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Marwest Apartment REIT Announces Q3 Results

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ WINNIPEG, MB, Nov. 24, 2021 /CNW/ - Marwest Apartment Real Estate Investment Trust ("Marwest Apartment REIT" or the "REIT") (TSXV:MAR) reported financial results for the third quarter ended September 30, 2021. The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for Q3 2021 and the nine months ended September 30, 2021 are available on the REIT's website at www.marwestreit.com and at www.sedar.com. Q3 2021 Highlights Adjusted funds from operations ("AFFO") of $0.04 per unit for the nine months ended September 30, 2021 Generated net property operating income ("NOI") of $1,206,553 since the acquisition of 251 units (the "Qualifying Transaction") on April 30, 2021 NOI margin of 62.44% for the nine months ended September 30, 2021 Occupancy rate of 98.77% since the Qualifying Transaction Average monthly rent per suite to September 30, 2021 of $1,512 Mr. William Martens, Chief Executive Officer and Trustee commented "We are very pleased to have completed our first full quarter of operations with our initial portfolio.  Since Q3 we have completed the purchase of an additional 112 rental units with the closing of the Element acquisition on November 15, 2021." Operations Summary Portfolio Operational Information As at September 30, 2021 Number of properties 2 Number of suites 251 Average Occupancy Rate to date 98.77% Average rental rate to date $1,512 Financial Summary Period ended September 30, 2021 Property revenue $ 1,932,200 Net property operating income 1,206,553 Net income 4,855,259 FFO.....»»

Category: earningsSource: benzingaNov 24th, 2021

Dividend Passive Income: How To Make $1,000 Per Month

Would you like to have an extra $1,000 per month? Even if you’re a minimalist, I think most of us would jump at this opportunity. And, for good reason. An extra grand a month could totally transform your life. In addition to paying off financial debt, you could also invest in your retirement or buy […] Would you like to have an extra $1,000 per month? Even if you’re a minimalist, I think most of us would jump at this opportunity. And, for good reason. An extra grand a month could totally transform your life. In addition to paying off financial debt, you could also invest in your retirement or buy life insurance with this extra cash. Or, with your newfound financial freedom, you could finally make much-needed home repairs, take a class to enhance your skills, or take that vacation you’ve been talking about for years. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more And, considering that 56% of Americans can’t pay for a $1,000 emergency expense, this money could be used to build a considerable emergency fund. However, you’re not going to suddenly end up with $1,000 per month — unless you inherit money or win the lottery. It has to be earned. Now, your first thought could be that you should find a second job. If you’re facing a financial crisis or are working toward a short-term financial goal, this is the right move. On the other hand, you may find this takes you away from your family, friends, or hobbies. Plus, juggling both a full-time job and an internship can be exhausting. Consequently, if your performance or productivity plummets, you could in essence risk your primary source of income. With that said, what are your realistic options for earning an extra grand each month? One of my favorites is through a passive income. What is a Passive Income? Making passive income requires little effort on your part. Often, passive income is referred to as ‘earning money while you sleep’ because it requires almost no involvement. This isn’t the case in every situation, however. However, hopefully, you’ve got the jest on what a passive income is. However, there is a myth about passive income that needs to be busted. Passive income is assumed to be so easy that anyone can earn it within the weekend. Once that’s done, you just sit back and wait for the money to come following in. Truth be told, a lot of work needs to be done upfront. Your passive income sources still need to be updated and maintained even after the initial legwork is completed. One example is blogging. Once it’s up and running and producing a steady revenue stream, it can make a lot of money. But, building a blog to that level takes a lot of effort. And, even if you reach that level, it still needs to be managed. If anything, it’s semi-passive. Although this is an excellent income source, it is not really passive. But, that’s not true with dividends. What is a Dividend (And Why They Rock)? If you want a truly passive income, then let me introduce you to my good friend dividends. For those who aren’t acquainted with my friend here, dividends are payments companies make to shareholders as a way of sharing profits. Investors earn a return on stock investments through dividends, which are paid on a regular basis. Let me also add that not all stocks pay dividends. You should choose dividend stocks if you want to invest for dividends, however. All right, that’s great. What makes dividends a passive income though? Again, most passive income sources will still need a little TLC every now and then. I already talked about blogging. But, property rentals are another example of a semi-passive income. If you don’t maintain your rental, it’s going to depreciate and become loss appealing to renters. In the current era of exceptionally low interest rates, dividend income is in a league of its own. It is possible without any effort to create a portfolio of stocks that generates a steady return of 3%-4% per year. There is no better example of a truly passive investment today than that. Now, let me be real. To reach the desired level of income takes a lot of capital. If you invest wisely, however, you can earn a generous income — even $1000 per month in dividends. And, as soon as it’s up and running, you won’t have to lift a finger to get it going. Besides being a legitimate passive income, I’m a big fan of dividends for the following reasons. Capital appreciation. Even though I’m talking about dividends, dividend stocks can also generate capital appreciation. After all, they’re stocks, and the value of stocks tends to go up over time. If you’re lost, let’s take Pepsi as an example. Right now, the stock pays a dividend of almost 3% per year. The current share price is about $172. But if you purchased the stock 10 years ago? You could have done so at less than $65 per share. The stock value has more than doubled in 10 years, and you have earned 3% in passive income over that time. In other words, dividend stocks have the advantage of not only providing a steady income. But also the benefit of capital appreciation. By doing so, you can protect your investment from inflation and also make sure it grows over the long run. As such, dividend stocks are among one of the very best investments you can make, and are one of the strongest recommendations for the foundation of your portfolio. Dividend stocks should be a core investment, even if you own other investments. Dividend stocks vs. growth stocks. Now, I gotta quickly fill you in on dividend stocks. Unlike growth stocks, dividend stocks tend to rise less in price than growth stocks. Why? As their name implies, growth stocks are all about growth. Most pay little dividends if any at all. All profits are instead reinvested into the business to expand revenue and profit. In fact, over the past decade, growth stocks that don’t pay dividends have produced some of the best results. The most notable example is Amazon (AMZN). In the past 10 years, its stock price increased from $170 per share to more than $3,000 now, but it doesn’t pay a dividend. You won’t get income from these stocks until the day you sell them, so you may want to hold a number of them in your portfolio. The appreciated value will come at that point. But, for now, it’s just paper gain. In short, investing in dividend stocks is a better choice if you’re looking for passive income. Favorable tax treatment. Dividend-paying stocks offer tax benefits in addition to yields above those of interest-bearing securities. Dividends are treated as ordinary income by the Internal Revenue Service. If qualified for the long-term capital gains tax rate, however, they aren’t taxed. Dividends on the stock must be issued by a US corporation or by a foreign corporation with stock trading on a US exchange in order to qualify as a qualified dividend. To qualify for dividends on a stock, you must also own it for at least 60 days. For qualified dividends the tax rates are as follows: If you have a taxable income of less than $78,750, you pay 0%. If you’re single and earn more than $78,750, but less than $434,550, or if you’re married filing jointly, or if you’re a qualified widow, you’re eligible for a 15% tax exemption. Taxes are charged at a rate of 20% of your taxable income that exceeds these thresholds. In any case, if you hold dividend stocks in qualified tax-deferred retirement plans, the lowered (or nonexistent) taxes won’t matter. Holding them in a taxable investment account will give you a big tax advantage though. Where to Find Dividend Stocks Dividend-paying stocks tend to be issued by large corporations with established financial records. Or at least those that pay higher yields consistently over time. They are also commonly known in most cases. Either they have popular products or services, or they’ve been around for a long time and have built a strong reputation. They tend to be popular with investors, too, due to all those qualities and their dividends. Now, when it comes to dividend stocks, companies can choose between different dividend types. The most common types include: Cash dividends. These are the most common dividends. Companies typically deposit cash dividends directly into shareholders’ brokerage accounts. Stock dividends. In addition to paying cash, companies can also share additional stock with investors. Dividend reinvestment programs (DRIPs). With DRIPs, dividends are reinvested into the company’s stock, often at a discount, so investors receive their dividends back sooner. Special dividends. Shareholders receive these dividends when their common stock goes up in value, but they do not recur. When a company has accumulated profits over years but does not need them at the moment, it will issue a special dividend. Preferred dividends. The dividends paid to the owners of preferred stock. Stocks that are preferred function less like stocks and more like bonds. Most preferred stock dividends are paid quarterly, but unlike dividends on common stock, they are typically fixed. With that out of the way, let me go over the three basic ways to invest in dividend stocks. Start with dividend aristocrats. At present, all stocks in the S&P 500 index offer a yield of 1.37%. To begin, you might want to focus on stocks that are paying even higher dividends. Stock screener software can certainly assist with finding those companies. But, there’s a much easier method. You can find many of the best and most stable dividend stocks on a list called Dividend Aristocrats, which includes some of the highest-dividend paying stocks. At the moment, the list includes 65 companies. In order to be considered a Dividend Aristocrat, a company must meet specific criteria. Among these criteria are: At least 25 straight years of increasing dividends to shareholders. An established, large company is generally listed on the S&P 500, rather than one that is fast-growing. The company must have a market capitalization of at least $3 billion. The value of daily share trades for the three months prior to the rebalancing date must have averaged $5 million. However, just because a stock is a Dividend Aristocrat doesn’t automatically make it a good investment. There is no guarantee that a company is permanently on the list just because it is on the list. The list is usually altered every year, as some companies are added and others drop. Dividend aristocrats: What to watch out for. In the case of Dividend Aristocrats, two factors need to be considered: The ratio of dividends paid out. This is the percentage of net profits a company pays out to shareholders in dividends. It is unlikely that the current dividend is sustainable if this number approaches or exceeds 100%. The optimal dividend payout ratio is between 50% and 60%. A dividend yield that is excessive. A dividend yield of 3% to 4% is the average for Dividend Aristocrats. In some cases, higher pay may be due to a company’s share price falling, such as 6%, 8%, or more. This could indicate a company is in distress. Either situation can indicate a dividend reduction is a real possibility. If that happens, not only will your dividend yield be reduced, but the price of the stock will almost certainly fall. High dividend exchange-traded funds (ETFs). Investing in ETFs can be a good alternative to holding individual stocks. For example, you can invest in dividend-paying ETFs. Examples include: Vanguard High-Dividend Yield ETF (VYM) – currently yields 2.99%, with an average return of 10.45% over the past decade. SPDR S&P Dividend ETF (SDY) – has an overall return of 10.23% over the past ten years and a dividend yield of 2.91%. Schwab US Dividend Equity ETF (SCHD) – pays dividends of 3.69%, and has returned 14.61 percent over the past 9 years (founded in October 2011). These three funds not only show double-digit returns for the past decade but also have current yields much higher than interest-bearing investments. Although you might not become wealthy in the way that high-flying growth stocks do, these funds provide steady, reliable returns. Long-term investors should consider this kind of investment as the centerpiece of their portfolios. Real Estate Investment Trusts (REITs) Essentially, REITs are mutual funds that invest in real estate instead of stocks. However, not any kind of real estate will do. Real estate investment trusts invest mostly in commercial properties, including office buildings, retail space, warehouses, and big apartment buildings. A minimum of 90% of their income must be distributed to shareholders as dividends as well. The net rental income and the capital appreciation distributions of sold properties make up this portion. For simplicity, dividends are usually paid on a monthly basis by REITs. Here are some dividend-paying REITs to consider: Brookfield Property REIT (BPY) – current dividend yield of 7.54%. Kimco Realty Corp (KIM) – current dividend yield of 3.26%. Brandywine Realty Trust (BDN) – current dividend yield of 6.59%. Bear in mind, however, that REITs have not had good long-term performance in the past few years. In spite of paying consistently high dividends, both Brookfield Property REIT and Kimco Realty Corp have experienced major share price declines over the past decade. On the flip side, Brandywine Realty Trust showed the best capital appreciation, holding constant over the past decade. Where to Invest in Dividend Stocks Want to earn a passive income with dividends? The following investment platforms allow you to invest in dividend stocks or high dividend ETFs. As an added perk, each gives you the option of commission-free investment in stocks or ETFs. Robinhood On either your computer or your mobile device, you can trade stocks and ETFs using the Robinhood app. This is also one of the only investment apps that offer trading options as well as cryptocurrency. In spite of the fact that Robinhood is primarily designed for self-directed investors, it provides sufficient company information to identify dividend stocks and track them. Dividend yield, price-earnings ratio, and 52-week high and low prices all fall into this category. The company is currently giving you the chance to earn up to $500 in free stocks by referring friends who open accounts on the app. A stock can be worth anywhere from $2.50 to $200. But, come on. That’s free money just for signing up. Webull Webull works a lot like Robinhood. This company offers commission-free trading of stocks, ETFs, and options, and it has mobile trading capabilities. If you’re on the move constantly, then this is the platform for you. Webull does not require a minimum initial investment. But funds are required for investing. Moreover, it does offer both traditional and Roth IRA accounts, which makes it a better alternative to Robinhood. The reason dividend stocks are ideal for retirement accounts is that they provide long-term growth in addition to income. You will also receive interest on any invested cash held in your account at Webull. M1 Finance Unlike Robinhood and WeBull, M1 Finance allows you to purchase stocks through portfolios called “pies,” which are comprised of many stocks and/or ETFs. There are pre-built pies available, but you can customize your own with the stocks and ETFs you want. If you prefer, you can make a pie out of each of your favorite Dividend Aristocrats, or even pick all 65 stocks. It’s entirely up to you how many pies you want. Dividend Aristocrats can be held in one account, growth stocks in another, or sector ETFs in another. When you have created one or more pies, M1 Finance provides you with another advantage. Your pie will be managed robo-advisor-style, with periodic rebalancing to make sure your allocations remain on target, and even dividends reinvested. You can then sit back and watch your investment grow once you’ve selected your stocks or funds. Ah. The best kind of passive income you could ever ask for. How to Build a Portfolio That Will Make $1,000 Per Month in Dividends Sample Dividend Portfolio For new and small investors, this is a significant barrier. I mean you’d need about $400,000 with a yield of 3% to make $1,000 per month in dividends. But how do you get to $400,000? To begin, let’s take a look at things from a different perspective. Investing in dividends is, by definition, a long-term endeavor. The goal isn’t growth, and most certainly not explosive growth. Rather it’s all about a steady income that hopefully will appreciate over time. So, you’ll need patience and constant investing if you want to make it a long-term investment. The first step, then, is to consider the amount you plan to invest and set up a regular schedule. Suppose, for example, you buy 10 shares of a particular stock each month, or invest $500 per month. Over time, you can gradually add many thousands of dollars to your investments every year. This results in a positive outcome. With your monthly purchases, you will be able to utilize dollar-cost averaging. A method like that greatly eliminates the impact of stock price fluctuations or the timing of the end of the market. Every month, you will just invest the same amount. And, best of you all, you just let compound interest work its magic. If you are investing $500 per month in a growing portfolio of dividend stocks with a 10% return, including dividends and capital appreciation, you would be investing $6,000 per year. Investing at the same level for 21 years will mean you’ll have over $400,000 — even if you never increase it. Dividend Reinvestment Plans commonly called DRIPs, make this possible. These are often offered by the brokerage firm where you hold the stocks. With DRIPs, dividends are used to buy more shares of the same company automatically. The Bottom Line Dividend stocks don’t get the same buzz as growth stocks do. The thing is, they’re the kind of investments that build both permanent wealth and passive income. What’s not to like about that? For retirement portfolios, dividend stocks are especially enticing. Investing in these funds will not only allow you to build wealth over decades but will also provide a steady flow of income when you retire. As the stock prices rise in value over time, you can use the dividend income to cover living expenses. You can choose to receive $2,000, $3,000, or even $5,000 in dividends per month, even though I have been talking about $1,000. You’ll need a much broader portfolio for that. However, if you are planning to become wealthy or retire with a seven-figure account, you might as well earn a decent income while you’re at it. To build a portfolio large enough to generate $1,000, or more, per month in dividends, you must combine regular contributions, dividend reinvestment, and capital appreciation. Article by Jeff Rose, Due About the Author Jeff Rose is an Iraqi Combat Veteran and founder of Good Financial Cents. He teaches people wealth hacking. He is a frequent on CNBC, Forbes, Nasdaq and many other publications. He is author of the book "Soldier of Finance: Take Charge of Your Money and Invest in your Future" where he teaches how he escaped from $20,000 in credit card debt to a life of wealth. Updated on May 19, 2022, 3:58 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk8 hr. 55 min. ago

