Durham Prosecutes FBI Informants, While Protecting Their Handlers: Sperry

Durham Prosecutes FBI Informants, While Protecting Their Handlers: Sperry Authored by Paul Sperry via RealClear Investigations, Since being named special counsel in October 2020, John Durham has investigated or indicted several unscrupulous anti-Trump informants. But he has spared the FBI agents who handled them, raising suspicions he's letting investigators off the hook in his waning investigation of misconduct in the Russiagate probe. In recent court filings, Durham has portrayed the G-men as naive recipients of bad information, tricked into opening improper investigations targeting Donald Trump and obtaining invalid warrants to spy on one of his advisers. But as the cases against the informants have gone to trial, defense lawyers have revealed evidence that cuts against that narrative. FBI investigators look less like guileless victims and more like willing partners in the fraudulent schemes Durham has brought to light. Notwithstanding his reputation as a tough, intrepid prosecutor, Durham has made excuses for the misconduct of FBI agents, providing them a ready-made defense against any possible future prosecution, according to legal experts.  "Durham was supposed to clean up the FBI cesspool, but it doesn't look like he's going to be doing that," said Paul Kamenar, counsel to the National Legal and Policy Center, a Washington watchdog group. "He started with a bang and is ending with a whimper." In the latest example, critics point to a flurry of pretrial motions in Durham's case against former FBI informant Igor Danchenko, the primary source for the false claims regarding Trump and Russia advanced by the opposition research paid for by Hillary Clinton's campaign known as the Steele dossier. Next month, Danchenko faces charges he lied to FBI investigators multiple times about the sourcing of the information in the dossier, which the bureau used to secure wiretap warrants to spy on a former Trump campaign adviser. Relying on Danchenko's reporting, the FBI claimed that the adviser, Carter Page, was a Russian agent at the center of "a well-developed conspiracy of cooperation" between Trump and the Kremlin to steal the 2016 presidential election. Igor Danchenko, dossier fabulist: Trial upcoming. "The defendant was providing them with false information" as part of "a concerted effort to deceive the FBI," Durham alleged in a recent filing with the U.S. District Court in Alexandria, Va., where the trial is scheduled to be held Oct. 11. Had agents known Danchenko made up the allegations, Durham asserted, they might have asked more questions about the dossier and not relied on it to swear out the ultra-invasive Foreign Intelligence Surveillance Act warrants to electronically monitor Page, a U.S. citizen who was never charged with a crime. But Danchenko's legal team points out that he turned over an email to the FBI during a January 2017 meeting with agents and analysts that indicated a key dossier subsource may have been fictionalized. Stuart Sears, one of Danchenko's attorneys, argued earlier this month in a motion to dismiss the charges that investigators "essentially ignored" any concerns they may have had about Danchenko's sourcing, because they continued to renew the FISA warrants based upon it. Therefore, he argued, any lies his client allegedly told them were inconsequential, making them un-prosecutable under federal statutes requiring such false statements to have a "material" impact on a federal proceeding. While Durham did not dispute the FBI's apparent complicity in the fraud, he waved it aside as immaterial to the case at hand. "The fact that the FBI apparently did not identify or address these inconsistencies is of no moment," he said in his filing. At the same time, Durham acknowledged agents allowed the fabrications to contaminate their wiretap warrants – noting they were "an important part of the FISA applications targeting Carter Page." But he stopped short of blaming the FBI, even for incompetence. According to Durham, the nation's premiere law enforcement agency was misled by a serial liar and con man. "He's painting it as though the FBI was duped when the FBI was more than willing to take the initiative and go after Trump," Kamenar said, adding that though Danchenko may have been a liar, he was a useful liar to FBI officials and others in the Justice Department who were pursuing Trump. The special prosecutor's indifference to the FBI's role in the scandal is more remarkable in light of what Danchenko admitted in his January 2017 interviews with the FBI. He told investigators that much of what he reported to Steele was "word-of-mouth and hearsay," while some was cooked up from "conversation that [he] had with friends over beers," according to a declassified FBI summary of the interviews, which took place over three days. He confessed the most salacious allegations were made in "jest." Still, the FBI continued to use Danchenko's claims of a "well-developed conspiracy of cooperation" between Russia and Trump to convince the FISA court to allow investigators to continue to surveil Page, whom the FBI accused of masterminding the conspiracy based on Danchenko's bogus rumors. Agents even swore in FISA court documents reviewed by RealClearInvestigations that Danchenko was "truthful and cooperative." Carter Page, junior Trump campaign aide: Spied on without justification. The combination of Danchenko reporting a "conspiracy" and the FBI vouching for his credibility persuaded the powerful FISA court to continue to authorize wiretapping Page as a suspected Russian agent for almost a year. In addition to collecting his emails and text messages in 2017, agents were able to sweep up all his prior communications with Trump officials from 2016. If the FBI were skeptical of Danchenko, it didn't show it. The next month, the bureau put him on its payroll as a confidential human source, or CHS, making him part of the bureau's untouchable "sources and methods" sanctum and thereby protecting him and any documents referencing him from congressional and other outside scrutiny. It made him a paid informant in spite of knowing Danchenko was a potential Russian spy threat who could be feeding federal agents disinformation. The FBI had previously opened a counterespionage probe of Danchenko from 2009 to 2011, and as his lawyers pointed out in a recent court filing, agents who were part of the case probing Trump/Russia ties, codenamed Crossfire Hurricane, "were well aware of the prior counterintelligence investigation" when they were supposedly conned by their informant. "It stretches credibility to suggest that anything else would have caused the FBI to be more suspicious of Mr. Danchenko's statements and his potential role in spreading disinformation than the very fact that he was previously investigated for possibly engaging in espionage on behalf of Russia," Sears said. "Armed with that knowledge, however, the FBI nevertheless persisted" in using him as a source – while never informing the FISA court of the prior investigation. The FBI didn't terminate Danchenko until October 2020, the month after the Senate declassified documents revealing the FBI had investigated him as a Russian agent. It also happened to be the same month Durham was appointed special counsel. On Oct. 19, 2020, then-Attorney General Bill Barr tapped Durham "to investigate whether any federal official, employee, or any other person or entity violated the law in connection with the intelligence, counter-intelligence, or law-enforcement activities directed at the 2016 presidential campaigns, individuals associated with those campaigns, and individuals associated with the administration of President Donald J. Trump, including but not limited to Crossfire Hurricane and the investigation of Special Counsel Robert S. Mueller, III."  So far, Durham has focused on the "any other person" part of his mandate. Federal officials and employees appear to be getting a pass. Kevin Clinesmith, FBI lawyer: Doctored exculpatory evidence. Though Durham prosecuted former FBI lawyer Kevin Clinesmith in August 2020, when he was acting as a U.S. attorney, he did not initiate the case. Rather, it was referred to him by Justice Department Inspector General Michael Horowitz, who first exposed how Clinesmith had doctored exculpatory evidence in the Page warrant process. Even though Clinesmith admitted forging a CIA email to make it look like Page never helped the agency monitor Russia, when in fact he did and clearly wasn't acting as a Russian agent, Durham failed to put him behind bars. Clinesmith was sentenced to 12 months' probation and 400 hours of community service, which as RCI first reported, the registered Democrat satisfied by researching and editing articles for his favorite liberal weekly newspaper in Washington.  Kamenar said the Clinesmith case was a "bad omen" for how Durham would handle dirty FBI agents. He pointed out that the prosecutor could have charged Clinesmith with the more serious crime of altering a CIA document, but instead negotiated a deal letting him plead to the lesser offense of lying to a government agency, which Kamenar called "a garden variety process crime." And "now he's got his law license back." Clinesmith worked closely on the case with FBI Supervisory Intelligence Analyst Brian Auten, who was singled out by Horowitz in a 2019 report for cutting a number of corners in the dossier verification process and even allowing information he knew to be incorrect slip into the FISA affidavits and mislead the court. Auten met with Danchenko at the bureau's Washington field office and helped debrief him about the dossier in January 2017. And he wrote the official FBI summary of those meetings, which noted Danchenko "contradicted" himself several times. Auten learned firsthand that the information Danchenko passed to Steele was nothing more than bar gossip, and that his "network of subsources" was really just a circle of drinking buddies. Also at those meetings, the analyst received an Aug. 24, 2016, email revealing that Danchenko never actually communicated with Sergei Millian, the Belarusian-born American businessman whom he had identified as his main source of Trump/Russia connections – the all-important, albeit apocryphal, "Source E" and "Source D" of the dossier. It turns out Danchenko attributed the critical "conspiracy of cooperation" allegation the FBI cited as probable cause for all four FISA warrants to this made-up source, meaning the cornerstone evidence of suspected Trump-Russia espionage was also made up. What's more, Auten learned that though Danchenko was born in Russia, he was not based there and had no access to Kremlin insiders. On the contrary, he confirmed that Danchenko had been living in Washington and had previously worked for the Brookings Institution, a Democratic Party think tank whose president at the time was tied to Clinton. Yet Auten and his Crossfire team led the FISA court to believe Danchenko was "Russian-based" – and therefore presumably more credible. They used this same description in all four FISA affidavits, including the two renewals that followed the January 2017 meetings with Danchenko. Internal FBI emails from two months later revealed that Auten knew that using the term "Russian-based" was deceptive. While tasked with helping review Crossfire documents requested by Congress, including FISA applications, he worried about the description and whether it should be corrected. He discussed the matter with Clinesmith. But the falsehood reappeared in subsequent FISA applications. It was also in January 2017 that Danchenko revealed to Auten and his FBI handlers that one of his subsources was his childhood friend Olga Galkina, whom he said supplied him the rumor that former Trump lawyer Michael Cohen traveled to Prague during the campaign to hatch a plot with Kremlin officials to hack Clinton campaign emails.  Michael Cohen, Trump lawyer: Baseless rumor victim. The FBI already knew from intelligence reports that Cohen had not, as the dossier claimed, traveled to Prague to conspire in the alleged Russian hacking of Democrats, or for any other reason. On Jan. 12, 2017, Auten and his Crossfire teammates received a CIA report that warned the Cohen rumor was likely part of a Russian disinformation campaign. The agency had discovered no such Prague meeting took place after querying foreign intelligence services, shooting a major hole in the dossier. The CIA report should have led the Crossfire team to treat any allegations sourced to Galkina with caution. But on the same day, the FBI got its FISA wiretap on Page renewed based on another groundless claim by Galkina – this one alleging the Trump aide secretly met with top Kremlin officials in Moscow to discuss removing U.S. sanctions. The falsehood showed up in two more FISA applications, which alleged "Russia's efforts to influence U.S. policy were likely being coordinated between the RIS [Russian Intelligence Services] and Page, and possibly others." Galkina also had a relationship with Charles Dolan, a Clinton adviser who figures prominently in the Danchenko case Durham is prosecuting. It turns out Dolan was one of the sources for the infamous "pee-tape" allegation about the Kremlin supposedly having blackmail evidence of Trump consorting with prostitutes at the Ritz-Carlton in Moscow, which has been debunked as another dossier hoax. But according to Durham, Danchenko tried to conceal Dolan's role in the dossier from the FBI. The special prosecutor argued that the deception deprived FBI agents and analysts information that would have helped them evaluate "the credibility, reliability and veracity" of the dossier. He said if they had known Dolan was a source, they might have, among other things, sought emails Dolan and Danchenko exchanged exposing their Ritz-Carlton hoax.  "Had the defendant truthfully told the FBI that Dolan played a role in providing certain information for the Steele reports the FBI might well have interviewed and/or collected such emails from Dolan," Durham speculated. In addition, the prosecutor said, investigators might have learned of Dolan's "involvement in Democratic politics" and "potential bias as a source for the Steele reports." Except that they already knew about Dolan and his politics – as well as his involvement in the dossier. It's also likely they already had his emails. In another interview with Danchenko about his dossier sources, which took place June 15, 2017, FBI agents asked Danchenko if he knew Dolan and whether he was "contributing" to the Steele reports. Though Danchenko acknowledged he knew Dolan, he denied he was a source. Agents didn't ask any follow-up questions. (They also never sought to charge him with making false statements to federal agents.) How did the FBI know to ask about Dolan? Because he was well-known to the bureau's Russia counterintelligence agents as a businessman who frequently traveled to Moscow and met with Kremlin insiders. But more importantly, his friend Galkina was under FISA surveillance as a suspected Russian spy at the time, according to declassified records. The FBI was collecting not only Galkina's emails, but also those of Dolan and Danchenko, all of whom regularly communicated in 2016 – which suggests that at the time the FBI asked Danchenko about Dolan, it had access to those emails and was reviewing them. This may explain why, as defense lawyer Sears noted, "the FBI never asked Mr. Danchenko about emails or any other written communications with Dolan" – and why it never interviewed Dolan. While Durham acknowledged that the FBI knew about Dolan's troubling ties at the time and neglected to dig deeper, he said he's not bothered by the oversight. "The fact that the FBI was aware that Dolan maintained some of these relationships and failed to interview Dolan is of no moment," he maintained dismissively in a court filing. All that matters, he suggested, is that the FBI was lied to. One of those emails was particularly alarming. In an Aug. 19, 2016, email to Dolan, Danchenko made it clear he was compiling dirt on Trump and his advisers and sought any rumor, no matter how baseless and scurrilous. He solicited Dolan, specifically, for "any thought, rumor, allegation" on former Trump campaign manager Paul Manafort. Such emails called into question the veracity of the whole dossier and further tainted the credibility of Danchenko's "network of subsources." But on June 29, 2017 – two weeks after the FBI asked about Dolan – the FBI renewed the FISA wiretap on Trump adviser Page based on, once again, the dubious dossier. From its wiretapping of Galkina, moreover, Auten and others at the FBI who sorted through such FISA collections would have seen communications showing her strong support for Hillary Clinton, and how Galkina was expecting political favors in exchange for spreading dirt on Trump. In an August 2016 email to a friend, Galkina expressed hopes that Dolan would help her score a State Department job if Clinton won election. It was a major red flag. But like all the others, the FBI blew right past it. Agents continued to vouch for Danchenko as "truthful" and his subsources as reliable, and continued to cite Galkina's fabrications in FISA renewals. Under FISA rules, the FBI had a duty to "immediately inform" the secret court of any misstatements or omissions, along with any "necessary corrections" of material facts sworn in affidavits for warrants. But the FBI failed to correct the record, even after it became obvious it had told the court falsehoods and hid exculpatory evidence. In August 2017, agents finally got around to interviewing Galkina, who confessed the dossier allegations attributed to her were "exaggerated," according to the Horowitz report.  Scammed by the Alfa Bank Scam? Last year, Durham also painted the FBI as a victim of the 2016 political machinations of two other anti-Trump informants – Michael Sussmann and Rodney Joffe, who conveyed to investigators false rumors about Trump allegedly setting up a secret hotline with the Kremlin through Russia-based Alfa Bank. Michael Sussmann, Clinton lawyer: Acquitted. Durham charged Sussmann, a Washington lawyer who represented the Democratic National Committee and the Clinton campaign, with lying to the FBI's top lawyer James Baker when he told him he was coming in with the tip – outlined in white papers and thumb drives – all on his own and not on behalf of Democrats and Clinton, whom he was billing for the Trump-Alfa "confidential project." "Sussmann's false statement misled the FBI general counsel and other FBI personnel concerning the political nature of his work and deprived the FBI of information that might have permitted it more fully to access and uncover the origins of the relevant data and technical analysis, including the identities and motivations of Sussmann's clients," Durham maintained in the indictment. But evidence emerged at the trial of Sussmann, who was acquitted, that bureau officials already knew the "political nature" of the tip and where the data came from, but withheld the information from field agents so they would continue investigating Trump through the election. For example, in a Sept. 22, 2016, email describing the "special project," an FBI official in Washington stated that "Counsel Baker provided [Supervisory Special Agent] Joe Pientka with 2 thumb drives and identified they were given to him by the DNC." "Everybody at the FBI actually thought the data came from a political party," Sussmann lawyer Sean Berkowitz argued, according to the trial transcript. "The (case) file is littered with references to the DNC." But Durham kept offering explanations for why FBI brass bit on the politically tainted tip, opening a full field investigation based on it.  "Had Sussmann truthfully disclosed that he was representing specific clients [the Clinton campaign], it might have prompted the FBI general counsel to ask Sussmann for the identity of such clients, which, in turn, might have prompted further questions," Durham argued. James Baker, top FBI lawyer: Close friend of Sussmann. "In addition, absent Sussmann's false statement, the FBI might have taken additional or more incremental steps before opening an investigation," he added. "The FBI also might have allocated its resources differently, or more efficiently, and uncovered more complete information about the reliability and provenance of the purported data at issue." Headquarters, however, did know the identity of the clients. Problem was, they blinded agents in Chicago, where a cyber unit was assigned to the case, to the fact that the source for the information was Sussmann and Joffe – a federal cyber-security contractor who was angling for a job in a Clinton administration. (A longtime FBI informant, Joffe was terminated last year after he was exposed as the ringleader of the Alfa Bank scam.) "You were not allowed to speak to either the source of the information, the author of the white paper, or the person who provided the source of the information and the data?" Berkowitz asked Chicago-based FBI agent Curtis Heide during the trial, according to transcripts. "Correct," Heide replied. Another Chicago investigator was led to believe the tip came into the bureau as a referral from the "U.S. Department of Justice." Rodney Joffe, cybersecurity contractor: "Remains a subject." Still, field agents were able to debunk it within two weeks. The FBI was not fooled by the hoax, yet nonetheless went along with it for the next four months. The case wasn't formally closed until Jan. 18, 2017, just two days before Trump was inaugurated. But then it was soon reopened after Clinton operatives again approached the FBI – as well as the CIA – with supposedly new evidence, which also proved false. "Comey and crew kept the hoax alive," former FBI counterintelligence lawyer Mark Wauck said, referring to then-FBI Director James Comey. They welcomed any predication that allowed them to open investigations on Trump, he added. Pientka testified that Comey was "fired up" about the tip, despite the fact nothing had been corroborated. Comey even held senior-level meetings on the Alfa investigation in his 7th floor office. (Pientka, who led the "close-hold" investigation from headquarters, also helped supervise the Crossfire Hurricane probe.) Ironically, no one knew better that Sussmann was a Democratic operative with an agenda than Baker – the official Durham claimed was the direct victim of the scam. Baker, a fellow Democrat, was a close friend of Sussmann, who had his own badge to get past security at the Hoover Building. Sussmann had Baker's personal cell number and Baker cleared his busy schedule to meet with him within hours of Sussmann calling to discuss his tip. Baker was well aware that Sussmann was representing the DNC, because Sussmann entered the building numerous times during the 2016 campaign to talk with top FBI officials about the alleged DNC hack by Russia. In fact, Sussmann had just visited headquarters with a delegation from the DNC on Aug. 12, 2016 – several weeks before he approached Baker with the bogus Alfa tip. They were there to pressure the FBI into concluding Russian intelligence was behind the "hacking" of DNC emails. "I understood he had been affiliated with the Democratic Party, but that he had come representing himself," Baker testified during the trial. Why didn't he tell investigators about Sussmann? "I didn't want to share his name because I didn't want to color the investigation," he said. "I didn't want to color it with politics." In his closing argument, Durham prosecutor Andrew DeFilippis told jurors the FBI's conduct was "not relevant." "Ladies and gentlemen, you've seen that the FBI didn't necessarily do everything right here. They missed opportunities. They made mistakes. They even kept information from themselves," he said. "That is not relevant to your evaluation of the defendant's lie." Judicial Watch President Tom Fitton complained Durham and his team have been acting more like apologists for the FBI than potential prosecutors of the FBI. "The FBI leadership knew full well the Clinton gang was behind the Alfa Bank-Russia smears of Trump," he said. "Durham tried to pretend (the) FBI was a victim (when) it was a co-conspirator." Wauck agreed. "The FBI-as-victim narrative was a bit of a legal fiction that Durham deployed for the purposes of the trial," he said. "The reality that emerged is that the FBI's top management was complicit in the Russia hoax that Sussmann was purveying." Folding Up His Tent Durham was first tasked with looking into the origins of the Russiagate probe in May 2019, before his formal appointment as special counsel in 2020. Trump and Republicans have expressed disappointment that after a total of more than three years of investigation, he has not prosecuted any top former FBI officials, including Comey and Andrew McCabe, who signed some of the FISA affidavits, or Peter Strzok, the biased leader of the Crossfire Hurricane probe who assured McCabe's lawyer in an August 2016 text that "we'll stop" Trump from becoming president. None has received a target letter. In recent months, McCabe and Strzok have gone on CNN, where they work as paid contributors, and smugly bashed Durham for running a "partisan" investigation, while at the same time gloating he's held the FBI up to be more of a victim than a culprit. "Comey and Strzok and McCabe have gotten a free ride out of all this," Kamenar said. James Comey, FBI director: Not prosecuted. Also, Durham went easy on Baker, another top FBI official, even after he held back key evidence from the special prosecutor before the Sussmann trial, a blatant lack of cooperation that may have cost Durham a conviction in the case. Comey's general counsel has received "favorable treatment," Wauck observed. Baker, who reviewed and OK'd the FISA applications, never told Durham about a damning text message he received from Sussmann on his cellphone. Durham had already indicted Sussmann for lying to Baker, and he could not use Sussmann's smoking-gun message – "I'm coming on my own – not on behalf of a client or company" – during the trial to convince jurors he was guilty of lying about representing the Clinton campaign. Legal analysts said it was slam-dunk evidence that would have sealed his case. Baker testified he didn't turn over the text to Durham because no one asked for it. He proved a reluctant witness on the stand against his old pal Sussmann.  Andrew McCabe, deputy director: Not prosecuted "I'm not out to get Michael and this is not my investigation. This is your investigation," he told DeFilippis during questioning. DeFilippis has since stepped down to take a job in the private sector. (Demonstrating the incestuous nature of the Beltway, Baker also happens to be an old friend of Bill Barr, who hired Durham. Barr hired Baker as his deputy when he ran Verizon's legal shop in 2008.) In another sign Durham has not lived up to his billing as an aggressive prosecutor, FBI Director Christopher Wray suggested in recent Senate testimony that Durham's team has not interviewed all of the Crossfire members still employed at the bureau. In lieu of face-to-face interviews, he said Durham's investigators have reviewed transcripts of interviews of the agents previously conducted by the Office of Professional Responsibility, the FBI's in-house disciplinary arm. Recent published reports say Durham is in the process of closing up shop and completing a final report on his findings by the end of the year. Republicans have promised to seize on the report if they win control of the House in November and take back the gavel to key oversight committees on the Hill, along with subpoena power. Peter Strzok, Crossfire Hurricane leader: Not prosecuted. Some former colleagues who have worked with Durham and are familiar with his inquiry blame COVID-19 for his relatively few prosecutions and lackluster record. They say pandemic-related shutdowns in 2020 and 2021 set back his investigation by limiting travel, interviews, and grand jury hearings. As a result, they say, the clock ran out on prosecuting a number of potential crimes. The last FISA warrant, which according to the court was illegally obtained, was approved June 29, 2017, which means the five-year federal statute of limitations for that crime expired months ago. Though Durham hinted in the Sussmann case about investigating a broader "conspiracy" or "joint venture," there are few signs pointing to such a massive undertaking. Bringing a "conspiracy to defraud the government" charge, naming multiple defendants, would require Durham adding staff and office space and beefing up his budget by millions of dollars, the former colleagues said. According to expenditure statements, Durham continues to operate on a shoestring budget with a skeletal staff compared with his predecessor Mueller's robust operation, which indicted 34 people. And one of the two grand juries Durham used to hear evidence has expired. It recently wrapped up work, apparently without handing down new indictments (though some could be under seal). "If Durham were building toward an overarching indictment alleging a corrupt conspiracy between the Clinton campaign and the FBI to deceive the court, he would not be charging people with lying to the FBI," former federal prosecutor Andrew McCarthy said. If there are any investigations still open after Durham retires, they could be handled by U.S. attorneys, the sources said. At least one of Durham's prosecutors works as a trial lawyer in the U.S. Attorney's Office in D.C. According to a court exhibit, Joffe "remains a subject" in the Sussmann-related investigation into alleged attempts by federal contractors to defraud the government with false claims about Trump and Russia. Joffe invoked his Fifth Amendment right not to testify after receiving a grand jury subpoena and has not cooperated with requests for documents. His lawyer did not return phone calls and emails. The Special Counsel's Office did not respond to requests for comment. The FBI declined comment for this article, but issued a statement last year saying it "has cooperated fully with Special Counsel Durham's review."  Tyler Durden Fri, 09/30/2022 - 21:15.....»»

