impacted by these challenges.Genpact also faces a notable concentration of clients in specific geographic regions. In 2022, more than 50% of the company's revenues came from clients in India, and more than 20% from clients in North and Latin America. Furthermore, in 2022, more than 35% of Genpact's revenues were generated from clients in the High Tech and Manufacturing sector. This level of dependency on particular regions and industries may pose long-term concerns for investors.G currently carries a Zacks Rank #3 (Hold).Stocks to ConsiderHere are a few better-ranked stocks from the broader Business Service sector that warrant a look:DocuSign DOCU beat the Zacks Consensus Estimate in all the four trailing quarters and has an earning surprise of 25.6%. The current consensus estimate for revenues indicates an 8.1% increase from the year-ago figure. The consensus mark for earnings is pegged at $2.52 per share, indicating 24.1% year-over-year growth. DOCU currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.ABM Industries ABM has beat the Zacks Consensus Estimate in three of the four trailing quarters and matched on one instance. The average surprise is 2.64%.The consensus estimate for fiscal 2023 revenues is pegged at $8.08 billion, which is 4.2% higher than the year-ago reported figure. The consensus estimate for the bottom line is pegged at $3.51 per share, indicating a 4.1% year-over-year decline. ABM holds a Zacks Rank #2 (Buy).Accenture ACN carries a Zacks Rank of 2. The Zacks Consensus Estimate for fiscal 2023 revenues is pegged at $64.18 billion, which is 4.2% higher than the year-ago reported figure. The consensus estimate for ACN’s bottom line is pegged at $11.59 per share, indicating 4.2% year-over-year growth. It beat the consensus estimate in all the four trailing quarters, the average surprise being 5.7%.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAccenture PLC (ACN) : Free Stock Analysis ReportABM Industries Incorporated (ABM) : Free Stock Analysis ReportGenpact Limited (G) : Free Stock Analysis ReportDocuSign (DOCU) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Reasons Why You Should Retain Genpact (G) in Your Portfolio

https://finance.yahoo.com/news/reasons-why-retain-genpact-g-160200386.html

b3f70703-4cfb-3ef0-8ee0-14dbc20d60b3

GABC

German American Bancorp, Inc.JASPER, Ind., Sept. 01, 2023 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) announced today that Bradley C. Arnett will join the Company as Senior Vice President, Chief Legal Officer and Corporate Secretary effective September 25. He will report to Chairman and Chief Executive Officer D. Neil Dauby and be a member of the company’s Executive Committee.Arnett has practiced law for more than 20 years, most recently as a partner at Dentons, a global law firm with offices throughout Indiana, Kentucky and Ohio. His focus at Dentons has been in the areas of Securities and Exchange Commission reporting and compliance; corporate governance; mergers and acquisitions; banking regulation; commercial finance; and public and private securities offerings. Arnett also brings Fortune 500 in-house counsel experience with him.Arnett has led a team of lawyers dedicated to assisting public clients with current and periodic Exchange Act reporting, SEC proxy statement filings, insider trading policies, and director board/committee compliance matters.Arnett earned his law degree from the Chase College of Law and his bachelor’s degree in accounting from Northern Kentucky University. He also carries a Certified Public Accounting license in Ohio.Arnett has been recognized by the Best Lawyers in America in the areas of Banking and Finance, Financial Services Regulation, Mergers and Acquisition, and Corporate Law. In 2022, Best Lawyers named him “Lawyer of the Year” in the State of Ohio for Banking and Finance law.“We are pleased to welcome Brad to German American as our new Chief Legal Officer”, Dauby stated. “His deep institutional knowledge of our company and his extensive experience in leading legal and non-legal corporate initiatives in a highly regulated industry will be invaluable to our organization. He will be a tremendous addition to our leadership team as we continue to grow”.About German American BankGerman American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 76 banking offices in 20 contiguous southern Indiana counties and 14 counties in Kentucky. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.).Story continuesMedia Contact: D. Neil DaubyChairman & Chief Executive Officer 812-482-1314

GlobeNewswire

Bradley C. Arnett to Join German American Bank as Chief Legal Officer and Corporate Secretary

https://finance.yahoo.com/news/bradley-c-arnett-join-german-123000389.html

80604151-3b30-35bf-a727-165c90b25c79

GABC

Ideally, your overall portfolio should beat the market average. But even the best stock picker will only win with some selections. At this point some shareholders may be questioning their investment in German American Bancorp, Inc. (NASDAQ:GABC), since the last five years saw the share price fall 22%.So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress. See our latest analysis for German American Bancorp To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).During the unfortunate half decade during which the share price slipped, German American Bancorp actually saw its earnings per share (EPS) improve by 10% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.It's strange to see such muted share price performance despite sustained growth. Perhaps a clue lies in other metrics.Revenue is actually up 12% over the time period. So it seems one might have to take closer look at the fundamentals to understand why the share price languishes. After all, there may be an opportunity.You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).earnings-and-revenue-growthIt's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. So we recommend checking out this free report showing consensus forecastsStory continuesWhat About Dividends?As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, German American Bancorp's TSR for the last 5 years was -12%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.A Different PerspectiveInvestors in German American Bancorp had a tough year, with a total loss of 18% (including dividends), against a market gain of about 15%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For instance, we've identified 1 warning sign for German American Bancorp that you should be aware of.There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of growing companies that insiders are buying.Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

The past five years for German American Bancorp (NASDAQ:GABC) investors has not been profitable

https://finance.yahoo.com/news/past-five-years-german-american-111259580.html

bf6d5350-8c5e-31bf-9c40-939cada7da63

GBR

A controversial segment of the market, the concept of strong penny stocks nevertheless carries a certain charm. Now, let’s get something straight. Investing in this extremely risky space carries with it obvious dangers. Because of their low price and lack of attention (trading volume), these publicly traded securities can be wildly volatile. Don’t wager more than you can afford to lose.Still, some high-risk ideas represent surprisingly good penny stocks. Here’s another reality. With thousands upon thousands of securities listed on U.S. exchanges, it’s practically inevitable that some solid enterprises will be overlooked. And that possibility rises when you’re talking about penny stock picks. Basically, not many folks follow these under-the-radar plays. Nevertheless, anything can happen in this wacky environment. If you’re looking for high-return penny stocks and can handle the heat, these ideas may be right up your alley.InvestorPlace - Stock Market News, Stock Advice & Trading TipsCPS Technologies (CPSH)Pennies in a jar on top of a background of blurred pennies. Penny stocks.Source: John Brueske / ShutterstockBased in Norton, Massachusetts, CPS Technologies (NASDAQ:CPSH) is an industry leader in developing proprietary, advanced materials solutions for various industries. These include transportation, energy, aviation, defense, and oil and gas industries. Its flagship solution involves cutting-edge metal matrix composite, which represents a class of material with superior properties across thermal conductivity, thermal expansion matching, stiffness, and weight.Fundamentally, CPSH – which presently trades hands at under $3 per share – may be considered one of the strong penny stocks because of its defense industry relevancies. As you know, geopolitical flashpoints dominate international headlines over the past year and a half. Further, the U.S. and the west’s rivalries with China tempt serious conflict. Cynically, it’s just better to be prepared, making CPSH among the relevant penny stock picks.Story continuesOn a financial note, CPS isn’t exactly your typical idea for high-return penny stocks. Featuring excellent strengths in the balance sheet, CPS enjoys an Altman Z-Score of 5.65, indicating low bankruptcy risk. Also, it benefits from a Piotroski F-Score of 7 out of 9, implying high operational efficiency.Orla Mining (ORLA)A concept image of a penny sitting on a stock chartSource: Billion Photos / Shutterstock.comHeadquartered in Vancouver, British Columbia, Orla Mining (NYSEAMERICAN:ORLA) bills itself as an emerging gold producer of choice. Presently, Orla features three high-quality and low-cost projects in Mexico, Panama, and Nevada. At the time of writing, shares trade hands at a little over four bucks per share. Over the trailing one-year period, ORLA soared just over 59%.Fundamentally, Orla mining may benefit from the fear trade. True, the latest read on inflation suggests that the pace of price acceleration has been slower than forecast. Therefore, inflation is moving in the right direction. However, other major headwinds – including mass layoffs and a record amount of household debt – cloud the economic recovery narrative. Therefore, ORLA could be one of the strong penny stocks to consider.On the financials, the company could use some work. However, it’s also one of the surprisingly good penny stocks because of its fiscal stability. For example, its Altman Z-Score hits 4.78, indicating a low risk of imminent bankruptcy. Also, Orla is highly profitable, with a trailing-year net margin that impresses at 19.95%.New Concept Energy (GBR)Stacks of pennies representing penny stocks. Nano-Cap Penny StocksSource: John Brueske / Shutterstock.comHailing from Dallas, Texas, New Concept Energy (NYSEAMERICAN:GBR) focuses on energy resource development. Founded in 1978, New Concept became a fully integrated producer of oil and gas in 2003. Per its website, the company features oil and gas drilling and exploration projects in North America. Since the beginning of this year, GBR gained almost 17% of its equity value.Fundamentally, GBR makes a viable case for strong penny stocks because of the “harsh” relevancies of the hydrocarbon sector. Sure, hydrocarbons may seem out of vogue because of rising interest in renewable energy solutions. However, because of the high energy density associated with fossil fuels, “black gold” is difficult to quit outright. Plus, as society gradually normalizes fully from the Covid-19 pandemic, traffic volumes should also rise. In theory, this framework should benefit GBR as one of the profitable penny stocks. Finally, New Concept commands a strong balance sheet that’s unencumbered with debt. That gives management incredible flexibility during an ambiguous market cycle.Penny StocksOn Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.Read More: Penny Stocks — How to Profit Without Getting ScammedOn the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.More From InvestorPlaceBuy This $5 Stock BEFORE This Apple Project Goes LiveDid Elon Musk Just Trigger a New Netscape Moment?The $1 Investment You MUST Take Advantage of Right NowThe Rich Use This Income Secret (NOT Dividends) Far More Than Regular InvestorsThe post 3 Penny Stocks That Pack a Surprising Punch appeared first on InvestorPlace.

InvestorPlace

3 Penny Stocks That Pack a Surprising Punch

https://finance.yahoo.com/news/3-penny-stocks-pack-surprising-003039773.html

be9ba3fd-5891-3854-9ac4-26c035d6dabc

GBR

DALLAS, August 07, 2023--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2023.During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.NEW CONCEPT ENERGY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(amounts in thousands)June 30,2023December 31,2022(Unaudited)(Audited)AssetsCurrent assetsCash and cash equivalents$432$436Note receivable - related party3,5423,542Other current assets4530Total current assets$4,019$4,008Property and equipment, net of depreciationLand, buildings and equipment625631Total assets$4,644$4,639NEW CONCEPT ENERGY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS - CONTINUED(unaudited)(dollars in thousands, except par value amount)June 30,2023December 31,2022Liabilities and stockholders' equityCurrent liabilitiesAccounts payable$20$23Accrued expenses3740Total current liabilities5763Stockholders' equityPreferred stock, Series B11Common stock, $.01 par value; authorized, 100,000,000shares; issued and outstanding, 5,131,934 sharesat June 30, 2023 and December 31, 20225151Additional paid-in capital63,57963,579Accumulated deficit(59,044)(59,055)Total shareholder equity4,5874,576Total liabilities & equity$4,644$4,639NEW CONCEPT ENERGY, INC AND SUBSIDIARIESCONSOLIDATED STATEMENT OF OPERATIONS(unaudited)(amounts in thousands, except per share data)For the Three Months ended June 30,For the Six Months ended June 30,2023202220232022RevenueRent$26$26$51$51Management Fee9$2129$41Total Revenues35478092Operating expensesOperating Expenses14132625Corporate general and administrative8180149160Total Operating Expenses9593175185Operating earnings (loss)(60)(46)(95)(93)Other income (expense)Interest income - related party5454106106Other income, net-130-13054184106236Net income (loss) applicable to common shares(6)13811143Net income per common share-basic and diluted$(0.01)$0.02$0.01$0.03Weighted average common and equivalent shares outstanding - basic5,1325,1325,1325,132View source version on businesswire.com: https://www.businesswire.com/news/home/20230807977612/en/ContactsNew Concept Energy Inc.Investor RelationsGene Bertcher, (800) [email protected]

Business Wire

New Concept Energy, Inc. Reports Second Quarter 2023 Results

https://finance.yahoo.com/news/concept-energy-inc-reports-second-205700420.html

7df0e46e-c8b7-37fe-8fb3-852e5f85c0ad

GCTK

GlucoTrack, Inc.Rutherford, NJ, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical device company focused on glucose monitoring technologies for people with diabetes and prediabetes, announced today that Drinda Benjamin has joined the company as Vice President of Marketing.Ms. Benjamin has over 20 years of experience in life sciences, with specific focus on commercialization of health technology. Within diabetes, she has past experiences in product development, strategic marketing, and both upstream and downstream marketing in the areas of blood glucose monitoring, continuous glucose monitoring (CGM), insulin delivery and closed loop systems. Ms. Benjamin was most recently with Intuity Medical where she developed and executed commercial strategies for a novel integrated blood glucose monitoring system. Prior to this, she led business development, partnership strategy and closed loop system programs for Senseonics, manufacturer of the 1st implantable CGM launched in the US and Europe. She has also held marketing roles with Abbott Diabetes Care and Medtronic Diabetes.“We are excited that Drinda has joined our growing company in this important leadership role.” said Paul Goode, CEO of Glucotrack. “She brings a wealth of first-hand experience in product and strategic development within the diabetes space, particularly with spot-measurement BGM and implantable CGM. As we continue our product development and prepare for commercialization, we are pleased to have Drinda join to help the company bring our innovative technology to people with diabetes.”Ms. Benjamin will be responsible for go-to-market strategy, marketing operations, company communications, public relations and market access strategy. “I am thrilled to be a part of the dedicated Glucotrack team.” said Ms. Benjamin. “Innovations in glucose monitoring have significantly improved quality of life for people with diabetes. But there still is an opportunity to build upon current technologies and bring new ones to the millions of people living with diabetes. Glucotrack’s early data shows great promise to deliver on that opportunity.”Story continuesMs. Benjamin earned an M.B.A. from Georgetown University’s McDonough School of Business and a Bachelor of Science in Engineering degree from Princeton University.About Glucotrack, Inc.Glucotrack, Inc. (NASDAQ: GCTK), (formerly known as Integrity Applications, Inc.) is focused on the design, development, and commercialization of novel technologies for people with diabetes and prediabetes. The Company’s initial product, Glucotrack®, is a proprietary non-invasive glucose monitoring device designed to obtain glucose level measurements without the pain, incremental cost, difficulty, or discomfort of conventional invasive finger stick devices. For more information, please visit and http://www.glucotrack.com.Investor Contact: [email protected] StatementsThis news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “expect”, “plan” and “will” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect Glucotrack’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Glucotrack’s results include, but are not limited to, the ability of GlucoTrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including FDA approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to its current and future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Glucotrack’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 31, 2023.

GlobeNewswire

GLUCOTRACK ANNOUNCES NEW VP OF MARKETING

https://finance.yahoo.com/news/glucotrack-announces-vp-marketing-130000465.html

200f98ec-0f94-3703-b425-5e97d27141ec

GCTK

GlucoTrack, Inc.Rutherford, NJ, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical device company focused on glucose monitoring technologies for people with diabetes and prediabetes, announced today that it has appointed Erin Carter to its Board of Directors and as Chair of its Audit Committee, effective immediately.Ms. Carter brings 30 years of executive level finance experience in the medical device industry. From 2012 until March of 2023, she held various senior roles with Medtronic, most recently serving as Chief Financial Officer and Vice President of Finance for their $9B Neuroscience division. In addition, during her tenure at Medtronic she grew the Gastrointestinal Solutions division from early tech start-up acquisition of $36M to revenue of $450M in 5 years through organic growth and multiple acquisitions. Prior to Medtronic, Ms. Carter served as Director of Finance at Boston Scientific and as VP of Accounting and Reporting at UnitedHealth Group. Prior to that, she served as Assistant Controller for Arterial Vascular Engineering, where she was instrumental in guiding the rapid growth of the company from 200 employees to over 4,000 in under five years. During this time, she managed the integration of two acquisitions and subsequently the company’s sale to Medtronic.Ms. Carter holds a B.S. in Business Administration from California Polytech State University and is a Certified Public Accountant (inactive) in the State of California.“We are delighted to have Erin join our Board of Directors,” said Paul Goode, CEO of Glucotrack. “She brings a wealth of financial knowledge and expertise in working with young companies and guiding them through strategic growth and expansion. She will be a tremendous asset as we look ahead to growing the organization and moving into the commercialization phase.”“I am excited to join the Glucotrack board at such a pivotal time in the Company’s evolution,” said Ms. Carter. “I look forward to working with the Company’s leadership team to advance its mission of developing and commercializing innovative technologies to improve the lives of people with diabetes and to build long-term value for shareholders."Story continuesAbout Glucotrack, Inc.Glucotrack, Inc. (NASDAQ: GCTK), (formerly known as Integrity Applications, Inc.) is focused on the design, development, and commercialization of novel technologies for people with diabetes and prediabetes. The Company’s initial product, Glucotrack®, is a proprietary non-invasive glucose monitoring device designed to obtain glucose level measurements without the pain, incremental cost, difficulty, or discomfort of conventional invasive finger stick devices. For more information, please visit and http://www.glucotrack.com.Investor Contact: [email protected] StatementsThis news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “expect”, “plan” and “will” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect Glucotrack’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Glucotrack’s results include, but are not limited to, the ability of GlucoTrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including FDA approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to its current and future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Glucotrack’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 31, 2023.

GlobeNewswire

GLUCOTRACK ANNOUNCES THE APPOINTMENT OF ERIN CARTER TO BOARD OF DIRECTORS

https://finance.yahoo.com/news/glucotrack-announces-appointment-erin-carter-123000603.html

bde16383-2321-305c-a2b4-815ac40f263d

GCV

Gabelli FundsThis content is not available due to your privacy preferences.Update your settings here to see it.TALKIN’ ‘BOUT 3 GENERATIONS OF DINSMORE CONVERTIBLE MANAGEMENTA video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6dbbac6e-7a71-478e-910e-5ab37f8f1e2cRYE, N.Y., July 18, 2023 (GLOBE NEWSWIRE) -- Gabelli Funds is pleased to present a video tracing the 50+ year history of the oldest, existing closed-end fund specializing in convertible securities.Ronald Dinsmore founded the Bancroft Fund in 1971. Mr. Dinsmore was a pioneer in the closed-end fund business before passing away in 1996. Since inception, three generations of Dinsmores have led the Fund’s portfolio management team. The current management team includes Ronald’s son, Thomas Dinsmore, and grandson, James Dinsmore.Why investors are attracted to closed-end funds, trading at discounts wider than average.In a conversation with Laurissa Martire, Senior Vice President of Gabelli Funds, James Dinsmore talks about the potential buying opportunities of closed-end funds, distribution policies, and the enhanced compounding effect of reinvesting distributions when a fund is trading at a discount.For more information, please visit Gabelli.com. Follow us on our social media channels: YouTube, Facebook, Instagram, Twitter and LinkedIn.About GAMCO Investors, Inc. (“GAMI”)GAMI is known for its research-driven value approach to equity investing (known as PMV with a Catalyst™). GAMI conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed semi-transparent ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts, principally in the U.S.). GAMI serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, GAMI has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities.Story continuesGabelli Funds offers a wide range of solutions for clients across Value and Growth Equity, SRI, Convertibles, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and 100 % U.S. Treasury Money Market Funds.NYSE American:BCV, NYSE American:ECF, NYSE:GCV, NYSE:GAB, NYSE:GGT, NYSE:GUT, NYSE:GDV, NYSE:GDL, NYSE:GRX, NYSE:GGZ, NYSE:GNT, NYSE American:GLU, NYSE American:GGNInvestor Relations Contact:Laurissa Martire(914) [email protected]

GlobeNewswire

UPDATE - Gabelli Funds Presents Talkin’ ‘Bout 3 Generations of Dinsmore Convertible Management

https://finance.yahoo.com/news/gabelli-funds-presents-talkin-bout-203000659.html

2e626561-df1c-3439-83a0-00ac6437193c

GCV

The Gabelli Convertible & Income Securities Fund Inc.RYE, N.Y., Aug. 25, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) (the “Fund”) declared a $0.12 per share cash distribution payable on September 22, 2023 to common stock shareholders of record on September 15, 2023.The Fund intends to pay a minimum annual distribution of 8% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.Story continuesIf the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2023 would include approximately 16% from net investment income, 10% from net capital gains and 74% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2023 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2023 distributions in early 2024 via Form 1099-DIV.Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:Laurissa Martire(914) 921-5399About Gabelli Convertible and Income Securities FundThe Gabelli Convertible and Income Securities Fund Inc. is a diversified, closed-end management investment company with $93 million in total net assets whose primary investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).NYSE: GCVCUSIP – 36240B109

GlobeNewswire

Gabelli Convertible and Income Securities Fund Declares Third Quarter Distribution of $0.12 Per Share

https://finance.yahoo.com/news/gabelli-convertible-income-securities-fund-122100294.html

2f3dfcf4-e5d2-37c6-9beb-1bd551ca1186

GD

General Dynamics (GD) closed at $218.69 in the latest trading session, marking a +0.29% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.32%. At the same time, the Dow added 0.17%, and the tech-heavy Nasdaq lost 0.89%.Heading into today, shares of the defense contractor had lost 3.58% over the past month, lagging the Aerospace sector's loss of 2.93% and the S&P 500's loss of 0.12% in that time.Wall Street will be looking for positivity from General Dynamics as it approaches its next earnings report date. On that day, General Dynamics is projected to report earnings of $2.94 per share, which would represent a year-over-year decline of 9.82%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.97 billion, down 0.03% from the year-ago period.GD's full-year Zacks Consensus Estimates are calling for earnings of $12.64 per share and revenue of $42.29 billion. These results would represent year-over-year changes of +3.69% and +7.31%, respectively.Any recent changes to analyst estimates for General Dynamics should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. General Dynamics is currently a Zacks Rank #3 (Hold).In terms of valuation, General Dynamics is currently trading at a Forward P/E ratio of 17.25. For comparison, its industry has an average Forward P/E of 15.62, which means General Dynamics is trading at a premium to the group.Story continuesWe can also see that GD currently has a PEG ratio of 1.94. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Aerospace - Defense industry currently had an average PEG ratio of 1.89 as of yesterday's close.The Aerospace - Defense industry is part of the Aerospace sector. This group has a Zacks Industry Rank of 75, putting it in the top 30% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportGeneral Dynamics Corporation (GD) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