MPC Container Ships ASA reports Q1 and three-month 2022 results

         OSLO, Norway, May 19, 2022 /PRNewswire/ -- Significantly improved operating revenues of USD 142.9 million and EBITDA of USD 137.7 million, up by 160% and 519%, respectively, compared to Q1 2021. Quarterly recurring dividend of USD 0.13 per share declared for Q1 2022. An additional event driven distribution based on proceeds from sale of AS Patricia as dividend of USD 0.03 per share to be paid alongside the recurring dividend. Projected EBITDA backlog now in excess of USD 1.4 billion. Oslo, 19 May 2022 Q1 and three-month 2022 results: MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries the "Group") today published its unaudited financial report for the three-month period ended 31 March 2022. Total revenues of USD 142.9 million in Q1 2022 (Q1 2021: USD 54.9 million). EBITDA of USD 137.7 million in Q1 2022 (Q1 2021: USD 22.3 million). Net profit of USD 116.8 million in Q1 2022 (Q1 2021: USD 3.5 million). Adjusted EBITDA of USD 97.8 million and adjusted net profit of 76.9 million in Q1 2022. Earnings per share of USD 0.26 in Q1 2022 (Q1 2021: USD 0.01).      Utilization of 98.8% in Q1 2022 (Q1 2021: 99.2%).        Average time charter equivalent ("TCE") of USD 24,845 per day in Q1 2022 (Q1 2021: USD 10,502 per day).       Cash and cash equivalents of USD 81.5 million as at 31 March 2022. Equity ratio of 70.2% and leverage ratio of 22.9%. As at 31 March 2022, the Group owns and operates 65 container vessels, whereof 60 are fully owned and 5 are operated in a joint venture. Furthermore, the Group has 2 newbuilds on order expected for delivery in Q1 2024. CEO Constantin Baack comments in relation to the announcement: "We are pleased to report another strong quarter for MPC Container Ships, in which we have been able to sustainably grow our earnings and profits. Consequently, the Company announces a recurring dividend for the first quarter 2022 which is 18% higher than in the previous quarter. For Q1 2022 the board has declared a dividend of total USD 71 million, or USD 0.16 per share which includes an event driven dividend of USD 0.03 per share. Year to date, MPCC has declared a total of USD 271 million in dividends, of which USD 200 million have already been ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzinga22 hr. 23 min. ago

Synopsys Posts Financial Results for Second Quarter Fiscal Year 2022

Q2 FY 2022 Financial Highlights Revenue: $1.279 billion GAAP earnings per diluted share: $1.89 Non-GAAP earnings per diluted share: $2.50 MOUNTAIN VIEW, Calif., May 18, 2022 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today reported results for its second quarter fiscal year 2022. Revenue for the second quarter of fiscal year 2022 was $1.279 billion, compared to $1.024 billion for the second quarter of fiscal year 2021. "Synopsys delivered an outstanding fiscal second quarter, exceeding our guidance targets with strength across all product groups and geographies. Based on strong first half execution and confidence in our business, we are raising our full-year targets substantially," said Aart de Geus, chairman and CEO of Synopsys. "Our financial momentum builds on three drivers: an unmatched product portfolio with groundbreaking new innovations, robust semiconductor and electronics market demand, and excellent operational execution. Notwithstanding macroeconomic choppiness in an uncertain geopolitical environment, our customers continue to prioritize investments to enable the new "smart everything" era. For fiscal 2022, we expect to grow annual revenue approximately 20% and pass the $5 billion milestone, drive further operating margin expansion, grow earnings per share by more than 25%, and generate approximately $1.6 billion in operating cash flow." GAAP Results On a generally accepted accounting principles (GAAP) basis, net income for the second quarter of fiscal year 2022 was $294.8 million, or $1.89 per diluted share, compared to $195.1 million, or $1.24 per diluted share, for the second quarter of fiscal year 2021. Non-GAAP Results On a non-GAAP basis, net income for the second quarter of fiscal year 2022 was $390.8 million, or $2.50 per diluted share, compared to non-GAAP net income of $267.1 million, or $1.70 per diluted share, for the second quarter of fiscal year 2021. For a reconciliation between GAAP and non-GAAP results, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below.  Business Segments Synopsys reports revenue and operating income in two segments: (1) Semiconductor & System Design, which includes EDA tools, IP products, system integration solutions and other associated revenue categories, and (2) Software Integrity, which includes a comprehensive solution for building integrity—security, quality and compliance testing—into the customers' software development lifecycle and supply chain. Further information regarding these segments is provided at the end of this press release. Financial Targets Synopsys also provided its consolidated financial targets for the third quarter and full fiscal year 2022. These financial targets assume that there are no further changes to the current U.S. government "Entity List" restrictions. These targets constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below.  Third Quarter and Fiscal Year 2022 Financial Targets (in millions except per share amounts)  Range for Three Months  Range for Fiscal Year July 31, 2022 October 31, 2022 Low High Low High Revenue $             1,210 $             1,240 $             5,000 $             5,050 GAAP Expenses $                981 $             1,001 $             3,928 $             3,975 Non-GAAP Expenses $                830 $                840 $             3,350 $             3,380 Other Income (Expense) $                  (2) $                     - $                     - $                    4 Non-GAAP Tax Rate 18% 18% 18% 18% Outstanding Shares (fully diluted) 156 159 156 159 GAAP EPS $               1.32 $               1.44 $               6.22 $               6.40 Non-GAAP EPS $               2.01 $               2.06 $               8.63 $               8.70 Operating Cash Flow $             1,550 $             1,600 Earnings Call Open to Investors Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m. Pacific Time. A live webcast of the call will be available on Synopsys' corporate website at www.synopsys.com. A recording of the call will be available by calling +1-866-207-1041 (+1-402-970-0847 for international callers), access code 8770568, beginning at 5:00 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on May 25, 2022. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the third quarter of fiscal year 2022 in August 2022.  Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and chief executive officer, and Trac Pham, chief financial officer, on its website following today's call. In addition, Synopsys makes additional information available in a financial supplement and corporate overview presentation, also posted on the corporate website. Effectiveness of Information The targets included in this press release, the statements made during the earnings conference call and the information contained in the financial supplement and corporate overview presentation (available in the Investor Relations section of Synopsys' corporate website at www.synopsys.com) represent Synopsys' expectations and beliefs as of the date of this release only. Although this press release, copies of the prepared remarks of the chief executive officer and chief financial officer made during the call, the financial supplement, and the corporate overview presentation will remain available on Synopsys' website through the date of the third quarter of fiscal year 2022 earnings call in August 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys undertakes no duty, and does not currently intend, to report on its progress during the third quarter of fiscal year 2022 or comment to analysts or investors on, or otherwise update, the targets given in this release. Availability of Final Financial Statements Synopsys will include final financial statements for the second quarter fiscal year 2022 in its quarterly report on Form 10-Q to be filed by June 9, 2022. About Synopsys Synopsys, Inc. (NASDAQ:SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.       GAAP to Non-GAAP Reconciliation Synopsys continues to provide all information required in accordance with GAAP, but acknowledges evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, Synopsys presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Synopsys' operating results in a manner that focuses on what Synopsys believes to be its core business operations and what Synopsys uses to evaluate its business operations and for internal planning and forecasting purposes. Synopsys' management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, superior to, or as a substitute for, financial information prepared in accordance with GAAP. Synopsys' management believes it is useful for itself and investors to review, as applicable, both GAAP financial measures that include: (i) the amortization of acquired intangible assets, (ii) the impact of stock compensation, (iii) acquisition-related costs, (iv) restructuring charges, (v) the effects of certain settlements, final judgments and loss contingencies related to legal proceedings, and (vi) the income tax effect of non-GAAP pre-tax adjustments; and the non-GAAP financial measures that exclude such information in order to assess the performance of Synopsys' business and for planning and forecasting in subsequent periods. Synopsys adopted a three-year normalized non-GAAP tax rate of 16% for fiscal year 2019 through 2021 in calculating non-GAAP financial measures to provide better consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency and not necessarily reflect our normal operations, and to more clearly align our tax rate with our expected geographic earnings mix. Given the uncertainty surrounding corporate tax reform, Synopsys adopted an annual non-GAAP tax rate of 18% for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. This annual non-GAAP tax rate is based on an evaluation of its historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments, as well as other factors such as its current tax structure, existing tax positions and expected recurring tax incentives. Synopsys re-evaluates this rate on an annual basis for any significant events that could materially affect its projections, such as significant changes in its geographic earnings mix or significant tax law changes in major jurisdictions where Synopsys operates, and further consider the appropriateness of adopting a multi-year normalized non-GAAP tax rate. Whenever Synopsys uses a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed below, as well as Item 2.02 of the Current Report on Form 8-K filed on May 18, 2022 for additional information about the measures Synopsys uses to evaluate its core business operations. Reconciliation of Second Quarter Fiscal Year 2022 ResultsThe following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per diluted share for the periods indicated below. GAAP to Non-GAAP Reconciliation of Second Quarter Fiscal Year 2022 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Six Months Ended April 30, April 30, 2022 2021 2022 2021 GAAP net income $     294,781 $     195,078 $     608,468 $     357,423 Adjustments: Amortization of intangible assets 21,367 19,721 43,727 39,997 Stock compensation 110,061 79,586 205,832 163,368 Acquisition-related costs 4,023 2,344 6,100 5,892 Restructuring charges 311 - 12,057 - Tax adjustments (39,703) (29,630) (108,456) (60,108) Non-GAAP net income $     390,840 $     267,099 $     767,728 $     506,572 Three Months Ended Six Months Ended April 30, April 30, 2022 2021 2022 2021 GAAP net income per diluted share $           1.89 $           1.24 $           3.88 $           2.27 Adjustments: Amortization of intangible assets 0.14 0.13 0.28 0.25 Stock compensation 0.70 0.51 1.31 1.04 Acquisition-related costs 0.03 0.01 0.04 0.04 Restructuring charges - - 0.08 - Tax adjustments (0.26) (0.19) (0.69) (0.38) Non-GAAP net income per diluted share $           2.50 $           1.70 $           4.90 $           3.22 Shares used in computing net income per diluted share amounts: 156,167 157,077 156,815 157,226 (1) Synopsys' second quarter of fiscal year 2022 and 2021 ended on April 30, 2022 and May 1, 2021, respectively. For presentation purposes, we refer to the closest calendar month end. Reconciliation of 2022 Targets The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below. GAAP to Non-GAAP Reconciliation of Third Quarter Fiscal Year 2022 Targets (1) (in thousands, except per share amounts)  Range for Three Months July 31, 2022 Low High Target GAAP expenses $           981,000 $        1,001,000 Adjustments:       Amortization of intangible assets (24,000) (27,000)       Stock compensation (127,000) (134,000) Target non-GAAP expenses $           830,000 $           840,000 Range for Three Months July 31, 2022 Low.....»»