Category: blogSource: zerohedge5 min. ago Related News

US Citizen Among The Dead In Iran Cross-Border Drone Attack On Iraq"s Kurds

US Citizen Among The Dead In Iran Cross-Border Drone Attack On Iraq's Kurds Authored by Jason Ditz via, Continuing to reel from public protests and the international rebuke for their handling of them, Iran is going down the path so many others have tried, seeking a military solution. To that end, Iran fired artillery at Kurdish groups in the area along the Iraqi border, killing 13. The attacks centered on Koya, east of the Iraqi Kurdish city of Irbil. While the Kurds are seemingly unrelated to this issue, Iranian officials are claiming that they are fueling the latest unrest inside Iran, and suggested that they are smuggling weapons to the protesters. Iran also sent a drone in a direction of Irbil, and with Iraq requesting US action they shot down the UAV. CENTCOM said Iran’s indiscriminate attacks were a threat to stability. Via AP: An Iranian drone bombing campaign targeting the bases of an Iranian-Kurdish opposition group in northern Iraq killed and wounded dozens. CENTCOM said US forces suffered no damage in the matter, nor any casualties. Analysts say they believe Iran wanted to “externalize” the ongoing unrest. The evidence is lacking, but Iran has been at odds with Kurdish rebels for awhile, and making them a scapegoat is a time-honored tradition across the region. Colonel Joe Buccino, CENTCOM (US Central Command) communications director, said in a statement, "At approximately 2:10 PM local time, US forces brought down an Iranian Mojer-6 Unmanned Aerial Vehicle headed in the direction of Erbil as it appeared as a threat to CENTCOM forces in the area." “CENTCOM personnel operate in Iraq at the invitation of the Government of Iraq to advise, assist, and enable partner forces in the ensuring the lasting defeat of ISIS," he added. The statement singled out  "the Islamic Revolutionary Guard Corps’ unprovoked attack in Iraq’s Erbil Governorate this morning." The US military spokesman added: "Such indiscriminate attacks threaten innocent civilians and risk the hard-fought stability of the region." #فوری تصاویر از ادامە حملات سپاە پاسداران با موشک و پهپاد انتحاری بە اردوگاە و دفتر سیاسی احزاب دموکرات و کوملە..#اعتراضات_سراسری #خۆپێشاندانی_گشتی — Truske Sadeghi (@truskesadeghi) September 28, 2022 “No US forces were wounded or killed as a result of the strikes and there is no damage to US equipment," Col. Buccino noted. * * * Later it was widely reported that "A US citizen, Omar 'Chicho' Mahmoudzadeh was killed in the strikes, according to UK-based Persian news network Iran International," The Jerusalem Post writes. #BREAKING A US citizen named Omar Mahmoudzadeh, aka Chicho, has been killed in the IRGC's missile and drone attacks against the positions of Kurdish groups opposed to the Islamic Republic in the Iraqi Kurdistan, @IranIntl_En has learned. Mahmoudzadeh lived in the US since 1990s. — Iran International English (@IranIntl_En) September 28, 2022 Tyler Durden Fri, 09/30/2022 - 03:30.....»»