General Dynamics (GD) Gains As Market Dips: What You Should Know

https://finance.yahoo.com/news/general-dynamics-gd-gains-market-220019094.html

6ac7444a-0929-369e-985e-05ad30f5e5ba

GD

For Immediate ReleaseChicago, IL – September 8, 2023 – Zacks Equity Research shares Camtek CAMT as the Bull of the Day and Dollar General DG as the Bear of the Day. In addition, Zacks Equity Research provides analysis on RTX Corp. (RTX), Lockheed Martin LMT and General Dynamics GD.Here is a synopsis of all five stocks:Bull of the Day:Technical pressures in the market have brought out the sellers. The narrative of higher for longer has the market worried. A second wave of inflation has investors worried. It's partially to blame for the recent selling. I welcome opportunities like this because it puts great stocks on sale. One way to find these stocks is by leaning on the time-tested strength of our Zacks Rank. Stocks in the good graces of our Zacks Rank have the best earnings trends.One such stock is today's Bull of the Day Camtek. Camtek Ltd., together with its subsidiaries, develops, manufactures, and sells inspection and metrology equipment for the advanced interconnect packaging, memory, complementary metal oxide semiconductor image sensors, micro-electro mechanical systems, radio frequency, and other segments of the semiconductor industry.The stock is in the Electronics – Measuring Instruments industry which ranks in the Top 11% of our Zacks Industry Rank. The stock is currently a Zacks Rank #1 (Strong Buy). The reason for the favorable rank is that over the last sixty days, five analysts have increased their earnings estimates for the current year and next year. The bullish sentiment has pushed up our Zacks Consensus Estimates for the current year from $1.70 to $1.86 while next year's number is up from $1.90 to $2.24.A quick look at the Price, Consensus and EPS Surprise Chart reveals just how bullish analysts have been. Several earnings beats in a row have created a ton of momentum. You can also see the year-over-year jump in growth numbers after earnings dipped into the start of this year. Since then, estimates have gone in a singular direction...up.Story continuesBear of the Day:With the market unwinding, there are plenty of stocks that are coming under pressure. Selling is hitting many industries. There are some stocks out there which are more vulnerable than others. The most vulnerable stocks are those with the weakest earnings trends. One way to uncover this weakness is by checking out our Zacks Rank. Stocks which are lower Zacks Ranks have the weakest trends.One such stock is today's Bear of the Day, Dollar General. Dollar General Corporation, a discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States. It offers consumable products, including paper and cleaning products, such as paper towels, bath tissues, paper dinnerware, trash and storage bags, disinfectants, and laundry products; packaged food comprising cereals, pasta, canned soups, fruits and vegetables, condiments, spices, sugar, and flour; and perishables that include milk, eggs, bread, refrigerated and frozen food, beer, and wine.Dollar General is currently a Zacks Rank #5 (Strong Sell). The reason for the unfavorable rank is several analysts have cut their estimates. Over the last week, 13 analysts have cut their estimates for the current year while 12 have done so for next year. The bearish activity has dropped our Zacks Consensus Estimates for the current year from $10.08 to $8.82 while next year's is off from $10.97 to $9.64. The most recent earnings report coming in 36 cents shy of expectations is a big reason why.The Retail – Discount Stores industry ranks in the Bottom 32% of our Zacks Industry Rank.Additional content:U.S. Pledges More Security Aid to Ukraine: 3 Stocks to BenefitThe U.S. Department of Defense (DoD) recently announced a new security package worth $175 million, offered by the Biden administration for Ukraine. Prior to this, in August 2023, the United States offered a $250 million aid to Ukraine, for supplying air defense and artillery munitions, mine-clearing equipment and medical vehicles.The latest commitment made by President Biden takes the total security assistance provided by America to Ukraine to $43.7 billion since February 2022, following Russia's Ukrainian invasion.  The new security package has currently put the spotlight on U.S. defense majors likeRTX Corp., Lockheed Martin and General Dynamics, which are expected to gain in the near term.Details of the PackageThe latest aid package marks the 46th tranche of equipment to be provided from DoD inventories for Ukraine, since August 2021. It is aimed to provide the Ukrainian Armed Forces with additional air defense equipment; artillery munitions; and anti-tank weapons, including depleted uranium rounds for previously committed Abrams tanks.In particular, the $175 million package pledges to supply additional ammunition for High Mobility Artillery Rocket Systems (HIMARS) as well as 155mm and 105mm artillery rounds. This aid also includes delivering Tube-Launched, Optically-Tracked, Wire-Guided (TOW) missiles, Javelin systems, more than 3 million rounds of small arms ammunition and some more tactical equipment.Defense Stocks to GainConsidering the aforementioned discussion, it is quite obvious that U.S. defense contractors, particularly those manufacturing defense products pledged by America to Ukraine as part of the latest aid package, will gain substantially in the coming days. Also, their inherent growth prospects keep them on a prudent investor's watchlist.RTX: It is a renowned radar and missile maker in the United States. The company's TOW missile is the long-range precision, heavy anti-tank and assault weapon system of choice for the U.S. Army Stryker, Bradley Fighting Vehicle, ITAS High-Mobility Multipurpose Wheeled Vehicle and Light Armored Vehicle-Anti-tank platforms. RTX is also the co-manufacturer of Javelin missile system, with this combat-proven weapon system having a reliability rate of more than 94%.The company currently boasts a long-term earnings growth rate of 7.9%. The Zacks Consensus Estimate for RTX's 2023 sales implies an improvement of 9.9% from the 2022 reported figure. It carries a Zacks Rank #3 (Hold) at present.Lockheed Martin: It is the largest defense contractor in the world, with its main areas of focus in defense, space, intelligence, homeland security and information technology, including cyber security. The company's HIMARS rocket launcher is a flexible, affordable and highly effective precision fires system designed to meet the demands of the modern battlefield. LMT is the other co-manufacturer of Javelin missile systems, which is the world's first one-man-portable, fire-and-forget, multipurpose missile system.The company boasts a long-term earnings growth rate of 6.5%. The Zacks Consensus Estimate for LMT's 2023 sales implies an improvement of 0.9% from the 2022 reported figure. It currently holds a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.General Dynamics: It is a renowned manufacturer of land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation.  The company's Abrams is the most advanced main battle tank, which sports features that are technologically advanced in communications, fire control and lethality, reliability, sustainment and fuel efficiency, along with upgraded armor. GD's Ordnance and Tactical Systems unit is one of the prime manufacturers of artillery rounds in the United States.The company boasts a long-term earnings growth rate of 8.9%. The Zacks Consensus Estimate for GD's 2023 sales implies an improvement of 7.3% from the 2022 reported figure. It holds a Zacks Rank #3 at present.Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.See Stocks Free >>Media ContactZacks Investment Research800-767-3771 ext. 9339https://www.zacks.comZacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportLockheed Martin Corporation (LMT) : Free Stock Analysis ReportGeneral Dynamics Corporation (GD) : Free Stock Analysis ReportDollar General Corporation (DG) : Free Stock Analysis ReportCamtek Ltd. (CAMT) : Free Stock Analysis ReportRTX Corporation (RTX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Camtek and Dollar General have been highlighted as Zacks Bull and Bear of the Day

https://finance.yahoo.com/news/camtek-dollar-general-highlighted-zacks-115200392.html

cd9a1924-f2ea-3186-83ba-a13c38085ea9

GDEN

One of the Las Vegas Strip's best-known properties also has a major new attraction opening soon that's unique for Sin City.Continue reading

TheStreet.com

Revamped Las Vegas Strip Resort Casino Adding Huge Attraction

https://finance.yahoo.com/m/1525d197-51bc-3e34-a961-170dd3016c5f/revamped-las-vegas-strip.html

1525d197-51bc-3e34-a961-170dd3016c5f

GDEN

Key InsightsUsing the 2 Stage Free Cash Flow to Equity, Golden Entertainment fair value estimate is US$67.25Golden Entertainment's US$35.01 share price signals that it might be 48% undervalued The US$52.17 analyst price target for GDEN is 22% less than our estimate of fair valueHow far off is Golden Entertainment, Inc. (NASDAQ:GDEN) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by estimating the company's future cash flows and discounting them to their present value. Our analysis will employ the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple!We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. See our latest analysis for Golden Entertainment Step By Step Through The CalculationWe use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value:Story continues10-year free cash flow (FCF) estimate2024202520262027202820292030203120322033 Levered FCF ($, Millions) US$112.8mUS$136.0mUS$147.8mUS$157.8mUS$166.2mUS$173.5mUS$180.0mUS$185.9mUS$191.3mUS$196.4mGrowth Rate Estimate SourceAnalyst x4Analyst x1Est @ 8.70%Est @ 6.73%Est @ 5.36%Est @ 4.40%Est @ 3.72%Est @ 3.25%Est @ 2.92%Est @ 2.69% Present Value ($, Millions) Discounted @ 10% US$102US$112US$111US$108US$103US$97.6US$92.0US$86.3US$80.7US$75.3("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$968mWe now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.2%. We discount the terminal cash flows to today's value at a cost of equity of 10%.Terminal Value (TV)= FCF2033 × (1 + g) ÷ (r – g) = US$196m× (1 + 2.2%) ÷ (10%– 2.2%) = US$2.5bPresent Value of Terminal Value (PVTV)= TV / (1 + r)10= US$2.5b÷ ( 1 + 10%)10= US$973mThe total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$1.9b. The last step is to then divide the equity value by the number of shares outstanding. Compared to the current share price of US$35.0, the company appears quite undervalued at a 48% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.dcfThe AssumptionsWe would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Golden Entertainment as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 10%, which is based on a levered beta of 1.582. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.SWOT Analysis for Golden EntertainmentStrengthNo major strengths identified for GDEN.WeaknessEarnings declined over the past year.Interest payments on debt are not well covered.OpportunityAnnual earnings are forecast to grow for the next 3 years.Trading below our estimate of fair value by more than 20%.ThreatDebt is not well covered by operating cash flow.Annual earnings are forecast to grow slower than the American market.Moving On:Valuation is only one side of the coin in terms of building your investment thesis, and it ideally won't be the sole piece of analysis you scrutinize for a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. Why is the intrinsic value higher than the current share price? For Golden Entertainment, we've put together three further elements you should look at:Risks: To that end, you should learn about the 2 warning signs we've spotted with Golden Entertainment (including 1 which makes us a bit uncomfortable) .Future Earnings: How does GDEN's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NASDAQGM every day. If you want to find the calculation for other stocks just search here.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Golden Entertainment, Inc. (NASDAQ:GDEN) Shares Could Be 48% Below Their Intrinsic Value Estimate

https://finance.yahoo.com/news/golden-entertainment-inc-nasdaq-gden-115904400.html

b433fb55-9c06-3a98-a3a8-05b3ab835e2a

GDYN

SAN RAMON, CA / ACCESSWIRE / September 5, 2023 / Grid Dynamics Holdings, Inc. (Nasdaq:GDYN) ("Grid Dynamics" or the "Company"), a leader in enterprise-level digital transformation services and solutions, today announced that it will host the Company's first-ever Analyst & Investor Day on Thursday, November 16, 2023 from 10:00 a.m. to 2:30 p.m. ET at the Nasdaq MarketSite located at 4 Times Square, New York.Members of Grid Dynamics' leadership team will provide an in-depth view of the Company's capabilities, long-term strategy, and market opportunities. Additionally, management will discuss its GigaCube initiative, the Company's path towards one-billion dollar revenue. The agenda will also include demonstrations and guest experts.Advanced registration for the in-person event is required and space is limited. Analysts and institutional investors interested in attending should contact investor relations at [email protected] event will also be webcast live in listen-only mode beginning at approximately 10:00 a.m. ET on November 16, 2023. The webcast will be accessed on the Investor Relations section of the Company's website at https://ir.griddynamics.com/. A replay will be available after the Analyst & Investor Day at https://ir.griddynamics.com/.# # #About Grid DynamicsGrid Dynamics (Nasdaq:GDYN) is a digital-native technology services provider that accelerates growth and bolsters competitive advantage for Fortune 1000 companies. Grid Dynamics provides a range of digital transformation consulting and implementation services that includes artificial intelligence, big data, analytics, search, and cloud and DevOps. Grid Dynamics achieves high speed-to-market, quality, and efficiency by using technology accelerators, an agile delivery culture, and its pool of global engineering talent. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the globe, including US, Europe, UK, India, Mexico and Jamaica.Story continuesTo learn more about Grid Dynamics, please visit https://www.griddynamics.com. Follow us on Facebook, Twitter, and [email protected]: Grid DynamicsView source version on accesswire.com: https://www.accesswire.com/780733/grid-dynamics-to-host-analyst-investor-day-on-november-16th

ACCESSWIRE

Grid Dynamics to Host Analyst & Investor Day on November 16th

https://finance.yahoo.com/news/grid-dynamics-host-analyst-investor-200500959.html

d575ad0b-ed46-3fb7-ba6d-d9d44bb9c420

GDYN

Key Takeaways:Grid Dynamics releases the third version of its Analytics Platform with advanced features developed specifically for enterprise clients-strengthening its market position in this important domain.The updated Analytics Platform from Grid Dynamics provides components for sharing insights across large organizations, ensuring data trustworthiness and integrity in complex environments, and leveraging state-of-the-art Generative AI capabilities.This update aims to help the existing users of the Analytics Platform to enhance their data management capabilities and accelerate the deployment of enterprise-grade data solutions for new customers.SAN RAMON, CA / ACCESSWIRE / September 7, 2023 // Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) (Grid Dynamics), a leader in enterprise-level digital transformation services and solutions, today proudly announced the release of a major update to its already powerful Analytics Platform. Targeted at enterprise clients and focused on LLM-powered data analytics and enterprise-wide data product management, the updated platform provides a solid foundation for the rapid development of analytics use cases and AI solutions.Many enterprises today have siloed data assets which makes developing reports and data integrations complex and time-consuming. To solve this problem, Grid Dynamics extended its Analytics platform with a semantic layer and GraphQL integration. The semantic layer enables working with multiple data sources through a single interface and simplifies data access, data discoverability, and application implementation. The semantic layer also massively reduces time-to-market for developing reports and dashboards due to pre-configured integrations with industry-standard reporting tools such as Looker, PowerBI, or Tableau.The new version of the platform includes components for querying structured data using natural language. This capability, geared mainly towards business users, is backed by pluggable integrations with the major LLM providers and also supports custom LLMs for text-to-SQL translation.Story continuesThe Analytics Platform is available as a modular software package that wires together cloud-native services, open-source components, and advanced services developed by Grid Dynamics. It also includes optional integrations with partner products to enhance certain capabilities. The package can be used to rapidly provision a complete enterprise-grade cloud data platform, as well as extend the existing data lakes with advanced services and features."The bar for enterprise data platforms continually rises, and LLMs which deliver powerful capabilities for data engineering and analytics are an additional catalyst of this process, said Ilya Katsov, Vice President of Technology at Grid Dynamics. "Our continued investment in the Analytics Platform reflects our commitment to deliver state-of-the-art data engineering, management, and analytics technology to our clients in a cost-efficient way. Our investment is also a tangible outcome of our GigaCube growth framework, which highlights Innovation as one of the key pillars of our continued success with clients and the continued growth of our company."Visit this page to learn more about the updated Grid Dynamics Analytics platform.About Grid DynamicsGrid Dynamics (NASDAQ: GDYN) is a digital-native technology services provider that accelerates growth and bolsters competitive advantage for Fortune 1000 companies. Grid Dynamics provides digital transformation consulting and implementation services in omnichannel customer experience, big data, analytics, search, artificial intelligence, cloud & DevOps, and application modernization. Grid Dynamics achieves high speed-to-market, quality, and efficiency by using technology accelerators, an agile delivery culture, and its pool of global engineering talent. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the US, Mexico, Jamaica, the UK, Europe, and India. To learn more about Grid Dynamics, please visit www.griddynamics.com. Follow us on Facebook, Twitter, and LinkedIn.Forward-Looking StatementsThis communication 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 that are not historical facts, and involve risks and uncertainties that could cause actual results of Grid Dynamics to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include, without limitation, quotations and statements regarding product capabilities and benefits, enhancing shareholder value, our GigaCube growth strategy framework and our company's future growth.These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Grid Dynamics' control and are difficult to predict. Factors that may cause such differences include, but are not limited to, any factors limiting our product capabilities, the benefits of our products, and our company's growth and growth strategy.Grid Dynamics cautions that the foregoing list of factors is not exclusive. Grid Dynamics cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Grid Dynamics does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Further information about factors that could materially affect Grid Dynamics, including its results of operations and financial condition, is set forth under the "Risk Factors" section of the Company's quarterly report on Form 10-Q filed August 3, 2023, and in other periodic filings, Grid Dynamics makes with the SEC.Media Contact:Cary Savas+1 (650) 523 [email protected]: Grid DynamicsView source version on accesswire.com: https://www.accesswire.com/780937/grid-dynamics-releases-a-major-update-of-its-analytics-platform-with-llm-powered-data-analytics-advanced-semantic-layer-data-access-and-observability-services

ACCESSWIRE

Grid Dynamics Releases A Major Update of Its Analytics Platform With LLM-Powered Data Analytics, Advanced Semantic Layer, Data Access and Observability Services

https://finance.yahoo.com/news/grid-dynamics-releases-major-analytics-124500300.html

42bddfcc-844d-3b0e-9f6c-23d6b3c681b8

GE

(Bloomberg) -- Airlines and aircraft engine makers are racing to identify bogus spare parts that have infiltrated the global fleet via an obscure UK supplier, a potentially costly and complicated forensic endeavor affecting the world’s most widely flown passenger jets.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBiden Doubts China Able to Invade Taiwan Amid Economic WoesBoss of Failed Crypto Exchange Gets 11,000-Year SentenceSouthwest Airlines Co. said Friday that it had removed two “suspect parts” traced to closely held AOG Technics Ltd. from one of its Boeing Co. 737 aircraft, becoming the first major carrier to publicly disclose doing so. Hours earlier, CFM International Inc., the joint venture of General Electric Co. and Safran SA that makes the engines for many older-generation Airbus SE A320 and Boeing 737 aircraft, said parts with fraudulent documentation had been put on 68 of its power plants.The widening scandal has shaken an industry where safety is the guiding principle, with exacting standards for aircraft manufacturing and maintenance that demands each component be verified. Regulators, airlines and other industry players have been scouring their records to hunt down the suspect components sold by AOG, the obscure supplier at the center of the crisis.CFM, the world’s largest jet-engine manufacturer, filed a lawsuit in the UK against AOG Technics. The suit seeks an injunction to force AOG to provide more information to aid the aviation industry’s search for suspect components. It also seeks to recover any parts in AOG’s possession purported to be from CFM or GE.In response to questions from Bloomberg News, which first reported on the AOG case, Southwest said that two low-pressure turbine blades were the components it pulled from one of its engines. The carrier took “precautionary and immediate measures” to remove them based on the fact they were supplied by AOG.Story continuesThe parts were found in an engine on a Boeing 737 NG, an older version of Boeing’s most popular model. CFM supplies engines to both the Airbus and the Boeing planes. In the last decade, both models have undergone a technical upgrade with new engines — the Airbus A320neo and the Boeing 737 Max — that use different powerplants not affected by the AOG case.Still, the CFM56 model is the most widely used jet engine in service today. It has been used on single-aisle planes for decades, with more than 33,000 engines delivered to more than 600 operators worldwide. The single-aisle Airbus and Boeing jets are used by millions of passengers each day and by most airlines, mainly on short-haul flights.To date, CFM and GE Aerospace have found 78 documents they say are falsified and which cover 52 CFM56 engine part numbers, along with two faked records for CF6 components. AOG has no direct affiliation with CFM or its partners.The European Union Aviation Safety Agency earlier this week determined that the components backed by forged documentation included turbine blades, a critical component of an aircraft’s propulsion system.Airbus has said it’s aware of reports surrounding AOG, while Boeing has deferred to regulators on the topic.Representatives for AOG could not be reached for immediate comment. Based on the UK’s Companies House records, AOG was established in 2015. The supplier of parts to third-party engine repair shops was created by Jose Zamora Yrala, who hasn’t responded to emails or phone calls seeking comment.“Safety is our first priority, and we are taking aggressive legal action against AOG Technics to accelerate the industry’s ability to identify parts sold by this third-party with falsified documentation,” a CFM spokesman said in a statement.No incidents linked to the suspect parts have been identified, CFM and GE have said. EASA said last week that while the parts of questionable origin are “a matter for concern, to date there have been no reports of problems resulting from the suspect unapproved parts.”Aircraft manufacturers, airlines and engine makers go to great lengths inspecting their equipment to identify faults or fatigue, a practice that has contributed to ever-lower incidents in an industry priding itself as being among the safest modes of transport. When unforeseen faults to crop up — even those that are not deemed a safety issue — they can lead to lengthy and costly repairs.--With assistance from Albertina Torsoli.Most Read from Bloomberg BusinessweekHuawei’s Surprise Phone Gives Ammo to Biden Doubters on ChinaLyme Disease Has Exploded, and a New Vaccine Is (Almost) Here©2023 Bloomberg L.P.

Bloomberg

Airlines, Engine Makers Race to Track Down Bogus Spare Parts

https://finance.yahoo.com/news/airlines-engine-makers-race-track-081820190.html

a5fdcc27-c4b2-3648-8961-7aa4ce834ff0

GE

Key InsightsGeneral Electric's estimated fair value is US$154 based on 2 Stage Free Cash Flow to EquityGeneral Electric is estimated to be 27% undervalued based on current share price of US$112 Analyst price target for GE is US$127 which is 17% below our fair value estimateIn this article we are going to estimate the intrinsic value of General Electric Company (NYSE:GE) by taking the expected future cash flows and discounting them to their present value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. Don't get put off by the jargon, the math behind it is actually quite straightforward.Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model. View our latest analysis for General Electric Crunching The NumbersWe use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value:10-year free cash flow (FCF) estimate2024202520262027202820292030203120322033 Levered FCF ($, Millions) US$6.26bUS$7.61bUS$8.66bUS$9.19bUS$9.61bUS$9.98bUS$10.3bUS$10.6bUS$10.9bUS$11.2bGrowth Rate Estimate SourceAnalyst x5Analyst x4Analyst x2Analyst x2Est @ 4.52%Est @ 3.81%Est @ 3.31%Est @ 2.96%Est @ 2.72%Est @ 2.55% Present Value ($, Millions) Discounted @ 7.5% US$5.8kUS$6.6kUS$7.0kUS$6.9kUS$6.7kUS$6.5kUS$6.2kUS$6.0kUS$5.7kUS$5.4k("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$63bStory continuesAfter calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.2%. We discount the terminal cash flows to today's value at a cost of equity of 7.5%.Terminal Value (TV)= FCF2033 × (1 + g) ÷ (r – g) = US$11b× (1 + 2.2%) ÷ (7.5%– 2.2%) = US$214bPresent Value of Terminal Value (PVTV)= TV / (1 + r)10= US$214b÷ ( 1 + 7.5%)10= US$104bThe total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$167b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of US$112, the company appears a touch undervalued at a 27% discount to where the stock price trades currently. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind.dcfThe AssumptionsWe would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at General Electric as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.5%, which is based on a levered beta of 1.067. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.SWOT Analysis for General ElectricStrengthDebt is not viewed as a risk.WeaknessDividend is low compared to the top 25% of dividend payers in the Industrials market.OpportunityGood value based on P/E ratio and estimated fair value.ThreatAnnual earnings are forecast to decline for the next 3 years.Moving On:Valuation is only one side of the coin in terms of building your investment thesis, and it ideally won't be the sole piece of analysis you scrutinize for a company. It's not possible to obtain a foolproof valuation with a DCF model. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. What is the reason for the share price sitting below the intrinsic value? For General Electric, we've put together three further aspects you should assess:Risks: Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with General Electric (at least 1 which is a bit unpleasant) , and understanding these should be part of your investment process.Management:Have insiders been ramping up their shares to take advantage of the market's sentiment for GE's future outlook? Check out our management and board analysis with insights on CEO compensation and governance factors.Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!PS. Simply Wall St updates its DCF calculation for every American stock every day, so if you want to find the intrinsic value of any other stock just search here.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Are Investors Undervaluing General Electric Company (NYSE:GE) By 27%?