Category: earningsSource: benzingaMay 18th, 2022

Northrop Grumman (NOC) Announces 10% Hike in Dividend Payout

Northrop Grumman (NOC) announces a 10% hike in its quarterly common stock dividend to $1.73 per share, representing an annualized payout of $6.92 per share. Northrop Grumman Corporation NOC recently announced that its board of directors approved a 10% hike in its quarterly common stock dividend. This, in turn, resulted its annualized payout to increase to $6.92 per share from the prior $6.28. This represents an annual dividend yield of 1.51% based on its share price worth of $459.28 as of May 17, more than the industry’s yield of 0.00% and the Zacks S&P 500 composite’s yield of 1.48%.The new quarterly dividend of $1.73 per share is up by 16 cents from the earlier quarterly dividend of $1.57. The raised dividend will be paid out on Jun 15, 2022 to shareholders of record at the close of the business on May 31, 2022.This marked the 19th consecutive annual increase by the company, thus highlighting strength in its cash flow position and its ability to consistently reward shareholders with hiked dividend payouts.Will Northrop Grumman Sustain Dividend Hikes?Northrop Grumman not only rewards shareholders with hiked dividends but also repurchases shares at regular intervals to increase its shareholders’ worth. To this end, it is imperative to mention that in the first quarter of 2022, NOC’s board of directors authorized a new share repurchase program of up to an additional $2 billion in the share repurchases of the company’s common stock.Such an impressive way of distributing excess cash through hiked dividends, coupled with the accelerated share repurchase activity, is buoyed by its strong financial position. In this context, it is imperative to mention that Northrop Grumman ended its first-quarter 2022 results with solid cash and cash equivalents of $2,174 million.As of Mar 31, 2022, Northrop Grumman’s total outstanding share repurchase authorization totaled $3.8 billion.Moreover, the company expects to return at least 100% of its 2022 transaction-adjusted free cash flow to shareholders through dividends and share repurchases activity while expecting its adjusted free cash flow in the range of $1.50-$1.80 billion in 2022, based on the current tax law. We believe that the company’s solid financial position will enable it to duly meet these targets along with offering lucrative dividend hikes to its shareholders, like the latest one.Peer MovesA dividend hike is a common strategy adopted by companies to deploy their capital and reward shareholders at the same time. Some defense companies that have consistently hiked and paid dividends to shareholders are:In May 2022,Curtiss-Wright Corporation CW announced that its Board of Directors approved a hike in its quarterly dividend to 19 cents per share, reflecting an increase of 6% from the prior payout. With the current hike, the company will now pay an annual dividend of 76 cents per share.Curtiss-Wright expects adjusted earnings in the range of $8.05-$8.25 per share for 2022. The company expects sales in the range of $2,530-$2,580 million in 2022. Shares of CW have returned 14.1% to its investors in the past year.In April 2022, Raytheon Technologies RTX announced a 7.8% hike over the prior quarter's dividend to 55 cents per outstanding share of Raytheon Technologies’ common stock.RTX’s earnings improved by 27.8% in the first quarter from the year-ago quarter’s adjusted earnings of 90 cents. The company expects to generate a free cash flow worth approximately $6 billion in 2022. Shares of Raytheon Technologies have returned 6.5% to its investors in the past year.In March 2022, General Dynamics GD announced an increase of 5.9% in its quarterly dividend to $1.26 per share and marked the 25th consecutive annual dividend increase.General Dynamics’ quarterly earnings soared by 5.2% from $2.48 per share in the year-ago quarter. As of Apr 3, 2022, General Dynamics’ cash and cash equivalents were $2,907 million compared with $1,603 million as of Dec 31, 2021. Shares of GD have rallied 16.4% in the past year.Price MovementIn the past year, shares of Northrop Grumman have rallied 24.6% against the industry’s decline of 39.1%.Image Source: Zacks Investment ResearchZacks RankNorthrop Grumman currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 Northrop Grumman Corporation (NOC): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report CurtissWright Corporation (CW): Free Stock Analysis Report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 18th, 2022

Semiconductor Stocks Are Climbing

In his Daily Market Notes report to investors, while commenting on semiconductor stocks, Louis Navellier wrote: Finally an across-the-board rally. Stock futures surged overnight, with the S&P rising from Monday’s close of 4,008 to 4,086 and only giving back a little before the market opened as Shanghai announces “zero Covid”. The VIX has been dropping […] In his Daily Market Notes report to investors, while commenting on semiconductor stocks, Louis Navellier wrote: Finally an across-the-board rally. Stock futures surged overnight, with the S&P rising from Monday’s close of 4,008 to 4,086 and only giving back a little before the market opened as Shanghai announces “zero Covid”. The VIX has been dropping since Friday morning from 34 and is now below 27 which lends support from options trading. This strength is despite rising oil prices with WTI now north of $112/bbl and natural gas well above $8/mcf. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Interest rates are higher across the yield curve with the U.S. 10-year up 7bps to 2.95% and the 2yr up 9bps to 2.66%.  The U.S. dollar finally cooled off a bit. Crypto is up modestly as is gold. Rising Semiconductor Stocks Semiconductor stocks are climbing with Advanced Micro Devices, Inc. (NASDAQ:AMD) +3% on an upgrade from Piper, Nvidia (NASDAQ:NVDA) +3%, Qualcomm (NASDAQ:QCOM) +2% as is Micron (NASDAQ:MU). U.S. retail sales for April came in as expected at +0.9% easing fears of a consumer pullback. Walmart (NYSE:WMT) announced premarket with a miss on the bottom line and a guide down on full-year profitability due to cost issues. The shares are down 6%.  Home Depot (NYSE:HD) beat top and bottom and reaffirmed guidance and the shares are up 4%. Warren Buffet continues to influence, revealing a $3 billion position in Citigroup (NYSE:C) with the shares rising nearly 5% on the news. Likewise, Berkshire revealed a $2.6B position in Paramount Global (NASDAQ:PARA) with the shares jumping 10%.  United Airlines (NASDAQ:UAL) guided to higher 2nd quarter demand, creating a rally in multiple travel stocks. Bargain Shopping This afternoon, Jerome Powell will speak on the Fed's plans to address inflation at a WSJ conference which will be listened to closely.  Overall, the market is bargain shopping beaten down names, as an actual recession still seems unlikely in 2022 while at the same time sentiment remains quite bearish after so many down weeks in a row. The weakness in China still threatens 2nd quarter results for many companies while at the same time the eventual reopening from their Covid lockdowns promises a rebound in global logistics issues and demand. Retracement On Strength Inflation and the Fed's efforts to subdue it remain the leading concern, but with investors' cash levels high and stagflation fears already well established the market is poised for a meaningful retracement on any signs of strength or a reduction of the current challenges. It will take a few days in a row of strength to persuade more cautious investors that today is not a bear rally, but the trend has certainly improved in the last 3 days and gives hope to more bullish investors that a bottom may finally be forming.  Coffee Beans Cars still dominate the American commute. 76 percent of American commuters use their own car to move between home and work, making it by far the most popular mode of transportation. Meanwhile, only 11 percent use public transportation while 10 percent ride their bike. Source: Statista. See the full story here. Updated on May 17, 2022, 12:56 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkMay 17th, 2022

METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2022 AND PROVIDES ASSET UPDATES

(All dollar amounts are in United States dollars unless otherwise indicated) TSXV:  MTA NYSE American: MTA VANCOUVER, BC, May 13, 2022 /PRNewswire/ - Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (TSXV:MTA) (NYSE:MTA) announces its operating and financial results for the three months ended March 31, 2022. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2022, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com. Brett Heath, President, and CEO of Metalla, commented, "The first quarter of 2022 we focused on increasing our near-term cash flow with the amendment to the Beaufor royalty that is expected to be in production in the second half of 2022.  We also expect El Realito, which is part of Angico Eagle's La India mine, to start producing in the second half of 2022, which will increase our producing royalties to seven total.  Although the market continues to be volatile, we believe Metalla's asset base, and growth profile position the Company to have continued success."  FINANCIAL HIGHLIGHTS During the three months ended March 31, 2022, and the subsequent period up to the date of this news release, the Company: Amended an existing 1.0% NSR royalty on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor").  In consideration for $1.0 million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the Net Smelter Returns ("NSR") royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of Beaufor. Payments under this NSR royalty will now begin upon initial production from the property. for the three months ended March 31, 2022, received or accrued payments on 724 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,835 and an average cash cost of $5 per attributable GEO (see non-IFRS Financial Measures); for the three months ended March 31, 2022, generated operating cash margin of $1,830 per attributable GEO, from the Wharf, Joaquin and COSE royalties, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), the Higginsville derivative royalty asset, and other royalty interests (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized revenue from royalty and stream interests of $0.7 million, net loss of $2.2 million, and adjusted EBITDA of less than $0.1 million (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $0.6 million (see non-IFRS Financial Measures); on May 14, 2021, announced the establishment of an at-the-market program (the "2021 ATM Program") with a syndicate of agents. Under the 2021 ATM Program the Company may distribute up to $35.0 million (or the equivalent in Canadian dollars) in common shares of the Company. From inception to March 31, 2022, the Company distributed 1,970,608 common shares under the 2021 ATM Program at an average price of $8.19 per share for gross proceeds of $16.1 million, with aggregate commissions paid or payable and other share issue costs of $0.9 million, resulting in aggregate net proceeds of $15.2 million.  For the three months ended March 31, 2022, the Company distributed 348,443 common shares under the 2021 ATM Program at an average price of $6.88 per share for gross proceeds of $2.4 million, with aggregate commissions paid or payable and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $2.2 million. As of the date of this news release, the Company has distributed a total of 1,990,778 common shares under the 2021 ATM program for gross proceeds of $16.3 million; and On May 12, 2022, the Company filed a new final short form base shelf prospectus and a corresponding registration statement on Form F-10 that are intended to replace the base shelf prospectus and Form F-10 registration statement previously filed by the Company in 2020, and to enhance the Company's financial flexibility. In connection with this transition, the Company terminated its 2021 ATM Program. ASSET UPDATES Wharf Royalty On May 4, 2022, Coeur Mining Inc. ("Coeur") reported first quarter production of 17.7 Koz gold at 0.78 g/t gold, in line with the 70-80 Koz full year guidance for Wharf disclosed by Wharf on February 16, 2022. During the quarter, one reverse circulation ("RC") drill rig continued to infill targets at the Portland-Ridge-Boston claim group and at the Flossie area, results are pending.  On February 16, 2022, Coeur reported that Wharf's updated Proven and Probable Reserves totaled 852 Koz at 0.73 g/t. Total Measured and Indicated Resources were reported at 412 Koz at 0.63g/t with an Inferred Resource estimate of 90 Koz at 0.75 g/t. In addition, Coeur reported in their Q4 2021 financial statements, an updated mine life of 8 years for Wharf. Additionally, Coeur reported the continued exploration success at Wharf where a total of 6,625 meters of drilling was completed in the Portland Ridge – Boston claim group, Flossie and Juno areas. Coeur spent $4 million on exploration at the mine in 2021, its largest since acquiring the asset in 2015. Metalla holds a 1.0% GVR royalty on the Wharf mine. Higginsville Royalty On April 20, 2022, Karora Resources Inc. ("Karora") reported first quarter production of 27,489 ounces of gold from its Higginsville Gold Operations ("Higginsville") and Beta Hunt mines, in line with 2022 production guidance of 110-135 Koz gold announced by Karora on February 7, 2022. Metalla holds a 27.5% PPR royalty interest on the difference between the London PM fix gold price and A$1,340/oz on the first 2.5 Koz per quarter until a cumulative total of 34.0 Koz of gold at the Higginsville operation have been delivered. As at March 31, 2022, 16.6 Koz of gold had been delivered. New Luika Silver Stream On April 26, 2022, Shanta Gold Limited ("Shanta") reported that it produced 11,408 ounces of gold at its NLGM in Tanzania in the first quarter of 2022. On July 19, 2021, Shanta announced a new mine plan for NLGM, where average annual production is expected to be 73.6 Koz gold with the potential to extend mine life beyond 2026 through conversion of significant known resources and the expanded 2,450 tpd mill throughput. Shanta expects total gold production from NLGM for the five-year plan to total 368 Koz from both open pit and underground mine sources from the mining license. Shanta outlined that the resources presently sitting outside of the mine plan amounts to 552 Koz at 2.37 g/t gold at NLGM. Shanta has forecast production to be between 68-76 Koz in fiscal 2022. On February 1, 2022, Shanta reported that as of December 31, 2021, the Probable Reserves at NLGM stood at 404 Koz at 3.05 g/t gold, the Measured Resources were 105 Koz at 4.94 g/t gold, the Indicated Resources were 707 Koz at 2.63 g/t gold, and the Inferred Resources were 296 Koz at 1.73 g/t gold. Metalla holds a 15% interest in Silverback Ltd., whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price. Côté-Gosselin On May 3, 2022, IAMGOLD Corporation ("IAMGOLD") reported that construction had reached 49% completion at the Côté Gold Project. It also reported completion in the first quarter of 2022 of approximately 4,300 meters of the 16,000 meter drill program is planned in 2022 to further delineate and expand the Gosselin mineral resources and test selected targets along the deposit corridor. On January 27, 2022, IAMGOLD released assay results that extended the Gosselin Zone outside of the recent mineral resource estimate, significant highlights include 0.78 g/t gold over 355.5 meters, 2.05 g/t gold over 256 meters, 0.55 g/t gold over 357.5 meters and 0.7 g/t gold over 173 meters. Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté reserves and resources estimate and covers all of the Gosselin resource estimate. Castle Mountain Castle Mountain is slated to become one of Equinox Gold's ("Equinox") largest assets. Metalla's 5.0% NSR royalty covers the South Domes portion of the deposit which will be part of the Phase 2 expansion slated to begin in 2026. On May 3, 2022, Equinox announced exploration at Castle Mountain in the first quarter included 7,948 meters of RC drilling across the South dump area to assess the continuity and distribution of grade. Equinox also completed 1,448 meters of RC drilling in the area between the JSLA and South Domes pits. Equinox also announced that in March 2022 it had submitted applications to amend existing permits to accommodate the Phase 2 expansion. On February 24, 2022, Equinox announced they expect to spend $7 million for Phase 2 permitting, optimization studies and metallurgical test work and nearly $2 million for exploration. Metalla holds a 5.0% NSR Royalty on the South Domes area of the Castle Mountain mine. Garrison On May 11, 2022, Moneta Gold Inc. ("Moneta") released an updated resource estimate for the Tower Gold project, including 4.27 Moz gold in the Indicated category and 7.5 Moz gold in the Inferred category. Moneta plans to complete a Preliminary Economic Assessment on the project scheduled for completion later in the second quarter of 2022. The Garrison deposit forms part of the Tower project and is comprised of three zones, Garrcon, Jonpol, and 903. At Garrcon, the open pit Indicated Resource is 841 Koz at 1.02 g/t gold with an Inferred Resource of 15Koz at 0.67 g/t gold, the underground portion has an Indicated Resource of 87 Koz at 5.08 g/t gold with an Inferred Resource of 120 Koz at 4.98 g/t gold. The Jonpol zone has an Indicated Resource of 297 Koz at 1.4 g/t gold and an Inferred Resource of 114 Koz at 0.99 g/t gold. The 903 zone has an Indicated Resource of 610 Koz at 1.01 g/t gold and an Inferred Resource of 600 Koz at 0.74 g/t gold. The Garrison starter pit now has an Indicated Resource of 1.75 Moz at 1.07 g/t gold. Moneta is slated to release a PEA in June of 2022. On March 24, 2022, Moneta released the results of significant step out gold mineralization at the Garrcon pit comprising the Garrison project which confirmed mineralization over a strike length of ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 13th, 2022

METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2022 AND PROVIDES ASSET UPDATES

(All dollar amounts are in United States dollars unless otherwise indicated) TSXV:  MTA NYSE American: MTA VANCOUVER, BC, May 13, 2022 /CNW/ - Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (TSXV:MTA) (NYSE:MTA) announces its operating and financial results for the three months ended March 31, 2022. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2022, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com. Brett Heath, President, and CEO of Metalla, commented, "The first quarter of 2022 we focused on increasing our near-term cash flow with the amendment to the Beaufor royalty that is expected to be in production in the second half of 2022.  We also expect El Realito, which is part of Angico Eagle's La India mine, to start producing in the second half of 2022, which will increase our producing royalties to seven total.  Although the market continues to be volatile, we believe Metalla's asset base, and growth profile position the Company to have continued success."  FINANCIAL HIGHLIGHTS During the three months ended March 31, 2022, and the subsequent period up to the date of this news release, the Company: Amended an existing 1.0% NSR royalty on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor").  In consideration for $1.0 million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the Net Smelter Returns ("NSR") royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of Beaufor. Payments under this NSR royalty will now begin upon initial production from the property. for the three months ended March 31, 2022, received or accrued payments on 724 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,835 and an average cash cost of $5 per attributable GEO (see non-IFRS Financial Measures); for the three months ended March 31, 2022, generated operating cash margin of $1,830 per attributable GEO, from the Wharf, Joaquin and COSE royalties, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), the Higginsville derivative royalty asset, and other royalty interests (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized revenue from royalty and stream interests of $0.7 million, net loss of $2.2 million, and adjusted EBITDA of less than $0.1 million (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $0.6 million (see non-IFRS Financial Measures); on May 14, 2021, announced the establishment of an at-the-market program (the "2021 ATM Program") with a syndicate of agents. Under the 2021 ATM Program the Company may distribute up to $35.0 million (or the equivalent in Canadian dollars) in common shares of the Company. From inception to March 31, 2022, the Company distributed 1,970,608 common shares under the 2021 ATM Program at an average price of $8.19 per share for gross proceeds of $16.1 million, with aggregate commissions paid or payable and other share issue costs of $0.9 million, resulting in aggregate net proceeds of $15.2 million.  For the three months ended March 31, 2022, the Company distributed 348,443 common shares under the 2021 ATM Program at an average price of $6.88 per share for gross proceeds of $2.4 million, with aggregate commissions paid or payable and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $2.2 million. As of the date of this news release, the Company has distributed a total of 1,990,778 common shares under the 2021 ATM program for gross proceeds of $16.3 million; and On May 12, 2022, the Company filed a new final short form base shelf prospectus and a corresponding registration statement on Form F-10 that are intended to replace the base shelf prospectus and Form F-10 registration statement previously filed by the Company in 2020, and to enhance the Company's financial flexibility. In connection with this transition, the Company terminated its 2021 ATM Program. ASSET UPDATES Wharf Royalty On May 4, 2022, Coeur Mining Inc. ("Coeur") reported first quarter production of 17.7 Koz gold at 0.78 g/t gold, in line with the 70-80 Koz full year guidance for Wharf disclosed by Wharf on February 16, 2022. During the quarter, one reverse circulation ("RC") drill rig continued to infill targets at the Portland-Ridge-Boston claim group and at the Flossie area, results are pending.  On February 16, 2022, Coeur reported that Wharf's updated Proven and Probable Reserves totaled 852 Koz at 0.73 g/t. Total Measured and Indicated Resources were reported at 412 Koz at 0.63g/t with an Inferred Resource estimate of 90 Koz at 0.75 g/t. In addition, Coeur reported in their Q4 2021 financial statements, an updated mine life of 8 years for Wharf. Additionally, Coeur reported the continued exploration success at Wharf where a total of 6,625 meters of drilling was completed in the Portland Ridge – Boston claim group, Flossie and Juno areas. Coeur spent $4 million on exploration at the mine in 2021, its largest since acquiring the asset in 2015. Metalla holds a 1.0% GVR royalty on the Wharf mine. Higginsville Royalty On April 20, 2022, Karora Resources Inc. ("Karora") reported first quarter production of 27,489 ounces of gold from its Higginsville Gold Operations ("Higginsville") and Beta Hunt mines, in line with 2022 production guidance of 110-135 Koz gold announced by Karora on February 7, 2022. Metalla holds a 27.5% PPR royalty interest on the difference between the London PM fix gold price and A$1,340/oz on the first 2.5 Koz per quarter until a cumulative total of 34.0 Koz of gold at the Higginsville operation have been delivered. As at March 31, 2022, 16.6 Koz of gold had been delivered. New Luika Silver Stream On April 26, 2022, Shanta Gold Limited ("Shanta") reported that it produced 11,408 ounces of gold at its NLGM in Tanzania in the first quarter of 2022. On July 19, 2021, Shanta announced a new mine plan for NLGM, where average annual production is expected to be 73.6 Koz gold with the potential to extend mine life beyond 2026 through conversion of significant known resources and the expanded 2,450 tpd mill throughput. Shanta expects total gold production from NLGM for the five-year plan to total 368 Koz from both open pit and underground mine sources from the mining license. Shanta outlined that the resources presently sitting outside of the mine plan amounts to 552 Koz at 2.37 g/t gold at NLGM. Shanta has forecast production to be between 68-76 Koz in fiscal 2022. On February 1, 2022, Shanta reported that as of December 31, 2021, the Probable Reserves at NLGM stood at 404 Koz at 3.05 g/t gold, the Measured Resources were 105 Koz at 4.94 g/t gold, the Indicated Resources were 707 Koz at 2.63 g/t gold, and the Inferred Resources were 296 Koz at 1.73 g/t gold. Metalla holds a 15% interest in Silverback Ltd., whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price. Côté-Gosselin On May 3, 2022, IAMGOLD Corporation ("IAMGOLD") reported that construction had reached 49% completion at the Côté Gold Project. It also reported completion in the first quarter of 2022 of approximately 4,300 meters of the 16,000 meter drill program is planned in 2022 to further delineate and expand the Gosselin mineral resources and test selected targets along the deposit corridor. On January 27, 2022, IAMGOLD released assay results that extended the Gosselin Zone outside of the recent mineral resource estimate, significant highlights include 0.78 g/t gold over 355.5 meters, 2.05 g/t gold over 256 meters, 0.55 g/t gold over 357.5 meters and 0.7 g/t gold over 173 meters. Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté reserves and resources estimate and covers all of the Gosselin resource estimate. Castle Mountain Castle Mountain is slated to become one of Equinox Gold's ("Equinox") largest assets. Metalla's 5.0% NSR royalty covers the South Domes portion of the deposit which will be part of the Phase 2 expansion slated to begin in 2026. On May 3, 2022, Equinox announced exploration at Castle Mountain in the first quarter included 7,948 meters of RC drilling across the South dump area to assess the continuity and distribution of grade. Equinox also completed 1,448 meters of RC drilling in the area between the JSLA and South Domes pits. Equinox also announced that in March 2022 it had submitted applications to amend existing permits to accommodate the Phase 2 expansion. On February 24, 2022, Equinox announced they expect to spend $7 million for Phase 2 permitting, optimization studies and metallurgical test work and nearly $2 million for exploration. Metalla holds a 5.0% NSR Royalty on the South Domes area of the Castle Mountain mine. Garrison On May 11, 2022, Moneta Gold Inc. ("Moneta") released an updated resource estimate for the Tower Gold project, including 4.27 Moz gold in the Indicated category and 7.5 Moz gold in the Inferred category. Moneta plans to complete a Preliminary Economic Assessment on the project scheduled for completion later in the second quarter of 2022. The Garrison deposit forms part of the Tower project and is comprised of three zones, Garrcon, Jonpol, and 903. At Garrcon, the open pit Indicated Resource is 841 Koz at 1.02 g/t gold with an Inferred Resource of 15Koz at 0.67 g/t gold, the underground portion has an Indicated Resource of 87 Koz at 5.08 g/t gold with an Inferred Resource of 120 Koz at 4.98 g/t gold. The Jonpol zone has an Indicated Resource of 297 Koz at 1.4 g/t gold and an Inferred Resource of 114 Koz at 0.99 g/t gold. The 903 zone has an Indicated Resource of 610 Koz at 1.01 g/t gold and an Inferred Resource of 600 Koz at 0.74 g/t gold. The Garrison starter pit now has an Indicated Resource of 1.75 Moz at 1.07 g/t gold. Moneta is slated to release a PEA in June of 2022. On March 24, 2022, Moneta released the results of significant step out gold mineralization at the Garrcon pit comprising the Garrison project which confirmed mineralization over a strike length of 750 meters and width of 500 meters beyond the current Garrison project resource. Significant intercepts from recent drilling include 3.05 g/t gold over 67 meters, 1.17 g/t gold over 62.45 meters and 1.26 g/t gold ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 13th, 2022

Helios Fairfax Partners Corporation: First Quarter Financial Results

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are prepared using the recognition and measurement requirements of International Financial Reporting Standards, except as otherwise noted, and are unaudited.) TORONTO, May 13, 2022 (GLOBE NEWSWIRE) -- Helios Fairfax Partners Corporation (TSX:HFPC) announces a net loss of $2.9 million in the first quarter of 2022 ($0.03 net loss per diluted share), compared to a net loss of $11.1 million in the first quarter of 2021 ($0.10 net loss per diluted share). The decrease in net loss primarily reflected increased interest and dividend income, decreased performance fees, and a non-recurring loss on uncollectible receivables that occurred in the first quarter of 2021, offset by increased general and administrative expenses and interest expense. Highlights for 2022 included the following: Net change in unrealized losses on investments of $12.5 million was principally comprised of decreases in the fair value of the company's investments in Indirect equity interest in AFGRI ($4.2 million), TopCo Class B Limited Partnership Interest ($3.8 million), Philafrica Common Shares ($3.6 million), TopCo LP Class A units ($2.6 million), and GroCapital Holdings ($1.8 million). This was partially offset by net change in unrealized losses on the company's investment in Other Common Shares ($3.2 million). The company reported net foreign exchange gains of $12.7 million. At March 31, 2022 common shareholders' equity was $588.7 million, or book value per share of $5.44 with 108,193,763 shares outstanding, compared to $591.9 million, or book value per share of $5.47 with 108,259,645 shares outstanding, at December 31, 2021, a decrease of less than 1.0%. There were 108.2 million and 109.1 million weighted average shares outstanding during the first quarters of 2022 and 2021 respectively. At March 31, 2022 there were 52,740,898 subordinate voting shares and 55,452,865 multiple ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 13th, 2022

The 38 best gifts for college and high school graduates, from nostalgic decor to tech they"ll thank you for later