Category: blogSource: zerohedge16 hr. 21 min. ago Related News

Airline Stock Roundup: JBLU Ground Workers Look to Unionize, UAL, ALK in Focus

JBLU's ground workers are seeking to unionize to improve their pay-structure. Hurricane Ian compels U.S. airlines like DAL to cancel multiple flights. In the past week, United Airlines’ UAL cargo unit signed a global master lease agreement with Sonoco ThermoSafe pertaining to the latter’s new Pegasus ULD temperature-controlled bulk shipping container. Meanwhile, JetBlue Airways’ JBLU ground workers are willing to be represented by a union as they strive for a better pay and working conditions.Alaska Airlines, the wholly-owned subsidiary of Alaska Air Group ALK, inked a provisional deal with its pilots’ union Air Line Pilots Association. Delta Air Lines DAL suspended its operations at airports like Key West, Fort Myers, Tampa, Sarasota and Orlando to avoid damages by Hurricane Ian.Recap of the Latest Top Stories1.JetBlue’s  ground workers are seeking to unionize. To this end, the International Association of Machinists and Aerospace Workers (IAM) intends to file an application with the National Mediation Board (NMB) soon. NMB is the federal agency responsible for conducting elections pertaining to union representation of airlines and railroads.Per Robert Martinez Jr, the international president of IAM, “I congratulate all JetBlue Ground Operations workers for uniting in solidarity and demanding that a union representation election be conducted. It’s been a long road for these brave workers to get to this point, and the IAM stands shoulder to shoulder with them. We will mobilize our union’s significant resources to ensure that these brave and resilient JetBlue workers have a fair and free election.” IAM represents around 3,000 ground workers at JBLU and believes that the ground-level staff is underpaid and therefore unionization is very important for this category of workforce. JBLU currently carries a Zacks Rank #3 (Hold).You can see  the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.JetBlue was also in the news when it provided an upbeat air-traffic forecast for the third quarter. The story was reported in detail in the previous week’s write-up.2. Alaska Airlines’tentative deal with its pilots’ union includes substantial wage increases, flexibility of working hours and other related benefits. Per the new contract, Alaska captains are expected to enjoy pay raises ranging between 15% and 23%, based on their seniority. The first officer pay hike would be between 8% and 23%. The provisional deal is brought to the notice of the airline's 3,000 plus pilots for approval. If the deal gets sanctioned by Nov 1, 2022, the increments would be retroactive from Sep 1..3. Following the deal between Sonoco ThermoSafe and United Airlines’ cargo unit, healthcare companies across the globe can access the highly-efficient container, Pegasus ULD, more readily owing to United Cargo’s broad global network of temperature control logistics stations. UAL’s cargo unit has more than 90 stations in its TempControl global network. The concerned personnel is trained on pharmaceutical handling in accordance with IATA Temperature Control Regulations.Per Manu Jacobs, managing director, United Cargo’s Specialty Products, “United Cargo is pleased to offer the Pegasus ULD to our customers and provide them with even more options to transport their temperature-controlled shipments all over the world. Our extensive cold chain shipping solutions, combined with the introduction of this sustainable and efficient container into our service offerings, demonstrate our mutual commitment to the safe and efficient transport of these critical shipments.”4. Delta is offering a waiver for all the affected passengers as it suspended operations at the airports on Hurricane Ian’s path. DAL contributed $250,000 to the American Red Cross for relief efforts pertaining to the catastrophe. Not only DAL, many other U.S. airlines are also being forced to cancel multiple flights due to this natural disaster, which damaged many parts of Florida.PerformanceThe following table shows the price movement of the major airline players over the past week and during the last six months.Image Source: Zacks Investment ResearchThe table above shows that almost all airline stocks have traded in the red over the five trading days. The NYSE ARCA Airline Index has decreased 4.9% to $52.52. Over the past six months, the NYSE ARCA Airline Index has plummeted 34.2%. What's Next in the Airline Space?Stay tuned for the usual news updates on this space. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? Do you know which metaverse stocks to buy and which to avoid? In a new FREE report from Zacks' leading stock specialist, we reveal how you could profit from the internet’s next evolution. Even though the popularity of the metaverse is spreading like wildfire, investors like you can still get in on the ground floor and cash in. Don't miss your chance to get your piece of this innovative $30 trillion opportunity - FREE.>>Yes, I want to know the top metaverse stocks for 2022>>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 report Delta Air Lines, Inc. (DAL): Free Stock Analysis Report United Airlines Holdings Inc (UAL): Free Stock Analysis Report JetBlue Airways Corporation (JBLU): Free Stock Analysis Report Alaska Air Group, Inc. (ALK): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 29th, 2022Related News

A first-in-class US Navy supercarrier is about to set sail on its maiden deployment for the first time in over 40 years

The first-in-class carrier USS Gerald R. Ford, the Navy's most advanced flattop, is finally ready to deploy and will set sail next week from Virginia. The aircraft carrier USS Gerald R. Ford (CVN 78) transits the Atlantic Ocean, March 26, 2022.US Navy/Mass Communication Specialist 3rd Class Jackson Adkins The US Navy is ready to deploy a new first-in-class supercarrier for the first time in over four decades. The aircraft carrier USS Gerald R. Ford will set sail on its maiden deployment next week from Hampton Roads, Virginia. The Ford's first deployment comes four years after the ship was first expected to deploy. The $13 billion lead ship of a new class of advanced US Navy aircraft carriers is about to finally set sail on its first deployment after years of costly setbacks and delays that have at times made it the target of fierce criticism.The first-in-class aircraft carrier USS Gerald R. Ford, which was commissioned over five years ago and has been over a decade in the making, will deploy for the first time next week on a short, service-retained deployment, Vice Adm. Daniel Dwyer, US 2nd Fleet commander, told reporters.During the Ford's time deployed at sea, thousands of personnel, 17 ships, one submarine, and at least 60 aircraft from nine countries will participate in military exercises in the Atlantic, an area of increasing strategic significance.The deployment to the Atlantic will come amid heightened tensions between the US and Russia and growing competition at sea. The Navy reestablished 2nd Fleet just four years ago to address emerging challenges in the region."The Atlantic, especially for US 2nd Fleet headquarters, is an area of strategic importance, not only for the US and our allies and partners to strengthen the transatlantic link between North America and Europe, but also for homeland defense," Dwyer said."In this era of strategic competition, we can no longer assume that geography provides us with the protection and standoff that we've had in the past," he said.Emphasizing the role of training with allies and partners in advancing collective security, the admiral said that "not only is this a historic deployment for our first Gerald R. Ford-class aircraft carrier," but it also matters that "we are coming together with eight allied navies to operate together throughout the Atlantic."During the upcoming deployment, which is aimed at giving the ship a chance to find its footing before a more extensive operational deployment next year, Carrier Strike Group 12 will deploy under the control of the chief of naval operations and the command of US 2nd Fleet.Deployed assets are typically directed by combatant commanders. A service-retained deployment, which is less common, is an opportunity to "figure out what is the best way to use the ship," Bryan Clark, a former Navy officer and defense expert at the Hudson Institute, told Insider."You have generations of sailors that have come up with only one kind of carrier," he said. "But now, you've got this new ship that is completely different" in terms of how quickly it can get its planes airborne and other capabilities."There are a lot of new opportunities that the Navy has not really had a chance to work through because the focus has been on testing and getting the basics established," Clark said. "They know everything works on the ship and basically how to run it, so now the question is what are the best ways to exploit the new capabilities."Experimenting is not necessarily something the Navy would want to attempt while trying to meet a combatant command's operational demands though. Those kinds of deployments strain and break even proven gear and systems."When we go out and sail on the high seas, it is a thing just to launch and recover aircraft every single day, to have the battle rhythm of command and control throughout the carrier strike group," the Ford's commanding officer, Capt. Paul Lanzilotta, told reporters on a call. "We're going to refine all that with our team.""We're going to eat three square meals a day, we're going to fly aircraft, we're going to do air defense, we're going to do long-range maritime strike," he further explained."It is really a stepping-stone kind of approach from my perspective. It is a chance for us to really find areas where we can improve," the captain said.Lanzilotta added that the crew will be looking at areas where "maybe we can take our technology that much further and get better" than some legacy systems.Dwyer said that the deployment "is an opportunity for the Navy to come together with other members of the NATO alliance to exercise and train within the Atlantic and its littorals while testing out advanced technologies on the first new class of US aircraft carrier in more than 40 years."An EA-18G Growler, assigned to Air Test and Evaluation Squadron (VX) 23, prepares to land aboard USS Gerald R. Ford's (CVN 78) flight deck.US Navy/Petty Officer 2nd Class Ruben ReedFirst maiden deployment of a first-in-class US Navy supercarrier in decadesUSS Gerald R. Ford is the first ship in a class that will include at least three other ships which are in various stages of work, outfitting, and construction.The last time a first-in-class US Navy supercarrier deployed for the first time was when the USS Nimitz, commissioned in 1975, deployed the following year.And just as the Nimitz represented an improvement over the conventional Kitty Hawk-class carriers and the Enterprise-class, the first carrier class to use nuclear power, the first-in-class USS Gerald R. Ford features 23 new technologies designed to give it an edge over its predecessors.Onboard systems like the Electromagnetic Aircraft Launch System (EMALS) and Advanced Arresting Gear, for example, are expected to facilitate improved sortie generation and better aircraft launch and recovery. Dwyer said this week that the Ford's crew has already executed over 10,000 catapult launches and carrier landings.It has hardly been smooth sailing for the Ford, which has seen costly technological integration issues with the weapons elevators, catapult malfunctions, and other problems over the years.In 2019, a year after the carrier was first expected to deploy, Rep. Elaine Luria, a Virginia Democrat and Navy veteran, sharply criticized the sea service and shipbuilder Huntington Ingalls Industries for its mishandling of the project and argued the Ford was essentially a "$13 billion nuclear-powered berthing barge."Last year, Chief of Naval Operations Adm. Michael Gilday acknowledged that the Navy overloaded the carrier with too many new technologies, which he said "increased the risk" of this carrier being delivered late and over budget.The carrier is now finally ready to deploy though. "Everything is on track," Rear Adm. Gregory Huffman, who will command the Ford Carrier Strike Group on its maiden deployment, told USNI News last year.His remarks followed the successful completion of explosive shock trials last summer, when the Navy detonated multiple 40,000-pound bombs near the Ford to test its ability to handle the shock of actual combat, and came as the Navy made necessary repairs."Getting the Ford-class out there with its capabilities is basically just going to increase the number of carriers and carrier strike groups that we have available to meet the demands," the admiral said."When you couple that with the projected increase in what the Ford should be able to do," he said, "that's going to just provide the combatant commanders and other folks with just more options and more things at their fingertips that they can use."Read the original article on Business Insider.....»»

Category: worldSource: nytSep 29th, 2022Related News

Upexi Revenue Increases 85% Year-Over-Year to $44.6 Million for Fiscal 2022

HENDERSON, Nev., Sept. 29, 2022 /PRNewswire/ -- Upexi, Inc. (NASDAQ:UPXI), a multi-faceted brand owner, today announced its financial results for the fiscal year ending June 30, 2022. Fiscal 2022 Financial Highlights: Revenue totaled $44.6 million, an increase of 85% year-over-year. Pro forma, unaudited revenue for fiscal 2022 totaled $68 million (reconciliation below). Gross profit totaled $25.2 million, an increase of 112% year-over-year. Gross profit margin improved to 56% as compared to 49% in fiscal 2021. Adjusted EBITDA totaled $3.4 million, an increase of 6.7% year-over-year (reconciliation below). GAAP Net Loss totaled $2.1 million as compared to net income of $2.9 million in fiscal 2021, primarily due to non-cash expenses. Cash and cash equivalents totaled $7.2 million as of June 30, 2022. Allan Marshall, Chief Executive Officer of Upexi, stated, "During the 2022 fiscal year we successfully executed on our business model to acquire leading, profitable, and data-rich brands to quickly integrate and scale through our technology-driven platform. As a result, we are pleased to have increased revenue, gross profit margin, and adjusted EBITDA year-over-year. We have had a strong start to the 2023 fiscal year with the acquisition of LuckyTail, a leading international, recession-resilient, pet-care brand.  Following up on our recent successes, we expect to evaluate and close other accretive transactions throughout the upcoming year. We are well positioned through our recent successful acquisitions, strong cash flow, and the ability to use our equity as currency to execute our core strategy of aggregating leading brands to grow the company and build value for our shareholders." Operational Highlights for Fiscal 2022: August 1, 2021: Completed an asset purchase agreement with the members of VitaMedica Corporation, a leading online seller of supplements for surgery, recovery, skin, beauty, health, and wellness. October 1, 2021: Completed an equity interest purchase agreement, to acquire Interactive Offers, LLC, a SaaS, programmatic advertising company that has operated successfully in the fintech space for numerous years, with recent expansion into eCommerce to boost platform profits and growth. April 1, 2022: Completed a securities purchase agreement to acquire majority ownership of Cygnet Online, LLC, a well-established secondary market seller on Amazon with over 1,200 SKUs of branded OTC products and supplements in health, wellness, and beauty verticals. May 2022: Launched the Cure Mushrooms brand in the U.S., an organic medicinal mushroom extract nutraceutical. Operational Highlights Subsequent to Fiscal 2022 Full Year August 12, 2022: Completed an asset purchase agreement to acquire substantially all of the assets of LuckyTail, an international pet care brand with strong presence on Amazon and its eCommerce store, offering grooming and nutritional products. Financial Highlights for Fiscal 2022 Revenue totaled $44.6 million, an increase of $20.5 million or 85% for the fiscal year ended June 30, 2022, compared with the fiscal year ended June 30, 2021. Approximately $15 million or 73% of the increase was related to the acquisition of VitaMedica, Interactive and Cygnet and $5.5 million or 23% was related to the core business compared to the prior year period. The core business increase was related to increased manufacturing and the Company's own brands increase in direct to consumer sales. Cost of revenue totaled $19.4 million, an increase of $7.2 million or 59% compared with the prior year. Approximately $6.8 million was related to the acquisition of VitaMedica, Interactive and Cygnet and $372,063 was related to the core business. Gross profit margin improved by 7% to 56%, compared to the prior year gross profit margin of 49%. The gross profit of the core business improved 9% to 58%, compared to the prior year. The gross margin improvement for the core business was primarily related to the consolidation of manufacturing, additional equipment purchased during the year, efficiency improvements in the manufacturing process and an increase in direct-to-consumer sales. Management expects to continue to improve gross margins as the Company consolidates acquisitions and controls direct costs.  Operating expenses totaled $27.9 million, an increase of $17.4 million or 166% compared with the prior fiscal year. Approximately $7.8 million was related to the sales, marketing and general administrative expenses of the acquisition of VitaMedica, Interactive and Cygnet.  The core business sales and marketing increased by $2.3 million due to the increased spending on marketing of direct-to-consumer products and the growth of the sales and marketing team to support the current and expected future sales and product growth. The core business general and administrative expenses increased $2.8 million due to increased infrastructure, acquisition costs and employee related costs. The core business, non-cash expenses of share-based compensation, amortization and depreciation, increased $4.4 million. The Company's management is continuing to control operating expenses while also implementing management growth strategies. Adjusted EBITDA for the fiscal year ended June 30, 2022 totaled $3.4 million, an increase of 6.7% as compared to $3.2 million for the fiscal year ended June 30, 2021. The Company had a net loss of $2,046,030 compared to net income of $2,978,948 for the prior year. The change in net income primarily related to the $745,042 change of income tax benefit compared to the prior year and a $4,423,588 increase in non-cash expenses.  The Company writes-off the value of inventory deemed excessive or obsolete. The Company wrote off $1,044,607 and $375,000 of inventory during the year ended June 30, 2022, and 2021, respectively. The Company has cash and cash equivalents of $7.2 million and stockholders' equity of $28.8 million as of June 30, 2022. As of September 26, 2022 there were 16,713,345 shares of common stock outstanding. Consolidated Pro Forma Unaudited Financial Statements The following unaudited pro forma combined financial information is based on the historical financial statements of the Company, VitaMedica, Interactive and Cygnet after giving effect to the Company's acquisitions of the companies as if the acquisitions occurred on July 1, 2021. The following unaudited pro forma information does not purport to present what the Company's actual results would have been had the acquisitions occurred on July 1, 2021, nor is the financial information indicative of the results of future operations. The following table represents the unaudited consolidated pro forma results of operations for the fiscal years ending June 30, 2022, as if the acquisition occurred on July 1, 2021.  Operating expenses for the fiscal years ending June 30, 2022 have been increased for the amortization expense associated with the fair value adjustment of definite lived intangible assets of VitaMedica, Interactive and Cygnet by $1,767,350. Pro Forma, Unaudited Proforma Year ended June 30, 2022 Upexi, Inc. VitaMedica Interactive Cygnet Adjustments Proforma Net sales $ 44,584,996 $ 384,391 $ 416,700 $ 22,583,781 $ $ 67,969,868 Cost of sales $ 19,396,123 $ 93,509 $ - $ 19,117,296 $ $ 38,606,928 Operating expenses $ 27,841,203 $ 255,286 $ 795,507 $ 2,086,722 $ 1,767,350 $ 32,746,068 Net income (loss) $ (2,046,030) $ 35,596 $ (378,807) $ 1,117,971 $ (1,767,350) $ (3,038,620) Basic income (loss) per common share $ (0.13) $ 0.36 $ (0.68) $ 2.01 $ $ (0.17) Weighted average shares outstanding 16,224,520 100,000 560,170 555,489 17,440,179 Revenue Guidance for Fiscal 2023 Management expects revenue to increase in the 2023 fiscal year through both organic growth of the core business, acquisitions completed during the 2022 fiscal year and additional strategic acquisitions that align with managements long-term growth strategies. For fiscal 2023, management estimates baseline annual revenue to be in the range of $72 to $82 million for the full fiscal year. About Upexi, Inc.: Upexi is a multi-faceted brand owner with established brands in the health, wellness, pet, beauty and other growing markets. We operate in emerging industries with high growth trends and look to drive organic growth of our current brands. We focus on direct to consumer and Amazon brands that are scalable and have anticipated, high industry growth trends. Our goal is to continue to accumulate consumer data and build out a significant customer database across all industries we sell into. The growth of our current database has been key to the year over year gains in sales and profits. To drive additional growth, we have and will continue to acquire profitable Amazon and eCommerce businesses that can scale quickly and reduce costs through corporate synergies. We utilize our in-house, SaaS programmatic ad technology to help achieve a lower cost per acquisition and accumulate consumer data for increased cross-selling between our growing portfolio of brands. FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission. Reconciliation of Non-GAAP Adjusted EBITDA to GAAP Net Income (Net Loss) Year Ended June 30, 2022 2021 Net income (Net loss) GAAP $ (2,046,030) $ 2,978,948 Income tax (518,398) (1,282,815) Interest expense, net 215,300 530,449 Depreciation and amortization 2,733,455 1,030,021 Stock compensation 2,755,016 611,432 Stock issued for services 576,774 127,500 Change in derivative liability 3,293 - Gain on lease settlement - (387,860) Gain on SBA PPP loan forgiveness (300,995) (403,277) Gain on sale of asset (5,500) (8,708) Non-GAAP adjusted EBITDA $ 3,412,915 $ 3,195,690 Use of Non-GAAP Financial Measures The Company discloses and uses the above-mentioned non-GAAP financial measures internally as a supplement to GAAP financial information to evaluate its operating performance, for financial planning purposes, to establish operational goals, for compensation plans, to measure debt service capability, for capital expenditure planning and to determine working capital needs and believes that these are useful financial measures also used by investors. Non-GAAP adjusted EBITDA is defined as GAAP net income or net loss before interest, taxes, depreciation and amortization (EBITDA) adjusted for the non-cash stock compensation and stock option expense, acquisition, integration & restructuring expenses, charges and gains or losses from extinguishment of debt and other non-cash items. Non-GAAP EBITDA and non-GAAP adjusted EBITDA are not terms defined by GAAP and, as a result, the Company's measure of non-GAAP EBITDA and non-GAAP adjusted EBITDA might not be comparable to similarly titled measures used by other companies. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flow that either excludes or includes amounts that are not normally included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measures discussed above, however, should be considered in addition to, and not as a substitute for, or superior to net income or net loss as reported for GAAP on the Consolidated Statements of Operations, cash and cash flows on the Consolidated Statement of Cash Flows or other measures of financial performance prepared in accordance with GAAP, and as reflected on the Company's financial statements prepared in accordance with GAAP. These non-GAAP financial measures are not a substitute for or presented in lieu of financial measures provided by GAAP and all measures and disclosures of financial information pursuant to GAAP should be read to obtain a comprehensive and thorough understanding of the Company's financial results. The reconciliations of non-GAAP EBITDA and non-GAAP adjusted EBITDA to GAAP operating income (loss) and/or GAAP net income (net loss) referred to in the highlights or elsewhere are provided in the schedules that are a part of this document. Company ContactAndrew Norstrud, Chief Financial OfficerEmail: andrew.norstrud@upexi.comPhone: (702) 332-5591 Investor Relations ContactKCSA Strategic CommunicationsValter Pinto or Jack PerkinsEmail: Upexi@KCSA.comPhone: (212) 896-1254   UPEXI, INC.CONSOLDIATED BALANCE SHEETS June 30, June 30, 2022 2021.....»»