https://finance.yahoo.com/news/investors-undervaluing-general-electric-company-140024232.html

c29cb186-f7b7-31d7-905f-6ec35b5bb276

GECC

Great Elm Capital Corp.WALTHAM, Mass., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the “Company” or “GECC”) (NASDAQ: GECC) announced today the pricing of its underwritten public offering of $40,000,000 aggregate principal amount of its 8.75% notes due 2028 (the “Notes”), which will result in net proceeds to the Company of approximately $38.2 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company.The Notes will mature on September 30, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after September 30, 2025. The Company has also granted the underwriters a 30-day option to purchase up to an additional $6,000,000 aggregate principal amount of Notes to cover over-allotments, if any.The closing of the transaction is subject to customary closing conditions, and the Notes are expected to be delivered on or about August 16, 2023. The Notes are expected to be listed on The Nasdaq Global Market under the trading symbol “GECCZ,” and to trade thereon within 30 days from the original issue date.The Company intends to use the net proceeds from the offering, along with cash on hand, to redeem all of its outstanding 6.50% notes due 2024 and to pay related fees and expenses and for general corporate purposes. The Company may also elect to (i) redeem a portion of its outstanding 6.75% notes due 2025, (ii) redeem a portion of its outstanding 5.875% notes due 2026 or (iii) repay all or a portion of its borrowings outstanding under the Loan, Guarantee and Security Agreement, as amended, with City National Bank with proceeds of this offering.Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering.This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.Story continuesA registration statement relating to these securities is on file with and has been declared effective by the Securities and Exchange Commission (the “SEC”). The offering will be made only by means of a prospectus, copies of which may be obtained, when available, from: Ladenburg Thalmann & Co. Inc.640 5th Avenue, 4th FloorNew York, New York [email protected] are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. The preliminary prospectus, dated August 7, 2023, which has been filed with the SEC, contains a description of these matters and other important information about the Company and should be read carefully before investing.The information in this press release and the preliminary prospectus is not complete and may be changed.About Great Elm Capital Corp.GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses.Cautionary Statement Regarding Forward-Looking StatementsStatements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are: conditions in the credit markets, rising interest rates, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s registration statement, its Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.Media & Investor Contact:Investor [email protected]

GlobeNewswire

Great Elm Capital Corp. Prices Public Offering of $40,000,000 of 8.75% Notes Due 2028

https://finance.yahoo.com/news/great-elm-capital-corp-prices-233000915.html

12c43afe-33c3-30d6-8dab-4a892f840e78

GECC

Great Elm Capital Group, Inc. (GECC) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, GECC's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.A golden cross contrasts with a death cross, another widely-followed chart pattern that suggests bearish momentum could be on the horizon.GECC has rallied 12.4% over the past four weeks, and the company is a #1 (Strong Buy) on the Zacks Rank at the moment. This combination indicates GECC could be poised for a breakout.The bullish case solidifies once investors consider GECC's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 3 revisions higher in the past 60 days. The Zacks Consensus Estimate has increased too.With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on GECC for more gains in the near future.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportGreat Elm Capital Group, Inc. (GECC) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Should You Buy Great Elm Capital (GECC) After Golden Cross?

https://finance.yahoo.com/news/buy-great-elm-capital-gecc-135504822.html

d9b2544c-95c1-3f11-83ba-62250829fd09

GEG

Great Elm Group, Inc.WALTHAM, Mass., May 15, 2023 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,” “us,” “our,” the “Company,” or “GEG”) (NASDAQ: GEG), an alternative asset manager, announced today that Brent Pearson resigned as Chief Financial Officer. The Board of Directors unanimously appointed Keri Davis as CFO effective immediately.   With the assumption of the CFO position at GEG, Ms. Davis expands her role with the Company as she continues in her capacity as CFO of Great Elm Capital Corp. (NASDAQ: GECC), a business development company managed by a subsidiary of GEG.Ms. Davis has over fifteen years of finance and accounting experience in the asset management space. In addition to her newly appointed role as the CFO of GEG, she has also served as Chief Financial Officer and Treasurer of GECC since March 2019. Prior to these positions, Ms. Davis worked as SEC Reporting Manager for GEG and GECC. Prior to joining Great Elm, Ms. Davis served as a Senior Manager in the Audit practice of PwC, a multinational professional services firm focusing on audit and assurance, tax and consulting services. While at PwC, Ms. Davis was part of the Financial Services industry group from 2005 to 2017, focusing primarily on Asset Management clients in the Boston, Chicago, and San Francisco offices.  Ms. Davis holds a B.B.A. in Accounting from the University of Massachusetts Amherst and is a Certified Public Accountant.“On behalf of the Company and the Board, I am thrilled to have Keri expand her role to CFO of GEG as we reposition our focus on alternative asset management,” said Jason Reese, CEO and Chairman of the GEG Board. “Keri’s experience working with asset management companies makes her uniquely qualified to lead the finance and accounting team at GEG.   I want to take the opportunity to thank Brent Pearson for his service and contributions to Great Elm.”Keri Davis added, “I am very excited about the future of GEG. We have a tremendous opportunity as an alternative asset management company to unlock real value for our shareholders. I look forward to working with our finance and accounting teams to support our ambitious growth plans.”Story continuesAbout Great Elm Group, Inc. Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995Statements in this press release that are “forward-looking” statements, including statements regarding revenue, Adjusted EBITDA, expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and Great Elm’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from Great Elm’s expectations, please see Great Elm’s filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm’s financial position and results of operations is also contained in Great Elm’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.Media & Investor Contact:Investor Relations [email protected]

GlobeNewswire

Great Elm Group, Inc. Announces CFO Transition

https://finance.yahoo.com/news/great-elm-group-inc-announces-204700754.html

79acaa22-2cb4-35d2-b4ae-01794536c1fc

GEG

Monomoy CRE, LLCCHARLESTON, S.C., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Monomoy CRE, LLC (“we,” “us,” “our,” or “Monomoy,”) announced today the hiring of Andrew Wright, as Vice President of Real Estate.Mr. Wright is an accomplished industry veteran with over 20 years of land acquisition, entitlement, and construction management experience in all avenues of commercial real estate. Most recently, Mr. Wright served as Senior Director of Corporate Real Estate for WillScot Mobile Mini Holding Corp. Mr. Wright has also held various leadership positions on numerous boards. He holds certifications from the American Institute of Certified Planners (AICP), the Institute of Transportation Engineers as a Professional Transportation Planner (PTP), and the State of New Jersey with a New Jersey Professional Planner License (PP). Mr. Wright earned a Bachelor of Arts degree in Geography from the West Chester University of Pennsylvania.“The industrial market remains highly competitive and firms that prioritize their tenants’ needs are transforming the marketplace,” said Chris Macri, President and CEO of Monomoy CRE. “Andy’s extensive experience and knowledge working with some of the largest players in the industrial market will further support Monomoy in providing creative solutions to tenants’ real estate needs.”Mr. Wright stated, “I am very excited to take on this role and join the entrepreneurial team at Monomoy as we work together to strategically grow and diversify our portfolio of properties.”About Monomoy CRE, LLCMonomoy CRE, LLC (www.monomoyproperties.com), a subsidiary of Great Elm Group, Inc. (NASDAQ: GEG), is a full-service real estate services company that provides solutions for our tenants through property management, real estate investments, construction and development. We invest in build-to-suit class A, B & C Single Tenant Industrial Properties including equipment rental, building supply, materials, manufacturing, warehousing, distribution, and logistics. The typical asset is comprised of office and shop space with exterior storage. Our growth includes both the expansion of our tenant profile into the alternative energy sector and expansion of our asset type into commercial office property. Monomoy is focused on single-tenant net leased industrial properties throughout the US specifically targeting critical markets with economic growth.Story continuesFor more information regarding Monomoy CRE, LLC please contact:Chris [email protected]

GlobeNewswire

Monomoy CRE, LLC Hires Experienced Real Estate Professional Andrew Wright as Vice President of Real Estate

https://finance.yahoo.com/news/monomoy-cre-llc-hires-experienced-130000413.html

cf489057-e88e-36f5-9eeb-c808e4d8a250

GEHC

With a dual-headed probe, the Vscan Air SL offers a sector array and a linear array on a single device which is ideal for switching between focused cardiac assessments and vascular assessments right at the point of care – both inside and outside of the hospital.Vscan Air SL is the newest addition to the Vscan product suite, which includes more than 50,000 systems in the pockets of clinicians, impacting the care of more than an estimated 100 million patients worldwide.CHICAGO, August 25, 2023--(BUSINESS WIRE)--GE HealthCare (Nasdaq: GEHC) today announced the launch of Vscan Air SL – a handheld, wireless ultrasound imaging system designed for rapid cardiac and vascular assessments at the point of care to help clinicians accelerate diagnoses and treatment decisions. The latest addition to the Vscan product suite, Vscan Air SL features GE HealthCare’s proprietary SignalMax and XDclear technology that provide high levels of penetration, resolution, and sensitivity in imaging performance with an industry-leading single crystal transducer technology.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230824324963/en/The Vscan Air SL is a handheld, wireless ultrasound imaging system designed for rapid cardiac and vascular assessments at the point of care. (Photo: Business Wire)With cardiovascular disease the most prevalent disease worldwide1 often presenting in emergency situations, prompt diagnosis and treatment can be vital. The portable, wireless Vscan Air SL is designed to enable clinicians to efficiently collect and view crystal clear cardiac and vascular images at the point of care. By streamlining these workflows and avoiding overloading traditional radiology resources, clinicians can expedite care decisions to help patients receive treatment plans right away when time is of the essence."Having ever more powerful handheld ultrasound is a game changer for patient care," said Guy Lloyd, M.D., FRCP, consultant cardiologist at Barts Heart Center, University College London Hospitals and clinical director for Cardiovascular Diagnostics and Investigations. "Whether on the ward or in general practice, being able to provide high-quality imaging at the point of care means rapid diagnosis and rapid treatment."Story continuesWith Vscan Air SL, clinicians have a pocket-sized, portable tool that allows for clear, whole-body scanning and secure viewing of images. In addition, through Vscan Air + Digital Tools, clinicians have access to subscriptions that can connect them to a suite of easy-to-use solutions designed to improve workflow with secure collaboration, image, and device management features."Vscan Air SL enables clinicians to make quick cardiac assessments and adds to our broad portfolio of ultrasound technologies to help further inform clinical decision making at the point of care," said Dietmar Seifriedsberger, Global General Manager, Point of Care and Handheld Ultrasound at GE HealthCare. "This newest innovation demonstrates our commitment to providing integrated solutions resulting in better standard of care delivery — and ultimately helping clinicians improve patient outcomes."GE HealthCare pioneered the first color pocket-sized ultrasound, Vscan, in 2010 and has since continued to revolutionize the way clinicians treat patients. In 2021, GE HealthCare introduced one of the smallest and most lightweight handheld ultrasound devices with the Vscan Air CL. To date, there are more than 50,000 systems from the Vscan product suite in the pockets of clinicians, impacting the care of more than an estimated 100 million patients worldwide.2 Vscan Air CL and SL continue the company’s commitment to innovation and transforming the clinical exam by making it easier to acquire high quality ultrasound images.GE HealthCare is showcasing Vscan Air SL at the European Society of Cardiology (ESC) 2023 annual meeting in Amsterdam, Netherlands Friday, August 25 – Monday, August 28 in booth #H500. The booth features the theme "Know. Now." with information and resources to raise awareness of the importance of early detection of cardiovascular disease for better patient outcomes.Vscan Air SL is currently commercially available in key countries throughout Europe and Asia as well as Australia and New Zealand. In the United States, Vscan Air SL is 510(k) cleared by the U.S. Food and Drug Administration and will become commercially available this quarter.For more information about the GE HealthCare Vscan Air wireless handheld ultrasound, please visit gehealthcare.com.About Vscan AirGE HealthCare's Vscan Air offers two flexible, wireless, dual-probe handheld ultrasound options: the new Vscan Air SL, which includes a sector-phased array transducer for rapid cardiac assessments, and the Vscan Air CL, which includes a curved array transducer for abdominal imaging, obstetric assessments, and more. Uniquely, both models also include a linear array transducer bringing shallow and deep scanning together on a single dual probe device suitable for a wide range of assessments. Both models provide a flexible, lightweight, wireless device that delivers crystal clear images anytime, anywhere to help accelerate diagnoses and treatment decisions. The Vscan Air app, available on Android™ and iOS™ devices, allows for the secure viewing of images on a mobile device so clinicians can take Vscan Air with them to every patient.About GE HealthCareGE HealthCare is a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, dedicated to providing integrated solutions, services, and data analytics to make hospitals more efficient, clinicians more effective, therapies more precise, and patients healthier and happier. Serving patients and providers for more than 100 years, GE HealthCare is advancing personalized, connected, and compassionate care, while simplifying the patient’s journey across the care pathway. Together our Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics businesses help improve patient care from diagnosis, to therapy, to monitoring. We are an $18.3 billion business with 50,000 employees working to create a world where healthcare has no limits.Follow us on Facebook, LinkedIn, Twitter, Instagram and Insights for the latest news, or visit our website https://www.gehealthcare.com/ for more information._______________________________1 Chang YJ, Chang SL, Chong E, Suenari K, Michalopoulos A. Cardiovascular Emergencies. Biomed Res Int. 2017;2017:7210261. doi: 10.1155/2017/7210261. Epub 2017 Jul 2. PMID: 28752094; PMCID: PMC5511652.2 GE HealthCare data on file.View source version on businesswire.com: https://www.businesswire.com/news/home/20230824324963/en/ContactsEric TatroGE HealthCare+1 312 459 [email protected]

Business Wire

GE HealthCare Introduces Vscan Air SL, a Wireless Handheld Ultrasound Device for Rapid Assessments of Cardiac and Vascular Patients

https://finance.yahoo.com/news/ge-healthcare-introduces-vscan-air-130000045.html

48cec1bf-dd13-3f9d-b780-0b0483d90493

GEHC

In preliminary tests, the AI-enabled algorithm was able to correctly predict the missed care opportunity (MCO) at rates of up to 96%1.CHICAGO, September 06, 2023--(BUSINESS WIRE)--GE HealthCare and Mass General Brigham announced, as part of its initial collaboration, the co-development of an artificial intelligence (AI) algorithm that will help increase operations effectiveness and productivity. The first innovative AI application from the collaboration is the schedule predictions dashboard of Radiology Operations Module (ROM), a digital imaging tool that helps optimize scheduling, reduce cost, and free providers from administrative burden, allowing more time for the clinician-patient relationship. ROM is commercially available to healthcare institutions.The actionable insights driven by AI and machine learning are designed to help improve both departmental and enterprise-wide productivity and administrative efficiency. By 2025, the U.S. is estimated to have a shortage of approximately 446,000 home health aides, 95,000 nursing assistants, 98,700 medical, and lab technologists and technicians, and more than 29,000 nurse practitioners, according to a report conducted by industry market analytic firm Mercer. Health systems will need to rely on technology to help solve some of these challenges."Amid the vast sea of data and the heavy tasks that divert healthcare providers from patient care, our collaboration with Mass General Brigham is groundbreaking. Through the fusion of distinctive datasets and cutting-edge machine learning methods, harnessing the synergy of clinical and technical proficiency, we are ushering in unprecedented healthcare advancements," said Parminder Bhatia, Chief AI Officer of GE HealthCare.Operational AI-enabled tools can address challenges that often pose a threat to patient care such as cost of care, and hospital inefficiencies. When a patient misses an appointment, fails to schedule a follow up or is late, also known as missed care opportunities (MCO), the impact can be significant. The co-developed algorithm is intended to predict MCO and late arrivals, which could help increase flexibility and streamline administrative operations, improve patient satisfaction, and better accommodate urgent, inpatients, or walk in appointments. In preliminary tests, the algorithm was able to predict the missed care opportunity correctly, at rates of up to 96%, with limited false positives1.Story continues"Utilizing operational AI and machine learning can bring providers together and streamline data sets," said Keith Dreyer, DO, PhD, Chief Data Science Officer, Mass General Brigham. "The strategic use of AI offers great potential for the future of healthcare and we’re proud to be at the forefront of the movement. This technology has the potential to reduce burnout and allow physicians to spend more time with patients, which may ultimately lead to better outcomes."The 10-year commitment to drive innovation between GE HealthCare and Mass General Brigham was first signed in 2017 to explore the use of AI across a broad range of diagnostic and treatment paradigms. GE HealthCare and Mass General Brigham are working to implement AI in ways that will support each patient’s journey.About GE HealthCare Technologies Inc.GE HealthCare is a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, dedicated to providing integrated solutions, services, and data analytics to make hospitals more efficient, clinicians more effective, therapies more precise, and patients healthier and happier. Serving patients and providers for more than 100 years, GE HealthCare is advancing personalized, connected, and compassionate care, while simplifying the patient’s journey across the care pathway. Together our Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics businesses help improve patient care from diagnosis, to therapy, to monitoring. We are an $18.3 billion business with 50,000 employees working to create a world where healthcare has no limits.Follow us on Facebook, LinkedIn, Twitter, Instagram, and Insights for the latest news, or visit our website for more information.1 Results are based on testing at one Mass General Brigham location. In testing, the range of prediction of missed care was 67% to 96%. Results may not be typical.* Mass General Brigham was not compensated for this testimonial, but has a financial stake in the commercial success of ROM. The statements by Mass General Brigham described here are based on results that were achieved in its unique setting. Since there is no "typical" hospital and many variables exist, i.e., hospital size, case mix, etc. There can be no guarantee that other customers will achieve the same results.View source version on businesswire.com: https://www.businesswire.com/news/home/20230906773062/en/ContactsGE HealthCare Media Contact Linh [email protected]

Business Wire

GE HealthCare and Mass General Brigham Collaborate on an AI Algorithm to Predict Missed Care Opportunities

https://finance.yahoo.com/news/ge-healthcare-mass-general-brigham-120000647.html

bd47b869-2a54-3096-902c-aa950bf68818

GGB

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.One company value investors might notice is Gerdau (GGB). GGB is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 6.45 right now. For comparison, its industry sports an average P/E of 8.37. Over the last 12 months, GGB's Forward P/E has been as high as 7.89 and as low as 3.56, with a median of 6.35.Investors will also notice that GGB has a PEG ratio of 0.27. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. GGB's PEG compares to its industry's average PEG of 0.57. GGB's PEG has been as high as 0.37 and as low as 0.17, with a median of 0.29, all within the past year.We should also highlight that GGB has a P/B ratio of 0.92. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 1.37. Over the past year, GGB's P/B has been as high as 1.22 and as low as 0.77, with a median of 0.96.Story continuesFinally, investors will want to recognize that GGB has a P/CF ratio of 3.73. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 9.57. Over the past year, GGB's P/CF has been as high as 4.43 and as low as 1.88, with a median of 2.88.Investors could also keep in mind POSCO (PKX), an Steel - Producers stock with a Zacks Rank of # 2 (Buy) and Value grade of A.POSCO is currently trading with a Forward P/E ratio of 9.73 while its PEG ratio sits at 0.54. Both of the company's metrics compare favorably to its industry's average P/E of 8.37 and average PEG ratio of 0.57.Over the past year, PKX's P/E has been as high as 13.95, as low as 5.14, with a median of 6.81; its PEG ratio has been as high as 1.17, as low as 0.54, with a median of 0.29 during the same time period.POSCO sports a P/B ratio of 0.69 as well; this compares to its industry's price-to-book ratio of 1.37. In the past 52 weeks, PKX's P/B has been as high as 0.84, as low as 0.24, with a median of 0.38.These are just a handful of the figures considered in Gerdau and POSCO's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that GGB and PKX is an impressive value stock right now.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportGerdau S.A. (GGB) : Free Stock Analysis ReportPOSCO (PKX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Are Investors Undervaluing Gerdau (GGB) Right Now?

https://finance.yahoo.com/news/investors-undervaluing-gerdau-ggb-now-195245671.html

af1ed48f-12f0-3b93-84f8-dbd255fbde86

GGB

At event in the city of São Paulo, executives of Gerdau and São Paulo Grand Prix announced unprecedented partnership, which will offer new sustainable experience in the Brazilian round of the world's largest and most popular motor racing competitionSÃO PAULO, Aug. 29, 2023 /PRNewswire/ -- Gerdau, Brazil's largest steel producer and one of the leading producers of special steel for the automotive industry, announces today an unprecedented partnership with São Paulo Grand Prix, the Brazilian round of the world's largest and most popular motor racing competition, to take place on November 3, 4 and 5 at Interlagos racetrack. The company will be the event's official steel supplier, with an 100% recyclable product, to be used to modernize the structures of Interlagos circuit, located in the city and state of São Paulo.With over 80 years of a history marked by iconic Formula 1 events, the Interlagos circuit will receive Gerdau's 100% recyclable steel for modernization works following the sustainability parameters aligned with the guidelines established by the São Paulo GP and the Formula 1. The new equipment to be installed in the racetrack includes a fixed steel structure system for the audio-visual broadcast of the race, covering the entire circuit. All modernization works in the sports arena will be left as a legacy for the city of São Paulo and other events to occur in the location.The announcement was made during an event at Gerdau's global headquarters in São Paulo, this Wednesday morning (August 23), with the participation of Gustavo Werneck, CEO of Gerdau, Alan Adler, CEO of São Paulo Grand Prix, and journalists and guests."We are very proud of being part of such an iconic event for the Brazilian culture and sports, which is the São Paulo Grand Prix. Over its 122 years of history, Gerdau has been monitoring several changes in the automotive industry and considers the current partnership a great opportunity to promote the production of 100% recyclable and low-cost steel, offering a more sustainable option for one of the world's largest sports event, the São Paulo GP," said Gustavo Werneck, Gerdau's CEO.Story continues"Formula 1 defined clear goals to reduce carbon emissions. São Paulo Grand Prix feels privileged for being part of this important movement. We are also agents and disseminators of the sustainability culture. For this reason, we are very happy with the partnership we established with Gerdau, a company that gives priority to circular economy, recycling materials and mitigating the impact on the environment. All this is in line with the São Paulo GP initiatives on environmental preservation," said Alan Adler, CEO of the São Paulo Grand Prix.Gerdau steel to be used at the event is a result of a process that encompasses the scrap metal recycling chain, involving over one million people, such as scrap collectors and cooperatives. Recycling, based on the circular economy concept, also has positive effects on mitigating climate change: it enables to save natural resources and reduce energy consumption and greenhouse gas emissions."This unprecedented partnership with  the São Paulo Grand Prix is yet another step on Gerdau's strategy to produce innovative steels that support the solutions for the society's dilemmas and problems. Gerdau steel, already used in several applications for the automotive industry, now reaches the Brazilian round of the most prestigious and innovative category of the global motor racing," Werneck concluded.Gerdau is world's leading provider of special steel, an essential input for the automotive industry, with the production of low-carbon steel at its industrial units in Brazil and the United States. The company is also the largest scrap recycler in Latin America and produces steel emitting less than half the average emissions of the global steel industry, thanks to its sustainable production model, partially based on scrap metal recycling.Over 1 million people, including scrap collectors and cooperatives involved in the Gerdau's recycling process.71% of Gerdau steel is made of scrap metal recycled.11 million tonnes per year: Gerdau is the largest recycler in Latin America.36,000 direct and indirect employees in all Gerdau's operations: number of jobs created by the company.One of the lowest average greenhouse gas emissions (CO₂e) of 0.89 t/CO₂e per tonne of steel, which is about half the global industry average of 1.91 t/CO₂e per tonne of steel.About GerdauWith 122 years of history, Gerdau is Brazil's largest producer of steel, a leading producer of long steel in the Americas and one of the world's leading suppliers of special steel. In Brazil, Gerdau also produces flat steel and iron ore for its own use. It also has a new business division, Gerdau Next, which fosters entrepreneurship in segments adjacent to the steel industry. Guided by its purpose of empowering people who build the future, the company operates in nine countries and has over 36,000 direct and indirect employees.  Gerdau is the largest recycling company in Latin America and uses scrap as an important input:  71% of its steel is produced from scrap.  Every year, Gerdau transforms 11 million tonnes of scrap into a variety of steel products. The Company is also the world's largest charcoal producer, with over 250 hectares of planted forests in the state of Minas Gerais.  As a result of its sustainable production matrix, Gerdau currently has one of the industry's lowest average greenhouse gas emissions (CO₂e) of 0.89 t/CO₂e per tonne of steel, which is about half the global industry average of 1.91 t/CO₂e per tonne of steel (worldsteel). Gerdau's target is to reduce its carbon emissions to 0.83 t/CO₂e per tonne of steel by 2031. Gerdau's shares are listed on the São Paulo (B3), New York (NYSE) and Madrid (Latibex) stock exchanges.For more information, contact:FSB Comunicaçã[email protected] CisionView original content to download multimedia:https://www.prnewswire.com/news-releases/gerdau-introduces-recyclable-steel-into-formula-1-sao-paulo-grand-prix-301912505.htmlSOURCE Gerdau