Graduating from college and high school means lots of new responsibilities under a potentially tight budget. Here are useful gifts for a graduate. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.Graduating from college and high school means lots of new responsibilities under a potentially tight budget. Here are useful gifts for a graduate.Grafomap; AmazonBoth recent college and high school grads are likely feeling all the joy and sadness that habitually comes along with one life chapter ending and another opening up. With new jobs and living arrangements comes a host of exciting opportunities and responsibilities to navigate. But it doesn't necessarily come with the ideal budget.Family members and friends can celebrate their graduate's accomplishments while also selecting gifts that make the next few foundational years a little easier to acclimate to. Below are 38 thoughtful, useful graduation gifts for the Class of 2022.The 38 best graduation gift ideas in 2022:A tablet for Netflix and surfing the webAppleGift an Apple iPad, available at Amazon, $309Since a number of companies give their employees work computers, it's not totally necessary to get one's own. But for streaming Netflix or surfing the web at home, an iPad can be a budget-friendly alternative that better suits their lifestyle. We think the 2022 standard iPad is ideal for general-purpose use, and it's surprisingly affordable. You can read more in our buying guide for the best iPads in 2022 for every need and budget.A commemorative map of their college town, hometown, or study abroad cityGrafomapGift a customized Grafomap poster, available on Grafomap, from $52Commemorate their college town, hometown, or favorite place in the world with this customizable graphic map so they can keep it with them wherever life takes them.Nice noise-canceling headphonesAntonio Villas-Boas/Business InsiderGift a pair of Sony WH-1000XM4, available at Amazon, from $348Sony's WH-1000XM4 are our favorite noise-canceling headphones for their balance of sound quality, noise cancellation, and comfort, making them a great pick for long commutes, focusing during work, or relaxing.They're also one of the items featured in our list of the All-Time Best products we've tested.A beautiful bouquetUrban StemsGift a bouquet, available at Urban Stems, from $45Send flowers to your graduate — whether you're sending them in lieu of being there yourself or as a supplement a digital gift or card. We highly recommend UrbanStems; the company's bouquets are one of the best items we've ever tested. If you're looking for something that won't be gone after a couple of weeks, you'll also find options for potted plants and low-maintenance dried bouquets.A sleek smart mug that keeps their drinks hotAmazonGift the Ember Smart Mug, available at Amazon, $149.95This mug will control the temperature of their coffee or tea, so they won't have to reheat or dump it out every few hours. A former teammate called the Ember "life-changing."You can also buy a travel-friendly version.A luxe leather messenger bagLeatherologyGift the Henderson Laptop Brief Bag, available at Leatherology, $300Leatherology makes luxe leather goods and delivers them in gift-wrapped boxes. This laptop brief bag is one they can own for many years, and it's a luxe step-up from the backpacks of their past. You'll find a few more budget-friendly options at Herschel Supply Co.School spirit gearFanaticsGift college gear, from Fanatics, from $27.99Get them excited for their college days or commemorate them with a wearable bit of school spirit. Fanatics is full of clothing, hats, bags, balls, games, and drinkware for NCAA schools. Your grad will be able to spot a fellow alum from miles away.A funny, thoughtful cardEtsyGift a card, available at Etsy, $5.95Grab a funny, sweet card and use it to tell them how proud you are of them.A nice bottle of bubblyCrystal Cox/Business InsiderGift a bottle of Veuve Clicquot, available at Drizly, $62.70If they drink (and are old enough to drink), send them a nice bottle of bubbly to celebrate their big achievement. Drizly will deliver it for you.A gift card for crisp, luxe sheetsBrooklinenGift a Brooklinen gift card, from $50Your graduate may appreciate an upgrade in bedding to match their new chapter or their new space, whether it's their first adult apartment or a dorm.Brooklinen is a common recommendation for us — you get premium, can't-wait-to-go-to-bed bedding at relatively affordable prices. Read our Brooklinen sheets review here.A slim Fitbit with plenty of featuresFitbitGift the Fitbit Inspire 2, available at Amazon, $82.74Fitbit's affordable Inspire 2 tracker has no shortage of useful features to keep someone informed about their physical activity — tracking calorie burn, resting heart rate, and heart rate zones. It's also one of the least expensive Fitbit models.You can find our ranking of the best Fitbits here.A must-read financial guide bookWorkman PublishingGift "I Will Teach You to Be Rich," available at Amazon, $12.87Good news for your grad: they can buy as many lattes as they want. They just need to choose the right accounts and investments so their money automatically grows for them.Libby Kane, Insider's Executive Editor for Personal Finance, says she regularly buys a new copy of this book just to give away, and it's an excellent introduction to making the most of your personal finances — especially if your graduate is young or new to managing money.Delicious goodies from a famous NYC bakeryMilk BarGift the Milk Bar goodies, available at Milk Bar, from $24Milk Bar cakes are one of our go-to gifts to send to friends and family — especially when we can't celebrate with them in person. We love their classic flavors as well as the limited-edition stuff, too. You can find a review of the Milk Bar cakes here. It's also one of the Insider Reviews All-Time Best products.A planner that helps map out long-term goalsBest Self Co.Gift the Best Self Co. Journal, available at Amazon, $31.99The Best Self Co. Journal helps people map out their five- or 10-year plans in a tangible, easily managed way. It's a nice way to provide growth and direction after graduation, whether your graduate is on their way to college, a new job, traveling, or anything else.A great streaming deviceRokuGift the Roku Ultra 3, available at Amazon, $179.99The Roku Ultra 3 stands out from other streaming device options thanks to its 4K and HDR support, speed, reliability, and large library of streaming services (Netflix, HBO Max, Rakuten Viki, etc.). Plus, if your graduate wants to watch TV on the big screen without disturbing anyone, it comes with headphones for private listening.Read the full review of the Roku Ultra 2020 here.A framed photo of their friends or favorite memoriesFramebridgeGive a framed photo, available at Framebridge, from $45Most of us appreciate some nostalgia. Since your graduate may not feel like investing in a nice frame, frame a photo of their friends or some of their favorite memories from school or home, so they can take them anywhere.A nice business card holderLeatherologyGift the Leatherology Business Card Case, available at Leatherology, $45 (+$10 for monogramming)If they're entering a new career, they can hold their business cards in this polished cardholder. You can even opt to get it monogrammed, and it'll arrive ready in a gift box.Healthier cereal that tastes like childhoodMagic Spoon cerealMagic SpoonGift Magic Spoon Cereal, available at Magic Spoon, from $29.25Magic Spoon tastes like the sugary cereal some of us daydreamed about as kids, but it's high in protein and low in carbohydrates. A childlike cereal for grown-ups is a fun gift and makes the transition to full-time adult a bit easier.You can find a full Magic Spoon review here.An office-ready blazerOf MercerGift the Prince Blazer, available at Of Mercer, $248A nice, reliable blazer that can be worn for everything from interviews to days in the office (if that's what your graduate's next chapter includes) is a classic wardrobe staple.Or, if you'd rather leave the decision-making up to them, give them a gift card to a store like Everlane, Banana Republic, J. Crew, Nordstrom, or Universal Standard so they can shop for their own post-graduate clothing.A gift card for the nights when they want an Uber homeReutersGift an Uber gift card, from $25Whether they're heading into a new college town, starting a new job, or taking a gap year, there will be nights when it's more convenient or safer for them to Uber home. Make it an easier decision with a gift card for a ride home.An excellent cookbook that’s tailored to beginnersAmazonGift "How to Cook Everything: Simple Recipes for Great Food," available at Amazon, $18.97Lots of graduates enter this new chapter with little cooking know-how. Mark Bittman's cookbook, which teaches the basics in a fun, digestible way for newcomers is one of the best gifts you can give for people who don't want to solely rely on takeout.It even has a list of ingredients they might have in their fridge already — and recipes to make with them. We're personally big fans of the "How to Cook Everything" cookbook.A reliable, convenient suitcaseAwayGift The Carry-On, available at Away, $275An Away suitcase is a particularly thoughtful gift for grads living far from home or planning future travel. The cult-favorite luggage has an ejectable external battery that charges devices easily on the go, 360-degree wheels for no-hassle travel, and weighs only 7.6 pounds. Throw in packing cubes if you really want to go the extra mile.Read our full review of Away suitcases here.A French press your graduate can rely uponAmazonGift the Bodum Chambord French Press, available at Amazon, $25.99If their new job or college major requires lots of early mornings, they'll probably appreciate a good cup of coffee. We love the Bodum Chambord French Press; it's timeless, compact, easy to operate, and entirely unfussy. It's also affordable — so they don't need to be too precious with it.You can find all our favorite French presses here, though this is our number one pick.A Disney+ membershipDisneyGift a Disney Plus membership, $7.99 per monthWe all occasionally want a break from being a grownup — and Disney Plus is a good place to do it. Disney Plus lets subscribers stream movies and shows from Disney, Pixar, Marvel, and more. You can also bundle it with Hulu and ESPN+.An air fryer to make fast, delicious mealsTargetGift the Premium Airfryer XXL, available at Philips, $349.95There's a reason people seem obsessed with air fryers recently. They're exceptionally convenient and can whip up everything from salmon and veggies to French toast sticks.Shop our pick for the best air fryer, which heats up within seconds and turns out evenly crispy food with greater efficiency than an oven. If you're looking for something at a lower budget, we've got recommendations for that, too.A nice suitIndochinoGift an Indochino Gift Card, from $50Suits — especially the nicer ones — are a large yet ultimately useful expense for most masculine dressers, even if it's only for special occasions rather than an everyday job. This is one gift your graduate will likely wear for years to come — and something they will likely need before they have the budget to afford it.A gift card for ordering takeoutXanderSt/ShutterstockGift a GrubHub gift card, from $25They may not have the energy to cook every night after work or classes. Get them a gift card for the impending evenings in which takeout feels essential.A travel-friendly speaker for listening to musicAmazonGift the Sonos Move, available at Amazon, $399We think the Sonos Move is one of the best Bluetooth speakers you can buy. It has excellent sound quality, a good battery life that can last up to 11 hours on the go, and convenient smart features such as connecting to smart assistants from Amazon and Google. It'll be useful for travel or for listening to music at home.A cute, compact memento of schoolUncommon GoodsGift the College Dish Towel, available at Uncommon Goods, from $14.99If they've just graduated from college, send them into their next chapter with a memento of their alma mater. We love this dish towel because it still leaves the major decor decisions up to the graduate. Plus, they'll use it frequently.A facial cleansing brush that gets rid of grime gentlyForeoGift the FOREO Luna 3, available at FOREO, $199Foreo cleansing brushes are also one of the Insider Reviews All-Time Best products. The company claims it removes up to 99.5% of dirt and oil and gently buffs away dead skin cells, and both female and male reporters on our team loved the results. On top of being waterproof, rechargeable, and made from bacteria-resistant silicone, it leaves skin feeling clean and rejuvenated (like it's just had a mini massage). Timeless advice on how to lead a compassionate lifeAmazonGift "This Is Water," available at Amazon, $8.69David Foster Wallace's "This Is Water" is a 2005 commencement speech he gave graduates at Kenyon College. In it, he discusses life's many inconveniences, challenges, and irritations — and how we might adopt a perspective that allows us to lead more compassionate, meaningful lives. A gift card to keep them activeClassPassGift a ClassPass gift card, from $50No matter what their work schedule looks like, it's important that your graduate still gets healthy exercise. Lower the barrier to entry and gift them a ClassPass gift card. With it, they can try tons of boutique fitness classes in their area — or, if they need to unwind, meditation sessions or spa days.An excellent, personalized coffee subscriptionTrade Coffee CompanyGift the Trade Coffee Subscription, available at Trade, from $40If they like a great cup of coffee, they'll enjoy Trade. The coffee subscription service has a huge variety of coffee, and it's easy to customize based on their tastes. We ranked it as the best coffee subscription service you can join.If they're a tea drinker, we'd also recommend checking out an Atlas Tea Club subscription.Groceries delivered to their doorThiago Prudencio/SOPA Images/LightRocket via Getty ImagesGift an InstaCart gift card, from $25Starting a new chapter can be exhausting, and they may be pulling long hours studying or working. We recommend a gift card to Blue Apron (our top pick for meal kits) or Instacart (our top pick for online grocery services) to do their grocery shopping for them. Both will show up at their doorstep.A smart reusable notebookAmazonGift the Rocketbook, available at Amazon, $28.97If your graduate goes through notebook after notebook, this reusable option offers a long-lasting solution. They can use the included pen to take notes, scan each page with an accompanying app to save the pages digitally, and then wipe away the notes to use the same page over and over again.A membership to a meditation appHeadspaceHeadspaceGift a membership to Headspace, available at Headspace, $69.99 per yearGive them the gift of a meditation app that can help give them the tools to destress, practice mindfulness (which has positive effects on personal happiness), and possibly improve their focus. A toolkit they will undoubtedly need in "real life"AmazonGift a 148-Piece Tool Kit, available at Amazon, $29.99After graduation, the stress of a first apartment will include putting together furniture, Googling how to fix leaky faucets when your landlord avoids your calls, and enticing your friends to help you mount your living room TV with pizza. A toolbox may not be the most strictly "fun" gift, but it will absolutely be necessary — and they'll appreciate it for years to come.A gift card to decorate their home as they chooseTargetGift a Target gift card, from $5Gift a The Container Store gift card, from $25Pick up a gift card to a store with affordable home goods such as Target or the Container Store so your graduate can organize and decorate their new space with less stress.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 13th, 2022

Lassonde Industries Inc. announces its Q1 2022 results

ROUGEMONT, QC, May 13, 2022 /CNW Telbec/ - Lassonde Industries Inc. (TSX:LAS) ("Lassonde" or the "Corporation") posted sales of $509.0 million in the first quarter of 2022, up 9.1% year over year. The Corporation's operating profit for the first quarter of 2022 totalled $22.4 million, down from $31.4 million in the same quarter last year. Excluding $2.4 million in expenses related to the multi-year strategy discussed below, operating profit was down $6.6 million. The 2022 first‑quarter profit attributable to the Corporation's shareholders totalled $14.8 million, down $5.3 million year over year. Financial highlights (in thousands of $) First quarters ended April 2, 2022 April 3, 2021 Sales $ 509,047 $ 466,794 Operating profit 22,419 31,382 Profit before income taxes 20,216 27,722 Profit attributable to the Corporation's shareholders 14,789 20,090 Basic and diluted earnings per share (in $) $ 2.14 $ 2.90 Note: These are financial highlights only. Management's Discussion and Analysis, the unaudited interim condensed consolidated financial statements and notes thereto for the quarter ended April 2, 2022 are available on the SEDAR website at www.sedar.com and on the website of Lassonde Industries Inc. "First-quarter results reflect the strength of our national brand products across North America. We increased our sales volume and selling price adjustments allowed us to offset inflationary pressures on the cost of our inputs. However, additional increases in transportation costs incurred to deliver products to clients had a negative impact on our profitability. During the first quarter, we launched our multi-year strategy, and I am fully confident that the initiatives put forward will be beneficial for our clients while creating further value for our shareholders," said Nathalie Lassonde, Chief Executive Officer and Vice-Chair of the Board of Directors of Lassonde Industries Inc. "I am confident that our recently announced investments will enable us to further strengthen our leadership position in the juice and drink industry and improve the Corporation's performance over the long term. A key early priority includes the revitalization of our U.S. business by improving our production costs and capabilities while also fortifying our leadership in Canada with the investment in a new aseptic production line. We have a talented and dedicated team that proudly live our values every day and these efforts will continue to provide them the tools required to drive long profitable growth and value to our customers," added Vincent R. Timpano, President and Chief Operating Officer of Lassonde Industries Inc.  Multi-Year Strategy In the "Outlook" section of its 2021 annual MD&A, the Corporation announced the launch of a multi-year strategy to drive long-term value, accelerate growth, as well as improve overall margins and profitability. In 2022, this strategic initiative is expected to result in related operating expenses ranging between $10 million and $15 million. In addition, the initiative is supported by overall capital expenditures targeted at approximately $100 million in 2022, which represents approximately the double of historical levels. The ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 13th, 2022