Category: earningsSource: benzingaSep 29th, 2022Related News

5E Advanced Materials Reports Full Year 2022 Results

HIGHLIGHTS Major milestones achieved: Critical Infrastructure designation by the U.S. government Letters of Intent with Corning Inc. and Borman Specialty Materials Enhanced project scope to increase boron capacity and include lithium Successful Nasdaq listing supported by BofA Securities as capital markets advisor Equity research initiations Large Institutional investment by Bluescape Energy Partners University partnerships established to develop novel advanced materials IP and technology Customer activities accelerating with positive market outlook for boron and lithium Small-Scale Boron Facility ("SSBF") progresses on-schedule towards target mechanical completion in CQ4 2022 Balance sheet strengthened with $68 million in available cash as of August 26, 2022 HOUSTON, Sept. 28, 2022 (GLOBE NEWSWIRE) -- 5E Advanced Materials, Inc. (NASDAQ:FEAM) (ASX: 5EA) ("5E" or the "Company"), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas (Fort Cady) Complex, today announced its financial results for the fiscal year end 2022. Corporate Strategy 5E and boron sit at the convergence of three global mega-trends: decarbonization, food security, and domestic supply of critical materials. The Company is positioned strategically to benefit from the expected surge in demand for boron and lithium as a result of high-growth decarbonization technologies which commonly utilize these advanced materials as key inputs, the recognition of boron's importance to keep the world fed as an essential micronutrient required by crops, and the move to reduce reliance on foreign sourcing and processing in a critical supply chain. Given existing geological limitations, there are few major known boron projects globally. 5E possesses the largest, and only substantially permitted, of these six projects. The 5E Boron Americas (Fort Cady) Complex in Southern California, which hosts the largest known new conventional source of boron in the world, is designated as Critical Infrastructure by the U.S. government. With approximately 85% of global supply coming from two commodity miners, 5E is well positioned to execute its corporate strategy of becoming a high-margin, high-value, vertically integrated producer of boron and lithium specialty and advanced materials. With this strategy, the Company will be positioned to take advantage of its boron and lithium supply and potentially favorable cost position, particularly in the highly fragmented downstream boron market with few vertically integrated suppliers. In May 2022, 5E announced plans to expand the production capacity of its large-scale complex to 500,000 tons per year of boric acid. The Company also announced its goal to sell boron advanced materials to take advantage of higher pricing, operational synergies, and the currently fragmented market. The global advanced materials supply chain is at risk of disruption, with an over-reliance on Turkey and China for sourcing and processing, respectively. The U.S. government, as well as certain of 5E's customers, has also sought to domesticate the boron supply chain, which aligns with 5E's strategy to create a vertically integrated U.S. based complex. 5E also announced potential lithium carbonate production of several thousand tons per year upon completion of the large-scale complex, which could make 5E one of the largest producers of lithium in the U.S. Customer and Strategic Partnerships As part of the commercialization plans, 5E has dedicated resources to secure strategic collaboration agreements with customers that could include offtake and financing support linked to the supply of boric acid, boron advanced materials, and lithium carbonate. During the fiscal year, the Company signed non-binding letters of intent with Corning Incorporated and Borman Specialty Materials. Corning Inc. is a Fortune 300 company and one of the largest technical glass manufacturers in the world. Under the letter of intent, 5E would supply boron specialty materials while collaborating with Corning to develop and supply boron advanced materials. Borman is a U.S. producer of boron and other advanced materials that supply future facing global markets within the semiconductor, life sciences, aerospace, military, and automotive industries. Under the letter of intent, 5E would supply Borman with boric acid and boron advanced materials. The Company is also advancing discussions with other customers who are also interested in ensuring domestic supply of boron and lithium. The Company executed research agreements with leading academic institutions Georgetown University ("Georgetown") and Boston College. Both research agreements position 5E to potentially develop intellectual property and commercialization pathways within downstream boron-based decarbonization applications. 5E's research agreement with Georgetown aims to enhance the performance of permanent magnets by increasing the use of boron. The Company's research agreement with Boston College intends to advance boron-based materials within solar energy systems. Solar energy is expected to play an important role in serving the increased demand for a carbon-neutral global economy and the agreement has the potential to create boron-based materials that serve the accelerating, future-facing solar marketplace. 5E Boron Americas (Fort Cady) Complex The SSBF is expected to serve as a foundation for the design of the large-scale complex and to support potential cost optimization and value engineering. The SSBF is also an essential step for the Company to deliver product to potential customers and to progress downstream boron advanced materials capabilities. The Company has made substantial progress on the SSBF this year after completing detailed engineering, procuring and receiving long-lead item equipment, increasing staffing, completing four supply wells, assigning the construction contract to Matrix Service, and breaking ground on construction. Importantly, there have been no lost time injuries for any 5E sites during the year, as the Company continues to prioritize the safety and well-being of personnel. The SSBF is on schedule for mechanical completion in CQ4 2022 and first production in early 2023. With a target production of 2,000 tons per year of boric acid, the SSBF provides considerable optionality for the Company to continue delivering on its corporate strategy. Engineering, design, and construction for the large-scale complex is targeted to occur after operations of the SSBF with mechanical completion in 2025. Initial production capacity of the large-scale complex is targeted at 250,000 tons per year of boric acid and several thousand tons per year of lithium carbonate. Capacity is later targeted to increase to 500,000 tons per year of boric acid and several thousand tons per year of lithium carbonate with incremental capacity expansions. Photos of Construction at the 5E Boron Americas (Fort Cady) Complex Marketing Initiatives In December 2021, the Company announced the engagement of Bank of America as capital markets advisor and the fiscal year-end culminated with the Company's inclusion in the Russell 2000®, 3000®, and Microcap® indices, the MSCI Global Small Cap Australia index, and, most recently, the ASX 300 index. Inclusions in these major indices has placed the Company's securities in the portfolios of some of the world's largest global asset management firms. The Company continues to pursue further index inclusions to increase investor awareness and demand for 5E securities. The Company has participated in several investor conferences, including the Baird 2022 Vehicle Technology & Mobility Conference, Canaccord Genuity 42nd Annual Growth Conference, and the Credit Suisse 35th Annual Specialties and Basics Conference. The Company continues to increase its marketing efforts, recently launching a new investor presentation that highlights the significance of boron and lithium in enabling three global mega trends: decarbonization, food security, and onshoring critical materials. The Company also hired a Chief Marketing Officer and a Marketing Manager to further promote 5E and boron to investors and other stakeholders. Over the coming months, 5E plans to launch extensive marketing campaigns that includes in-person and virtual investor presentations, social media outreach, and print and video press. The Company will also participate in several other investor conferences and host site tours of its 5E Boron Americas (Fort Cady) Complex. Boron remains a relatively unknown material to the investment community despite its use in everyday and future facing applications. As such, adding resources to educate and mainstream boron could unlock value for shareholders as the Company is focused on becoming a global leader in the material. Corporate Activities 5E's team in California and Texas continues to grow with several new hires across operations, administration, marketing and finance, including a VP of Operations with more than 19 years of experience at Albemarle Corporation that spans across multiple disciplines including process design, purchasing, M&A, and general management. The Company also hired a Chief Accounting Officer with more than 29 years of accounting experience at PricewaterhouseCoopers and natural resources companies. As of fiscal year-end, the majority of administrative and operational personnel have transitioned to the U.S. after a successful reorganization and U.S. listing on Nasdaq in March 2022. Local hiring in California is expected to increase as the Company works towards completion of the SSBF and scaling of the business. In light of the recent Presidential Executive Orders and U.S. government initiatives to onshore and secure production of critical materials, the Company has increased its government affairs effort by engaging a specialized management consulting firm in May 2022 to pursue federal, state, and local funding opportunities. In February 2022, the Integrated Boron Facility successfully received Critical Infrastructure designation by the U.S. Department of Homeland Security, validating the domestic security pillar of the three global mega-trends. 5E continues to advance its efforts around environmental, social, and governance ("ESG"), and has been working with a North American sustainability consulting firm to bolster our ESG and sustainability strategy and future reporting framework. Photos of 5E's Nasdaq listing Full Year FY2022 Financial Highlights As of year-end, the Company maintained a cash balance of $31.0 million and working capital of $23.6 million. Construction in progress balance was $25.6 million, compared to $12.7 million in the prior year as the Company continues construction of the SSBF. Project expenses increased 119% year-over-year given increased construction preparation for the SSBF. General and administrative expenses increased by $43.0 ...Full story available on»»