PR Newswire

Gerdau introduces recyclable steel into Formula 1 São Paulo Grand Prix

https://finance.yahoo.com/news/gerdau-introduces-recyclable-steel-formula-130000652.html

31290a66-b10b-328f-b248-7637790c75c8

GGE

ParticipantsBruce C. Wacha; CFO & Executive VP of Finance; B&G Foods, Inc.Kenneth Charles Keller; President, CEO & Director; B&G Foods, Inc.Sarah Jarolem; Senior Director of Corporate Strategy & Business Development; B&G Foods, Inc.Andrew Lazar; MD & Senior Research Analyst; Barclays Bank PLC, Research DivisionCarla Casella; MD & Senior Analyst; JPMorgan Chase & Co, Research DivisionDavid Sterling Palmer; Senior MD & Fundamental Research Analyst; Evercore ISI Institutional Equities, Research DivisionEric Jon Larson; Research Analyst; Seaport Research PartnersHale Holden; MD; Barclays Bank PLC, Research DivisionKarru Martinson; Analyst; Jefferies LLC, Research DivisionMichael Scott Lavery; MD & Senior Research Analyst; Piper Sandler & Co., Research DivisionRobert Bain Moskow; Research Analyst; Crédit Suisse AG, Research DivisionRobert Frederick Dickerson; MD & Senior Research Analyst; Jefferies LLC, Research DivisionPresentationOperatorGood afternoon, and welcome to the B&G Foods Fourth Quarter 2022 Earnings Call. Today's call, which is being recorded, is scheduled to last about 1 hour, including remarks by B&G Foods management and the question-and-answer session. I would now like to turn the call over to Sarah Jarolem, Senior Director of Corporate Strategy and Business Development for B&G Foods. Please go ahead, ma'am.Sarah JarolemGood afternoon, and thank you for joining us. With me today are Casey Keller, our Chief Executive Officer; and Bruce Wacha, our Chief Financial Officer. You can access detailed financial information on the quarter and full year in the earnings release we issued today, which is available at the Investor Relations section of bgfoods.com. Before we begin our formal remarks, I need to remind everyone that part of the discussion today includes forward-looking statements. These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer you to B&G Foods annual report on Form 10-K and subsequent SEC filings for a more detailed discussion of the risks that could impact our company's future operating results and financial condition. B&G Foods undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. We will also be making references on today's call to the non-GAAP financial measures, adjusted EBITDA, adjusted net income, adjusted diluted earnings per share and base business net sales. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earnings release.Casey will begin the call with opening remarks and discuss various factors that affected our results, selected business highlights and his thoughts concerning the outlook for fiscal 2023 and beyond. Bruce will then discuss our financial results for the fourth quarter and fiscal 2022 and our guidance for fiscal 2023. I would now like to turn the call over to Casey.Story continuesKenneth Charles KellerGood afternoon. Thank you, Sarah, and thank you all for joining us today for our fourth quarter and fiscal 2022 quarter earnings call. Fourth quarter performance demonstrated strong recovery with cumulative pricing actions covering inflationary costs, as we expected. Net sales increased plus 9% versus last year, with adjusted EBITDA as a percentage of net sales at 15% compared to 14.9% last year. Excluding items affecting comparability, gross profit as a percentage of net sales improved to 20.6% in Q4 2022, increasing versus 19.7% in Q4 2021. This is the first quarter in 2022, where margins were at least flat or improving year-over-year. Some key perspectives on the results. Inflation. Total fiscal year '22 input cost inflation impact finished at greater than plus 20%. We are starting to see some moderation in key commodities, including soybean oil, wheat, corn, but costs still remain at historically high levels. In addition, freight transportation and warehousing costs moderated from last summer highs, although still above last year. Pricing. In total, pricing realization, including product mix, contributed $99.2 million in Q4 compared to $75.5 million in Q3. Net pricing actions fully recovered input cost inflation in the quarter, following final price increases for 2022 implemented in August and October. Volume. Q4 sales volumes were relatively resilient against the significant price increases to offset inflation, partly reflecting the improvement in year-over-year customer service levels. In total, sales volume declines were approximately $45 million in Q4. In particular, spices & seasonings net sales grew plus 17.4% in Q4, driven by improved production and service performance. More than half of the Q4 volume declines were in Green Giant, driven by the exit of a low-profit canned business in the dollar channel and higher elasticity following fall seasonal pack price increases. Supply and service. Customer service and fill rates improved during the quarter, reaching over 95% in December. Last year, December service levels were less than 90%, impacted by disruptions from the Omicron COVID variant in the supply and distribution network. At this stage, some supply issues remain behind materials availability and co-packer availability, but those are becoming more isolated situations. In totality, fiscal year 2022 was challenging with rapidly rising inflationary inputs across key commodities, particularly following the Ukraine war, and the constant pressure of implementing pricing actions that lagged cost increases to adhere to customer lead time requirements. But we are encouraged by Q4 results and performance, reflecting the catch-up of pricing against costs across the portfolio, a moderating inflationary environment and the recovery of our higher-margin spices & seasonings business. In fiscal year '23, we expect inflation to continue, but at lower rates, currently estimated at plus 5% to 6%, with the biggest new pressures on tomatoes, glass, et cetera. So far, we have not seen significant declines on key commodities, for example, soybean oil, corn, wheat, et cetera, from average cost levels in fiscal year '22. Again, we have raised prices selectively to recover higher input costs, but only against key commodity categories versus the broader actions required in fiscal year '22. We have also modified our pricing approach with customers on Crisco to more accurately adjust to market costs on a quarterly basis. Finally, price elasticities are estimated to increase somewhat as the economy tightens and some consumers trade down on the margin to cheaper alternatives. As a result, we expect fiscal year '23 to demonstrate continued margin recovery as previously implemented pricing actions offset year-over-year inflation, particularly in the first half.Net sales, excluding [divestitures], are expected to increase at plus 1% to 2%, driven by pricing benefits, offset by volume elasticities. We expect that sales growth will also be impacted by moderate price declines on Crisco to reflect projected lower soybean oil costs in the second half of the year, while maintaining gross margin dollars. Bruce will discuss fiscal year '23 guidance in more detail. Further, we are continuing to make progress on reshaping the B&G Foods portfolio. The sale of the Back to Nature brand to Barilla was completed in early January as a proactive step to exit the small, fragmented lower-margin snacks portfolio that is outside of the future of B&G Foods core. The proceeds from the Back to Nature divestiture were used to make a partial prepayment of our variable rate term loan. We are actively reviewing other divestiture possibilities to sharpen the portfolio focus and reduce leverage and debt. Finally, the transition to 4 business units: spices and flavor solutions; meals; frozen and vegetables; and specialty, remains on track. And they are largely up and running. As discussed, these units clarify the portfolio focus and future platforms for acquisition and push accountability down to improve management and decision-making. Business unit leadership is working to drive improved margins, better manage supply and demand and build stronger growth plans. We expect to be in a position to share business unit financial performance later this year. Thank you, and I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for the year.Bruce C. WachaThank you, Casey. Good afternoon, everyone. Thank you for joining us on our fourth quarter and fiscal 2022 earnings call. As you can see, we had a fairly strong finish to the fourth quarter to an otherwise challenging year. The primary challenges that we faced at the onset of the year, inflation, inflation and inflation, continue to plague us throughout the remainder of the year. We expected these inflationary pressures from the beginning. But in part, due to the outbreak of the Ukraine war, the inflationary pressures were much greater than any of us anticipated when we first put together our outlook for 2022. Pricing was the primary tool to help combat inflation, but the structural delays involved in implementing price increases, resulting from customer advanced notice requirements, limited our ability to fully offset these costs for much of the year. The inflation was fierce, and it flowed into our numbers from the beginning of the year. Our pricing model was back half-weighted though. And so, as we discussed in our previous earnings calls, our financial performance in the first and second quarters was extremely challenged. The third quarter was also difficult, but we began to see green shoots as the pace of inflation began to moderate and our pricing began to catch up with costs. This dynamic set up a nice fourth quarter for us, which benefited from our pricing actions, a moderation in the pace of inflation and a relatively benign comparison when looking at the fourth quarter of 2021, which was negatively impacted by supply chain disruption in the closing month of the year from the Omicron variant of COVID. In fiscal 2022, we generated $2.163 billion in net sales, $301 million of adjusted EBITDA and $1.08 in adjusted diluted earnings per share. In the fourth quarter of 2022, we generated $623.2 million in net sales, $93.6 million in adjusted EBITDA and $0.40 in adjusted diluted earnings per share. Our fourth quarter 2022 compares favorably to the prior-year period when we generated $571.8 million in net sales, $85.1 million in adjusted EBITDA and $0.39 in adjusted diluted earnings per share. I will now highlight the performance of some of our larger brands. Net sales of Crisco, the largest beneficiary of full-year pricing in the overall B&G Foods portfolio, increased $16.8 million or 15.9% in the fourth quarter of 2022 as compared to the fourth quarter of 2021. Net sales of Crisco increased by $78.5 million or 26.8% for fiscal 2022 as compared to 2021. Crisco was expected to deliver $270 million in net sales annually when we acquired it in late 2020, generated more than $370 million in net sales this year. While costs are up significantly and margins are down, we were able to manage Crisco to deliver profit dollars that were generally in line with our acquisition model. Clabber Girl had another great year under B&G Foods ownership. Net sales increased $7 million or 28.8% in the fourth quarter of 2022 as compared to the fourth quarter of last year. And for fiscal 2022, Clabber's net sales increased by $17.5 million or 22% compared to 2021. Net sales of Cream of Wheat increased by $5.1 million or 26.1% for the quarter and $14.1 million or 21% for the fiscal year. Net sales of Ortega increased by $3.5 million or 10.4% for the quarter and increased by $3.1 million or 2% for the fiscal year. Our investments in supply chain appear to be paying off for Ortega, which had a strong second half of the year, finished following a challenging first half, which was plagued by negative sales performance when compared to fiscal 2021.Maple Grove Farms increased by $1.3 million or 6.6% in the fourth quarter of 2022 compared to the prior-year period. Maple Grove finished the year up $3.2 million or 4% compared to the prior year. Our spices & seasonings business, which have been plagued with supply chain challenges throughout much of the year and had the peak 2021 performance, also had a strong finish. Net sales of spices & seasonings were up $13.4 million or 17.4% in the fourth quarter of 2022 compared to the fourth quarter of 2021. Despite the slow start, spices & seasonings finished the year down just $12 million or 3.2% compared to the prior year. Fourth quarter performance represents a huge turnaround from the prior 9 months of the year, which had decreased by $25.4 million or 8.6%. Net sales of Green Giant, including Le Sueur, decreased by $11.3 million or 6.9% for the fourth quarter of fiscal 2022 as compared to the fourth quarter of 2021. Net sales of Green Giant were somewhat challenged in the back half of fiscal 2022, declining in both the third and fourth quarters, although performance in the fourth quarter showed relative improvement to our third quarter shortfall. On a full-year basis, net sales of Green Giant were down $19.5 million or 3.6% when compared to the prior year. Base business net sales of all other brands in the aggregate increased by $15.4 million or 12.1% for the fourth quarter of 2022 as compared to the fourth quarter of 2021 and increased by $22.1 million or 4.7% for fiscal 2022 compared to fiscal 2021. Gross profit was $126.1 million for the fourth quarter of 2022 or 20.2% of net sales. Excluding the negative impact of $2.5 million of acquisition/divestiture-related expenses and nonrecurring expenses included in cost of goods sold during the fourth quarter of 2022, the company's gross profit would have been $128.6 million or 20.6% of net sales. Gross profit was $101.9 million for the fourth quarter of 2021 or 17.8% of net sales. Excluding the negative impact of $10.8 million of acquisition/divestiture-related expenses and nonrecurring expenses, including the cost of goods sold during the fourth quarter of 2021, the company's gross profit would have been $112.7 million or 19.7% of net sales. Gross profit as a percentage of net sales, excluding the impact of acquisition, divestiture and nonrecurring expenses, was up approximately 100 basis points in the fourth quarter of 2022 compared to last year's fourth quarter. The improved margins represent a significant turnaround from the first 3 quarters of the year, which saw gross profit as a percentage of net sales, excluding the impact of acquisition/divestiture-related and nonrecurring expenses, down 530 basis points compared to the prior-year periods. Selling, general and administrative expenses decreased by $0.4 million or 0.9% to $51.9 million for the fourth quarter of 2022 from $52.3 million for the fourth quarter of 2021. The decrease was composed of reductions in acquisition/divestiture-related and nonrecurring expenses of $6.5 million and consumer marketing expenses of $0.2 million, partially offset by increases in general and administrative expenses of $2.3 million, warehouse expenses of $2.3 million and selling expenses of $1.7 million. Expressed as a percentage of net sales, selling, general and administrative expenses improved by 0.8 percentage points to 8.3% for the fourth quarter of 2022 as compared to 9.1% for the fourth quarter of 2021. We generated $93.6 million in adjusted EBITDA in the fourth quarter of 2022 compared to $85.1 million in the fourth quarter of 2021. The increase in adjusted EBITDA was primarily attributable to our pricing initiatives, which finally caught up to industry-wide input costs and logistics inflation. Additionally, we had a relatively strong finish to the year in 2022 that compared favorably to the fourth quarter of 2021, which was negatively impacted by the Omicron COVID variant. Adjusted EBITDA as a percentage of net sales was 15% in the fourth quarter of 2022 compared to 14.9% in the fourth quarter of 2021. Fourth quarter 2022 was the first and only quarter of the year, which had year-over-year increases in adjusted EBITDA and adjusted EBITDA as a percentage of net sales. The improved margins represent a significant turnaround from the first 3 quarters of the year, which had a decrease in adjusted EBITDA as a percentage of net sales of nearly 490 basis points compared to the prior-year periods. Interest expense was $36.3 million for the fourth quarter of 2022 compared to $26.6 million in the fourth quarter of 2021. The primary driver for the increase in interest expense was an increase in our outstanding variable rate debt, which is currently tied to LIBOR, as well as an increase in LIBOR. Depreciation and amortization was $19.5 million in the fourth quarter of 2022 compared to $21.6 million in the fourth quarter of last year. We generated $0.40 in adjusted diluted earnings per share in the fourth quarter of 2022 compared to $0.39 in the prior year. While we certainly had our share of challenges in 2022, we are very happy with our finish to the year. As a reminder, our first and second quarters of 2022 were the most challenging. The third quarter began to show improvement. Our fourth quarter was the culmination of a lot of hard work on the part of our organization over the course of the year as we adapted and responded to the cost pressure and supply chain challenges that we faced. As we look forward, we are cautiously optimistic about our outlook for 2023 and beyond. We expect to have the most favorability as compared to 2022 in the first half of the year as we lap the greatest cost drags from 2022. We believe that our third quarter will show a modest improvement in 2023 versus 2022 and that the fourth quarter of 2023 is expected to look similar in many regards to the fourth quarter of 2022. With that said, we have lived in an uncertain world for the last 3 years, and we don't fully know what the next set of challenges will be. But based on what we know today, we expect 2023 net sales of $2.13 billion to $2.17 billion, adjusted EBITDA to be in the range of $310 million to $330 million and adjusted diluted earnings per share to be in a range of $0.95 to $1.15. Our guidance assumes pricing benefit throughout the year and modest volume declines, coupled with elevated cost environment and more modest levels of inflation throughout the portfolio. While the economy is still turbulent, we believe that we have seen the worst of the escalation in inflationary pressures and that unlike last year, pricing is finally being given the opportunity to catch up the costs. Additionally, we expect for full year 2023: interest expense of $145 million to $150 million, including cash interest of $140 million to $145 million; depreciation expense of $47.5 million to $52.5 million; amortization expense of $20 million to $22 million; an effective tax rate of 26.5% to 27.5%; and CapEx of $35 million to $40 million. In addition to the risk factors discussed in our annual report, key factors that could lead to either upside or downside risk to our guidance includes the level of elasticity that we may face, given the price increases that we have already executed, as well as any additional elasticity as a result of our trade spend optimization efforts. And while we are hoping for at least a pause in the levels of inflationary pressures that we are seeing in certain input costs, we still live in a very uncertain world and must still expect the unexpected. We are also closely watching the promotional activity levels in our key categories and private label trends. We believe that the combination of a better operating performance in 2023, coupled with more favorable working capital trends and a reduction in our dividend announced last November, will help drive our efforts to reduce leverage and improve our balance sheet. Now I would like to turn the call back over to Casey for further remarks.Kenneth Charles KellerThank you, Bruce. In closing, we are making progress to turn around and strengthen B&G Foods portfolio and performance. Q4 results demonstrated recovery with pricing covering inflationary costs and a positive reduction in leverage. We also completed a first step in reshaping the brand portfolio with the Back to Nature divestiture and have implemented the focused business unit structure to manage the portfolio with greater clarity and accountability. This concludes our remarks, and now we would like to begin the Q&A portion of our call. Operator?Question and Answer SessionOperator(Operator Instructions) The first question we have is from Andrew Lazar from Barclays.Andrew LazarI guess to start off, I think you mentioned 1% to 2% net sales growth guidance for the year. Does that incorporate the $50 million or so in lost sales from the sale of Back to Nature?Kenneth Charles KellerYes that -- but that would be an organic number with Back to Nature out of both the fiscal year '22 base and the fiscal year '23 numbers.Andrew LazarGot it. Okay. Sorry, that 1% to 2% is organic then, okay. So in light of that -- I guess I'm trying to get a better sense or any additional color you can give us on how that breaks down, best guess, in terms of the net benefit from pricing that you'll still have this year versus the type of volume offset? You obviously had 17% pricing benefit in 4Q. You still, as you said, in the first half have somewhat easier comps on pricing before you start to lap more significant price. And I'm trying to get a sense also of how you expect volume to play out, at least at this stage, I know it's dynamic.Kenneth Charles KellerYes. I mean I think we expect to get pricing benefit in that 1% to 2%, but part of that pricing benefit will get offset when we -- because we have a plan on Crisco that we will lower prices as soybean oil costs go down. So remember, we will go to retailers and adjust prices as soybean oil commodity costs move. And we expect them to move downward, particularly in the back half of the year year-over-year. So there is a little bit of offset to our pricing benefit with Crisco. But our pricing plan will preserve gross margin dollars, but we'll have a net sales effect, a typical commodity business kind of profile. The other impact is that we -- the last year in the first quarter, we had fairly heavy demand behind kind of the Omicron variant, boosting demand, people staying home and other things. So that was -- that's a little bit of a volume offset in the first quarter. We expect to get the pricing benefit flowing through in the first quarter, but demand may be a little bit down. And I think you've seen that in most of the other peer company reports. So look, I mean, we will probably have modest volume decline, offset by pricing benefit that yield the 1% to 2%, offset by Crisco pricing going down as soybean oil costs go down, which is what we expect.Andrew LazarOkay. And then gross margins, obviously, a couple of years ago prior to the pandemic and such in '19 and even '20, were sort of closer to that 24% to 25% level. Fourth quarter, obviously, you started to finally see the recovery year-over-year on gross margin. I know there's a long way to go. But as you think through the outlook for '23, what sort of gross margin recovery do you think we can get that's built into at least your EBITDA forecast?Kenneth Charles KellerYes, go ahead, go ahead.Bruce C. WachaYes. I was going to say, directionally, it's going to be comparable to the movement that you're going to see in EBITDA margins. We don't typically give the gross margin forecast for the year. We're going to be moving back towards that direction, but we're not going to get all the way there in 2023. And some of this is structural. If you think about Crisco, for example, that business is, generally speaking, generating the profit [dollars] of the business that we bought, but sales are $100 million higher, right? And so when you think about that, what that just does, from an algebra standpoint, to your margins, it's going to compress them, just structural compression, even though you're generating the same amount of profit margin dollars. We have that same impact across our portfolio, but in a smaller way in some of the brands and categories, where we had to take price but maybe not as much price to protect dollars.Kenneth Charles KellerThe easiest way to say that, Andrew, is that we expect to recover most of the gross profit dollars that we had in 2021 and '23 with our pricing actions. But Obviously, as Bruce said, margins won't be the same because you've got a higher sales base that you're comparing the gross profit dollars to.Andrew LazarYes. That's helpful. And then last thing, Casey, I think as you started to go through this more significant sort of portfolio review, we know it's resulted in a couple of smaller sort of divestitures so far. There is one larger asset, Green Giant and Frozen, that you've kind of said you need to start to get a little more clarity on whether that's a business that you're going to sort of be all in on or all out on. And if you're going to be all in on it, it probably would require gaining more scale. But either way, you had to improve the profitability first before you could kind of make that call. So I guess I'm trying to get a sense of where we are in that sort of journey of discovery, if you've got new thoughts, one way or the other, on how you're leaning and where that temperature state in that business sort of fits into the portfolio, going forward?Kenneth Charles KellerYes. I mean the portfolio reshaping, I think, is an exercise where we're trying to obviously improve the margin profile of our core business and also the growth prospects of the core business and also platforms where we think we can acquire and build value. So the jury -- I mean, the jury to me is not out on Green Giant. We're still working to improve the business. We're still evaluating longer term, do we want to scale up in frozen. But it's an active discussion that we're having internally. There are other things in our portfolio reshaping that we are working on as well. So more to come on that. I can't really talk about it in a lot of detail, but we are actively working on the portfolio reshaping to set kind of our platforms for the future.OperatorThe next question we have is from Hale Holden from Barclays.Hale HoldenI had just two quick questions. Can you give us the variable rate paydown that occurred after the Back to Nature of sale or the dollar amount?Bruce C. WachaYes, we've paid down $60 million to the term loan so far this year.Hale HoldenGreat. And the second question is, as you look across the portfolio and you think about the volume versus pricing versus elasticity kind of discussion, which segments or brands you're watching most closely? Do you think they are most susceptible to private label, where you may not have that pricing or may have to adjust pricing over time?Bruce C. WachaI think it's a combination. I mean, clearly, when you think about something like Green Giant on the can side, that's an area where we're always watching market share, seeing what the branded competitors are doing and what the private label competitors are doing that's less of a value-add category. So there's definitely some sensitivity there, and that's an area where we took price. So that's one area for one reason. Crisco is obviously another one. It's the brand in vegetable oil, and it's the only brand in [shortening]. But we still have to watch what's going on because the amount of prices from the increased standpoint was so great. So there's two examples on different sides of the coin. One, positioning, it's commodity category. The other one it is the brand, but there was a lot of pricing, and you have that across the portfolio to a lesser degree with everything.OperatorThe next question we have is from David Palmer from Evercore ISI.David Sterling PalmerJust a quick question on shipments versus consumption. Would you expect the spread to be positive shipments versus consumption in the first quarter as well?Kenneth Charles KellerWell, I think what you're probably seeing in the consumption in the first quarter is that the effect of the Omicron shutdowns, I mean, our offices, for example, last January were kind of partially closed. We're seeing a hard comparison to the January, early February time period last year, and we will eventually shift to that consumption profile. We are seeing our consumption trends improve now in the back half of February as we've kind of come through that Omicron kind of stay at home, office closure environment last year in January, early February. So I think -- like I said, I think we'll have a little bit of a tougher comp in the early part of first quarter, but we expect it will get better when pricing will flow through more on a positive side in the back half of the quarter.David Sterling PalmerI mean, in the fourth quarter, your shipments were ahead of consumption, right? Is that a dynamic you would expect in the first quarter as well?Kenneth Charles KellerNo. The reason -- I'm sorry, I thought you were asking about the first quarter. In the fourth quarter, we -- remember, last year, we had trouble shipping towards the end of the fourth quarter because of Omicron call-outs in our distribution system. We had carrier call-outs, warehouse call-outs. So we had trouble shipping towards the end of Q4 in 2021. We did not have any trouble shipping towards the end of the quarter in 2022. So we were -- basically, our supply and distribution network was fully functioning. So I think that's the main difference why you have a slight difference in consumption and shipments in Q4. But consumption was still reasonably strong in Q4, overall.David Sterling PalmerAnd you don't have any of that Omicron disruption from last year that would...Kenneth Charles KellerSo what we saw was a surge in demand in January and early February from the Omicron disruption. So it moved from kind of a supply problem to an elevated demand with stay at home consumption of food in the -- it's a move to a demand issue. So we had elevated demand last year. It was less of a supply and shipment problem. We had service problems in the early part of Q1 last year, but we also had elevated demand going on.David Sterling PalmerYes. No, I'm just wondering because of those disruptions last year, if your shipments would be above consumption this year, but it doesn't sound like that's clearly going to be the case.Kenneth Charles KellerI don't -- I think we'll be shipping closer to consumption profiles this year because you don't have the disruption going on.David Sterling PalmerYes. The -- I just wanted to follow up on price elasticity for '23. Do you expect price elasticity levels to remain similar to the recent levels that we are witnessing in the measured channel data? And I'll just wrap in another question about price elasticity in there. What are some of the things that we're seeing going on when we look at Green Giant and spices? It looks like the price elasticity is much higher in those parts of the business. Maybe is there something temporary that's causing that? Any thoughts about your price elasticity levels going forward?Kenneth Charles KellerYes. I think it obviously varies by category. Spices & seasonings, I think, is less of an impact of price elasticity. It's normally -- we still have a hangover from the first half of '21, where we had service issues. So we are kind of rebuilding some of the distribution that we couldn't supply in that period. So I don't really think that's an elasticity issue. I do believe that we are forecasting slightly higher elasticities on the, what I'd call, commodity businesses. Number one, Crisco and Green Giant, particularly on the can side, but also on some of the frozen vegetable side. We expect velocities will be below 1, but a little bit higher than what we've seen in the past as consumers become more sensitive to the higher prices. And the -- even if the percentage spread to private label is the same, the absolute dollar spread is growing a little bit. So we are expecting a little bit higher elasticities, but still expect to see some positive pricing benefit in 2023, if that helps.David Sterling PalmerYes. But was there anything particular happening with Green Giant or spices, where you were taking outsized measures on pricing that was out of step with the category that was causing what we're seeing here?Bruce C. WachaI mean we don't think so in spices. And again, spice had a great fourth quarter, had a slow start to the year in 2022, which, for us at least, was a lot more about supply chain. I know that there's a large public company that sometimes has different explanations for their trends, but they have a little bit different business than us. Certainly, 2021 was a phenomenal year for spices. It was challenging to lap that in 2022. Those challenges probably were exaggerated for us in the first half, even the first 3 quarters of the year, but a pretty strong finish there. And 100% Green Giant can is a very different business than spices. It's a much more commoditized category.Kenneth Charles KellerAnd remember, our spices business is not really in A-to-Z. It's more in blends and other things. So it doesn't -- I don't believe that it was elasticity. As I said, it was -- we had some supply problems in the first and second quarters of last year that we had difficulty supplying and we had to kind of rebuild distribution in which you saw kind of happening in the fourth quarter.So it's -- I think it's more around our supply and service portfolio -- I mean, excuse me, performance and recovering all of that lost distribution and getting back in business, which is what you're seeing happening now in Q4, and we project into '23.OperatorThe next question we have is from Michael Lavery from Piper Sandler.Michael Scott LaveryWith the elevated [SNAP] benefits rolling off, I guess, technically tomorrow, can you give a sense of how you've factored that into your thinking on guidance? And maybe even specifically, are there any cases where consumers trading down might give you a benefit, and of course, others where it'd be a headwind? Just any maybe potentially puts and takes, but how that's factored into your thinking on the year?Bruce C. WachaYes. I mean, to be honest, we haven't historically really tried to tie [SNAP] benefits into our forecast. It's a little bit tricky for us. I know people follow it. It's just not something that we've historically commented on.Kenneth Charles KellerBut I think that we are expecting more price sensitivity in kind of lower-, middle-income consumer base next year, which is why we've factored up some of our elasticities on our more commodity-driven businesses, where we have higher private label penetration. So I think we've factored in some element of that you're talking about, but it's more around overall price sensitivity and a little bit higher elasticity from what we saw in '22.Michael Scott LaveryOkay. That's helpful. And just when you touched on, close to the end of the prepared remarks, the potential for some trade optimization, can you unpack a little bit how that might look and how difficult that may or may not be to achieve? And what potentially share implications could be?Kenneth Charles KellerI think this is an ongoing efficiency and productivity effort that we've been working on for the past year, which is just take a look at our trade performance and ensure that we're getting appropriate returns for it and moving towards our better promotion events. We're not reducing trade spending in 2023 as kind of -- on a percentage basis, but we're trying to optimize the performance of it to make sure that we're producing stronger returns and stronger lifts on the events that we do run with customers.Historically, we have -- in my opinion, we have not done enough, most promotional analysis, to really understand that to adjust our plans and to drive efficiency. So I don't think you're going to see a reduction in our trade spend, you're going to see an optimization that hopefully will drive better performance and lift off the spending that we do have.Michael Scott LaveryCould there be upside to trade spending, just given that most of the industry is still below pre-COVID levels?Kenneth Charles KellerI mean we -- we brought trade spending back to get closer to pre-COVID levels. The -- look, I think -- the upside to me is if we can get stronger event performance with the thing that we're doing by readjusting the way we're spending our money and what types of events and vehicles we're using, so that to me is the upside of trying to get a more efficient trade spend program and optimizing the spending performance.OperatorThe next question we have is from Robert Moskow from Credit Suisse.Robert Bain MoskowAnd now my question. What gives you visibility on pricing on Crisco going lower in the back half? Is it because it's lower now and then it's going to -- you're going to be able to flow that through in the back half? Or is it just kind of you just think vegetable oil prices are really high and they have to go lower? And then I have a follow-up.Kenneth Charles KellerI think it's really -- look, we don't know, Rob. We don't know for certain. But the reason why we're saying that is we saw prices -- if you just think about those market, we were -- we had prices above $0.80 a pound on soybean oil last year, moderating down to probably $0.70 a pound as we are kind of going into the fourth quarter. Now we're down in kind of the low to mid-60s on price per pound. And just our intelligence says we expect it to kind of stay there or maybe go a little bit lower, which means that, as we get into the back half, where we were experiencing those big pricing moves last year, we think it will be probably below where the market was last year in the third and fourth quarters, in particular.Robert Bain MoskowOkay. And then I wanted to know about your CapEx guide. It's really pretty low. It's really no different than it was in 2019. And at the CAGNY conference, we heard a lot about companies investing in CapEx, not just for capacity, but also to automate and digitize their supply chains, put in more up-to-date equipment to gain efficiencies and I think just keep up with a more volatile demand environment. Are you concerned that your supply chain may not be keeping up with your peers that are making these investments?Bruce C. WachaSo I think the couple of pieces that you have to remember is, call it, roughly 50% or so of our businesses made through co-packers or contract manufacturers. And so there is a little bit less probably demand from a percentage of sales, if you want to think about it that way, from our factories. And then when you think about our CapEx spending over time, fair point, it's similar in dollar terms to where we were probably in 2018, 2019. We were in the process back then of implementing JDE ERP systems. And so there was a couple of years of elevated spend that was probably plus $10 million annually to get that done. And so that going away allowed us to kind of continue to spend a comparable dollar amount, but probably more of those projects in line with what you're thinking about. Even kind of 2021, parts of '22, we still had pretty large spend on the projects that we did around Ortega, both from a taco shell and a taco sauce, where we increased some capacity there. And so there are examples of what you're talking about. I don't disagree with your comment other than there are some offsets to it with regards to this year potentially not having a big spend project like JDE or a new taco shell line.Kenneth Charles KellerI would say that as our capital is shifting from the ERP implementation to what we're doing with capacity additions, this coming year, we will be more focused on kind of BI software enhancements, also planning software enhancements, planning systems. I mean we see a big opportunity to improve the effectiveness of our supply operations, our planning operations and pulling down inventory levels and other things. So that's becoming a larger focus of where we're shifting our time and attention from a capital and upgrade standpoint.OperatorThe next question we have from Rob Dickerson from Jefferies.Robert Frederick DickersonJust a clarification question on Q1. Bruce, I think I heard you said Q1 would probably look like Q4. Is that -- was that comment made kind of with respect to actual absolute EBIT dollars -- EBITDA dollars?Bruce C. WachaSorry, I think you've maybe misheard or I must have misspoken. So I think our expectation this year is Q1 and Q2 were pretty bad last year. Q2 was actually worse than Q1. And so when we think about lapping and getting some EBITDA recovery, first quarter and second quarter of 2023, we'll have some favorability built in just from lapping really bad performance from 2022. 2023 in the third quarter should be probably a little bit better than '22, but the degree probably won't be the same as the expectations around Q1 and Q2. And then in Q4 in'23 probably look more similar to Q4 in '22, meaning kind of we had a pretty good fourth quarter, was relatively normal from a margin standpoint. I wouldn't expect material upside in fourth quarter of 2023 when we go to lap it. But you should have some pretty good margin upside in the first quarter and particularly in the second quarter of this year.Robert Frederick DickersonOkay. Got it. Perfect. And then I guess just to come back to this trade optimization strategy kind of vis-a-vis the share trends that we're seeing. I realized that there's been some supply constraints in the system. I also realized what you said earlier, right, so that you're reducing that trade, but you're optimizing it. So I'm just curious, like as we think forward through '23, I'm assuming, obviously, the point of optimizing our trade program is kind of like regain share, at least in some of those categories. So maybe you just provide any additional color as to kind of how you're optimizing the trade and maybe if there are areas where you think might be a bit more supported relative to [history].Kenneth Charles KellerYes, I think it's as simple as we want to make sure that we are being -- that we're promoting and we're promoting at competitive levels in key windows. We want to make sure that we're getting the right lift from that spending. So on some of our businesses like Crisco and Green Giant, Ortega, we will be competitive in the key promotion windows and merchandising windows. We will adjust kind of our performance, based on what we're learning about where we're most effective. As I said before, I don't really expect that we're going to reduce promotional spending. We just want to make it more effective, and we want to drive efficiency and lift behind the existing spend that we're doing, and we want to make sure that we're promoting in the right places. And coming off this inflationary environment, we've got to make sure that we're at the right price points, competitive price points relative to competition in private label, which is what we're doing. And we think we're well planned to be able to do that in our key merchandising programs.OperatorThe next question we have is from Karru Martinson from Jefferies.Karru MartinsonWhen you look at the pricing, are you getting pushback from the retailers on where you are? Is that part of the rationale for bringing down Crisco? And what are you seeing in terms of the competitive response on pricing?Kenneth Charles KellerNo, I think actually we're in a good place with retailers on Crisco because we are treating it more like a commodity pricing situation. So we've told them on a quarterly basis, we'll adjust pricing up and down on Crisco to reflect the actual market costs. And we -- so we approach -- we go to them once a quarter and say, here's the trailing oil costs and what we believe we need to be priced at, based on that moving up or down. So we're treating it more like a peer commodity like coffee in the way we're managing with retailers, and they're quite -- they're pretty happy with that because there's more transparency and visibility to what is driving the pricing decisions and how we're driving that. And they're doing the same thing with their private label and other things. So it's just -- we've moved to that model in the last -- at the very end of '22. So this is new. We weren't operating this way in '21, which is -- excuse me, for the most of '22. This is something that we are carrying into 2023, that will be a different way that we're managing pricing that I believe will be a cleaner way of kind of moving our price up and down in a volatile soybean oil market that's moving kind of in correlation with oil and also allowing us to preserve our gross margin dollars with -- at different price levels.Karru MartinsonOkay. And then -- I'm sorry if I missed it, did we say what the Back to Nature divestiture generated? And then when we look at the potential for additional assets for divestiture, what is the dollar range that we should be thinking about as we look at the overall capital structure and the maturities in 2025 and beyond?Bruce C. WachaYes. We actually didn't disclose what the dollar amount was for Back to Nature. It was a reasonable, not earthshattering amount. I think, going forward, hard to really predict what the dollar amount of future M&A activity is going to be. I think the primary thing for us is shaping the portfolio. We're moving in the direction of business units, greater focus on what we're good at, greater focus on buying what we think we're good at and potentially divesting things that are less core, and that will be the primary driver. I think the additional benefit from that will be opportunistically reducing debt in a high-interest rate environment, I think, it's great. But really, the primary driving force is going to be portfolio optimization.OperatorThe next question we have is from Carla Casella from JPMorgan.Carla CasellaThis is -- sorry, just a couple of follow-ups. Just a comment on your leverage target. You talked about getting to mid-6s by the end of this year. Any sense for timing or trajectory of that? And does that include any potential additional further asset sales?Bruce C. WachaYes. I don't think we set an actual leverage target for this year. Not really commenting on what the number is, we do expect to bring it down substantially. I mean we've got a ratio that we need to be inside of, and we're going to work towards that. We have a plan to get there just organically, increasing EBITDA, paying down debt. That can be enhanced by any portfolio moves that result in divestitures. But again, we're not in a world where we're setting divestiture targets and an amount of proceeds that we expect to raise. That's not the expectation that we want to set for investors, and it's not how we're planning to run the business necessarily.Carla CasellaOkay. Great. And then you mentioned on the Green Giant shelf-stable product, the canned, that you exited another low-margin account. How much more of this is there to go? Or are we at a more of a base level where you're comfortable with the margin profile of the remaining Green Giant?Kenneth Charles KellerI don't think we have any other exits of kind of low-margin business on Green Giant. I mean I think this was a particular dollar channel account that we weren't making a lot of money at that we exited last fall. But we don't have any other active accounts that were driving changes in our distribution profile. I mean, for the most part, we are focused on Green Giant on improving our profitability, improving our mix, improving the profitability of our new innovations coming into the market. That's been our primary focus. On the canned business, it's about maintaining stability. And in terms of our volume and margins on that business, we don't see the canned vegetable business is a place we're going to grow. We just want to maintain a stable margin profile and keep it steady.Carla CasellaOkay. Great. And then within your kind of sales guidance for the year, can you give us any more granularity in terms of which brands you expect to kind of lead the growth versus those that are kind of lapping tougher pricing? You mentioned Crisco kind of passing through some of the pricing, the reduced oil costs. Any more granularity you can give into the thoughts behind guidance?Bruce C. WachaYes. I don't think we typically give brand forecast per se. I think, certainly, you would imagine to see things over time, like spices & seasonings is in a higher growth rate category, and that's our expectation there. I'm not going to give a number on it. As we said earlier, when you think about Crisco, if we are in an environment where input costs come down and therefore, pricing starts to normalize a little bit, hard to imagine that being a growth driver in a year where costs are going down and price comes down. Outside of that, I really would hesitate to try to give you actual numbers on a brand-by-brand basis.Carla CasellaOkay. That's great. And then just one last one. Retailer inventory levels, any comments there? Are there any retailers that seem to be carrying a little bit more inventory? We've heard about retailers having to carry less because of the less need for safety stock. So your thoughts there.Kenneth Charles KellerWe haven't seen any big adjustments in our retailer inventories in the last several months. I mean we've seen a typical pattern of their year-end, they kind of pulling inventories down a little bit, but we haven't seen any kind of permanent or have been told we have a permanent reduction in our stock levels.OperatorThe final question we have is from Eric Larson from Seaport Research.Eric Jon LarsonMy question is on cash. And so your third quarter is always your seasonally biggest build for working capital because of the vegetable pack and all that sort of thing. And it starts to come off pretty meaningfully in your fourth quarter. When I look at your -- I don't know exactly what happened with inventories in the fourth quarter. I see your full-year number is still up about 20%. And you use a little cash for net working capital in the fourth quarter this year, not as much as the year before. But do you have maybe some high-cost oil inventories you've got to work off here? Can you give me a feel for how the flow of your cash will be kind of for your first -- maybe first quarter, second -- maybe first half, second half, however, you'd like to maybe characterize it?Bruce C. WachaYou're talking 2023, not 2022, right?Eric Jon LarsonCorrect. Correct. 2023.Bruce C. WachaSo the overarching theme, both for '22 and '21, was input costs came up pretty significantly. We saw that margin compression. Obviously, we benefited from pricing, but that flowed through our inventory. And so you do have that seasonality where third quarter is always pretty rough. Fourth quarter is usually pretty good. This year's fourth quarter was pretty good, not as good as the prior-year's fourth quarter, but it was pretty reasonable. But we've had 2 years in a row of over $100 million increases in inventory. We don't expect to have that phenomenon this year. We expect to have some favorability from a working capital standpoint, modest but favorability. And so working capital, instead of being a drain this year, should be a little bit of a benefit or at least neutral, which will make the whole cash from operations math be a lot better. And just imagine working capital or cash from operations, if you look at the last 2 years, just imagine on a full-year basis, those numbers being plus $100 million higher because that's what the hurt was from...Eric Jon LarsonOkay, okay. And so your comment that it should be at least compare favorably this year, it's on a full-year basis. And you're not -- you won't -- it's not necessarily a first or second half benefit. It's -- you're trying to characterize it as the full year.Bruce C. Wacha100%, plus the use of cash. Yes.OperatorLadies and gentlemen, there are no further questions at this time. I would now like to turn the floor back over to Casey Keller for closing comments. Please go ahead, sir.Kenneth Charles KellerThank you all for joining us today. We appreciate your attention. As we've talked, we had a good strong fourth quarter, which showed recovery in our pricing in covering inflationary costs. And we look forward to kind of getting into fiscal year '23. Thank you.OperatorThank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