Trust Stamp announces record revenue and gross profit for Q1 2022; revenue increases 430% over the same period last year

Atlanta, GA, May 13, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (NASDAQ:IDAI, Euronext Growth: AIID ID)), the Privacy-First Identity CompanyTM providing AI-powered trust and identity services used globally across multiple sectors, provides a business update and commentary on reported financial results for the three months ended March 31, 2022 ("Q1 2022"). First Quarter 2022 Financial Highlights: Net Revenue was $2.82M in Q1 2022 compared to $0.53M in Q1 2021, a 430.0% increase year-over-year Gross Profit was $2.13M in Q1 2022 compared to $0.27M in Q1 2021, a 673.8% increase year-over-year Gross Profit Margin for Q1 2022 was 75.4% compared to 51.6% for Q1 2021 Operating Loss decreased to $1.64M in Q1 2022 compared to $1.94M in Q1 2021 Net Profit Margin increased to -60.0% in Q1 2022 from -381.7% in Q1 2021 Net Loss was $1.69M in Q1 2022 compared to $2.03M in Q1 2021, a 16.7% decrease year-over-year Cash and Cash Equivalents were $5.84M in Q1 2022 compared with $3.48M as of December 31, 2021 Gareth Genner, Chief Executive Officer, comments: "We achieved record revenue of $2.82 million and gross profit of $2.13 million during Q1 2022, representing year-over-year increases of 430% and 674%, respectively. Trust Stamp has reported several significant developments over the past quarter as we delivered growth across the business, from our targeted suite of solutions and intellectual property portfolio to our earnings and client base. This strong financial and operational performance reflects Trust Stamp's ability to capture diversified market opportunities and grow existing commercial relationships to generate long-term revenue streams. Notably, we expanded upon an existing customer relationship within the government sector while increasing our scope of work with multiple Fortune 500 commercial clients in the financial services sector. Our technology has garnered interest across multiple government use cases in the United States and internationally, addressing pressing concerns around the privacy and security of legacy biometric implementations. Towards this end, Trust Stamp has made a significant investment in expanding our government-facing business development team and are in active discussions with several overseas governments. We continue to innovate through investment in research and development to expand and productize our portfolio of solutions, which has led to five patent issuances and nine new patent application filings in Q1. Trust Stamp's core technology delivers unparalleled security, utility, and privacy, at a fraction of the cost of traditional biometric solutions, driving commercial growth as we address cross-industry needs for fraud prevention, operational efficiency, and accessibility in digital services. We are notably pleased with the launch and commercial adoption of our next-generation Biometric Multi-Factor Authentication (Biometric MFATM) offering and Identity Orchestration Platform, which transforms secure digital operations across the identity lifecycle with seamless rapid deployment of custom workflows built on our range ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 13th, 2022

Condor Gold plc announces its unaudited results for the three months ended 31 March 2022

Condor Gold Plc ("Condor Gold", "Condor" or the "Company") LONDON, May 13, 2022 (GLOBE NEWSWIRE) -- Condor Gold ((AIM: CNR, TSX:COG) announces that it has today published its unaudited financial results for the three months ending 31 March 2022 and the Management's Discussion and Analysis for the same period. Both of the above have been posted on the Company's website www.condorgold.com and are also available on SEDAR at www.sedar.com. Highlights for the First Quarter of 2022: On March 10, 2022, the Company announced that all assay results have been received for an 8,004 m infill drilling programme on the fully permitted high-grade La Mestiza Open Pit Mineral Resource at La India Project. Advanced the technical studies needed for the completion of a Definitive Feasibility Study covering the La India open pit, the processing plant facility and location, tailings storage facility, waste dump locations, explosive magazine, power supply, surface hydrology, hydrogeology (dewatering the pit), geochemistry, metallurgy, environmental and social. Continued with acquisitions of land at the La India open pit and associated mine site infrastructure. To date, 99.6% of the core areas have been purchased. Site clearance of 14 hectares has been completed for the processing plant location, including areas for offices, warehouses, a stockpile and a buffer zone. Project finance discussions are underway with potential providers of project finance who have access to Condor's data room under confidentiality agreements. Further advanced compliance with the terms of the La India Environmental Permit to construct and operate the mine, including completion of additional technical and engineering studies. Mark Child, Chairman and CEO Commented: "During the first quarter, we continued to make significant progress on advancing the Feasibility Study for the La India open pit and associated mine site infrastructure. All technical studies undertaken at the Project level are complete. We are currently reviewing the metallurgical test work, geotechnical analysis and capital cost estimates. Additionally, we received the results from the 8,004 m infill drill program at the fully permitted high-grade Mestiza open pit. Although not included in the scope of our forthcoming Feasibility Study, we expect Mestiza to provide an additional high-grade ore source for the La India mill. Concurrently, we are finalizing our analysis of an updated Mineral Resource Estimate for La India Project, which is inclusive of a Mineral Reserve Estimate for the La India open pit. The geological model is consistent with our current best understanding. Lithologies, weathering and structures have been re-modelled from scratch with existing drilling, trenching and outcrops considered. In summary, the La India open pit including the associated mine site infrastructure is essentially construction ready and materially de-risked. The plan is to add the two fully permitted high grade feeder pits of Mestiza and America to the mine plan during the construction phase. The Feasibility Study on La India open pit is almost complete, the formal announcement will probably take us into Q3. It will put the Company in a position to pursue various project financing alternatives, some of which have already been initiated." CONDOR GOLD PLC CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFOR THE THREE MONTHS TO 31 MARCH 2022                           Three months to 31 March2022unaudited£   Three months to 31 March2021unaudited£ Revenue         -     -                   Administrative expenses         (668,134 )   (512,518 )                 Operating gain/(loss) Note 3       (668,134 )   (512,518 )                 Finance income         255     -                   Loss before income tax         (667,879 )   (512,518 )                 Income tax expense Note 4       -     -                   Gain/(loss) for the period         (667,789 )   (512,518 )                                 Other comprehensive income/(loss):               Write off of Minority Interest             -   Currency translation differences         664,824     (422,392 ) Other comprehensive income/(loss) for the period         664,824     (422,392 )                 Total comprehensive income/(loss) for the period         (3,055 )   (934,910 )                                 Gain/(loss) per share expressed in pence per share:               Basic and diluted (in pence) Note 7       (0.46 )   (0.41 )                                 CONDOR GOLD PLC CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 31 MARCH 2022                   As at 31March 2022unaudited£   As at 31December 2021audited£   As at 31March 2021unaudited£ ASSETS:             NON-CURRENT ASSETS             Property, plant and equipment   7,579,866     7,473,433     4,081,961   Intangible assets   29,634,986     28,100,980     22,623,998       37,214,852     35,574,413     26,705,959                 CURRENT ASSETS             Trade and other receivables   875,390     775,693     282,202   Cash and cash equivalents   408,028     2,072,046     6,278,947       1,283,418     2,847,739     4,723,800                 TOTAL ASSETS   38,498,270     38,422,152     33,267,108                 LIABILITIES:             CURRENT LIABILITIES             Trade and other payables   99,190     248,176     192,525                               TOTAL LIABILITIES   99,190     248,176     192,525                 NET CURRENT ASSETS   1,184,228     2,599,563     6,368,624                 NET ASSETS   38,399,080     38,173,976     33,074,583                               SHAREHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT             Called up share capital   Note 8  29,386,143     29,326,143     26,964,836   Share premium   42,534,627     42,528,627     38,700,439   Legal reserves   -.....»»

Category: earningsSource: benzingaMay 13th, 2022

Avcorp announces 2022 First Quarter Financial Results

VANCOUVER, BC, May 12, 2022 /PRNewswire/ - Avcorp Industries Inc. (TSX:AVP) (the "Company", "Avcorp" or the "Avcorp Group") today announced its financial results for the quarter ended March 31, 2022. All amounts are in Canadian currency unless otherwise stated. 2022 First Quarter Highlights First quarter 2022 revenue was $27,858,000 compared to $23,933,000 in 2021. 2022 revenue increased by $3,925,000 in comparison to 2021, mainly contributed by the continued growth in the F35 program in the Delta Facility. First quarter 2022 net loss was $1,198,000 compared to net income of $17,390,000 in 2021. The net income in 2021 was supported by the accommodation agreement settlement of $21,391,000. First quarter 2022 cash inflows from operating activities were $3,172,000 compared to inflows of $1,603,000 in 2021. The first quarter of 2021 cash flows from operating activities were supported by the receipt of Canada Emergency Wage Subsidies of $3,127,000. Highlights Subsequent to Quarter-End On April 1, 2022, the Company signed a contract with BLR Aerospace to produce King Air 200 Wingtips with estimated first delivery by the second quarter of 2022. On April 12, 2022, the Company signed a contract extension to 2027 with Boeing to provide the detail parts, bench top assemblies  and metal bonded assemblies for the Boeing 737 and 777 aircrafts. On May 4, 2022, the Company entered into a definitive arrangement agreement with Latécoère S.A. (the "Purchaser") to purchase all the issued and outstanding common shares of Avcorp for cash consideration of $0.11 per share and repay or assume Avcorp's net debt and other lease liabilities. The Arrangement implies a total transaction value of approximately $139 million for the Company. Review of 2022 First Quarter Financial Results For the quarter ended March 31, 2022, the Avcorp Group recorded an operating loss of $276,000 from $27,858,000 of revenue, as compared to an operating income of $18,274,000 from $23,933,000 of revenue from the same quarter in previous year. The first quarter of 2022 operating income decreased in comparison to 2021 by $18,550,000 mainly due to the inclusion of the Accommodation Agreement settlement of $21,391,000 recognized in the first quarter of 2021, partially offset by the decrease in administrative and general expenses due to the recognition of stock-based compensation expense of $1,376,000 on the 17,350,000 incentive stock options granted in the first quarter of 2021. During the quarter ended March 31, 2022, cash inflows from operating activities were $3,172,000 compared to an inflow of $1,603,000 in 2021. The increase was attributable to the stronger operational performance in the current quarter. As at March 31, 2022, the Company had $4,946,000 cash on hand (December 31, 2021: $4,060,000) and had utilized $74,253,000 of its operating line of credit (December 31, 2021: $75,335,000). The bank indebtedness balance of the modification gain and related adjustments as a result of the execution of an amending agreement in 2021 was $768,000 as at March 31, 2022, (December 31, 2021 gain of $923,000). The Company has a working capital surplus of $6,748,000 as at March 31, 2022, compared with $7,613,000 surplus as at December 31, 2021. Working capital is defined as the difference between current assets and current liabilities. On March 31, 2022, the ratio of the Company's current assets to current liabilities was 1.17:1 (December 31, 2021: 1.18:1). About Avcorp The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin, and Subaru Corporation.  The Avcorp Group has more than 65 years of experience, over 490 skilled employees and 560,000 square feet of facilities.  Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures.  The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light‑weight, strong, reliable structures. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location also provides aircraft operators with aircraft structural component repair services for commercial aircraft. Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in the State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc. Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc. Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP). AMANDEEP KALERCHIEF EXECUTIVE OFFICERAVCORP GROUP CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(unaudited, expressed in thousands of Canadian dollars) March 31, 2022 December 31, 2021 ASSETS Current assets Cash $4,946 $4,060 Accounts receivable 16,933 18,116 Contract assets 9,932 13,319 Inventories 13,085 12,809 Prepayments and other assets 1,703 2,091 46,599 50,395 Non-current assets Prepayments and other assets 2,828 2,868 Development costs 10,531 10,597 Contract assets 18,079 18,079 Property, plant, and equipment 20,039 20,698 Total assets 98,076 102,637 LIABILITIES AND DEFICIENCY Current liabilities Accounts payable and accrued liabilities 19,270 19,792 Term debt 2,705 3,041 Contract liability 16,834 18,625 Onerous contract provision 1,042 1,324 39,851 42,782 Non-current liabilities Bank indebtedness 73,485 74,412 Term debt 25,551 26,156 Contract liability 5,329 4,843 Accounts payable and accrued liabilities 2,011 2,011 Onerous contract provision 336.....»»