Category: earningsSource: benzingaSep 29th, 2022Related News

Teck Resources (TECK) Cuts Q3 Coal Sales View on Elkview Outage

Teck Resources (TECK) trims its steelmaking coal sales guidance for the September quarter of 2022 to 5.5-5.9 million tons to reflect the outage at its Elkview steelmaking coal plant. Shares of Teck Resources Limited TECK have declined 10% since management lowered steelmaking coal sales guidance for the third quarter of 2022 to 5.5-5.9 million tons from the prior guided range of 5.8-6.2 million tons. This move reflects the impact of operational halts at its Elkview steelmaking coal hub due to a structural failure of the plant feed conveyor belt as well as the recent labor action at Westshore Terminals.Production at TECK’s Elkview Operations in the Elk Valley of British Columbia will likely be stalled for 1-2 months while repairs are carried out. Meanwhile, Elkview will reschedule planned plant maintenance work, utilizing the plant downtime. Mine operations will focus on pre-stripping during the outage.Assuming a brief suspension of plant activity, TECK expects the impact on 2022 steelmaking coal production to be around 1.5 million tons. Management currently maintained its previous production guidance of 23.5-24 million tons for steelmaking coal for the full year.Teck Resources reported a steelmaking coal production of 5.3 million tons in the second quarter of 2022, down 17% year over year. Production was lower than the year-ago reading due to planned maintenance shutdown activities at its two largest processing plants in the quarter and challenges attributable to the reliability of processing facilities.Management also pointed out that higher absenteeism and labor shortages persistently affect equipment operating hours. These workforce constraints are likely to continue in the near term due to record low unemployment rates across Canada, a strong performance across most sectors of the Canadian economy, which buoyed demand for labor, and a shortage of available local personnel.Steelmaking coal sales volume was 6.3 million tons in the second quarter compared with 6.2 million tons a year ago. Realized steelmaking coal prices in the second quarter reached an all-time high of $453 per ton, marking a 315% surge from the prior-year quarter’s level. FOB Australia prices continued to increase in the second quarter and reached record levels, though the same declined thereafter from these peak levels.Price PerformanceImage Source: Zacks Investment ResearchShares of Teck Resources have fallen 25.6% in the past six months compared with the industry’s decline of 38.8%.Zacks Rank & Stocks to ConsiderTeck Resources currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the basic materials space are Albemarle Corporation ALB, Daqo New Energy Corp.  DQ  and  Sociedad Quimica y Minera de Chile S.A. SQM.Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has a projected earnings growth rate of 425.3% for the current year. The Zacks Consensus Estimate for ALB's current-year earnings has been revised 63.7% upward in the past 60 days. You can see  the complete list of today’s Zacks #1 Rank stocks here.ALB’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average being 24.2%. The stock has gained around 21% in the past six months.Daqo New Energy, currently flaunting a Zacks Rank of 1, has an expected earnings growth rate of 177.5% for the current year. The  consensus estimate for DQ's current-year earnings has been revised 9.8% upward in the past 60 days.Daqo New Energy’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed the mark on one occasion, the average beat being 10.8%. DQ has gained around 11% over the past six months.Sociedad has a projected earnings growth rate of 530.7% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 18.8% upward in the past 60 days.Sociedad  has a trailing four-quarter earnings surprise of 27.2%. SQM has rallied roughly 13% in the past six months. The stock carries a Zacks Rank #2 (Buy) at present. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Albemarle Corporation (ALB): Free Stock Analysis Report Sociedad Quimica y Minera S.A. (SQM): Free Stock Analysis Report DAQO New Energy Corp. (DQ): Free Stock Analysis Report Teck Resources Ltd (TECK): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 28th, 2022Related News

Russian soldier says his comrades took armor off Ukrainian corpses because "NATO armor is better than ours", according to audio obtained by The New York Times

Several Russian soldiers bemoaned shoddy equipment and heavy personnel losses in a series of March phone calls obtained by The New York Times. Russian recruits take a bus near a military recruitment center in Krasnodar, Russia, Sunday, Sept. 25, 2022.AP Photo, File Russian soldiers were frustrated by unsuitable military equipment as early as March. Recordings obtained by The New York Times reveal phone calls made by Russian soldiers in Ukraine. One man told his girlfriend how his comrades stole NATO armor off dead Ukrainian soldiers. Russian soldiers fighting in Ukraine were already lamenting their military's outdated equipment and failing resolve just weeks after the conflict began, according to a new investigation from The New York Times.The outlet published Wednesday a sprawling collection of several unauthorized phone calls made by Russian soldiers throughout the month of March to family members and loved ones back home. The Ukrainian government intercepted the unsanctioned communications, which were made from a series of shared cell phones among multiple military units close to the front lines near Bucha.The Times later obtained, translated, and published snippets of the recordings.The calls paint a harrowing picture of diminishing morale among the men — many of whom say their superiors lied about the nature of the war and their mission. The March recordings offer early insight into aspects of Russia's strategy and implementation that have contributed to mounting military losses and a recent escalation on the home front.Among the soldiers' primary grievances was a lack of suitable equipment. One man, identified by his first name of Sergey, described in a call to his girlfriend how some of his comrades attempted to address the issue."Some guys took armor off of Ukrainians' corpses and took it for themselves," he said. "Their NATO armor is better than ours." Another soldier named Roman in a separate conversation responded to his friend's question about abandoned equipment with similar sentiment."Everything here is ancient," the soldier said. "It's not modern like they show on Zvezda [state TV]." The men also bemoaned increasing losses among their regiments, describing mass burials and decimated units."There were 400 paratroopers. And only 38 of them survived," a soldier named Sergey told his mother. "Because our commanders sent soldiers to the slaughter."Russia has struggled with both manpower and equipment issues in Ukraine. Russian forces are estimated to have suffered 80,000 casualties since the war began, on top of losing thousands of armored vehicles. The Russian military has resorted to pulling obsolete equipment out of storage, including Soviet-era equipment such as T-62 tanks.Prior to the Ukraine war, the Russian military was widely regarded as one of the most powerful in the world. But the conflict has dramatically altered perceptions of Russia's military capabilities.Meanwhile, Western countries have supplied Ukrainian forces with billions in military aid, including equipment that has helped hold off and even push back the Russian invaders.The US alone has given over $16.2 billion in security assistance to Ukraine since Russian forces invaded in late February, supplying Ukrainian forces with vital equipment such as High Mobility Artillery Rocket Systems (HIMARS), which can strike targets up to 50 miles away.A new $1.1 billion US security assistance package announced on Wednesday will include 18 additional HIMARS, the Pentagon said, more than doubling the number of such weapons already provided to Ukraine by Washington.Russian President Vladimir Putin last week announced a partial military mobilization, calling up tens of thousands of reservists to help address Russia's personnel problems in Ukraine. Military experts and Russia watchers have expressed skepticism that it will make a difference in the war, in part due to Russia's lack of proper military infrastructure.Read the original article on Business Insider.....»»

Category: dealsSource: nytSep 28th, 2022Related News

Locomotive Machinists, Mechanics Reach New Deal With Railroads

Locomotive Machinists, Mechanics Reach New Deal With Railroads By Joanna Marsh of FreightWaves The International Association of Machinists and Aerospace Workers (IAM) District 19 has reached a new tentative agreement with the group representing the freight railroads in contract negotiations. This agreement tweaks one that IAM rejected earlier this month. IAM represents locomotive machinists, track equipment mechanics and facility maintenance personnel at the freight railroads represented by the National Carriers Conference Committee (NCCC). “Throughout this process of seeking a new contract, you have stood strong and demanded the fair treatment you deserve from the carriers,” IAM said in a Tuesday notice to members. “Your solidarity and strength have made national headlines and, most importantly, given your District 19 negotiating team the power we need at the negotiating table to make the carriers listen to your needs.” According to IAM, highlights of the agreement include a cap on health care costs; codified language regarding travel costs for roadway mechanics; further bargaining over travel expenses and per diem; and plans to conduct a joint study on overtime, forced overtime policies and overtime meal options.  The new agreement also includes other provisions from the original one, including a 24% compounded general wage increase, a $5,000 service recognition bonus and full retroactive pay, among other provisions. The new agreement also has a “me-too” clause in which IAM rail division members could receive the same terms that another union might secure in its agreement.  IAM will send the agreement to its nearly 5,000 members for approval. A cooling-off period during which members cannot legally strike will be in effect through Dec. 9, and “in the meantime, we continue to work with coalition partners to secure the best deal possible.” The December date also puts IAM District 19 members back on schedule with many other rail unions, IAM said. “As always, IAM District 19 members will have the final say in this improved Tentative Agreement. Ratification vote details will be shared with every member soon. The IAM District 19 Leadership Team will soon be visiting shops from coast to coast and looks forward to answering your questions,” IAM said. NCCC confirmed that this second agreement implements the recommendations of the Presidential Emergency Board (PEB), the third-party, three-person board appointed by President Joe Biden to find conditions that both the unions and the railroads could agree upon as they negotiated a new labor agreement.  Those recommendations include a 24% wage increase during the five-year period from 2020 through 2024 — with a 14.1% wage increase effective immediately — and five annual $1,000 lump-sum payments, NCCC said. “With today’s announcement, all unions in the national bargaining round have ratified or are in the process of ratifying new collective bargaining agreements,” NCCC said, providing a link to the status of all pending ratification votes. A new labor deal for union members has been in the works since January 2020, but negotiations between the unions and the railroads failed to progress. A federal mediation board took up the negotiations but released the parties from those efforts earlier this summer.  The PEB convened in July and August to come up with ways that the unions and railroads could resolve the impasse and issued recommendations last month. The recommendations were meant to serve as a jumping-off point for a new contract. Two of the largest labor unions — those representing locomotive engineers and train conductors — were the last to reach a tentative agreement with the railroads. Their agreement averted a strike that could have begun as early as Sept. 16. Tyler Durden Wed, 09/28/2022 - 15:45.....»»

Category: smallbizSource: nytSep 28th, 2022Related News

The US Navy keeps finding traces of jet fuel in the water on the aircraft carrier USS Nimitz, even after it thought the water was safe

The USS Nimitz has been connected to San Diego's water supply, which "continues to provide fresh water to the crew that has been tested safe for use." In this photo released by the U.S. Navy, the aircraft carrier USS Nimitz transits the Arabian Sea on Aug. 17, 2020.Mass Communication Specialist 3rd Class Elliot Schaudt/U.S. Navy via AP The US Navy recently found traces of jet fuel in the water on board the USS Nimitz aircraft carrier. Water testing on Sept. 19 originally didn't reveal any contamination, a Navy official told Insider. But more testing two days later yielded "detectable traces" of hydrocarbons, the official said. After determining the water on the ship was safe, the US Navy again found traces of jet fuel in the water on board the aircraft carrier USS Nimitz, a Naval Air Forces official confirmed to Insider on Wednesday.Officials tested samples of the Nimitz's waste water on September 19 following the carrier's arrival at San Diego's Naval Air Station North Island.Those laboratory tests, which were conducted several days after traces of jet fuel were initially detected in the ship's water, did not reveal any "measurable" amounts of hydrocarbons, highly-combustible jet fuel components, Ensign Bryan Blair, a Navy spokesperson, told Insider.But testing of water samples from the Nimitz's potable water tanks on September 21 — just two days later — did yield "detectable traces" of hydrocarbons, Blair said. The Nimitz's departure from San Diego has since been postponed so officials can continue to test and evaluate the ship's water.  "The health and wellbeing of our Sailors is a top priority, and the internal potable water system remains offline until we are certain it can produce the highest quality water for the crew," Blair said. Since September 17, he added, the Nimitz has been connected to San Diego's water supply, which "continues to provide fresh water to the crew that has been tested safe for use." Navy Times reported that traces of jet fuel — also known as jet propellant-5 or simply JP-5— was originally found in the Nimitz's water system on September 16 while the ship was in the Pacific Ocean. USS Nimitz Spokesman Lt. Cmdr. Adam Demeter told Task & Purpose that the crew "immediately took action," a response that preceded the September 19 testing.It was not immediately clear how many individuals, if any, may have been impacted by the contaminated water. According to a USNI News report, it is possible for drinking water can become contaminated with jet propellant-5 because the two mix in a ballast tank system used by the Nimitz. A ship's ballast tank system helps control its buoyancy and stability. The USS Nimitz was built by Newport News Shipbuilding and commissioned in 1975. The first-in-class ship was the second nuclear-powered aircraft carrier built after the USS Enterprise, a carrier known as the "Big E" that has been decommissioned and is awaiting scrapping. The 1,092-foot-long Nimitz, which can carry dozens of aircraft and thousands of personnel, is slated to be decommissioned in 2025.   Read the original article on Business Insider.....»»

Category: smallbizSource: nytSep 28th, 2022Related News

A new $1.1 billion weapons package will more than double the number of HIMARS Ukraine has to hammer key Russian positions

Ukraine has celebrated the 16 HIMARS already in its arsenal, hailing the weapons as a game-changer in its war against Russia. This is a US-made M142 High Mobility Artillery Rocket Systems (HIMARS), a weapon that Ukraine has been using to great effect against Russian forces.US Air Force photo by Senior Airman Beaux Hebert A new $1.1 billion US weapons package will more than double the amount of HIMARS Ukraine has. Right now, Kyiv has 16 HIMARS in its arsenal and has used them effectively to strike key Russian positions. The new US military aid package will see 18 more HIMARS delivered to Ukraine, among other capabilities. A new $1.1 billion US security assistance package will more than double the number of High Mobility Artillery Rocket Systems (HIMARS)  Ukraine currently has on the battlefield.The Pentagon announced on Wednesday that the new weapons package includes 18 US-made M142 HIMARS and the associated ammunition.These rocket artillery systems are long-range, high-precision rocket launchers that can strike targets 50 miles away. The Ukrainian armed forces have been able to effectively use the 16 HIMARS currently in its arsenal to pummel key Russian positions, such as logistics and command centers, in recent months. HIMARS are lightweight, truck-mounted multiple rocket systems that can fire six GPS-guided missiles before quickly relocating to another position. In June, Ukraine celebrated the arrival of the much-anticipated HIMARS, and it has since hailed the weapons as a game-changer in its seven-month-long war against Russian forces. Over the summer, Ukraine used HIMARS to strike Russian targets like ammunition depots, command posts, personnel, and even strategic infrastructure like bridges, leading military experts to praise their effectiveness. —Defense of Ukraine (@DefenceU) September 23, 2022In addition to the HIMARS, the substantial weapons package also includes 150 Armored High Mobility Multipurpose Wheeled Vehicles, or Humvees, 150 tactical towing vehicles, 80 trailers and 40 trucks to transport equipment, two radars for Unmanned Aerial Systems, drone detection and surveillance systems, equipment for explosive ordnance disposal, body armor, and other field gear. High-Mobility Artillery Rocket System (HIMARS ) is in operation during military exercises at Spilve Airport in Riga, Latvia, Monday, Sept. 26, 2022.AP Photo/Roman KoksarovThis new military aid falls under the Ukraine Security Assistance Initiative, which funds the purchase of new weapons over the long term, instead of Presidential Drawdown Authority, which has been used in the past and quickly pulls from existing Pentagon stockpiles. It is unclear how long it will take for the HIMARS and other systems to be delivered.Ukrainian President Volodymyr Zelenskyy welcomed the announcement on Wednesday, calling it a "very timely decision showing that Russian blackmail does not work. Gratitude to [President Joe Biden] & all our [American] friends!"A Pentagon official told Insider that the US has now committed over $16.2 billion in security assistance for Ukraine since Russian forces invaded in late February. Among these aid packages was a massive $3 billion weapons bundle in late August, which marked the largest single collection of military aid of the war to date.   Wednesday's announcement comes as Ukrainian forces continue to push a counteroffensive along the war's eastern and southern fronts, making advances which, since the start of September, have liberated thousands of square miles of territory that was previously under Russian occupation. In a move that appeared to be triggered by weeks of battlefield setbacks, Russian President Vladimir Putin last week announced the partial military mobilization of his country's reservists. Desperate to avoid being sent to war in Ukraine, which has left tens of thousands dead, many Russians have attempted to flee the country in any way they can. Read the original article on Business Insider.....»»