Thomson Reuters StreetEvents

Q4 2022 B&G Foods Inc Earnings Call

https://finance.yahoo.com/news/q4-2022-b-g-foods-142510469.html

7f1042af-2dfd-3b40-b236-0b8605baac96

GGE

GGE enters into LOI to invest $6 million as part of long-term deal to improve lithium-ion battery recycling in U.S. HOUSTON, March 2, 2023 /PRNewswire/ -- Green Giant Inc. (NASDAQ: GGE) ("GGE", "Green Giant" or the "Company"), today announced that ACE Green Recycling Inc. (ACE), an innovative recycling platform for battery materials, and Green Giant Energy Texas Inc. (GGE Texas), a subsidiary of GGE, entered into a letter of intent (LOI) for a strategic partnership to build a commercial lithium-ion battery recycling plant in the greater Houston area and boost sustainable battery recycling in North America.(PRNewsfoto/Green Giant Ltd)The two companies signed a non-binding LOI to form a joint venture (JV) that will develop and operate the recycling plant, which will be located on land purchased by GGE Texas who will also fund the build-out of the plant with a $3 million investment. The JV will use ACE's proprietary technology and process for sustainably recycling lithium-ion batteries, including end-of life batteries, rejected batteries and other defective batteries sourced from around the region. Once completed, the facility will incorporate ACE's modular equipment design to recycle an estimated 1,800 metric tons of lithium batteries per year.GGE Texas CEO Junaid Ali said, "Our partnership with ACE furthers our goal of investing in, developing and servicing green energy projects that provide solutions to clean energy transition challenges. The development of a sustainable lithium-ion battery recycling facility in Houston will not only advance circularity of battery materials in the U.S. but will also create positive economic growth for this market."In addition to setting forth the blueprint to build a greenfield lithium-ion battery recycling facility through the JV, the LOI also stipulates GGE Texas will invest a separate $3 million toward ACE's global operations. Other areas of collaboration in the strategic partnership include providing electricity and solar power solutions for ACE facilities, solar panel recycling, feedstock and equipment procurement, and the sharing of engineering, construction management, operations and maintenance resources to optimize the new Texas facility as well as other ACE facilities.Story continues"We are excited to expand our operations in Houston with our clean battery recycling solutions and are delighted to partner with GGE Texas to create a sustainable, closed-loop battery value chain for the U.S.," said Nishchay Chadha, co-founder and CEO of ACE. "This partnership demonstrates that ACE's modular commercial solutions can help advance electrification in the U.S. with low capital requirements and grow the operations as the EV market grows."GGE Texas is in the business of partnering with companies to fund and develop green energy solutions to reduce their carbon footprint and help conquer clean energy transition challenges. ACE has developed a portfolio of proprietary, Scope 1 emissions-free technologies to recycle lead-acid and lithium-ion batteries (LAB and LIB) to capture their critical materials. ACE's proprietary technology is powered exclusively by electricity, emits zero greenhouse gases and is believed to have market-leading recovery yields.Both ACE and GGE Texas are committed to a clean energy transition and, through this strategic partnership, will seek to bring more green energy projects to life.DisclaimerCompletion of the transactions set forth in the LOI is subject to due diligence investigations by the relevant parties, the negotiation and execution of definitive agreements, satisfaction of the conditions negotiated therein, and the satisfaction of other customary closing conditions. There can be no assurance that definitive agreements will be entered into or that the proposed transactions will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transactions are non-binding.Forward-Looking StatementsThis press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of ACE and GGE and the transactions between the parties which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to regulatory approvals, unexpected changes in technologies, uncertainties inherent in technological development, scaling and roll out, intellectual property protection and other factors affecting the parties business and the proposed JV; as well as the occurrence of any event, change or other circumstances that could give rise to the terms of the LOI not hereafter being memorialized in definitive agreements, the outcome of any legal proceedings that have been, or will be, instituted against the parties to the LOI following announcement of the LOI and transactions contemplated therein; the inability to complete the transactions contemplated by the LOI due to unsatisfied closing conditions; risks that the proposed transactions disrupt current plans and operations as a result of the announcement of the LOI and consummation of the transactions described therein; costs related to the proposed transactions; and those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by GGE.Please refer to the GGE's Annual Report on Form 10-K for the fiscal year ended September 30, 2021, 2022 and other filings with the SEC, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. GGE's actual results could differ materially from those contained in the forward-looking statements. GGE undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.About Green Giant Ltd.For further information about Green Giant Ltd. (NASDAQ: GGE), please go to www.gge.com.About ACE Green RecyclingFor further information about Ace Green Recycling, please go to www.acegreenrecycling.com. (PRNewsfoto/Green Giant Ltd) SOURCE Green Giant Ltd