Category: earningsSource: benzingaMay 12th, 2022

Avcorp announces 2022 First Quarter Financial Results

VANCOUVER, BC, May 12, 2022 /CNW/ - Avcorp Industries Inc. (TSX:AVP) (the "Company", "Avcorp" or the "Avcorp Group") today announced its financial results for the quarter ended March 31, 2022. All amounts are in Canadian currency unless otherwise stated. 2022 First Quarter Highlights First quarter 2022 revenue was $27,858,000 compared to $23,933,000 in 2021. 2022 revenue increased by $3,925,000 in comparison to 2021, mainly contributed by the continued growth in the F35 program in the Delta Facility. First quarter 2022 net loss was $1,198,000 compared to net income of $17,390,000 in 2021. The net income in 2021 was supported by the accommodation agreement settlement of $21,391,000. First quarter 2022 cash inflows from operating activities were $3,172,000 compared to inflows of $1,603,000 in 2021. The first quarter of 2021 cash flows from operating activities were supported by the receipt of Canada Emergency Wage Subsidies of $3,127,000. Highlights Subsequent to Quarter-End On April 1, 2022, the Company signed a contract with BLR Aerospace to produce King Air 200 Wingtips with estimated first delivery by the second quarter of 2022. On April 12, 2022, the Company signed a contract extension to 2027 with Boeing to provide the detail parts, bench top assemblies  and metal bonded assemblies for the Boeing 737 and 777 aircrafts. On May 4, 2022, the Company entered into a definitive arrangement agreement with Latécoère S.A. (the "Purchaser") to purchase all the issued and outstanding common shares of Avcorp for cash consideration of $0.11 per share and repay or assume Avcorp's net debt and other lease liabilities. The Arrangement implies a total transaction value of approximately $139 million for the Company. Review of 2022 First Quarter Financial Results For the quarter ended March 31, 2022, the Avcorp Group recorded an operating loss of $276,000 from $27,858,000 of revenue, as compared to an operating income of $18,274,000 from $23,933,000 of revenue from the same quarter in previous year. The first quarter of 2022 operating income decreased in comparison to 2021 by $18,550,000 mainly due to the inclusion of the Accommodation Agreement settlement of $21,391,000 recognized in the first quarter of 2021, partially offset by the decrease in administrative and general expenses due to the recognition of stock-based compensation expense of $1,376,000 on the 17,350,000 incentive stock options granted in the first quarter of 2021. During the quarter ended March 31, 2022, cash inflows from operating activities were $3,172,000 compared to an inflow of $1,603,000 in 2021. The increase was attributable to the stronger operational performance in the current quarter. As at March 31, 2022, the Company had $4,946,000 cash on hand (December 31, 2021: $4,060,000) and had utilized $74,253,000 of its operating line of credit (December 31, 2021: $75,335,000). The bank indebtedness balance of the modification gain and related adjustments as a result of the execution of an amending agreement in 2021 was $768,000 as at March 31, 2022, (December 31, 2021 gain of $923,000). The Company has a working capital surplus of $6,748,000 as at March 31, 2022, compared with $7,613,000 surplus as at December 31, 2021. Working capital is defined as the difference between current assets and current liabilities. On March 31, 2022, the ratio of the Company's current assets to current liabilities was 1.17:1 (December 31, 2021: 1.18:1). About Avcorp The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin, and Subaru Corporation.  The Avcorp Group has more than 65 years of experience, over 490 skilled employees and 560,000 square feet of facilities.  Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures.  The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light‑weight, strong, reliable structures. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location also provides aircraft operators with aircraft structural component repair services for commercial aircraft. Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in the State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc. Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc. Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP). AMANDEEP KALERCHIEF EXECUTIVE OFFICERAVCORP GROUP CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(unaudited, expressed in thousands of Canadian dollars) March 31, 2022 December 31, 2021 ASSETS Current assets Cash $4,946 $4,060 Accounts receivable 16,933 18,116 Contract assets 9,932 13,319 Inventories 13,085 12,809 Prepayments and other assets 1,703 2,091 46,599 50,395 Non-current assets Prepayments and other assets 2,828 2,868 Development costs 10,531 10,597 Contract assets 18,079 18,079 Property, plant, and equipment 20,039 20,698 Total assets 98,076 102,637 LIABILITIES AND DEFICIENCY Current liabilities Accounts payable and accrued liabilities 19,270 19,792 Term debt 2,705 3,041 Contract liability 16,834 18,625 Onerous contract provision 1,042 1,324 39,851 42,782 Non-current liabilities Bank indebtedness 73,485 74,412 Term debt 25,551 26,156 Contract liability 5,329 4,843 Accounts payable and accrued liabilities 2,011 2,011 Onerous contract provision 336 540.....»»

Category: earningsSource: benzingaMay 12th, 2022

K-BRO DELIVERS Q1 2022 RESULTS WITH CONTINUED RECOVERY IN HOSPITALITY REVENUE

(TSX:KBL) EDMONTON, AB, May 12, 2022 /CNW/ - K-Bro Linen Inc. ("K-Bro" or the "Corporation") today announces its Q1 2022 financial and operating results. Q1 2022 Financial and Operating Highlights Consolidated hospitality revenue for Q1 2022 increased by 299.4% compared to Q1 2021. Consolidated healthcare revenue for Q1 2022 increased by 0.4% compared to Q1 2021. EBITDA decreased in the first quarter to $7.1 million compared to $10.1 million over the comparable 2021. Net earnings in the first quarter of 2022 decreased by $2.0 million to $0.4 million compared to $1.6 million in the comparative period of 2021, and as a percentage of revenue decreased by 4.1% to 0.7%. For the first quarter of 2022, K-Bro declared dividends of $0.300 per common share. Long-term debt at the end of Q1 2022 was $36.6 million compared to $38.0 million at the end of fiscal 2021 reflecting our strong balance sheet. Linda McCurdy, President & CEO of K-Bro commented, " I am pleased with our first quarter results, particularly given the trends that we believe will positively impact us through the end of this year.  Q1 is typically our seasonally low quarter, and this year our results were also impacted by rapidly rising UK utility costs, the significant impact of transitory costs with respect to our new AHS province-wide contract, and temporarily tight labour markets.  Going forward we expect to benefit from seasonally stronger quarters, our recent UK natural gas hedge through the end of 2024, improvement in our labour recruitment and retention, and certain supplementary price increases as a result of these cost increases.  We expect these factors to provide some benefit in Q2 and have a larger impact on our results in the second half of the year."    Hospitality revenues for 2021 saw increases of 299.4% on a year-over-year basis primarily a result of COVID-19 pandemic restrictions being eased. Healthcare revenues for the first quarter of 2022 continued to be strong with a 0.4% increase in customer demand. During the month of April we completed the transition of all new rural AHS volumes which fall under the 11-year contract with AHS which commenced on August 1, 2021.  As a result of this, during the last two quarters we have incurred certain one-time transition costs as we integrated this new business. We anticipate this will continue for the second quarter of 2022 as well. While we experienced a strong recovery of our hospitality business in the quarter, increasing natural gas costs, employee absenteeism due to the Omicron variant and temporary tight labour markets in certain cities in which we operate continued in the first quarter resulting in additional costs being incurred to process the volumes.  Our outlook for the 2022 hospitality business continues to remain positive particularly in light of the recent lifting of government restrictions on international border crossings and increasing business and leisure travel and the strong top line performance experienced in the second half of the quarter. We will continue to look to leverage our strong liquidity position, balance sheet and access to the capital markets to execute on M&A opportunities in North America and Europe as they arise," concluded McCurdy. Highlights and Significant Events for Fiscal 2022 Capital Investment Plan For fiscal 2022, the Corporation's planned capital spending is expected to be approximately $5.0 million on a consolidated basis. This guidance includes both strategic and maintenance capital requirements to support existing base business in both Canada and the UK and does not take into account amounts accrued in 2021 that are to be paid in 2022, nor does this account for the projected $10.0 million in additional capital expenditures to support new AHS business that was announced earlier in 2021 and is discussed above under the Alberta Contract Award. We will continue to assess capital needs within our facilities and prioritize projects that have shorter term paybacks as well as those that are required to maintain efficient and reliable operations. COVID-19 Pandemic  The COVID-19 pandemic caused world governments to institute travel restrictions, impacting travel both in and out of Canada and the UK. Beginning in mid-March 2020, we saw significantly reduced hotel occupancy rates compared to historical levels. Demand for both business and leisure airline travel declined significantly on a global basis, and airlines responded by cancelling international and domestic flights.  Accordingly, hospitality volumes in all of our Canadian and UK markets slowed to historically low levels.  However in mid-2021 as government restrictions began to ease the hospitality segment began to show strong recovery which is expected to continue. In late Q1 2020 and into Q2 2020 we initially saw decreases in our healthcare business as a result of hospitals and health authorities taking measures to prepare for anticipated surges in COVID-19 related occupancy (i.e., cancellation of elective surgeries).  Since then however, we have continued to see healthcare revenues trend consistently above historical levels due to increased demand.  We cannot predict with certainty how the progression of COVID-19 will impact overall volumes going forward. The following table depicts the impact of the COVID-19 pandemic on the Corporation's revenue for 2021 and 2022.  Month   HealthcareRevenue Change (2021 compared to 2019)   Hospitality Revenue Change (2021 compared to 2019)   Consolidated Revenue Change (2021 compared to 2019)   Month   Healthcare Revenue Change (2022 compared to 2019)   Hospitality Revenue Change (2022 compared to 2019)   Consolidated Revenue Change (2022 compared to 2019)  January 25% -80% -14% January 24% -37% 1% February 26% -82% -19% February 28% -26% 5% March 28% -80% -20% March 30% -10% 12% Q1 2021 compared to Q1 2019 (Jan to March) 26% -81% -18% Q1 2022 compared to Q1 2019 (Jan to March) 27% -23% 6% April 24% -81% -22% April May 21% -69% -19% May June 22% -49% -13% June Q2 2021 compared to Q2 2019 (April to June) 23% -66% -18% Q2 2022 compared to Q2 2019 (April to June) July 16% -40% -11% July August 11% -30% -9% August September 12% -28% -8% September Q3 2021 compared to Q3 2019 (July to September) 13% -33% -9% Q3 2022 compared to Q3 2019 (July to September) October 12% -28% -5% October November 19% -23% 1% November December 20% -23% 1% December Q4 2021  compared to Q4 2019 (October to December) 17% -25% -1% Q4 2022  compared to Q4 2019 (October to December) YTD 20% -49% -11% YTD   As an ongoing risk, the duration and full financial effect of the COVID-19 pandemic is unknown at this time, and continues to be offset through the Corporation's business continuity plan and other mitigating measures. Any estimate of the length and severity of these developments is therefore subject to significant uncertainty, and, accordingly, estimates of the extent to which the COVID-19 pandemic may materially and adversely affect the Corporation's operations, financial results and condition in future periods are also subject to significant uncertainty. Therefore, uncertainty about judgments, estimates and assumptions made by management during the preparation of the Corporation's ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 12th, 2022

Great Panther Reports First Quarter 2022 Financial Results

Production of 17,913 gold equivalent ounces with $33.4 million in revenues; planned stripping contributing to higher costs, expected to normalize in H2 2022 (All dollar amounts expressed in US dollars unless otherwise noted) TSX: GPR | NYSE American: GPL   VANCOUVER, BC, May 12, 2022 /PRNewswire/ - Great Panther Mining Limited (TSX:GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growth-oriented precious metals producer focused on the Americas, announces consolidated financial results for the three months ended March 31, 2022, from its three wholly-owned mines: the Tucano Gold Mine ("Tucano") in Brazil, and Topia and the Guanajuato Mine Complex ("the GMC") in Mexico, both primarily silver mines. "First quarter 2022 results were in line with expectations and good progress was made on numerous fronts as we build back steady-state production at Tucano," stated Alan Hair, Chair and Interim CEO. "The first half of 2022 is focused on capital intensive programs required to safeguard production in the back-half of the year. Stripping of the TAP AB, TAP C and Urucum North pits is advancing in preparation for ore production in the third quarter, as is mobilization of the new mining contractor. Although still on the road to recovery, I believe we are turning a corner and expect to see improving results as the year progresses."  During the first quarter of 2022 ("Q1 2022"), progress was made in stripping the TAP AB, TAP C and Urucum North ("URN") pits despite rain levels being over 30% higher in the quarter than historical averages. The combination of significant stripping against anticipated low production of gold ounces in Q1 2022 resulted in higher unit costs than the comparative quarter in 2021, however these costs are expected to normalize in the second half of 2022. Selected Q1 2022 Highlights Consolidated metal production of 17,913 gold equivalent ounces ("Au eq oz"), inclusive of 14,319 gold ounces ("Au oz") and 173,698 silver ounces ("Ag oz") Consolidated cash costs of $1,725 per gold ounce sold compared with $954 in the first quarter of 2021 ("Q1 2021") Consolidated all-in-sustaining-costs ("AISC")1, excluding corporate G&A, of $2,740 per gold ounce sold compared with $1,557 for the same period in 2021 Revenue of $33.4 million compared with $52.6 million in the same period in 2021 Mine operating loss of $3.4 million compared with mine operating earnings of $11.0 million in Q1 2021 Net loss of $8.9 million compared with net loss of $0.3 million in Q1 2021 EBITDA1 of negative $1.2 million compared with EBITDA of $10.3 million for Q1 2021 Updated Mineral Reserve and Mineral Resource ("MRMR") estimate for the Tucano gold mine successfully replaced mining depletion and extended mine life by 1.5 years New mining contractor, MINAX, on track to be fully mobilized during Q2 Reported positive exploration results for the Coricancha development project in Peru that confirm the potential of the Escondida vein Recognized for executive gender diversity by The Globe and Mail's "Women Lead Here" benchmark Both Topia and the GMC received "Socially Responsible Company" distinctions, awarded by CEMEFI (the Mexican Center for Philanthropy). ___________________________________________________________ 1  Throughout this news release and the accompanying MD&A, Great Panther has included the non-GAAP performance measures cash costs per gold oz sold, cash costs per payable silver oz, AISC per gold oz sold excluding corporate G&A expenditures, AISC per gold oz sold, AISC per payable silver oz, mine operating earnings (loss) before non-cash items, and EBITDA throughout this news release and the accompanying MD&A. Refer to the Non-GAAP Measures section of the Company's MD&A for an explanation of these measures and reconciliation to the Company's financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.   As previously disclosed, the additional pushback of the UCS pit was postponed until the second half of 2022 following the rainy season. In Q1 2022, geotechnical studies were completed by the Company with the assistance of SRK Consulting that confirmed the value of ore in the UCS pit will support the pushback design. The pushback is estimated to total 8.5 million tonnes of waste removal. During Q1 2022, 4,912 metres were drilled completing the 11,000-metre infill drilling program to support technical studies for the URN underground project. Final assays are being received and will be reported this quarter. Final results are also being received for more than 700 line-kilometres of multi-element soil geochemistry sampling carried out in 2021. This geochemical database will be interpreted to define and prioritize targets for follow-up and drilling in the second half of 2022. Financial Highlights (in thousands, except per oz, per share and exchange rate figures) Q1 2022      Q1 2021     Q4 2021 Revenue $ 33,431 $ 52,570 $ 42,660 Mine operating earnings before non-cash items1 $ 2,347 $ 19,926 $ 2,996 Mine operating earnings (loss) $ (3,371) $ 11,029 $ (4,160) Net income (loss) $ (8,885) $ (331) $ (13,805) EBITDA1 $ (1,176) $ 10,349 $ (5,221) Cash flow from operating activities $ (8,618) $ 2,328 $ (1,561) Cash and cash equivalents at end of period $ 33,374 $ 45,464 $ 47,692 Borrowings at end of period $ 52,709 $ 27,638 $ 48,943 Net working capital at end of period $ (18,149) $ 25,256 $ 203 Earnings (loss) per share – basic and diluted $ (0.02) $ (0.00) $ (0.03) Average realized gold price per oz2 $ 1,885 $ 1,755 $ 1,785 Average realized silver price per oz2 $ 24.10 $ 25.35.....»»