Category: smallbizSource: nytSep 28th, 2022Related News

SEC, CFTC Fine Wall Street Banks for Record-Keeping Failures

The Wall Street banks like BCS, BAC, GS & MS face penalties from the SEC and the CFTC for violating record-keeping laws. In a similar case, JPM was fined in December 2021. The U.S. regulators – Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) – have penalized several major Wall Street banks over “widespread and longstanding failures” to maintain and preserve records of electronic communications between traders and their clients.Some of the big names are Barclays BCS, Bank of America BAC, Citigroup, Credit Suisse, Goldman Sachs GS, Morgan Stanley MS and UBS Group AG. The firms (in aggregate) will be paying more than $1.8 billion to the SEC and the CFTC combined to resolve the matter.Among the Wall Street banks, Bank of America is facing the largest fine of $225 million, while others, including BCS, MS and GS, will be paying $200 million each. The BAC’s penalty dwarfs the prior fines for similar allegations. In December 2021, JPMorgan JPM agreed to pay $200 million penalty for its failure to monitor business-related communications on platforms like WhatsApp. Of the total amount to be paid by JPM, $125 million will go to the SEC and $75 million to the CFTC.Case BackdropThe industry-wide investigations conducted by the SEC and the CFTC laid bare “pervasive off-channel communications” from the personal electronic devices between banks’ personnel and their clients between January 2018 and September 2021. Also, these “off-channel communications” were not maintained or preserved in clear violation of the federal securities provisions.The firms need to retain “certain of these written communications because they related to the firms’ businesses.” By not following these regulations, the regulators’ capability to supervise financial markets, guarantee compliance with vital rules, “and gather evidence in other, unrelated investigations” was hampered.While Wall Street has always struggled not to communicate about business matters using text messages and WhatsApp on their personal devices, the problem became more severe during the pandemic as employees worked from home. The bank employees, including “senior and junior investment bankers and debt and equity traders,” were found to be violating the securities laws.ConclusionThe SEC chairman, Gary Gensler, said, “Finance, ultimately, depends on trust. By failing to honor their recordkeeping and books-and-records obligations, the market participants we have charged today have failed to maintain that trust.”The Wall Street banks admitted to the facts in their respective settlement orders with the regulators. However, BAC and a Japan-based investment bank neither admitted nor denied certain findings of the CFTC. The companies have also started “implementing improvements to their compliance policies and procedures to settle these matters.” Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report Bank of America Corporation (BAC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Morgan Stanley (MS): Free Stock Analysis Report Barclays PLC (BCS): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 28th, 2022Related News

Wall Street banks including Bank of America and Goldman Sachs fined $1.8 billion over failures in monitoring how staff used personal phones to talk about work

A Goldman Sachs senior investment banker sent and received "tens of thousands" of off-channel text messages, the SEC said. A Bank of America storefront.Getty Images Wall Street banks have been fined for not monitoring how staff use their phones to talk about work. The offences involved employees ranging senior executives to debt and equity traders. The SEC issued $1.1 billion in fines while the CFTC issued $710 million, both on Wednesday. Several Wall Street banks have been fined a combined $1.1 billion by the US Securities and Exchange Commission and $710 million by the Commodity Futures Trading Commission for not monitoring or keeping records about how staff use their personal phones to message about work.The SEC fines were imposed on 10 large broker-dealers, five of their affiliates, and one affiliated investment adviser, including Bank of America, Citigroup Global Markets, Credit Suisse Securities, Deutsche Bank Securities, Barclays Capital, Goldman Sachs, Morgan Stanley, and UBS Securities.The SEC said Wednesday that the fines covered "widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications."It said that between January 2018 and September 2021, employees "routinely" used personal devices to communicate about business matters. The firms violated federal securities laws by failing to preserve the vast majority of these communications, the SEC said.The offences involved employees ranging from supervisors and senior executives to junior investment bankers and debt and equity traders.The SEC said it had requested information about off-channel communications from around 30 senior broker-dealer personnel at Goldman Sachs and found that every one of them had taken part in "at least some level" of off-channel communications.This included one senior investment banker who had sent and received "tens of thousands" of off-channel text messages, concerning things including investment strategy and client meetings, the SEC said.It added that the firms cooperated with the investigation and admitted to their wrongdoing. The companies have agreed to pay penalties ranging from $10 million to $125 million each.They also agreed to have compliance consultants review their policies relating to keeping records of electronic communications found on personal devices.The CFTC also announced settlements with the firms for related conduct on Wednesday.The regulator said its investigation found that the companies had failed to stop their employees, including those at senior levels, "from communicating both internally and externally using unapproved communication methods," including text, WhatsApp, and Signal messages.Each company had failed to retain "hundreds if not thousands of business-related communications," including some connected to their commodities and swaps businesses, the CFTC said.It said that each firm acknowledged that they were aware of their employees' "widespread and longstanding use" of unapproved methods for business-related communications.Credit Suisse and Barclays declined to comment on the investigations and the settlements. The other companies mentioned in this article did not immediately respond to Insider's request for comment.A Citi spokesperson told The New York Times that officials at the bank were pleased to put the matter to rest.Read the original article on Business Insider.....»»

Category: worldSource: nytSep 28th, 2022Related News

BlackBerry Reports Second Quarter Fiscal Year 2023 Results

Delivers strong year-over-year revenue growth for IoT business unit and double-digit sequential billings growth for Cybersecurity business unit Second Quarter Fiscal 2023: Total company revenue of $168 million. IoT revenue of $51 million. Cybersecurity revenue of $111 million. Licensing & Other revenue of $6 million. Non-GAAP basic loss per share of $0.05, GAAP basic loss per share of $0.09. WATERLOO, ON, Sept. 27, 2022 /PRNewswire/ -- BlackBerry Limited (NYSE:BB, TSX:BB) today reported financial results for the three months ended August 31, 2022 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated). "This was a solid second quarter for BlackBerry, where we delivered both revenue in line with, and EPS ahead of, expectations," said John Chen, Executive Chairman & CEO, BlackBerry. "Our IoT business continues to gain market share, and design-phase revenue remained at near-record levels. A major design win in the quarter was with Volkswagen, who chose QNX for their new VW.OS, to be deployed across all Volkswagen group brands. IVY remains firmly on track, with the latest product release in August, proof of concept trials progressing well and the IVY fund continuing to invest in exciting ecosystem partners. In our Cybersecurity business we delivered double-digit sequential billings growth, including securing significant business in both government and financial services, as well as in the middle market. We're executing on our plan and we're seeing the decisions made in recent quarters starting to pay off, with Cybersecurity ARR expected to resume growth early next fiscal year." Second Quarter Fiscal 2023 Financial Highlights Total company revenue was $168 million. Total company non-GAAP gross margin was 64% and GAAP gross margin was 63%. IoT revenue was $51 million, a 28% increase year-over-year, with gross margin of 82%. Cybersecurity revenue was $111 million, an 8% decrease year-over-year, with gross margin of 55% and ARR of $321 million. Cybersecurity billings increased 15% sequentially to $102 million and grew 6% year-over-year in the first half of the fiscal year. Software and Services revenue in total was $162 million. Licensing and Other revenue was $6 million, with gross margin of 67%. Non-GAAP operating loss was $22 million. GAAP operating loss was $47 million. Total cash, cash equivalents, short-term and long-term investments were $699 million. Net cash used by operating activities was $23 million. Business Highlights & Strategic Announcements Volkswagen Group's software powerhouse, Cariad, selects BlackBerry QNX for its VW.OS, part of a unified software platform to be deployed in all Volkswagen Group brands PATEO, a leading Chinese Tier 1, selects BlackBerry QNX for its intelligent cockpit, Pateo Connect+, to be mass produced in more than ten individual models across five automakers NETA Auto (Hozon's EV brand) selects BlackBerry QNX for the digital cockpit and ADAS sockets in the NETA S, next generation EV Sedan aimed at the Chinese market MotorTrend and BlackBerry announce inaugural Software-Defined Vehicle Innovator Awards to celebrate innovators and pioneers leading the auto industry's transformation to software BlackBerry QNX extends support for the Aerospace & Defense market by achieving conformance with the global open standard "Future Airborne Capability Environment" (FACE) certification BlackBerry and L-SPARK announce four smart mobility start-ups for their BlackBerry IVY connected car accelerator program BlackBerry and LeapXpert collaborate to enable the BlackBerry® Dynamics™ platform to provide secure communications through leading messaging applications such as iMessage, WhatsApp and SMS University of California, Irvine and BlackBerry awarded grant funding from the National Science Foundation (NSF) Convergence Accelerator program to develop secure 5G infrastructure solutions Frost and Sullivan, a leading industry analyst, awards BlackBerry its 2022 Global Market Leadership Award for its Mobile Threat Defense (MTD) solution, CylancePROTECT Mobile™ Outlook BlackBerry will discuss its fiscal year 2023 outlook in connection with the quarterly earnings announcement on its earnings conference call. Use of Non-GAAP Financial Measures The tables at the end of this press release include a reconciliation of the non-GAAP financial measures and non-GAAP financial ratios used by the company to comparable U.S. GAAP measures and an explanation of why the company uses them. Conference Call and Webcast A conference call and live webcast will be held today beginning at 5:30 p.m. ET, which can be accessed by dialing +1 (877) 400-4403 or by logging on at replay of the conference call will also be available at approximately 8:30 p.m. ET by dialing +1 (800) 770-2030 and entering Conference ID #1566649 and at the link above. About BlackBerry BlackBerry (NYSE:BB, TSX:BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including more than 215M vehicles.  Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy, and is a leader in the areas of endpoint security, endpoint management, encryption, and embedded systems.  BlackBerry's vision is clear - to secure a connected future you can trust. BlackBerry. Intelligent Security. Everywhere. For more information, visit and follow @BlackBerry.   Investor Contact:BlackBerry Investor Relations+1 (519) Media Contact:BlackBerry Media Relations+1 (519) This news release contains forward-looking statements within the meaning of certain securities laws, including under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry's plans, strategies and objectives including its expectations with respect to increasing and enhancing its product and service offerings.  The words "expect", "anticipate", "estimate", "may", "will", "should", "could", "intend", "believe", "target", "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances, including but not limited to, BlackBerry's expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions, competition, and BlackBerry's expectations regarding its financial performance.  Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following factors: BlackBerry's ability to enhance, develop, introduce or monetize products and services for the enterprise market in a timely manner with competitive pricing, features and performance; BlackBerry's ability to maintain or expand its customer base for its software and services offerings to grow revenue or achieve sustained profitability; the intense competition faced by BlackBerry; the occurrence or perception of a breach of BlackBerry's network cybersecurity measures, or an inappropriate disclosure of confidential or personal information; the failure or perceived failure of BlackBerry's solutions to detect or prevent security vulnerabilities; BlackBerry's continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; litigation against BlackBerry; BlackBerry's dependence on its relationships with resellers and channel partners; acquisitions, divestitures and other business initiatives; the impact of the COVID-19 pandemic; network disruptions or other business interruptions; BlackBerry's ability to foster an ecosystem of third-party application developers; BlackBerry's products and services being dependent upon interoperability with rapidly changing systems provided by third parties; BlackBerry's ability to obtain rights to use third-party software and its use of open source software; failure to protect BlackBerry's intellectual property and to earn expected revenues from intellectual property rights; BlackBerry being found to have infringed on the intellectual property rights of others;  the substantial asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; BlackBerry's indebtedness; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the use and management of user data and personal information; government regulations applicable to BlackBerry's products and services, including products containing encryption capabilities; environmental, social and governance expectations and standards; the failure of BlackBerry's suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; regulations regarding health and safety, hazardous materials usage and conflict minerals; foreign operations, including fluctuations in foreign currencies; adverse economic, geopolitical and environmental conditions; the fluctuation of BlackBerry's quarterly revenue and operating results; the volatility of the market price of BlackBerry's common shares; and rising inflation. These risk factors and others relating to BlackBerry are discussed in greater detail in BlackBerry's Annual Report on Form    10-K and the "Cautionary Note Regarding Forward-Looking Statements" section of BlackBerry's MD&A (copies of which filings may be obtained at or All of these factors should be considered carefully, and readers should not place undue reliance on BlackBerry's forward-looking statements. Any statements that are forward-looking statements are intended to enable BlackBerry's shareholders to view the anticipated performance and prospects of BlackBerry from management's perspective at the time such statements are made, and they are subject to the risks that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry's financial results and performance for future periods, particularly over longer periods, given changes in technology and BlackBerry's business strategy, evolving industry standards, intense competition and short product life cycles that characterize the industries in which BlackBerry operates. Any forward-looking statements are made only as of today and the company has no intention and undertakes no obligation to update or revise any of them, except as required by law.   BlackBerry Limited Incorporated under the Laws of Ontario (United States dollars, in millions except share and per share amounts) (unaudited) Consolidated Statements of Operations  Three Months Ended Six Months Ended August 31, 2022 May 31, 2022 August 31, 2021 August 31, 2022 August 31, 2021 Revenue $                168 $                 168 $                 175 $                336 $                 349 Cost of sales 62 64 63 126 123 Gross margin 106 104 112 210 226 Gross margin % 63.1 % 61.9 % 64.0 % 62.5 % 64.8 % Operating expenses Research and development 54 53 58 107 115 Selling, marketing and administration 86 82 83 168 156 Amortization 25 27 45 52 91 Impairment of long-lived assets 4 — — 4 — Gain on sale of property, plant and equipment, net (6) — — (6) — Debentures fair value adjustment (10) (46) 67 (56) 63 Litigation settlement — 165 — 165 — 153 281 253 434 425 Operating loss (47) (177) (141) (224) (199) Investment loss, net (2) (1) (1) (3) (3) Loss before income taxes (49) (178) (142) (227) (202) Provision for income taxes 5 3 2 8 4 Net loss $                 (54) $               (181) $               (144) $              (235) $               (206) Loss per share Basic $             (0.09) $              (0.31) $              (0.25) $             (0.41) $              (0.36) Diluted $             (0.10) $              (0.35) $              (0.25) $             (0.45) $              (0.36) Weighted-average number ofcommon shares outstanding (000s) Basic 577,314 576,877 568,082 577,097 567,724 Diluted 638,147 637,710 568,082 637,930 567,724 Total common shares outstanding (000s) 577,416 577,169 566,995 577,416 566,995   BlackBerry Limited Incorporated under the Laws of Ontario (United States dollars, in millions) (unaudited) Consolidated Balance Sheets As at August 31, 2022 February 28, 2022 Assets Current Cash and cash equivalents $                           431 $                           378 Short-term investments 212 334 Accounts receivable, net of allowance of $4 and $4, respectively 100 138 Other receivables 15 25 Income taxes receivable 9 9 Other current assets 173 159 940 1,043 Restricted cash and cash equivalents 27 28 Long-term investments 29 30 Other long-term assets 8 9 Operating lease right-of-use assets, net 40 50.....»»