PR Newswire

Green Giant Energy Texas and ACE Green Recycling Plan to Develop Lithium-ion Recycling Facility in Texas

https://finance.yahoo.com/news/green-giant-energy-texas-ace-143700740.html

44179992-a4a9-379f-93c4-3be996ce6191

GHSI

Guardion Health Sciences, Inc.Former President and Chief Executive Officer Bret Scholtes Resigning to Pursue Other Business OpportunitiesHOUSTON, May 30, 2023 (GLOBE NEWSWIRE) -- Guardion Health Sciences, Inc. (Nasdaq: GHSI) (“Guardion” or the “Company”), a clinical nutrition company that offers a portfolio of science-based, clinically-supported products designed to support the health needs of consumers, healthcare professionals and providers and their patients, announced that Janet (“Jan”) Hall has been appointed as the Company’s new President and Chief Executive Officer. Ms. Hall is assuming these executive positions from Bret Scholtes, who has served in those positions since January 6, 2021. Mr. Scholtes is resigning effective June 9, 2023, and is also concurrently resigning from the Board of Directors of the Company. Ms. Hall will be officially starting with Guardion on June 19, 2023.Jan Hall is a highly regarded veteran of big consumer health and consumables and brings an extensive array of commercial experience and accomplishments, including senior executive positions with blue-chip companies such as Johnson & Johnson, where she was President, North America of the Neutrogena Company, and The Coca-Cola Company, where she was SVP & General manager of Consumer Marketing. Jan started her marketing career at United Biscuits and Cadbury Schweppes, and moved into the consumer health sector with senior marketing roles at SmithKline Beecham (GlaxoSmithKline). Most recently, Jan was Chief Executive Officer of M2 Ingredients, a vertically integrated company with an FDA registered controlled environment facility that grows, processes and packages functional foods and nutritional products.Robert Weingarten, Guardion’s Chairman of the Board of Directors, commented, “We are very excited to welcome Jan Hall to Guardion. Jan’s proven track record growing well-known consumer and healthcare brands, as well as extensive marketing and commercial experience, will be an enormous asset to the Company going forward, particularly at this stage in the development of Guardion’s business and focus on growth”.Story continuesMr. Weingarten continued, “Jan has made major contributions in her previous positions, including increasing Neutrogena revenues by more than 60%, and launching new categories across all companies, including at-home dermatology, natural skin care, and sports performance drinks.  Jan has also introduced new delivery formats such as Rx to OTC switch for the gastrointestinal market, and new products and packaging, including nutrient-dense plant-based foods and combinations of medicinal mushrooms and botanicals”.Mr. Weingarten concluded, “We would like to express our sincere appreciation to Bret Scholtes for his efforts over the past two and one-half years in guiding the Company through a period of significant transformation. Under the direction of Mr. Scholtes, Guardion acquired and successfully integrated the Viactiv® branded product line in June 2021, which has provided us with a strong foundation in the clinical nutrition business. We wish Mr. Scholtes success in his new endeavor.”Jan Hall, Guardion’s new President and Chief Executive Officer, commented, “I am delighted to be joining Guardion at this very important time. With the Company having just reported a 34% increase in revenue growth for the quarter ended March 31, 2023 as compared to the quarter ended March 31, 2022, I believe that there is a huge opportunity to work from this baseline to add significant value to Guardion’s core Viactiv® business by assembling and implementing a focused business strategy to increase revenue growth, improve profit margins, and develop complementary products and distribution channels.”Additional information with respect to the aforementioned matters will be included in one or more Current Reports on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov.About Guardion Health Sciences, Inc.Guardion Health Sciences, Inc. (Nasdaq: GHSI), is a clinical nutrition company that offers a portfolio of science-based, clinically supported products designed to support the health needs of consumers, healthcare professionals and providers and their patients. Information and risk factors with respect to Guardion and its business may be obtained in the Company’s filings with the SEC at www.sec.gov.Forward-Looking Statement Disclaimer With the exception of the historical information contained in this news release, the matters described herein may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements contain information about our expectations, beliefs, plans or intentions regarding our product development and commercialization efforts, research and development efforts, business, financial condition, results of operations, strategies or prospects, and other similar matters. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “hopes” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing.These statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict, and involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company’s ability to raise sufficient financing to fund its business plan, the impact of the Company’s exploration of strategic alternatives, any replacement and integration of new management team members, the implementation of new financial, management, accounting and business software systems, the identification and integration of possible acquisition targets and suitors, the impact of the Covid-19 pandemic, supply chain disruptions, inflation and a potential recession on the Company’s business, operations and the economy in general, the Company’s ability to successfully develop and commercialize its proprietary products and technologies, and the Company’s ability to maintain compliance with Nasdaq’s continued listing requirements.Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Investor Relations Contact: CORE IRScott [email protected] Relations Contact: Jules AbrahamDirector of Public RelationsCORE [email protected]

GlobeNewswire

Guardion Health Sciences Announces Appointment of Former Neutrogena and Coca-Cola Executive Jan Hall as President and Chief Executive Officer

https://finance.yahoo.com/news/guardion-health-sciences-announces-appointment-120000076.html

543f0a1c-0aaf-3180-a925-69eba032024a

GHSI

Guardion Health Sciences, Inc.Viactiv® Product Line Total Revenue Increased Approximately 6% for the Six Months Ended June 30, 2023, as Compared to the Six Months Ended June 30, 2022; Robust Growth in Amazon Sales Channel Demonstrates Positive Results of Company’s Focus on eCommerce InitiativesHOUSTON, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Guardion Health Sciences, Inc. (Nasdaq: GHSI) (“Guardion” or the “Company”), a clinical nutrition company that offers a portfolio of science-based, clinically-supported products designed to support the health needs of consumers, healthcare professionals and providers and their patients, announced its financial results for the three months and six months ended June 30, 2023. The Company also provided a corporate update to stockholders.Financial highlights for the three months and six months ended June 30, 2023 include the following (all common share and per share amounts shown below have been adjusted to reflect the 1-for-50 reverse stock split effective January 6, 2023):Total revenue was $2,789,817 for the three months ended June 30, 2023, as compared to $3,275,213 for the three months ended June 30, 2022, a decrease of $485,396 or 14.8%. The decrease in total revenue was driven by reduced sales of the Viactiv® product line, which accounted for approximately 97% and 97% of the Company’s total revenue for the three months ended June 30, 2023 and 2022, respectively. Shipments of Viactiv® to retail customers were delayed in the month of June 2023 due to the short-term impact of a third-party warehouse expansion, which was fully resolved in July 2023. eCommerce logistics were unaffected by this issue. Amazon net sales for the three months ended June 30, 2023, increased by approximately 334.3% as compared to the three months ended June 30, 2022 and by approximately 124.3% as compared to the three months ended March 31, 2023.Gross profit was $1,249,268 for the three months ended June 30, 2023, as compared to $1,399,544 for the three months ended June 30, 2022, a decrease of $150,276 or 10.7%. The reduction in gross profit was primarily attributable to the decrease in sales from the Viactiv® product line.Gross margin for the three months ended June 30, 2023 was 44.8%, as compared to 42.7% for the three months ended June 30, 2022, an increase of 4.9%, which was driven primarily by an inventory reserve recorded in 2022.Total operating expenses for the three months ended June 30, 2023 were $2,261,914, as compared to $3,111,122 for the three months ended June 30, 2022, a decrease of $849,208 or 27.3%. The variance was attributable to a combination of factors, including the amortization of intangible assets in 2022 that was no longer occurring in 2023 and reduced payroll expense and lower executive stock compensation expense.Loss from operations for the three months ended June 30, 2023 decreased to $(1,012,646), as compared to $(1,711,578) for the three months ended June 30, 2022, a reduction of $698,932 or 40.8%.As a result of the aforementioned factors, and also including the non-cash gain (loss) from the change in fair value of the warrant derivative liability of $(255,300) and $5,357,600 for the three months ended June 30, 2023 and 2022, respectively, net loss was $(1,172,411) for the three months ended June 30, 2023, as compared to net income of $3,655,637 for the three months ended June 30, 2022.Basic and diluted net loss for the three months ended June 30, 2023 was $(0.93) per share, as compared to basic and diluted net income of $2.97 per share for the three months ended June 30, 2022, based on 1,267,340 weighted average common shares outstanding in 2023 and 1,231,063 weighted average common shares outstanding in 2022.Story continuesFinancial highlights for the six months ended June 30, 2023 include the following:Total revenue was $5,975,506 for the six months ended June 30, 2023, as compared to $5,659,832 for the six months ended June 30, 2022, an increase of $315,674 or 5.6%. The increase in total revenue was driven by increased sales of the Viactiv® product line, which accounted for approximately 97% and 96% of the Company’s total revenue for the six months ended June 30, 2023 and 2022, respectively. Shipments of Viactiv® to retail customers were delayed in the month of June 2023 due to the short-term impact of a third-party warehouse expansion, which was fully resolved in July 2023. eCommerce logistics were unaffected by this issue. Amazon net sales for the six months ended June 30, 2023 increased by approximately 647.8% as compared to the six months ended June 30, 2022.Gross profit was $2,584,570 for the six months ended June 30, 2023, as compared to $2,496,001 for the six months ended June 30, 2022, an increase of $88,569 or 3.5%. The increase in gross profit was primarily attributable to the increase in sales from the Viactiv® product line.Gross margin for the six months ended June 30, 2023 was 43.3%, as compared to 44.1% for the six months ended June 30, 2022, a decrease of 0.8%, which was driven primarily by higher short-term fulfillment costs to accelerate initial product setup on Amazon in the three months ended March 31, 2023. Amazon fulfillment costs were lower for the three months ended June 30, 2023, as compared to the three months ended March 31, 2023.Total operating expenses for the six months ended June 30, 2023 were $5,061,223, as compared to $6,827,627 for the six months ended June 30, 2022, a decrease of $1,766,404 or 25.9%. The variance was attributable to a combination of factors, including including the amortization of intangible assets in 2022, reduced payroll expense, insurance, and professional fees and consulting fees.Loss from operations for the six months ended June 30, 2023 decreased to $(2,476,653), as compared to $(4,331,626) for the six months ended June 30, 2022, a reduction of $1,854,973 or 42.8%.As a result of the aforementioned factors, and also including the non-cash gain from the change in fair value of the warrant derivative liability of $1,642,800 and $2,675,100 for the six months ended June 30, 2023 and 2022, respectively, net loss was $(639,320) for the six months ended June 30, 2023, as compared to a net loss of $(1,645,350) for the six months ended June 30, 2022.Basic and diluted net loss for the six months ended June 30, 2023 was $(0.50) per share, as compared to basic and diluted net loss of $(1.63) per share for the six months ended June 30, 2022, based on 1,267,340 weighted average common shares outstanding in 2023 and 1,009,243 weighted average common shares outstanding in 2022.Cash used in operations for the six months ended June 30, 2023 was $2,285,712, as compared to $4,800,765 for the six months ended June 30, 2022.As of June 30, 2023, the Company had unrestricted cash and cash equivalents of $8,365,987 and net working capital (excluding the current portion of the warrant derivative liability) of $11,993,202.Additional significant events that occurred during the three months and six months ended June 30, 2023 and subsequently included the following:Alantra LLC was retained as the Company’s exclusive financial advisor to implement a strategic review to solicit and evaluate alternatives to maximize stockholder value in the near-term, which review is on-going.Jan Hall was appointed President and CEO, effective June 19, 2023, replacing Bret Scholtes.Katie Cox was appointed as Chief Accounting Officer, effective July 25, 2023, replacing Jeffrey Benjamin.Jan Hall, Guardion’s recently-appointed President and Chief Executive Officer, commented, “I am truly excited to be able to join the Guardion team as its President and Chief Executive Officer. Based on my initial review, I believe that the Viactiv business has the potential to grow by focusing on powerful brand messaging with science-based claims that rank highest for shoppers’ purchase intent. We believe that we can deliver this messaging with an emotional hook that connects with the values, needs and aspirations of our target consumers. We recently implemented a Bold Age advertising campaign for the Viactiv calcium chews that has already seen positive results, as compared with industry metrics and prior Viactiv campaigns. As we learn more from in-market performance, we will continue to refine and optimize the creative aspects of our marketing campaigns. Effective advertising, combined with targeted marketing initiatives, product innovations in existing and new product segments, plus expanded retail and online distribution, will be the engine of future growth to make Viactiv a broad-based destination health and wellness brand with a foundation in clinically supported efficacy.”“We have seen the initial results of management’s continuing efforts to improve operating performance during the first half of 2023, reflected in improved operating margins in the second quarter of 2023 and a reduced cash burn. The focus on efficiency will be ongoing in the second half of the year.”“We continue to believe that the Company remains undervalued in the public market, specifically with regard to the clinical nutrition platform and the brand that we are building. Our work with Alantra, LLC (“Alantra”), our exclusive financial advisor, is underway as we conduct our strategic review to solicit and evaluate alternatives to maximize stockholder value in the near-term, which could range from a sale of the Company, sale of the Viactiv brand, merger, asset acquisition, reverse acquisition, or other potential strategic transaction. As this process evolves, we anticipate providing updates to our stockholders as developments warrant.”“In the meantime, we believe our market position and the extendability of the Viactiv brand, combined with our current operating business strategy, provide us with a viable platform from which to leverage our resources to continue our efforts to grow operations, improve financial performance and maximize stockholder value,” concluded Ms. Hall.Financial Results Additional information with respect to the Company’s business, operations and financial condition as of and for the three months and six months ended June 30, 2023 is contained in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, which has been filed with the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov.About Guardion Health Sciences, Inc.Guardion Health Sciences, Inc. (Nasdaq: GHSI), is a clinical nutrition company that offers a portfolio of science-based, clinically supported products designed to support the health needs of consumers, healthcare professionals and providers and their patients. Information and risk factors with respect to Guardion and its business may be obtained in the Company’s filings with the SEC at www.sec.gov.Forward-Looking Statement Disclaimer With the exception of the historical information contained in this news release, the matters described herein may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements contain information about our expectations, beliefs, plans or intentions regarding our product development and commercialization efforts, research and development efforts, business, financial condition, results of operations, strategies or prospects, and other similar matters. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “hopes” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing.These statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict, and involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company’s ability to raise sufficient financing to fund its business plan, the impact of the Company’s exploration of strategic alternatives, any replacement and integration of new management team members, the implementation of new financial, management, accounting and business software systems, the identification and integration of possible acquisition targets and suitors, the impact of the Covid-19 pandemic, supply chain disruptions, inflation and a potential recession on the Company’s business, operations and the economy in general, the Company’s ability to successfully develop and commercialize its proprietary products and technologies, and the Company’s ability to maintain compliance with Nasdaq’s continued listing requirements.Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Investor Relations Contact: CORE IRScott [email protected] Relations Contact:Jules AbrahamDirector of Public RelationsCORE [email protected]

GlobeNewswire

Guardion Health Sciences Announces Financial Results for the Three Months and Six Months Ended June 30, 2023

https://finance.yahoo.com/news/guardion-health-sciences-announces-financial-121500494.html

97f785df-e0f5-3a73-a7da-70762b2ad2cb

GIFI

Gulf Island Fabrication, Inc.THE WOODLANDS, Texas, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”) (NASDAQ: GIFI), a leading steel fabricator and service provider to the industrial and energy sectors, today announced that it will report financial results for the second quarter 2023 after the market close on Tuesday, August 8, 2023.Gulf Island management will hold a conference call on Tuesday, August 8, 2023, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results.The call will be available by webcast and can be accessed on Gulf Island’s website at http://www.gulfisland.com. Participants may also join the call by calling 1.877.550.1707 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company’s website for seven days after the call.ABOUT GULF ISLANDGulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana.COMPANY INFORMATION     Richard W. HeoWestley S. Stockton Chief Executive OfficerChief Financial Officer 713.714.6100713.714.6100 

GlobeNewswire

Gulf Island Announces Second Quarter 2023 Results Conference Call Date

https://finance.yahoo.com/news/gulf-island-announces-second-quarter-200500065.html