Category: earningsSource: benzingaSep 27th, 2022Related News

Biden calls DeSantis about Hurricane Ian after the GOP governor — who otherwise frequently criticizes the president — said "we have got to work together"

The Florida governor said the impending disaster called for working together, and the White House announced two hours later that the two had spoken over the phone. Florida Gov. Ron DeSantis speaks during a news conference at the Pinellas County Emergency Operations Center, Monday, Sept. 26, 2022, in Largo, Florida. DeSantis was updating residents of the path of Hurricane Ian.Chris O'Meara/AP Photo President Joe Biden called Florida Gov. Ron DeSantis about Hurricane Ian on Tuesday night.  DeSantis hours earlier said he'd welcome a call from the president and that it was a time to work together.  "My phone line is open," DeSantis said at a press conference in Tallahassee.  MIAMI, Florida — President Joe Biden called Florida Gov. Ron DeSantis Tuesday night, just hours after the Republican governor said he'd be receptive to a conversation as Hurricane Ian approaches Sarasota. "President Biden spoke this evening with Governor DeSantis of Florida to discuss the steps the Federal government is taking to help Florida prepare for Hurricane Ian," White House press secretary Karine Jean-Pierre tweeted Tuesday evening. "The President and the Governor committed to continued close coordination." It was not immediately clear why Biden didn't call DeSantis earlier and White House officials didn't explain the delay when asked about it repeatedly at Tuesday's press briefing. DeSantis has been one of Biden's most frequent critics, and often calls the president "Brandon" — a nickname that alludes to the GOP chant "F-ck Joe Biden." But DeSantis appeared to put politics aside as the danger of a category 4, life-threatening storm loomed over his state. He suggested during a press conference in Tallahassee on Tuesday just after 5 p.m. that he'd welcome a call from Biden. "I'm happy to brief the president if he's interested in hearing what we are doing in Florida," DeSantis said at the press conference, held in Tallahassee. "My view on all this is you have people's lives at stake, you have their property at stake, and we don't have time for pettiness."We have got to work together to make sure we are doing the best job for them. My phone line is open."He added that Florida officials "appreciate" how quickly Biden approved the emergency declaration. DeSantis had already been in touch with other federal officials. Deanne Criswell, the administrator of the Federal Emergency Management Agency, or FEMA, spoke to DeSantis over the phone on Friday about Hurricane Ian.On Tuesday, DeSantis said that Gracia Szczech, the regional administrator for FEMA, had been with Florida officials for several days. "We feel like we have a good relationship with FEMA," he said.Biden called other Florida elected officials ahead of the storm, including Tampa Mayor Jane Castor Tampa and St. Petersburg Mayor Ken Welsh — both Democrats — and Clearwater Mayor Frank Hibbard, a centrist Republican. Biden raised the calls during an event in the White House the Rose Garden but did not mention DeSantis. "I told each one of them whatever they need — I mean this sincerely — to contact me directly and they know how to do that," the president said. "I have a lot of personnel down there already. We are here to support them in every way we can." The storm is set to hit all three cities and the first landfall is expected Wednesday night. DeSantis said it was predicted to get stronger and to cross the state and then head north on Friday morning, toward Georgia or South Carolina. Roughly 2.5 million Floridians are in regions with mandatory evacuations. "This thing is the real deal it is a major, major storm," DeSantis said. Presidents and governors typically hold a phone call at a time of natural disasters so presidents can offer federal relief and rescue, as well as show bipartisanship. DeSantis is up for reelection in six weeks. He has been a frequent Biden critic on COVID-19 mitigation measures, coronavirus vaccines and treatments, and on immigration policy.It's possible he will challenge Biden for president in 2024, particularly if former President Donald Trump doesn't seek the White House again. Biden was set to appear at a campaign event in Florida Tuesday alongside DeSantis' Democratic challenger, Charlie Crist, but the White House canceled the event due to the storm. The Biden administration has criticized DeSantis after he recently authorized planes to take Venezuelan migrants from Texas to Martha's Vineyard, Massachusetts. But DeSantis and Biden have brokered bipartisan moments. For instance, they came together roughly a year ago following the Surfside, Florida, building collapse.DeSantis also sat near first lady Jill Biden at Surfside's one-year memorial this year, and neither made mention of the Supreme Court's decision overturning Roe v. Wade, which occurred just as the event began. This story has been updated after President Joe Biden called Florida Gov. Ron DeSantis. Read the original article on Business Insider.....»»

Category: dealsSource: nytSep 27th, 2022Related News

Jack Henry (JKHY) Boosts Clientele With Woodsville Tie-Up

Woodsville Guaranty Savings Bank chooses Jack Henry (JKHY) to use the latter's digital features and functionalities to provide an enhanced user experience to customers and employees. Jack Henry & Associates JKHY is consistently gaining momentum among customers on the back of its robust fintech solutions.This is evident from Jack Henry’s recent selection by the Woodsville Guaranty Savings Bank to improve the latter’s operational efficiencies.The bank will leverage JKHY’s complete suite of digital features and functionalities, including the Banno Digital Platform, to streamline and automate banking procedures.Jack Henry’s partnerships with multiple fintech partners will enable the bank to connect with more than 850 third-party fintechs.On the back of Jack Henry’s advanced solutions, Woodsville aims to provide an enhanced user experience to both customers and employees.With Jack Henry’s selection, its customer base naturally strengthened. This is expected to contribute to JKHY’s top-line growth in the upcoming period.This, in turn, is expected to help Jack Henry win investors’ confidence in the days ahead.Shares of JKHY have been up 9.8% in the year-to-date period against the Computer and Technology sector’s decline of 34.6%.Jack Henry & Associates, Inc. Price and Consensus Jack Henry & Associates, Inc. price-consensus-chart | Jack Henry & Associates, Inc. QuoteGrowing Customer BaseApart from this recent collaboration, in July, Jack Henry was picked by LINKBANCORP. The firm uses JKHY’s digital-banking and lending capabilities, including the Banno Digital Platform and LoanVantage, to enhance operational efficiencies and offer better banking facilities to customers.In May, Jack Henry announced that Great Plains National Bank is using its BusinessManager solution to help local businesses generate additional revenue sources and survive in the post-pandemic world.The Bank of Burlington, RockPoint Bank and Moultrie Bank & Trust chose JKHY’s technology platform to make their financial services accessible to local communities.Jack Henry and Old Second National Bank expanded their relationship to help the latter execute growth and digital strategies.JKHY also extended its alliance with Independent Financial. Per the terms of the deal, Independent Financial leverages Jack Henry’s digital lending platform LoanVantage to automate commercial loans for small and medium-sized businesses.Portfolio StrengthJack Henry’s growing momentum among customers is attributed to its efficient and reliable portfolio of financial solutions.Recently, Jack Henry signed an agreement to take over a digital payments company named Payrailz. With this acquisition, Jack Henry aims to expand its payment services to help financial institutions seamlessly cater to the needs of consumer and commercial account holders.JKHY introduced the Vendor Management Program to its Governance, Risk and Compliance Suite to provide assistance to financial institutions.Jack Henry also unveiled SecurePort for banks to help customers access account balances and funds as well as protect the same in times of crisis.In addition, Jack Henry Lending launched a powerful digital solution named FactorSoft Web Portal, providing near real-time servicing to lenders anytime and anywhere.However, JKHY is currently suffering increasing expenses related to the card processing platform. Further, rising headcounts and personnel costs are hurting its profit margin.Zacks Rank & Stocks to ConsiderCurrently, Jack Henry carries a Zacks Rank #4 (Sell).Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like  Arista Networks  ANET, Teradata TDC and Monolithic Power Systems MPWR. While Arista Networks sports a Zacks Rank #1 (Strong Buy), Teradata and Monolithic Power Systems carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Arista Networks has lost 24.1% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.6%.Teradata has lost 28.8% in the year-to-date period. The long-term earnings growth rate for TDC is currently projected at 27.4%.Monolithic Power Systems has lost 25.6% in the year-to-date period. The long-term earnings growth rate for MPWR is currently projected at 25%. Just Released: Zacks Unveils the Top 5 EV Stocks for 2022 For several months now, electric vehicles have been disrupting the $82 billion automotive industry. And that disruption is only getting bigger thanks to sky-high gas prices. Even titans in the financial industry including George Soros, Jeff Bezos, and Ray Dalio have invested in this unstoppable wave. You don't want to be sitting on your hands while EV stocks break out and climb to new highs. In a new free report, Zacks is revealing the top 5 EV stocks for investors. Next year, don't look back on today wishing you had taken advantage of this opportunity.>>Send me my free report revealing the top 5 EV stocksWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Teradata Corporation (TDC): Free Stock Analysis Report Monolithic Power Systems, Inc. (MPWR): Free Stock Analysis Report Jack Henry & Associates, Inc. (JKHY): Free Stock Analysis Report Arista Networks, Inc. (ANET): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 27th, 2022Related News

Zebra Technologies (ZBRA), ServiceNow to Up Workflow Visibility

Zebra Technologies (ZBRA) and ServiceNow's partnership to allow organizations to manage and keep track of the lifecycle, location, state and movement of their physical assets. Zebra Technologies Corporation  ZBRA recently collaborated with ServiceNow to aid workflow visibility for manufacturers, transportation and logistics providers, healthcare organizations and retailers.Zebra Technologies’ MotionWorks Enterprise  data will be integrated with ServiceNow’s Hardware Asset Management (HAM)  solution. The  MotionWorks Enterprise platform is capable of collecting, managing and analyzing data from tagged sources like personnel, supplies and equipment by leveraging real-time location technologies like RFID  and Bluetooth Low energy (BLE). This partnership will enable organizations to manage and keep track of the lifecycle, location, state and movement of physical assets like vehicles, tools and equipment.“Organizations leveraging Zebra’s MotionWorks Enterprise data and HAM Integration give a performance edge to their workers by closing the gap between their physical assets and business goals in collaborative workflows,” said Brent Brown, vice president and general manager of Advanced Location Technologies, Zebra Technologies.Zebra Technologies Corporation Price Zebra Technologies Corporation price | Zebra Technologies Corporation Quote“Location solutions help businesses create smart, data-powered environments that reflect systems of reality better than traditional systems of record — empowering them to maximize the value of their workforce and optimize business processes,” he further added.Zacks Rank and Stocks to ConsiderZebra Technologies currently carries a Zacks Rank #4 (Sell)Some better-ranked companies from the  Industrial Products sector are discussed below:Applied Industrial Technologies, Inc.  AIT presently has a Zacks Rank #1 (Strong Buy) and a trailing four-quarter earnings surprise of 22.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.AIT’s earnings estimates have increased 6.7% for fiscal 2023 (ending June 2023) in the past 60 days. Its shares have risen 21.2% in the past three months.Eaton Corporation plc ETN presently has a Zacks Rank #2 (Buy). ETN’s earnings surprise in the last four quarters was 1.4%, on average.In the past 60 days, Eaton’s earnings estimates have increased 1.1% for 2022. The stock has rallied 3.3% in the past three months. Just Released: Zacks Unveils the Top 5 EV Stocks for 2022 For several months now, electric vehicles have been disrupting the $82 billion automotive industry. And that disruption is only getting bigger thanks to sky-high gas prices. Even titans in the financial industry including George Soros, Jeff Bezos, and Ray Dalio have invested in this unstoppable wave. You don't want to be sitting on your hands while EV stocks break out and climb to new highs. In a new free report, Zacks is revealing the top 5 EV stocks for investors. Next year, don't look back on today wishing you had taken advantage of this opportunity.>>Send me my free report revealing the top 5 EV stocksWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eaton Corporation, PLC (ETN): Free Stock Analysis Report Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report Zebra Technologies Corporation (ZBRA): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 27th, 2022Related News

Gov. Ron DeSantis says "my phone line is open" if Biden wants to call about Hurricane Ian: "We don"t have time for pettiness"

Florida Gov. Ron DeSantis speaks during a news conference at the Pinellas County Emergency Operations Center, Monday, Sept. 26, 2022, in Largo, Florida. DeSantis was updating residents of the path of Hurricane Ian.Chris O'Meara/AP Photo President Joe Biden hasn't called Florida Gov. Ron DeSantis about Hurricane Ian. DeSantis said he'd welcome a call from the president, and that it was a time to work together.  "My phone line is open," DeSantis said at a press conference in Tallahassee.  MIAMI, Florida — Florida Gov. Ron DeSantis said Tuesday that he would be receptive to a phone call from President Joe Biden about the Hurricane Ian as it closes in on his state. The White House confirmed earlier in the day that Biden hadn't called, but repeatedly dodged questions about why. "I'm happy to brief the president if he's interested in hearing what we are doing in Florida," DeSantis said Tuesday at a press conference in Tallahasssee. "My view on all this is you have people's lives at stake, you have their property at stake, and we don't have time for pettiness."We have got to work together to make sure we are doing the best job for them. My phone line is open."He added that Florida officials "appreciate" how quickly Biden approved the emergency declaration. Deanne Criswell, the administrator of the Federal Emergency Management Agency, or FEMA, spoke to DeSantis over the phone on Friday about Hurricane Ian. On Tuesday, DeSantis said that Gracia Szczech, the regional administrator for FEMA, had been with Florida officials for several days. "We feel like we have a good relationship with FEMA," he said.The White House did not immediately respond to an inquiry about DeSantis' comments. Ahead of the storm, Biden has called other Florida elected official, including Tampa Mayor Jane Castor Tampa and St. Petersburg Mayor Ken Welsh — both Democrats — and with Clearwater Mayor Frank Hibbard, a centrist Republican. Biden raised the calls during an event in the White House the Rose Garden but did not mention DeSantis. "I told each one of them whatever they need — I mean this sincerely — to contact me directly and they know how to do that," the president said. "I have a lot of personnel down there already. We are here to support them in every way we can." The storm is set to hit all three cities and the first landfall is expected Wednesday night. DeSantis said it was predicted to get stronger and to cross the state and then head north on Friday morning, toward Georgia or South Carolina. Roughly 2.5 million Floridians are in regions with mandatory evacuations. "This thing is the real deal it is a major, major storm," he said. Presidents and governors typically hold a phone call at a time of natural disasters so presidents can offer federal relief and rescue, as well as show bipartisanship. DeSantis is up for reelection in six weeks. He has been a frequent Biden critic on COVID-19 mitigation measures, coronavirus vaccines and treatments, and on immigration policy.It's possible he will challenge Biden for president in 2024, particularly if former President Donald Trump doesn't seek the White House again. Biden was set to appear at a campaign event in Florida Tuesday alongside DeSantis' Democratic challenger, Charlie Crist, but the White House canceled the event due to the storm. The Biden administration has criticized DeSantis after he recently authorized planes to take Venezuelan migrants from Texas to Martha's Vineyard, Massachusetts. But DeSantis and Biden have brokered bipartisan moments. For instance, they came together roughly a year ago following the Surfside, Florida, building collapse.DeSantis also sat near first lady Jill Biden at Surfside's one-year memorial this year, and neither made mention of the Supreme Court's decision overturning Roe v. Wade, which occurred just as the event began. Read the original article on Business Insider.....»»