0db2b48e-192e-364a-8042-907e2aa2015b

GIFI

Gulf Island Fabrication, Inc.THE WOODLANDS, Texas, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the second quarter 2023.SECOND QUARTER 2023 SUMMARY (as compared to the second quarter 2022)Revenue of $39.3 million, 9.5% increase y/yConsolidated net income of $1.1 million and EBITDA of $2.1 million, each including a loss of $1.9 million for the Shipyard DivisionServices Division operating income and EBITDA of $3.3 million and $3.8 million, respectivelyFabrication Division operating income and EBITDA of $1.3 million and $2.1 million, respectivelyCash and short-term investment balance of $40.2 million at June 30, 2023Consolidated revenue for the second quarter 2023 was $39.3 million, compared to $35.9 million for the second quarter 2022. Consolidated net income for the second quarter 2023 was $1.1 million, compared to net income of $0.5 million for the second quarter 2022. Consolidated EBITDA was $2.1 million for the second quarter 2023, versus $1.8 million for the prior year period. Consolidated income and EBITDA for the second quarter 2023 each included a loss of $1.9 million for the Shipyard Division. Consolidated income and EBITDA for the second quarter 2022 each included a loss of $1.4 million for the Shipyard Division and a gain of $3.4 million from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida. See “Non-GAAP Measures” below for the Company’s definition of EBITDA and reconciliations of the relevant EBITDA amount to the most comparable GAAP measure.MANAGEMENT COMMENTARY“Our solid second quarter results reflect the benefits of our favorable strategic positioning and strong execution, as we generated another quarter of profitable growth in Services and positive results in Fabrication,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “Our Services business benefited from strength in its core business and continued contribution from Spark Safety, and remains on track for growth in 2023.”Story continues“I continue to be extremely proud of our Fabrication division’s performance, and our second quarter results highlight the longer-term opportunity for this business,” continued Heo. “Our small-scale fabrication volume is making a more significant contribution to the fixed overhead of the overall division and we remain well positioned to further grow our small-scale fabrication business. While we were disappointed to receive the cancellation notice for our large fabrication project, the bidding environment for large projects continues to be favorable given the attractive end market trends and limited industry capacity, and we continue to pursue several attractive project opportunities to mitigate the impact of the cancelled contract.”“Our operating results benefited from continued growth and margin expansion for our Services division, with second quarter Services operating margin of 13.4%, an increase of 290 basis points from the prior year,” stated Westley Stockton, Gulf Island’s Chief Financial Officer. “We ended the quarter with over $40 million in cash despite a temporary working capital increase attributable to our cancelled large fabrication project. We will continue to be disciplined in our working capital management and remain confident that we have adequate financial flexibility to support our growth objectives.”“Our consistent execution against our strategic initiatives, including our ability to maintain our skilled labor headcount despite the challenging labor environment, has us well positioned to benefit from the favorable demand trends in our core Gulf Coast markets,” noted Heo. “We have built a stable and profitable financial foundation through the growth of our services and small-scale fabrication businesses, and we are excited by the opportunities to continue to grow all parts of our business and drive value for our stakeholders,” concluded Heo.STRATEGIC UPDATEDuring the second quarter, Gulf Island continued to execute on the second phase of its strategic transformation, which is focused on generating stable, profitable growth based on pursuing new growth end markets, growing and diversifying its services business, further strengthening project execution, and expanding its skilled workforce, while continuing to pursue opportunities in its traditional offshore markets. Some of the key highlights during the second quarter 2023 are as follows:Pursue traditional offshore markets – Bidding activity for both services and fabrication projects remains active in the Gulf of Mexico, driven by stable oil prices and healthy customer balance sheets.Pursue new growth end markets – Gulf Island has a strong foundation to pursue new growth opportunities in its core Gulf Coast region, primarily in the LNG, petrochemical, and energy transition markets, and bidding activity on large fabrication project opportunities remains active, driven by strong industry fundamentals combined with limited industry capacity.Grow and diversify services business – Gulf Island continues to expand its Services business with second quarter revenues growing 10.3% compared to the prior year, driven by organic growth in the division’s core business as well as contribution from Spark Safety, the division’s recently launched welding enclosures business line.Further strengthen project execution and maintain bidding discipline – Project execution and bidding discipline remain a key priority given inflationary pressures and challenges with the availability of skilled labor. The improved operating results reflect higher volume levels associated with small-scale fabrication and strong project execution, and demonstrates the Company’s focus on maintaining discipline in pursuing projects that provide adequate risk-adjusted returns.Expand skilled workforce – A strong skilled workforce is critical to success in the services and fabrication markets, particularly given the current competitive industry-wide labor environment. Gulf Island has successfully maintained its skilled labor headcount in Services and has proven its ability to ramp up headcount in Fabrication with new project awards, which places the Company in a strong position to continue to grow the business.SEGMENT RESULTS FOR SECOND QUARTER 2023Services Segment – Revenue for the second quarter 2023 was $24.5 million, an increase of 10.3% compared to the second quarter 2022, due primarily to incremental revenue associated with the division’s new Spark Safety business line (commenced in the third quarter 2022) and higher activity for the division’s core services business.New project awards were $24.3 million for the second quarter 2023, representing a 5.5% year-over-year increase, and backlog totaled $1.1 million at June 30, 2023. The new award growth was driven primarily by the Spark Safety business line. See “Non-GAAP Measures” below for the Company’s definition of new project awards and backlog.Operating income was $3.3 million for the second quarter 2023, compared to $2.3 million for the second quarter 2022. EBITDA for the second quarter 2023 was $3.8 million (or 15.4% of revenue), versus $2.7 million (or 12.3% of revenue) for the prior year period. The improved operating results for 2023 compared to 2022 were the result of higher revenue and a more favorable project margin mix, including the benefit of the division’s Spark Safety business line. See “Non-GAAP Measures” below for the Company’s definition of EBITDA and a reconciliation of the Services Division operating income to EBITDA.Fabrication Segment – Revenue for the second quarter 2023 was $14.7 million, an increase of $3.9 million compared to the second quarter 2022, due primarily to higher small-scale fabrication activity.New project awards were $13.4 million for the second quarter 2023, representing a 14.6% year-over-year increase, and backlog totaled $9.9 million at June 30, 2023. The new award growth was driven by higher small-scale fabrication work. In February 2023, the Company received direction from its customer to suspend all activities on the division’s large fabrication project for offshore structures, and in July 2023, the customer cancelled the contract. Backlog at June 30, 2023 reflects a reduction of $76.1 million from March 31, 2023 for the estimated revenue amount that will not be recognized due to the cancellation. See “Non-GAAP Measures” below for the Company’s definition of new project awards and backlog.Operating income was $1.3 million for the second quarter 2023, compared to $1.6 million for the second quarter 2022. EBITDA for the second quarter 2023 was $2.1 million, versus $2.4 million for the prior year period. Operating income and EBITDA for the second quarter 2022 each included a gain of $3.4 million from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida. The improved operating results for 2023 compared to 2022 (excluding the Hurricane Ida impacts) were the result of higher revenue and a more favorable project margin mix, and a decrease in the under-recovery of overhead costs due to improved utilization of facilities and resources and recoveries associated with the division’s large fabrication project prior to its cancellation. See “Non-GAAP Measures” below for the Company’s definition of EBITDA and a reconciliation of the Fabrication Division operating income to EBITDA.Shipyard Segment – Revenue for the second quarter 2023 was $0.4 million, a decrease of $2.6 million compared to the second quarter 2022. Revenue for both quarters related entirely to the division’s seventy-vehicle ferry and forty-vehicle ferry projects.Operating loss was $1.9 million for the second quarter 2023, compared to an operating loss of $1.4 million for the second quarter 2022. Operating results for the second quarter 2023 included charges of $0.8 million on the division’s seventy-vehicle ferry project and remaining forty-vehicle ferry project and charges of $0.3 million associated with damage previously caused by Hurricane Ida. Operating results for the second quarter 2023 and 2022 included vessel holding costs and legal and advisory fees of $0.8 million and $1.2 million, respectively, associated with the Company’s MPSV Litigation (defined below).Corporate Segment – Operating loss was $1.9 million for the second quarter 2023, compared to an operating loss of $2.0 million for the second quarter 2022.Segment Descriptions – The Company’s divisions represent its reportable segments which are “Services”, “Fabrication”, “Shipyard” and “Corporate”. The Services Segment includes offshore and onshore services work performed at customer facilities, including offshore platforms. The Fabrication Segment includes all fabrication work performed on-site at the Company’s facilities, including pull-through fabrication work for the Services Segment. The Shipyard Segment includes two ferries under construction that are nearing completion and holding costs and legal fees associated with the Company’s contract dispute for two multi-purpose supply vessels (“MPSV Litigation”). The Corporate Segment includes costs that are not directly related to the Company’s operating segments, including the costs of being a publicly traded company.BALANCE SHEET AND LIQUIDITYThe Company’s cash and short-term investments balance at June 30, 2023 was $40.2 million, including $1.2 million of restricted cash associated with outstanding letters of credit. At June 30, 2023, the Company had no bank debt.SECOND QUARTER 2023 CONFERENCE CALLGulf Island will hold a conference call on Tuesday, August 8, 2023 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results. The call will be available by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the call by dialing 1.877.550.1707 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company's website for seven days after the call.ABOUT GULF ISLANDGulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana.NON-GAAP MEASURESThis release includes certain non-GAAP measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), new project awards and backlog. The Company believes EBITDA is a useful supplemental measure as it reflects the Company's operating results excluding the non-cash impacts of depreciation and amortization. Reconciliations of the relevant EBITDA amount to the most comparable GAAP measure are presented under “Consolidated Results of Operations” and “Results of Operations by Segment” below.The Company believes new project awards and backlog are useful supplemental measures as they represent work that the Company is obligated to perform under its current contracts. New project awards represent the expected revenue value of contract commitments received during a given period, including scope growth on existing contract commitments. Backlog represents the unrecognized revenue value of new project awards, and at June 30, 2023, was consistent with the value of remaining performance obligations for contracts as determined under GAAP.Non-GAAP measures are not intended to be replacements or alternatives to GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. The Company may present or calculate non-GAAP measures differently from other companies.CAUTIONARY STATEMENTSThis release contains forward-looking statements in which the Company discusses its potential future performance. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, are all statements other than statements of historical facts, such as projections or expectations relating to timing of delivery of vessels related to the Active Retained Shipyard Contracts and subsequent wind down of the Company’s Shipyard Division operations; expected exposure in the event of an adverse outcome in the MPSV Litigation; diversification and entry into new end markets; improvement of risk profile; industry outlook; oil and gas prices; timing of investment decisions and new project awards; cash flows and cash balance; capital expenditures; liquidity; and tax rates. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements.The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include: supply chain disruptions (including global shipping and logistics challenges), inflationary pressures, economic slowdowns and recessions, banking industry disruptions, natural disasters, public health crises (such as COVID-19), labor costs and geopolitical conflicts (such as the conflict in Ukraine), and the related volatility in oil and gas prices and other factors impacting the global economy; cyclical nature of the oil and gas industry; outcome of the MPSV Litigation and the Company’s ability to resolve any other material legal proceedings; competition; reliance on significant customers; competitive pricing and cost overruns on its projects; performance of subcontractors and dependence on suppliers; timing and its ability to secure and commence execution of new project awards, including fabrication projects for refining, petrochemical, LNG, industrial and sustainable energy end markets; the Company’s ability to maintain and further improve project execution; nature of its contract terms and customer adherence to such terms; suspension or termination of projects; changes in contract estimates; customer or subcontractor disputes; operating dangers, weather events and limits on insurance coverage; operability and adequacy of its major equipment; final assessment of damage at the Company's Houma Facilities and the related recovery of any insurance proceeds; its ability to raise additional capital; its ability to amend or obtain new debt financing or credit facilities on favorable terms; its ability to generate sufficient cash flow; its ability to obtain letters of credit or surety bonds and ability to meet any indemnification obligations thereunder; consolidation of its customers; financial ability and credit worthiness of its customers; adjustments to previously reported profits or losses under the percentage-of-completion method; its ability to employ a skilled workforce; loss of key personnel; utilization of facilities or closure or consolidation of facilities; failure of its safety assurance program; barriers to entry into new lines of business; weather impacts to operations; any future asset impairments; changes in trade policies of the U.S. and other countries; compliance with regulatory and environmental laws; lack of navigability of canals and rivers; systems and information technology interruption or failure and data security breaches; performance of partners in any future joint ventures and other strategic alliances; shareholder activism; focus on environmental, social and governance factors by institutional investors and regulators; and other factors described under “Risk Factors” in Part I, Item 1A of the Company’s 2022 Annual Report and as may be further updated by subsequent filings with the SEC.Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.COMPANY INFORMATIONRichard W. HeoWestley S. StocktonChief Executive OfficerChief Financial Officer713.714.6100713.714.6100Consolidated Results of Operations(1) (in thousands, except per share data)   Three Months Ended  Six Months Ended   June 30,  March 31,  June 30,  June 30,  June 30,   2023  2023  2022  2023  2022 New project awards(2) $37,274  $37,628  $35,534  $74,902  $63,140                 Revenue $39,326  $62,168  $35,902  $101,494  $64,588 Cost of revenue  34,845   57,134   34,230   91,979   63,336 Gross profit(3)  4,481   5,034   1,672   9,515   1,252 General and administrative expense(4)  3,736   5,067   4,345   8,803   8,455 Other (income) expense, net(5)  (4)  (361)  (3,206)  (365)  (2,754)Operating income (loss)  749   328   533   1,077   (4,449)Interest (expense) income, net  340   320   (18)  660   (58)Income (loss) before income taxes  1,089   648   515   1,737   (4,507)Income tax (expense) benefit  13   (7)  13   6   8 Net income (loss) $1,102  $641  $528  $1,743  $(4,499)Per share data:               Basic and diluted income (loss) per common share $0.07  $0.04  $0.03  $0.11  $(0.29)Consolidated EBITDA(2) (in thousands)   Three Months Ended  Six Months Ended   June 30,  March 31,  June 30,  June 30,  June 30,   2023  2023  2022  2023  2022 Net income (loss) $1,102  $641  $528  $1,743  $(4,499)Less: Income tax (expense) benefit  13   (7)  13   6   8 Less: Interest (expense) income, net  340   320   (18)  660   (58)Operating income (loss)  749   328   533   1,077   (4,449)Add: Depreciation and amortization  1,392   1,333   1,273   2,725   2,524 EBITDA $2,141  $1,661  $1,806  $3,802  $(1,925)_________________(1)See “Results of Operations by Segment” below for results by segment.(2)New projects awards and EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards and EBITDA.(3)Gross loss for the Shipyard Division for each of the three and six months ended June 30, 2023, includes project charges of $0.8 million, and for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes vessel holding costs of $0.2 million, $0.2 million, $0.2 million, $0.5 million and $0.4 million, respectively, associated with the Company’s MPSV Litigation.(4)General and administrative expense for the Shipyard Division for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes legal and advisory fees of $0.5  million, $1.7 million, $1.0 million, $2.3 million and $1.7 million, respectively, associated with the Company’s MPSV Litigation.   (5)Other (income) expense for the Fabrication Division for the three months ended March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes gains of $0.2 million, $3.4 million, $0.2 million and $3.1 million, respectively, from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida. Other (income) expense for the Shipyard Division for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes charges of $0.3 million, $0.1 million, $0.2 million, $0.3 million and $0.2 million, respectively, associated with damage previously caused by Hurricane Ida.Results of Operations by Segment (in thousands)   Three Months Ended  Six Months Ended Services Division June 30,  March 31,  June 30,  June 30,  June 30,   2023  2023  2022  2023  2022 New project awards(1) $24,330  $21,472  $23,060  $45,802  $42,462                 Revenue $24,470  $21,587  $22,180  $46,057  $42,844 Cost of revenue  20,369   18,600   18,976   38,969   37,712 Gross profit  4,101   2,987   3,204   7,088   5,132 General and administrative expense  792   710   760   1,502   1,489 Other (income) expense, net  40   (64)  109   (24)  121 Operating income $3,269  $2,341  $2,335  $5,610  $3,522                 EBITDA(1)               Operating income $3,269  $2,341  $2,335  $5,610  $3,522 Add: Depreciation and amortization  496   442   386   938   746 EBITDA $3,765  $2,783  $2,721  $6,548  $4,268   Three Months Ended  Six Months Ended Fabrication Division June 30,  March 31,  June 30,  June 30,  June 30,   2023  2023  2022  2023  2022 New project awards(1) $13,438  $16,706  $11,726  $30,144  $20,022                 Revenue $14,741  $39,662  $10,839  $54,403  $16,456 Cost of revenue  13,177   37,200   12,208   50,377   19,846 Gross profit (loss)  1,564   2,462   (1,369)  4,026   (3,390)General and administrative expense  470   520   567   990   1,192 Other (income) expense, net(2)  (201)  (302)  (3,536)  (503)  (3,249)Operating income (loss) $1,295  $2,244  $1,600  $3,539  $(1,333)                EBITDA(1)               Operating income (loss) $1,295  $2,244  $1,600  $3,539  $(1,333)Add: Depreciation and amortization  825   822   813   1,647   1,629 EBITDA $2,120  $3,066  $2,413  $5,186  $296   Three Months Ended  Six Months Ended Shipyard Division June 30,  March 31,  June 30,  June 30,  June 30,   2023  2023  2022  2023  2022 New project awards(1) $(227) $(122) $833  $(349) $833                 Revenue $382  $1,347  $2,968  $1,729  $5,465 Cost of revenue  1,566   1,762   3,131   3,328   5,955 Gross loss(3)  (1,184)  (415)  (163)  (1,599)  (490)General and administrative expense(4)  537   1,713   1,000   2,250   1,746 Other (income) expense, net(5)  227   75   221   302   336 Operating loss $(1,948) $(2,203) $(1,384) $(4,151) $(2,572)                EBITDA(1)               Operating loss $(1,948) $(2,203) $(1,384) $(4,151) $(2,572)Add: Depreciation and amortization  -   -   -   -   - EBITDA $(1,948) $(2,203) $(1,384) $(4,151) $(2,572)  Three Months Ended  Six Months Ended Corporate Division June 30,  March 31,  June 30,  June 30,  June 30,   2023  2023  2022  2023  2022 New project awards (eliminations)(1) $(267) $(428) $(85) $(695) $(177)                Revenue (eliminations) $(267) $(428) $(85) $(695) $(177)Cost of revenue  (267)  (428)  (85)  (695)  (177)Gross profit  -   -   -   -   - General and administrative expense  1,937   2,124   2,018   4,061   4,028 Other (income) expense, net  (70)  (70)  -   (140)  38 Operating loss $(1,867) $(2,054) $(2,018) $(3,921) $(4,066)                EBITDA(1)               Operating loss $(1,867) $(2,054) $(2,018) $(3,921) $(4,066)Add: Depreciation and amortization  71   69   74   140   149 EBITDA $(1,796) $(1,985) $(1,944) $(3,781) $(3,917)_________________(1)New projects awards and EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards and EBITDA.(2)Other (income) expense for the Fabrication Division for the three months ended March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes gains of $0.2 million, $3.4 million, $0.2 million and $3.1 million, respectively, from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida.(3)Gross loss for the Shipyard Division for each of the three and six months ended June 30, 2023, includes project charges of $0.8 million, and for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes vessel holding costs of $0.2 million, $0.2 million, $0.2 million, $0.5 million and $0.4 million, respectively, associated with the Company’s MPSV Litigation.(4)General and administrative expense for the Shipyard Division for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes legal and advisory fees of $0.5  million, $1.7 million, $1.0 million, $2.3 million and $1.7 million, respectively, associated with the Company’s MPSV Litigation.(5)Other (income) expense for the Shipyard Division for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, and six months ended June 30, 2023 and 2022, includes charges of $0.3 million, $0.1 million, $0.2 million, $0.3 million and $0.2 million, respectively, associated with damage previously caused by Hurricane Ida.Consolidated Balance Sheets (in thousands)   June 30, 2023  December 31, 2022   (Unaudited)    ASSETS      Current assets:      Cash and cash equivalents $23,858  $33,221 Restricted cash, current  1,197   1,603 Short-term investments  15,165   9,905 Contract receivables and retainage, net  36,315   29,427 Contract assets  6,662   4,839 Prepaid expenses and other assets  5,015   6,475 Inventory  2,636   1,599 Total current assets  90,848   87,069 Property, plant and equipment, net  29,477   31,154 Goodwill  2,217   2,217 Other intangibles, net  771   842 Other noncurrent assets  13,180   13,584 Total assets $136,493  $134,866 LIABILITIES AND SHAREHOLDERS’ EQUITY      Current liabilities:      Accounts payable $16,850  $8,310 Contract liabilities  3,065   8,196 Accrued expenses and other liabilities  11,334   14,283 Total current liabilities  31,249   30,789 Other noncurrent liabilities  1,038   1,453 Total liabilities  32,287   32,242 Shareholders’ equity:      Preferred stock, no par value, 5,000 shares authorized, no shares issued    and outstanding  —   — Common stock, no par value, 30,000 shares authorized, 16,287 shares issued    and outstanding at June 30, 2023 and 15,973 at December 31, 2022  11,638   11,591 Additional paid-in capital  107,796   107,372 Accumulated deficit  (15,228)  (16,339)Total shareholders’ equity  104,206   102,624 Total liabilities and shareholders’ equity $136,493  $134,866 Consolidated Cash Flows (in thousands)   Three Months Ended  Six Months Ended   June 30,  March 31,  June 30,  June 30,  June 30,   2023  2023  2022  2023  2022 Cash flows from operating activities:               Net income (loss) $1,102  $641  $528  $1,743  $(4,499)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:               Depreciation and amortization  1,392   1,333   1,273   2,725   2,524 Allowance for doubtful accounts and credit losses  (200)  —   —   (200)  — (Gain) loss on sale or disposal of fixed assets, net  31   (64)  (17)  (33)  (42)Gain on insurance recoveries  —   (245)  —   (245)  — Stock-based compensation expense  444   509   489   953   1,060 Changes in operating assets and liabilities:               Contract receivables and retainage, net  7,430   (14,540)  (3,173)  (7,110)  (10,830)Contract assets  (1,124)  (699)  (2,491)  (1,823)  (426)Prepaid expenses, inventory and other current assets  808   147   1,640   955   (430)Accounts payable  (9,393)  18,135   2,179   8,742   2,525 Contract liabilities  (1,323)  (3,808)  (889)  (5,131)  (3,339)Accrued expenses and other current liabilities  (2,455)  62   (1,864)  (2,393)  (72)Noncurrent assets and liabilities, net  (201)  (175)  (199)  (376)  (346)Net cash provided by (used in) operating activities  (3,489)  1,296   (2,524)  (2,193)  (13,875)Cash flows from investing activities:               Capital expenditures  (569)  (487)  (34)  (1,056)  (474)Proceeds from Shipyard Transaction  —   —   886   —   886 Proceeds from sale of property and equipment  —   106   38   106   63 Recoveries from insurance claims  —   245   —   245   — Purchases of short-term investments  (177)  (15,083)  —   (15,260)  — Maturities of short-term investments  —   10,000   —   10,000   — Net cash provided by (used in) investing activities  (746)  (5,219)  890   (5,965)  475 Cash flows from financing activities:               Payments on Insurance Finance Arrangements  (126)  (1,003)  (248)  (1,129)  (248)Tax payments for vested stock withholdings  (301)  (181)  (62)  (482)  (121)Net cash used in financing activities  (427)  (1,184)  (310)  (1,611)  (369)Net decrease in cash, cash equivalents and restricted cash  (4,662)  (5,107)  (1,944)  (9,769)  (13,769)Cash, cash equivalents and restricted cash, beginning of period  29,717   34,824   42,764   34,824   54,589 Cash, cash equivalents and restricted cash, end of period $25,055  $29,717  $40,820  $25,055  $40,820 

GlobeNewswire

Gulf Island Reports Second Quarter 2023 Results

https://finance.yahoo.com/news/gulf-island-reports-second-quarter-200500472.html

16934cbd-d4d0-3db5-bd47-fe4f664e4ff0

GILD

Gilead Sciences, Inc. (NASDAQ:GILD) is about to trade ex-dividend in the next four days. The ex-dividend date is one business day before a company's record date, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is important as the process of settlement involves two full business days. So if you miss that date, you would not show up on the company's books on the record date. Thus, you can purchase Gilead Sciences' shares before the 14th of September in order to receive the dividend, which the company will pay on the 28th of September.The company's next dividend payment will be US$0.75 per share, on the back of last year when the company paid a total of US$3.00 to shareholders. Looking at the last 12 months of distributions, Gilead Sciences has a trailing yield of approximately 3.9% on its current stock price of $76. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. So we need to investigate whether Gilead Sciences can afford its dividend, and if the dividend could grow. View our latest analysis for Gilead Sciences Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. Gilead Sciences paid out more than half (68%) of its earnings last year, which is a regular payout ratio for most companies. A useful secondary check can be to evaluate whether Gilead Sciences generated enough free cash flow to afford its dividend. Fortunately, it paid out only 42% of its free cash flow in the past year.It's positive to see that Gilead Sciences's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut.Click here to see the company's payout ratio, plus analyst estimates of its future dividends.Story continueshistoric-dividendHave Earnings And Dividends Been Growing?Businesses with strong growth prospects usually make the best dividend payers, because it's easier to grow dividends when earnings per share are improving. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. This is why it's a relief to see Gilead Sciences earnings per share are up 4.4% per annum over the last five years. Earnings growth has been slim and the company is paying out more than half of its earnings. While there is some room to both increase the payout ratio and reinvest in the business, generally the higher a payout ratio goes, the lower a company's prospects for future growth.Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. Since the start of our data, eight years ago, Gilead Sciences has lifted its dividend by approximately 7.2% a year on average. It's encouraging to see the company lifting dividends while earnings are growing, suggesting at least some corporate interest in rewarding shareholders.To Sum It UpIs Gilead Sciences an attractive dividend stock, or better left on the shelf? While earnings per share growth has been modest, Gilead Sciences's dividend payouts are around an average level; without a sharp change in earnings we feel that the dividend is likely somewhat sustainable. Pleasingly the company paid out a conservatively low percentage of its free cash flow. In summary, while it has some positive characteristics, we're not inclined to race out and buy Gilead Sciences today.With that in mind, a critical part of thorough stock research is being aware of any risks that stock currently faces. Every company has risks, and we've spotted 2 warning signs for Gilead Sciences you should know about.A common investing mistake is buying the first interesting stock you see. Here you can find a full list of high-yield dividend stocks.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Only Four Days Left To Cash In On Gilead Sciences' (NASDAQ:GILD) Dividend