Category: personnelSource: nytSep 27th, 2022Related News

SEC Alleges Market Manipulation, Charges 3 Men With Fraud, In $100 Million New Jersey Deli Scheme

SEC Alleges Market Manipulation, Charges 3 Men With Fraud, In $100 Million New Jersey Deli Scheme Back in April of 2021, we highlighted when fund manager David Einhorn pointed out a single New Jersey deli that was trading with an insane market cap of over $100 million as one of the hallmarks of the bubble the market was in. Einhorn wrote: "Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks. Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September. HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious." And now, so goes the bubble, so goes the deli... The Securities and Exchange Commission has officially put the kibosh on the fairly obvious scam, suing the deli and its related personnel for fraud in what is being called the "$100 million New Jersey deli scheme" by CNBC.  Several men were charged with 12 counts of fraud, including conspiracy to commit securities fraud, securities fraud and conspiracy to manipulate securities prices, the report said. The men appeared in a North Carolina court this week and are expected in New Jersey federal court at a later date.  One defendant involved, 63 year old James Patten, had been barred by FINRA last year and was "the subject of repeated disciplinary actions by FINRA", CNBC wrote. “Unbeknownst to the deli owners, almost immediately after Hometown International was formed, Patten and his associates began positioning Hometown International as a vehicle for a reverse merger that would yield substantial profit to them,” the government alleged in their complaint.  “Shortly thereafter, [the defendants] undertook a calculated scheme to gain control of Hometown International’s management and its shares from the deli owners," the complaint reads. The men then "artificially inflated" the values of the company's stock - along with a second company, E-Waste - by 939% and 19,900%, respectively, using wash trades and affiliates, the complaint alleges.   The SEC says its investigation into the matter is ongoing. You can read the full indictment here.  Recall, back in 2021, we noted that the deli was linked to E-Waste, a self-admitted shell company that had total assets of about $183,000 and liabilities of $412,400 as of its SEC filings at the time. It posted a net loss of $58,000 for the 9 months ended November 30, 2020. The company's own filings state it was created in 2012 “to develop an e-waste recycling business” but “was not successful in its efforts and discontinued that line of business." Tyler Durden Tue, 09/27/2022 - 13:50.....»»

Category: dealsSource: nytSep 27th, 2022Related News


Board declares $1.30 quarterly dividend per share LEBANON, Tenn., Sept. 27, 2022 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2022 ended July 29, 2022. Fourth Quarter Fiscal 2022 Highlights The Company reported fourth quarter total revenue of $830.4 million. Compared to the prior year fourth quarter, total revenue increased 5.9%. Comparable store restaurant sales increased 6.1%, while comparable store retail sales increased 3.0%. GAAP operating income for the fourth quarter was $33.0 million, or 4.0% of total revenue, and adjusted1 operating income was $36.2 million, or 4.4% of total revenue. GAAP net income was $33.4 million, or 4.0% of total revenue. EBITDA1 was $62.4 million, or 7.5% of total revenue. GAAP earnings per diluted share were $1.47, and adjusted1 earnings per diluted share were $1.57. The Company paid $29.9 million in dividends and repurchased $58.1 million in shares for a total of $88.1 million returned to shareholders in the fourth quarter, as part of a total $246.4 million returned to shareholders during the full fiscal year. The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share. Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I'm proud of the efforts of our teams to meet the challenges we faced in fiscal 2022 as we delivered value to our guests and our shareholders.  Our retail business had a historic year and we made great progress on key initiatives to improve the guest experience, maintain solid staffing levels, preserve a high value perception, innovate our menu, and broaden our appeal to more guests.  We also returned more than $245 million to our shareholders in the form of dividends and share repurchases while maintaining a strong balance sheet.  Despite the high levels of commodity inflation we faced throughout the year, we kept a long-term focus and invested to retain a position of value leadership through a thoughtful combination of pricing strategy and menu design, despite the short-term impact on margin.  Our commitment to value and in delivering a great guest experience helped us weather a weaker than expected summer travel season, gas prices that exceeded expectations, and historic inflationary pressures on the consumer, and we were encouraged by better traffic and sales trends in the final few weeks of the quarter.  I believe our focus on delivering a compelling value and experience to our guests, coupled with our cost savings programs, investments in technology, and strategies to attract a broader group of guests, position us well for fiscal 2023 and beyond, particularly when inflationary pressures eventually ease." Fourth Quarter Fiscal 2022 Results Revenue The Company reported total revenue of $830.4 million for the fourth quarter of fiscal 2022, representing an increase of 5.9% compared to the fourth quarter of fiscal 2021. This revenue growth was below the Company's expectation driven by lower than anticipated travel volumes, fewer visits from guests 65 and older, and high gas prices and inflationary pressures that weighed most heavily on lower-income guests. Cracker Barrel comparable store restaurant sales increased 6.1%, including total menu pricing of 7.0%. Comparable store retail sales increased 3.0% from the prior year quarter.   Operating IncomeGAAP operating income for the fourth quarter was $33.0 million, or 4.0% of total revenue. Excluding the approximately $3.2 million in non-cash amortization related to the gains on the previously disclosed sale and leaseback transactions, adjusted1 operating income for the fourth quarter was $36.2 million, or 4.4% of total revenue which was within the Company's expectations. Operating income unfavorability to the prior year as a percent of total revenue is primarily the result of commodity, wage and other expense inflation in excess of pricing, as well as higher field hourly and management staffing levels and elevated maintenance expense, partially offset by lower general and administrative expense.   Net Income, EBITDA, and Earnings per Diluted Share GAAP net income for the fourth quarter was $33.4 million, or 4.0% of total revenue, including the favorable settlement of a state income tax matter. This represented an 8.2% decrease compared to prior year quarter GAAP net income of $36.4 million, or 4.6% of total revenue. EBITDA1 was $62.4 million, or 7.5% of total revenue, a 33.2% decrease compared to the prior year quarter EBITDA1 of $93.5 million, or 11.9% of total revenue. GAAP earnings per diluted share for the fourth quarter were $1.47, a 3.9% decrease compared to the prior year quarter GAAP earnings per diluted share of $1.53. Adjusted1 earnings per diluted share were $1.57, a 30.2% decrease compared to the prior year quarter adjusted1 earnings per diluted share of $2.25. Quarterly Dividend DeclarationThe Company announced that its Board of Directors declared a quarterly dividend of $1.30 per share on the Company's common stock. The quarterly dividend is payable on November 8, 2022 to shareholders of record as of October 21, 2022. Fiscal 2022 ResultsRevenueThe Company reported total revenue of $3.27 billion for fiscal 2022, representing an increase of 15.8% compared to fiscal 2021. Comparable store restaurant sales for fiscal 2022 increased 15.0% compared to fiscal 2021. Comparable store retail sales for fiscal 2022 increased 18.2% compared to fiscal 2021. Operating IncomeGAAP operating income in fiscal 2022 was $153.0 million, or 4.7% of total revenue, a 58.3% decrease compared to prior year GAAP operating income of $366.7 million, or 13.0% of total revenue. Fiscal 2022 adjusted1 operating income was $165.7 million, or 5.1% of total revenue, a 0.7% decrease compared to prior year adjusted1 operating income of $166.8 million, or 5.9% of total revenue. Net Income, EBITDA and Earnings per Diluted Share GAAP net income in fiscal 2022 was $131.9 million, or 4.0% of total revenue, and EBITDA1 was $269.3 million, or 8.2% of total revenue. GAAP earnings per diluted share were $5.67, and adjusted1 earnings per diluted share were $6.09. Fiscal 2023 OutlookReminding readers that the uncertainties created by current macroeconomic conditions may cause actual results to differ materially from those expected, the Company provided the following outlook for fiscal 2023:   Total revenue growth compared to the prior year between 7% and 8%; Including the expected opening of three to four new Cracker Barrel units and fifteen to twenty new Maple Street Biscuit Company units. Commodity inflation of approximately 8% with moderation of inflation sequentially with each quarter; Wage inflation of approximately 5%; Cost savings and business model improvements that are expected to contribute between $20 million to $25 million to fiscal 2023 profitability; Operating Income growth compared to the prior year between 8% and 10%; Quarterly growth compared to the prior year is expected to improve sequentially, from fiscal 2023 first quarter operating income meaningfully below the prior year first quarter, to fiscal 2023 fourth quarter operating income meaningfully above the prior year fourth quarter. Capital expenditures of approximately $125 million, of which $30 million is related to new store development; and An effective tax rate in the range of 10% to 15%. The Company reminds investors that its outlook for fiscal 2023 reflects a number of assumptions, many of which are outside the Company's control. 1 For Non-GAAP reconciliations, please refer to the Reconciliation of GAAP-basis operating results to non-GAAP operating results section of this release. Fiscal 2022 Fourth Quarter Conference CallAs previously announced, the live broadcast of Cracker Barrel's quarterly conference call will be available to the public on-line at today beginning at 11:00 a.m. (ET). The on-line replay will be available at 2:00 p.m. (ET) and continue through October 11, 2022. About Cracker Barrel Old Country Store®Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) provides a caring and friendly home-away-from-home experience while offering guests high-quality homestyle food to enjoy in-store or to-go and unique shopping — all at a fair price. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its affiliates operate more than 660 company-owned Cracker Barrel Old Country Store® locations in 45 states and own the fast-casual Maple Street Biscuit Company. For more information about the Company, visit CBRL-F Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is subject to completion of our financial procedures for Q4 FY 2022 and is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "trends," "assumptions," "target," "guidance," "outlook," "opportunity," "future," "plans," "goals," "objectives," "expectations," "near-term," "long-term," "projection," "may," "will," "would," "could," "expect," "intend," "estimate," "anticipate," "believe," "potential," "regular," "should," "projects," "forecasts," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology and include the expected effects of COVID-19 on our business, financial condition and results of operations and of operational improvement initiatives, such as new menu items and retail offerings. Factors which could materially affect actual results include, but are not limited to: risks and uncertainties associated with inflationary conditions with respect to the cost for food, ingredients, retail merchandise, transportation, distribution, labor and utilities and their effects on the availability of key inputs to our business as well as consumer spending, travel and demand generally; the COVID-19 pandemic, including the duration of the COVID-19 pandemic and its ultimate impact on our business, levels of consumer confidence in the safety of dine-in restaurants, restrictions (including occupancy restrictions) imposed by governmental authorities, the effectiveness of cost saving measures undertaken throughout our operations, disruptions to our operations as a result of the spread of COVID-19 in our workforce, and our level of indebtedness, or constraints on our expenditures, ability to service our debt obligations or make cash distributions to our shareholders or cash management generally; general or regional economic weakness, business and societal conditions, and weather on sales and customer travel; discretionary income or personal expenditure activity of our customers; information technology-related incidents, including data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors, or actions of third parties; our ability to identify, acquire and sell successful new lines of retail merchandise and new menu items at our restaurants; our ability to sustain or the effects of plans intended to improve operational or marketing execution and performance; uncertain performance of acquired businesses, strategic investments and other initiatives that we may pursue now or in the future; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, wage and hour matters, health and safety, pensions, insurance or other undeterminable areas; the effects of plans intended to promote or protect our brands and products; commodity price increases; the ability of and cost to us to recruit, train, and retain qualified hourly and management employees; the effects of increased competition at our locations on sales and on labor recruiting, cost, and retention; workers' compensation, group health and utility price changes; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of our food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease, as well as the possible effects of such events on the price or availability of ingredients used in our restaurants; the effects of our indebtedness, including under our credit facility and our convertible senior notes, and associated restrictions on our financial and operating flexibility and ability to execute or pursue our operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting our financing costs and ability to refinance all or portions of our indebtedness; the effects of dilution of our existing stockholders' ownership interest that may ensue from any conversions of our convertible senior notes or the related warrants issued in connection with our convertible note hedging transactions; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; our ability to retain key personnel; the availability and cost of suitable sites for restaurant development and our ability to identify those sites; our ability to enter successfully into new geographic markets that may be less familiar to us; changes in land, building materials and construction costs; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity or our ability to manage the impact of social media associated with these activities; economic or psychological effects of natural disasters or unforeseen events such as terrorist acts, social unrest or war and the military or government responses to such events; disruptions to our restaurant or retail supply chain, including as a result of COVID-19; changes in foreign exchange rates affecting our future retail inventory purchases; the impact of activist shareholders; our reliance on limited distribution facilities and certain significant vendors; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America ("GAAP"); and other factors described from time to time in our filings with the Securities and Exchange Commission, press releases, and other communications. Any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which made. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.    CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) (In thousands, except share and per share amounts, percentages and ratios)  Fourth Quarter Ended Twelve Months Ended 7/29/22 7/30/21 Percentage Change 7/29/22 7/30/21 Percentage Change Total revenue $830,400 $784,405 6 % $3,267,786 $2,821,444 16 % Cost of goods sold, (exclusive of depreciation & rent) 273,424 235,754 16 1,049,884 865,261 21 Labor and other related expenses 294,430 268,702 10 1,149,077 983,120 17 Other store operating expenses 196,674 180,333 9 758,389 676,301 12 General and administrative expenses 32,900 36,948 (11) 157,433 147,825 6 Gain on sale and leaseback transactions 0 0 0 (217,722) (100) Operating income 32,972 62,668 (47) 153,003 366,659 (58) Interest expense 2,620 24,964 (90) 9,620 56,108 (83) Income before income taxes 30,352 37,704 (19) 143,383 310,551 (54) Provision for income taxes (income tax benefit) (3,012) 1,341 (325) 11,503 56,038 (79) Net income $33,364 $36,363 (8) $131,880 $254,513 (48) Earnings per share – Basic: $1.47 $1.54 (5) $5.69 $10.74 (47) Earnings per share – Diluted: $1.47 $1.53 (4) $5.67 $10.71 (47) Weighted average shares:     Basic.....»»

Category: earningsSource: benzingaSep 27th, 2022Related News