https://finance.yahoo.com/news/only-four-days-left-cash-121344306.html

b7e4308b-e909-30e6-99a3-bfd97749e5ce

GILD

– Results Show Encouraging Activity of Trodelvy in Combination with KEYTRUDA in 1L Metastatic NSCLC Across all PD-L1 Subgroups and Histologies Studied –– Results Support Further Investigation of Trodelvy in Combination with KEYTRUDA in 1L Metastatic NSCLC–FOSTER CITY, Calif., September 10, 2023--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq: GILD) today announced promising early data from the global, open-label, Phase 2 EVOKE-02 study evaluating Trodelvy® (sacituzumab govitecan-hziy) in combination with Merck’s anti-PD-1 therapy KEYTRUDA® (pembrolizumab) with or without platinum agents in patients with previously untreated advanced or metastatic non-small cell lung cancer (NSCLC) without actionable genomic alterations. The results are being presented today at the IASLC 2023 World Conference on Lung Cancer (#WCLC23) hosted by the International Association for the Study of Lung Cancer.The preliminary analysis of the EVOKE-02 study includes results of two cohorts: Trodelvy in combination with KEYTRUDA in first-line advanced or metastatic squamous/non-squamous NSCLC with PD-L1 tumor proportion score (TPS) ≥ 50% (Cohort A) and TPS < 50% (Cohort B). In Cohort A (n=29), confirmed and unconfirmed objective response rate (ORR) was 69%, and disease control rate (DCR) was 86%. In Cohort B (n=32), confirmed and unconfirmed ORR was 44%, and DCR was 78%. Across both cohorts, the ORR was 56%, and DCR was 82%. Median duration of response (DoR) was not reached at the time of data cut-off, and DoR rate at six months was 88% in both cohorts."Patients with metastatic NSCLC continue to need novel treatment options. The data from the EVOKE-02 study gives us confidence in the clinical activity of sacituzumab govitecan in combination with pembrolizumab in first-line metastatic NSCLC patients," said Byoung Chul Cho, MD, PhD, Professor in the Division of Medical Oncology at Yonsei Cancer Center, Yonsei University College of Medicine. "The positive response rates and duration of response across patients treated with the combination shows promise compared with historical responses to anti-PD1 monotherapy in this setting. These data support further investigation of sacituzumab govitecan as a potential IO-combination option in first-line metastatic NSCLC."Story continues"The EVOKE-02 trial is the first data presented from several Gilead studies dedicated to exploring Trodelvy’s potential in lung cancer," said Bill Grossman, MD, PhD, Senior Vice President, Therapeutic Area Head, Gilead Oncology. "These data are very encouraging and confirms our approach for the ongoing Phase 3 EVOKE-03 study of Trodelvy in combination with KEYTRUDA vs. KEYTRUDA monotherapy for patients in first-line PD-L1-high metastatic NSCLC. We look forward to potentially bringing a new treatment option to previously untreated metastatic NSCLC patients."The safety profile of Trodelvy in combination with KEYTRUDA in the EVOKE-02 study was consistent with the known safety of each agent. The most common any-grade TEAEs were diarrhea (54%), anemia (48%), and asthenia (38%). Known key safety events for Trodelvy were not increased with the addition of KEYTRUDA. The immune related adverse events were consistent with the known safety profile of KEYTRUDA. Discontinuation rates due to adverse events were 18%. One treatment related death was observed due to sepsis.Gilead entered into two clinical trial collaboration and supply agreements with Merck (known as MSD outside of the United States and Canada) in January 2022 to evaluate the combination of Trodelvy and Merck’s KEYTRUDA in the Phase 2 EVOKE-02 signal-seeking study and the ongoing Phase 3 EVOKE-03 study in first-line NSCLC.The use of Trodelvy for the treatment of NSCLC and the use of Trodelvy in combination with KEYTRUDA for any use is investigational, and the safety and efficacy for these uses have not been established or approved by any regulatory agency globally. Trodelvy has a Boxed Warning for severe or life-threatening neutropenia and severe diarrhea; please see below for additional Important Safety Information.About Metastatic Non-Small Cell Lung CancerWorldwide, more than two million people were diagnosed with lung cancer in 2020. Non-small cell lung cancer (NSCLC) is the most common type of lung cancer, accounting for up to 85% of diagnoses. It is a cancer with high Trop-2 expression (89 – 100%) and about half of NSCLC cases are diagnosed at the metastatic stage (57%), when treatment is especially difficult. Even in patients whose disease is caught early, half will eventually progress to the metastatic stage within five years. Newly diagnosed patients have several treatment options including platinum-based therapy, checkpoint inhibitors and targeted therapies.About the EVOKE-02 StudyThe EVOKE-02 study is an open-label, global, multi-center, multi-cohort, Phase 2 study evaluating Trodelvy in combination with KEYTRUDA with or without chemotherapy regardless of PD-L1 expression in patients with advanced or metastatic NSCLC without actionable genomic alterations. Patients were assigned to cohorts according to disease status or PD-L1 expression. Patients were assigned to Cohorts A or B according to Tumor Proportion Score (TPS) status:Cohort A enrolled patients with squamous/non-squamous NSCLC with TPS ≥ 50%.Cohort B enrolled patients with squamous/non-squamous NSCLC with TPS < 50%.Patients enrolled in Cohorts A or B received the combination of Trodelvy and KEYTRUDA.Following enrolment in a safety run-in cohort, patients will be enrolled in Cohorts C or D according to disease status for carboplatin combinations.Cohort C enrolled patients with non-squamous NSCLC with any PD-L1 expression level.Cohort D enrolled patients with squamous NSCLC with any PD-L1 expression level.Patients enrolled in Cohorts C or D received Trodelvy plus KEYTRUDA plus platinum agent.The primary endpoints are objective response rate (ORR) as assessed by independent review per Response Evaluation Criteria in Solid Tumors (RECIST 1.1) and percentage of participants experiencing dose-limiting toxicities (DLTs) per dose level in the safety run-in cohorts. Additional efficacy measures include progression-free survival (PFS), overall survival (OS), duration of response (DoR) and disease control rate (DCR). More information about EVOKE-02 is available at https://clinicaltrials.gov/study/NCT05186974.KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.About TrodelvyTrodelvy® (sacituzumab govitecan-hziy) is a first-in-class Trop-2 directed antibody-drug conjugate. Trop-2 is a cell surface antigen highly expressed in multiple tumor types, including in more than 90% of breast and bladder cancers. Trodelvy is intentionally designed with a proprietary hydrolyzable linker attached to SN-38, a topoisomerase I inhibitor payload. This unique combination delivers potent activity to both Trop-2 expressing cells and the microenvironment.Trodelvy is approved in almost 50 countries, with multiple additional regulatory reviews underway worldwide, for the treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease.Trodelvy is also approved in the U.S. and the European Union to treat certain patients with pre-treated HR+/HER2- metastatic breast cancer. In the U.S., Trodelvy also has accelerated approval for treatment of certain patients with second-line metastatic urothelial cancer (UC); see below for the full U.S. indication for Trodelvy.Trodelvy is also being developed for potential investigational use in other TNBC, HR+/HER2- and metastatic UC populations, as well as a range of tumor types where Trop-2 is highly expressed, including metastatic non-small cell lung cancer (NSCLC), metastatic small cell lung cancer (SCLC), head and neck cancer, and endometrial cancer.U.S. Indications for TrodelvyIn the United States, Trodelvy is indicated for the treatment of adult patients with:Unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease.Unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC 1+ or IHC 2+/ISH–) breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting.Locally advanced or metastatic urothelial cancer (mUC) who have previously received a platinum-containing chemotherapy and either programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor. This indication is approved under accelerated approval based on tumor response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.U.S. Important Safety Information for TrodelvyBOXED WARNING: NEUTROPENIA AND DIARRHEASevere or life-threatening neutropenia may occur. Withhold Trodelvy for absolute neutrophil count below 1500/mm3 or neutropenic fever. Monitor blood cell counts periodically during treatment. Consider G-CSF for secondary prophylaxis. Initiate anti-infective treatment in patients with febrile neutropenia without delay.Severe diarrhea may occur. Monitor patients with diarrhea and give fluid and electrolytes as needed. At the onset of diarrhea, evaluate for infectious causes and, if negative, promptly initiate loperamide. If severe diarrhea occurs, withhold Trodelvy until resolved to ≤Grade 1 and reduce subsequent doses.CONTRAINDICATIONSSevere hypersensitivity reaction to Trodelvy.WARNINGS AND PRECAUTIONSNeutropenia: Severe, life-threatening, or fatal neutropenia can occur and may require dose modification. Neutropenia occurred in 64% of patients treated with Trodelvy. Grade 3-4 neutropenia occurred in 49% of patients. Febrile neutropenia occurred in 6%. Neutropenic colitis occurred in 1.4%. Withhold Trodelvy for absolute neutrophil count below 1500/mm3 on Day 1 of any cycle or neutrophil count below 1000/mm3 on Day 8 of any cycle. Withhold Trodelvy for neutropenic fever. Administer G-CSF as clinically indicated or indicated in Table 1 of USPI.Diarrhea: Diarrhea occurred in 64% of all patients treated with Trodelvy. Grade 3-4 diarrhea occurred in 11% of patients. One patient had intestinal perforation following diarrhea. Diarrhea that led to dehydration and subsequent acute kidney injury occurred in 0.7% of all patients. Withhold Trodelvy for Grade 3-4 diarrhea and resume when resolved to ≤Grade 1. At onset, evaluate for infectious causes and if negative, promptly initiate loperamide, 4 mg initially followed by 2 mg with every episode of diarrhea for a maximum of 16 mg daily. Discontinue loperamide 12 hours after diarrhea resolves. Additional supportive measures (e.g., fluid and electrolyte substitution) may also be employed as clinically indicated. Patients who exhibit an excessive cholinergic response to treatment can receive appropriate premedication (e.g., atropine) for subsequent treatments.Hypersensitivity and Infusion-Related Reactions: Serious hypersensitivity reactions including life-threatening anaphylactic reactions have occurred with Trodelvy. Severe signs and symptoms included cardiac arrest, hypotension, wheezing, angioedema, swelling, pneumonitis, and skin reactions. Hypersensitivity reactions within 24 hours of dosing occurred in 35% of patients. Grade 3-4 hypersensitivity occurred in 2% of patients. The incidence of hypersensitivity reactions leading to permanent discontinuation of Trodelvy was 0.2%. The incidence of anaphylactic reactions was 0.2%. Pre-infusion medication is recommended. Have medications and emergency equipment to treat such reactions available for immediate use. Observe patients closely for hypersensitivity and infusion-related reactions during each infusion and for at least 30 minutes after completion of each infusion. Permanently discontinue Trodelvy for Grade 4 infusion-related reactions.Nausea and Vomiting: Nausea occurred in 64% of all patients treated with Trodelvy and Grade 3-4 nausea occurred in 3% of these patients. Vomiting occurred in 35% of patients and Grade 3-4 vomiting occurred in 2% of these patients. Premedicate with a two or three drug combination regimen (e.g., dexamethasone with either a 5-HT3 receptor antagonist or an NK1 receptor antagonist as well as other drugs as indicated) for prevention of chemotherapy-induced nausea and vomiting (CINV). Withhold Trodelvy doses for Grade 3 nausea or Grade 3-4 vomiting and resume with additional supportive measures when resolved to Grade ≤1. Additional antiemetics and other supportive measures may also be employed as clinically indicated. All patients should be given take-home medications with clear instructions for prevention and treatment of nausea and vomiting.Increased Risk of Adverse Reactions in Patients with Reduced UGT1A1 Activity: Patients homozygous for the uridine diphosphate-glucuronosyl transferase 1A1 (UGT1A1)*28 allele are at increased risk for neutropenia, febrile neutropenia, and anemia and may be at increased risk for other adverse reactions with Trodelvy. The incidence of Grade 3-4 neutropenia was 58% in patients homozygous for the UGT1A1*28, 49% in patients heterozygous for the UGT1A1*28 allele, and 43% in patients homozygous for the wild-type allele. The incidence of Grade 3-4 anemia was 21% in patients homozygous for the UGT1A1*28 allele, 10% in patients heterozygous for the UGT1A1*28 allele, and 9% in patients homozygous for the wild-type allele. Closely monitor patients with known reduced UGT1A1 activity for adverse reactions. Withhold or permanently discontinue Trodelvy based on clinical assessment of the onset, duration and severity of the observed adverse reactions in patients with evidence of acute early-onset or unusually severe adverse reactions, which may indicate reduced UGT1A1 function.Embryo-Fetal Toxicity: Based on its mechanism of action, Trodelvy can cause teratogenicity and/or embryo-fetal lethality when administered to a pregnant woman. Trodelvy contains a genotoxic component, SN-38, and targets rapidly dividing cells. Advise pregnant women and females of reproductive potential of the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment with Trodelvy and for 6 months after the last dose. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with Trodelvy and for 3 months after the last dose.ADVERSE REACTIONSIn the pooled safety population, the most common (≥ 25%) adverse reactions including laboratory abnormalities were decreased leukocyte count (84%), decreased neutrophil count (75%), decreased hemoglobin (69%), diarrhea (64%), nausea (64%), decreased lymphocyte count (63%), fatigue (51%), alopecia (45%), constipation (37%), increased glucose (37%), decreased albumin (35%), vomiting (35%), decreased appetite (30%), decreased creatinine clearance (28%), increased alkaline phosphatase (28%), decreased magnesium (27%), decreased potassium (26%), and decreased sodium (26%).In the ASCENT study (locally advanced or metastatic triple-negative breast cancer), the most common adverse reactions (incidence ≥25%) were fatigue, diarrhea, nausea, alopecia, constipation, vomiting, abdominal pain, and decreased appetite. The most frequent serious adverse reactions (SAR) (>1%) were neutropenia (7%), diarrhea (4%), and pneumonia (3%). SAR were reported in 27% of patients, and 5% discontinued therapy due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the ASCENT study were reduced neutrophils, leukocytes, and lymphocytes.In the TROPiCS-02 study (locally advanced or metastatic HR-positive, HER2-negative breast cancer), the most common adverse reactions (incidence ≥25%) were diarrhea, fatigue, nausea, alopecia, and constipation. The most frequent serious adverse reactions (SAR) (>1%) were diarrhea (5%), febrile neutropenia (4%), neutropenia (3%), abdominal pain, colitis, neutropenic colitis, pneumonia, and vomiting (each 2%). SAR were reported in 28% of patients, and 6% discontinued therapy due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the TROPiCS-02 study were reduced neutrophils and leukocytes.In the TROPHY study (locally advanced or metastatic urothelial cancer), the most common adverse reactions (incidence ≥25%) were diarrhea, fatigue, nausea, any infection, alopecia, decreased appetite, constipation, vomiting, rash, and abdominal pain. The most frequent serious adverse reactions (SAR) (≥5%) were infection (18%), neutropenia (12%, including febrile neutropenia in 10%), acute kidney injury (6%), urinary tract infection (6%), and sepsis or bacteremia (5%). SAR were reported in 44% of patients, and 10% discontinued due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the TROPHY study were reduced neutrophils, leukocytes, and lymphocytes.DRUG INTERACTIONSUGT1A1 Inhibitors: Concomitant administration of Trodelvy with inhibitors of UGT1A1 may increase the incidence of adverse reactions due to potential increase in systemic exposure to SN-38. Avoid administering UGT1A1 inhibitors with Trodelvy.UGT1A1 Inducers: Exposure to SN-38 may be reduced in patients concomitantly receiving UGT1A1 enzyme inducers. Avoid administering UGT1A1 inducers with Trodelvy.Please see full Prescribing Information, including BOXED WARNING.About Gilead SciencesGilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.Forward-Looking StatementsThis press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timelines or at all, and the possibility of unfavorable results from ongoing or additional clinical trials, including those involving Trodelvy; uncertainties relating to regulatory applications for Trodelvy and related filing and approval timelines, including with respect pending or potential applications for the treatment of metastatic TNBC, HR+/HER2- metastatic breast cancer, metastatic UC, metastatic NSCLC, metastatic SCLC, head and neck cancer, and endometrial cancer, in the currently anticipated timelines or at all; Gilead’s ability to receive regulatory approvals for such indications in a timely manner or at all, and the risk that any such approvals may be subject to significant limitations on use; the possibility that Gilead may make a strategic decision to discontinue development of Trodelvy for such indications and as a result, Trodelvy may never be commercialized for these indications; and any assumptions underlying any of the foregoing. These and other risks, uncertainties and other factors are described in detail in Gilead’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, as filed with the U.S. Securities and Exchange Commission. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The reader is cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation and disclaims any intent to update any such forward-looking statements.U.S. Prescribing Information for Trodelvy including BOXED WARNING, is available at www.gilead.com.Trodelvy, Gilead and the Gilead logo are trademarks of Gilead Sciences, Inc., or its related companies.For more information about Gilead, please visit the company’s website at www.gilead.com or call Gilead Public Affairs at 1-800-GILEAD-5 or 1-650-574-3000.View source version on businesswire.com: https://www.businesswire.com/news/home/20230909895203/en/ContactsJacquie Ross, [email protected] Smith, [email protected]

Business Wire

Gilead’s Phase 2 EVOKE-02 Study of Trodelvy® (sacituzumab govitecan-hziy) in Combination With KEYTRUDA® (pembrolizumab) Demonstrates Promising Clinical Activity in First-Line Metastatic Non-Small Cell Lung Cancer

https://finance.yahoo.com/news/gilead-phase-2-evoke-02-070100756.html

f3104424-0a55-3dcc-b48e-6bd04be63bcc

GL

OLDWICK, N.J., August 30, 2023--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) of the key life/health subsidiaries of Globe Life Inc. (Globe Life) (headquartered in McKinney, TX) [NYSE: GL]. Concurrently, AM Best has affirmed the Long-Term ICR of "bbb+" (Good) of Globe Life. AM Best also has affirmed the Short- and Long-Term Issue Credit Ratings (Short-Term IR; Long-Term IR) on the debt and the indicative Long-Term IRs on the securities of Globe Life. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings.)The ratings reflect Globe Life’s balance sheet strength, which AM Best assesses as strong, as well as its very strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).Globe Life’s risk-based capital is assessed within the strong category, as measured by Best’s Capital Adequacy Ratio (BCAR). On a statutory basis, year-end capital & surplus increased, but was hampered by continued dividend payments to Globe Life. Surplus growth was also slowed by the share repurchase program. Globe Life’s investment portfolio, which is managed on a consolidated basis, is primarily comprised of public, investment grade bonds with an increasing allocation to Schedule BA assets in the form of limited partnerships. Globe Life’s higher allocation to Class 2 bonds accounts for more than half of its bond portfolio, making Globe Life more susceptible to credit downgrades. Financial leverage and coverage ratios remain within tolerance for its current ratings.Globe Life has consistently reported strong earnings and return on equity, steady premium income and favorable investment income, which supports the group’s operating performance assessment. In 2022, earnings rebounded from 2021, and are back to historical levels. This is mostly attributable to higher premium volumes and reduced mortality experience. The group’s health segment also contributed to positive earnings.Story continuesGlobe Life is geographically diversified with a robust product offering that includes life and supplemental health insurance products for middle class and retired individuals. Globe Life’s products are offered through agents and direct-to-consumer. Most agents are exclusive to Globe Life and sell relatively low risk products. Additionally, Globe Life continues to expand its formalized ERM program, and AM Best believes that the group’s ERM program is appropriate given its risk profile.The FSR of A (Excellent) and the Long-Term ICRs of "a+" (Excellent) have been affirmed with stable outlooks for the following life/health subsidiaries of Globe Life Inc.:American Income Life Insurance CompanyGlobe Life and Accident Insurance CompanyLiberty National Life Insurance CompanyUnited American Insurance CompanyGlobe Life Insurance Company of New YorkNational Income Life Insurance CompanyFamily Heritage Life Insurance CompanyThe following Short-Term IR has been affirmed:Globe Life Inc. —— AMB-1 (Outstanding) on commercial paperThe following Long-Term IRs have been affirmed with stable outlooks:Globe Life Inc. —— "bbb+" (Good) on $550 million 4.55% senior unsecured notes, due 2028— "bbb+" (Good) on $400 million 2.15% senior unsecured, due 2030— "bbb-" (Good) on $325 million 4.25% junior subordinated debentures, due 2061The following indicative Long-Term IRs available under the shelf registration have been affirmed with stable outlooks:Globe Life Inc. —— "bbb+" (Good) on senior unsecured debt— "bbb" (Good) on subordinated debt— "bbb-" (Good) on preferred stockThis press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.View source version on businesswire.com: https://www.businesswire.com/news/home/20230830692301/en/ContactsBrent DeAngelisFinancial Analyst +1 908 882 1730 [email protected] Lentz Director +1 908 882 2011 [email protected] Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected]

Business Wire

AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries

https://finance.yahoo.com/news/am-best-affirms-credit-ratings-184600158.html

77691bd6-c1b8-38c4-bdb1-5d80655a5d9c

GL

Globe Life Inc. GL has been gaining momentum on the back of premium growth, improved productivity and agent count, new investment yields, strong liquidity position and effective capital deployment.Earnings EstimateThe Zacks Consensus Estimate for Globe Life’s 2023 earnings is pegged at $10.49 per share, indicating a 28.7% increase from the year-ago reported figure on 4% higher revenues of $5.51 billion. The consensus estimate for 2024 earnings is pegged at $11.34 per share, indicating an 8.1% increase from the year-ago reported figure on 4.2% higher revenues of $5.74 billion.Northbound Estimate RevisionThe Zacks Consensus Estimate for 2023 and 2024 has moved 0.8% and 0.7% north, respectively, in the past 60 days, reflecting analysts’ optimism.Earnings Surprise HistoryGlobe Life has a decent surprise history, beating earnings estimates in each of the last four quarters, the average earnings surprise being 2.16%.Zacks Rank & Price PerformanceGL currently carries a Zacks Rank #2 (Buy). In the past year, the stock has gained 15.1% against the industry’s decline of 1.5%.Zacks Investment ResearchImage Source: Zacks Investment ResearchReturn on EquityGlobe Life’s return on equity, a measure reflecting how efficiently a company utilizes shareholders’ money, was 21.8% in the trailing 12 months and expanded 1,190 basis points year over year. The figure compares favorably with the industry’s average of 15.2%.Factors Driving Globe LifeGlobe Life has been witnessing a positive trend in revenues, driven by premium growth at its Life Insurance and Health Insurance segments and net investment income. The company expects life premium to grow 4% in 2023.The strong performance of the American Income and Liberty National divisions should continue to drive the top line in the future. Liberty National should continue to benefit from improved productivity and agent count. GL’s expansion initiatives to capture heavily populated and less penetrated areas should drive growth in the future. Net life sales as well as net health sales are expected to grow in mid-teens for Liberty National.Moreover, net investment income continues to be another important driver of the company’s top-line growth and has been exhibiting improvement over the last few years. The metric should continue to grow riding on new investment yields exceeding the yield on dispositions and the average portfolio yield.For 2023, Globe Life expects net investment income to grow approximately 6% as a result of the favorable rate environment and steady growth in invested assets. GL anticipates excess investment income to rise in the range of $11 million to $12 million.The company has maintained a strong liquidity position with sufficient cash generation capabilities. Its operations consist primarily of writing basic protection life and supplemental health insurance policies, which generate strong and stable cash flows. GL anticipates the parent company's excess cash flow for 2023 to be approximately $420-$440 million. Globe Life continues to maintain the Company Action Level Risk-Based Capital ratio target in the band of 300% to 320%.Strong capital position enables Globe Life to enhance its shareholder value via share buyback and dividend pay-outs. GL expects between $370 million and $390 million of share repurchases, which will occur by the end of 2023. Apart from this, Globe Life has continuously been increasing its dividend over the past eight years (2016-2023), witnessing a CAGR of 6.79%. It anticipates the parent company's excess cash flow for 2023 to be around $420-$440 million, which will be available to return to its shareholders in the form of dividends and share repurchases.Story continuesAttractive ValuationGlobe Life shares are trading at a price to earnings multiple of 10.08, lower than the industry average of 11.78. It also has an impressive Value Score of B. This style score helps find the most attractive value stocks. Back-tested results have shown that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or #2, offer better returns.Other Stocks to ConsiderSome other top-ranked stocks from the Financial-Miscellaneous Services space are Greystone Housing Impact Investors LP GHI, Midwest Holding Inc. MDWT and StoneX Group Inc. SNEX, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Greystone Housing’s 2023 and 2024 revenues is pegged at $107 million and $110.60 million, indicating a year-over-year increase of 31.98% and 3.36%, respectively. In the past year, GHI has lost 12.2%.The Zacks Consensus Estimates for GHI’s 2023 and 2024 earnings have moved up nearly 29.7% and 11.3%, respectively, in the past seven days, reflecting investors’ optimism.Midwest Holding has a solid track record of beating earnings estimates in three of the last four quarters and missing in one, the average being 992.68%. In the past year, MDWT has rallied 78.4%.The Zacks Consensus Estimate for MDWT’s 2023 earnings per share is pegged at $3.85, indicating a year-over-year increase of 657.9%.StoneX has a solid track record of beating earnings estimates in three of the last four quarters and missed in one, the average being 19.74%. In the past year, SNEX has gained 5.5%.The Zacks Consensus Estimates for 2023 and 2024 earnings have moved up nearly 8% and 8.1%, respectively, in the past 60 days, reflecting investors’ optimism.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportGlobe Life Inc. (GL) : Free Stock Analysis ReportStoneX Group Inc. (SNEX) : Free Stock Analysis ReportMidwest Holding Inc. (MDWT) : Free Stock Analysis ReportGreystone Housing Impact Investors LP (GHI) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Here's Why You Should Invest in Globe Life (GL) Stock Now

https://finance.yahoo.com/news/heres-why-invest-globe-life-114400004.html

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GLT

Carlson Capital L P (Trades, Portfolio), a Dallas-based hedge fund sponsor, recently expanded its portfolio with the acquisition of 6,465,000 shares in Glatfelter Corp (NYSE:GLT) on September 6, 2023. This article aims to provide a comprehensive overview of the transaction, the profiles of both entities involved, and an analysis of Glatfelter Corp's financial and stock performance. This information is particularly relevant to value investors seeking insights into the strategies of successful investment firms and the potential of their chosen stocks.Details of the TransactionWarning! GuruFocus has detected 7 Warning Signs with GLT. Click here to check it out. GLT 30-Year Financial DataThe intrinsic value of GLTThe transaction saw Carlson Capital L P (Trades, Portfolio) add 300,000 shares of Glatfelter Corp to its portfolio at a traded price of $1.95 per share. This move increased the firm's total holdings in GLT to 6,465,000 shares, representing 1.08% of its portfolio and 14.35% of GLT's total shares. The trade had a 0.05% impact on Carlson Capital's portfolio and resulted in a 4.87% change in the firm's holdings in GLT. The implications of this transaction are significant, as it indicates Carlson Capital's confidence in the potential of Glatfelter Corp.Profile of Carlson Capital L P (Trades, Portfolio)Carlson Capital L P (Trades, Portfolio) is a hedge fund sponsor founded in 1993 by Clint Carlson. The firm believes in achieving risk-adjusted returns through thoughtful, targeted hedging strategies and diversification across multiple strategies and decision-makers. The firm's investment decisions are guided by a multi-strategy approach, including risk arbitrage, convertible arbitrage, credit arbitrage, and other methods. With 178 employees, including 89 investment professionals, the firm manages approximately $23 billion in total assets across 118 stocks. Its top holdings include Horizon Therapeutics PLC(NASDAQ:HZNP), National Instruments Corp(NASDAQ:NATI), Aerojet Rocketdyne Holdings Inc(AJRD), Black Knight Inc(NYSE:BKI), and SWK Holdings Corp(NASDAQ:SWKH). The firm's equity stands at $1.17 billion, with the Financial Services and Industrials sectors being its top sectors.Story continuesCarlson Capital L P Increases Stake in Glatfelter CorpOverview of Glatfelter CorpGlatfelter Corp (NYSE:GLT) is a US-based company that manufactures and sells a variety of paper and fiber products. The company operates through two segments: Composite Fibers and Airlaid Materials. The majority of its manufacturing facilities are located in North America and Europe, with sales and distribution offices in Russia, Italy, China, and the United States. As of September 8, 2023, the company's market capitalization stands at $89.191 million, with a current stock price of $1.98. However, with a GF Value of 21.11 and a Price to GF Value ratio of 0.09, the stock is considered a possible value trap, warranting caution from investors.Carlson Capital L P Increases Stake in Glatfelter CorpAnalysis of Glatfelter Corp's Financial PerformanceGlatfelter Corp's financial performance is characterized by a Profitability Rank of 6/10, a Growth Rank of 5/10, and a GF Value Rank of 2/10. The company's balance sheet is ranked 4/10 in terms of Financial Strength, with a cash to debt ratio of 0.06, placing it at rank 236 in the industry. However, the company's ROE and ROA stand at -41.49 and -8.18 respectively, indicating a need for improvement in these areas.Evaluation of Glatfelter Corp's Stock PerformanceAs of September 8, 2023, Glatfelter Corp's stock has seen a year-to-date price change ratio of -30.04%, a gain percent of 1.54% since the transaction, and a 312.5% increase since its IPO in 1984. The stock's GF Score stands at 67/100, indicating a potential for average performance. However, with a Piotroski F-Score of 2 and an Altman Z score of 1.50, the stock's financial health and bankruptcy risk warrant further scrutiny.ConclusionIn conclusion, Carlson Capital L P (Trades, Portfolio)'s recent acquisition of Glatfelter Corp shares signifies the firm's confidence in the stock's potential. However, given Glatfelter Corp's financial performance and stock valuation, investors are advised to exercise caution and conduct thorough research before making investment decisions. As always, it is crucial to consider the broader market context and individual investment goals when evaluating potential investment opportunities.This article first appeared on GuruFocus.

GuruFocus.com

Carlson Capital L P Increases Stake in Glatfelter Corp

https://finance.yahoo.com/news/carlson-capital-l-p-increases-030236053.html

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