Category: earningsSource: benzingaMay 12th, 2022

Great Panther Reports First Quarter 2022 Financial Results

Production of 17,913 gold equivalent ounces with $33.4 million in revenues; planned stripping contributing to higher costs, expected to normalize in H2 2022 (All dollar amounts expressed in US dollars unless otherwise noted) TSX: GPR | NYSE American: GPL   VANCOUVER, BC, May 12, 2022 /CNW/ - Great Panther Mining Limited (TSX:GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growth-oriented precious metals producer focused on the Americas, announces consolidated financial results for the three months ended March 31, 2022, from its three wholly-owned mines: the Tucano Gold Mine ("Tucano") in Brazil, and Topia and the Guanajuato Mine Complex ("the GMC") in Mexico, both primarily silver mines. "First quarter 2022 results were in line with expectations and good progress was made on numerous fronts as we build back steady-state production at Tucano," stated Alan Hair, Chair and Interim CEO. "The first half of 2022 is focused on capital intensive programs required to safeguard production in the back-half of the year. Stripping of the TAP AB, TAP C and Urucum North pits is advancing in preparation for ore production in the third quarter, as is mobilization of the new mining contractor. Although still on the road to recovery, I believe we are turning a corner and expect to see improving results as the year progresses."  During the first quarter of 2022 ("Q1 2022"), progress was made in stripping the TAP AB, TAP C and Urucum North ("URN") pits despite rain levels being over 30% higher in the quarter than historical averages. The combination of significant stripping against anticipated low production of gold ounces in Q1 2022 resulted in higher unit costs than the comparative quarter in 2021, however these costs are expected to normalize in the second half of 2022. Selected Q1 2022 Highlights Consolidated metal production of 17,913 gold equivalent ounces ("Au eq oz"), inclusive of 14,319 gold ounces ("Au oz") and 173,698 silver ounces ("Ag oz") Consolidated cash costs of $1,725 per gold ounce sold compared with $954 in the first quarter of 2021 ("Q1 2021") Consolidated all-in-sustaining-costs ("AISC")1, excluding corporate G&A, of $2,740 per gold ounce sold compared with $1,557 for the same period in 2021 Revenue of $33.4 million compared with $52.6 million in the same period in 2021 Mine operating loss of $3.4 million compared with mine operating earnings of $11.0 million in Q1 2021 Net loss of $8.9 million compared with net loss of $0.3 million in Q1 2021 EBITDA1 of negative $1.2 million compared with EBITDA of $10.3 million for Q1 2021 Updated Mineral Reserve and Mineral Resource ("MRMR") estimate for the Tucano gold mine successfully replaced mining depletion and extended mine life by 1.5 years New mining contractor, MINAX, on track to be fully mobilized during Q2 Reported positive exploration results for the Coricancha development project in Peru that confirm the potential of the Escondida vein Recognized for executive gender diversity by The Globe and Mail's "Women Lead Here" benchmark Both Topia and the GMC received "Socially Responsible Company" distinctions, awarded by CEMEFI (the Mexican Center for Philanthropy). ___________________________________________________________ 1  Throughout this news release and the accompanying MD&A, Great Panther has included the non-GAAP performance measures cash costs per gold oz sold, cash costs per payable silver oz, AISC per gold oz sold excluding corporate G&A expenditures, AISC per gold oz sold, AISC per payable silver oz, mine operating earnings (loss) before non-cash items, and EBITDA throughout this news release and the accompanying MD&A. Refer to the Non-GAAP Measures section of the Company's MD&A for an explanation of these measures and reconciliation to the Company's financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.   As previously disclosed, the additional pushback of the UCS pit was postponed until the second half of 2022 following the rainy season. In Q1 2022, geotechnical studies were completed by the Company with the assistance of SRK Consulting that confirmed the value of ore in the UCS pit will support the pushback design. The pushback is estimated to total 8.5 million tonnes of waste removal. During Q1 2022, 4,912 metres were drilled completing the 11,000-metre infill drilling program to support technical studies for the URN underground project. Final assays are being received and will be reported this quarter. Final results are also being received for more than 700 line-kilometres of multi-element soil geochemistry sampling carried out in 2021. This geochemical database will be interpreted to define and prioritize targets for follow-up and drilling in the second half of 2022. Financial Highlights (in thousands, except per oz, per share and exchange rate figures) Q1 2022      Q1 2021     Q4 2021 Revenue $ 33,431 $ 52,570 $ 42,660 Mine operating earnings before non-cash items1 $ 2,347 $ 19,926 $ 2,996 Mine operating earnings (loss) $ (3,371) $ 11,029 $ (4,160) Net income (loss) $ (8,885) $ (331) $ (13,805) EBITDA1 $ (1,176) $ 10,349 $ (5,221) Cash flow from operating activities $ (8,618) $ 2,328 $ (1,561) Cash and cash equivalents at end of period $ 33,374 $ 45,464 $ 47,692 Borrowings at end of period $ 52,709 $ 27,638 $ 48,943 Net working capital at end of period $ (18,149) $ 25,256 $ 203 Earnings (loss) per share – basic and diluted $ (0.02) $ (0.00) $ (0.03) Average realized gold price per oz2 $ 1,885 $ 1,755 $ 1,785 Average realized silver price per oz2 $ 24.10 $ 25.35 $ 21.74.....»»

Category: earningsSource: benzingaMay 12th, 2022

Welltower (WELL) Q1 FFO Tops, Seniors Housing Occupancy Gains

Concurrent with Q1 results reflecting the seniors housing occupancy expansion, Welltower (WELL) announces the expansion of its strategic partnership with Oakmont Management Group. Welltower Inc.’s WELL first-quarter 2022 normalized funds from operations (FFO) per share of 82 cents came in line with the Zacks Consensus Estimate. The reported figure also exceeded the midpoint of the guidance range and also compared favorably with the year-ago quarter’s 80 cents.The company generated revenues of $1.39 billion in the quarter. The top line increased 32.7% year over year.The Welltower seniors housing operating (“SHO”) portfolio is seeing recovery in occupancy, though the rising property operating expenses act as a deterrent.Concurrent with the first-quarter earnings release, Welltower announced the expansion of its strategic partnership with Oakmont Management Group. WELL agreed to purchase seven senior living communities, subject to customary closing norms, which Oakmont will operate under an aligned RIDEA 3.0 contract. Located in affluent markets in California, the seven properties include four rental properties and three continuing care retirement communities. The total investment will be about $344 million and is expected to generate a high single-digit unlevered internal rate of return.Quarter in DetailIn the first quarter, property operating expenses were $853.7 million, reflecting an increase of 38.3% year over year.Welltower’s share of property-level expenses associated with the pandemic relating to its total SHO portfolio, net of reimbursements, including Provider Relief Funds and similar programs in the United Kingdom and Canada, aggregated an expense of $6 million for the first quarter of 2022 compared with a benefit of $23 million in the year-ago period. This had an unfavorable impact on the first-quarter 2022 normalized FFO per share of 1 cent.The SHO portfolio average same-store occupancy increased roughly 460 basis points year over year to 78.0%.WELL reported total portfolio same-store NOI ("SSNOI") growth of 8.9%, backed by the year-over-year SSNOI growth in its SHO portfolio of 18.4%.Moreover, in the first quarter, within the SHO portfolio, WELL achieved same-store REVPOR (average revenues generated per occupied room per month) growth of 4.6% compared with 3.4% in the fourth quarter of 2021.Welltower's pro rata gross investments in the first quarter totaled $1.0 billion. This included $787 million in acquisitions and loan funding and $233 million in development funding. It converted four development projects for a total pro rata investment amount of $228 million. Welltower also accomplished pro rata property dispositions and loan payoffs of $155 million during the quarter.Balance Sheet PositionWelltower exited the first quarter of 2022 with $301.1 million of cash and cash equivalents, down from the $2.1 billion recorded at the first-quarter 2021 end.Along with available borrowings under its line of credit and restricted cash, as of Mar 31, 2022, WELL had $4.1 billion of near-term available liquidity and no material senior unsecured note maturities until 2024.Dividend UpdateOn May 10, Welltower announced a cash dividend of 61 cents per share for the first quarter. The dividend will be paid out on May 31 to stockholders of record as of May 24, 2022. This marks the company’s 204th consecutive quarterly cash dividend payout.GuidanceWelltower projects second-quarter 2022 normalized FFO per share in the range of 82-87 cents. The Zacks Consensus Estimate for the same is pegged at 86 cents.WELL’s second-quarter guidance assumes the average blended same-store NOI growth of 8.0-10.0%, comprising 15.0-20.0% growth in Seniors Housing Operating, 7.0-8.0% in Seniors Housing Triple-net, 2.0-3.0% in Outpatient Medical, 2.75% in Health System and 2.0-3.0% in Long-Term/Post-Acute Care.Welltower anticipates funding roughly $673 million in development in 2022 relating to projects underway on Mar 31, 2022.Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Welltower Inc. Price, Consensus and EPS Surprise Welltower Inc. price-consensus-eps-surprise-chart | Welltower Inc. QuotePerformance of Notable REITsVentas, Inc. VTR reported first-quarter 2022 normalized FFO per share of 79 cents, beating the Zacks Consensus Estimate of 77 cents. Moreover, the figure climbed 9.7% year over year from 72 cents. The quarterly results of Ventas reflected an improvement in occupancy and pricing power for the Senior Housing Operating Portfolio segment. Additionally, VTR’s triple-net leased and office portfolios witnessed growth in same-store NOI due to contractual escalators.Healthpeak Properties, Inc. PEAK reported first-quarter 2022 FFO as adjusted per share of 43 cents, marginally surpassing the Zacks Consensus Estimate of 42 cents. The reported figure was up 7.5% from the year-ago quarter’s 40 cents. The performance of Healthpeak Properties was backed by solid revenue growth. The same-store portfolio cash (adjusted) NOI also witnessed growth due to an overall improvement in all its segments, namely life-science, medical office and continuing care retirement communities.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant 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 Ventas, Inc. (VTR): Free Stock Analysis Report Welltower Inc. (WELL): Free Stock Analysis Report Healthpeak Properties, Inc. (PEAK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 12th, 2022

SmartCentres Real Estate Investment Trust Releases First Quarter Results for 2022

Substantive improvement in retail leasing momentum across the portfolio with growth from both existing and new tenants; FFO per Unit(1) for Q1 2022 increased by $0.02 or 4.1% as compared to the same period in 2021; Progress in zoning approvals on strategic projects, together with improved market conditions, contributed to $237.7 million in incremental property values, leading to net income and comprehensive income for Q1 2022 increasing to $370.1 million compared to $60.6 million for the same period in 2021; from an increase of $1.71 per Unit; Total unencumbered assets(1) increased from $5.9 billion at March 31, 2021 to $8.4 billion at quarter end; and Continued advancement of non-retail pipeline of 283 projects representing approximately 59 million square feet across the network (41 million square feet at the Trust's share). TORONTO, May 11, 2022 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust ("SmartCentres", the "Trust" or the "REIT") (TSX:SRU) is pleased to report its financial and operating results for the quarter ended March 31, 2022. "We ended the 1st quarter with solid performances from all aspects of the business. Operational resilience was demonstrated by solid leasing momentum for both existing and new retail tenants. This is expected to result in occupancy levels further improving over the balance of the year. Our in-place occupancy level was marginally lower than year-end specifically as a result of the previously announced closure of one tenant, Home Outfitters. Of the four locations in our portfolio, three of these locations are close to being leased, while we have active interest in the fourth location. It is reassuring to see a noticeable improvement in leasing activity across Canada. As a further reflection of the improving retail environment, cash collections continue to improve, exceeding 98% for the quarter; we expect these levels to return to pre-Covid levels over the remainder of the year. Our retail portfolio of primarily Walmart-anchored shopping centres is one of the pillars of our company and even during the most difficult days of Covid, has continued to provide us with the strength and stability to help support our pipeline of development projects. In that regard, (through our residential banner, SmartLiving), our mixed-use intensification program continues to be a source of additional accretive growth, demonstrated by the presale activity at Artwalk and Park Place. Artwalk, 627 residential units in two 38 and 18 storey towers, will be built on a portion of lands previously occupied by Walmart at SmartVMC. Park Place, which includes approximately 1100 units in two stunning 56 and 48 storey towers, will be built on approximately two acres of the 53 acres of western lands at SmartVMC. The Trust recently purchased a 66.67% interest in these lands which represent the western portion of our SmartVMC City Centre. Initial presale interest in these projects has exceeded our expectations and we plan to commence construction of both projects later this year. In addition, during the quarter, we experienced property value increments exceeding $270.0 million, mainly as a result of progress in the zoning and entitlements' process on several strategic projects together with improved infrastructure and market conditions around them. These additional valuation increases have resulted in the Trust's book value per Unit increasing by $1.71 to $36.03 as compared to last quarter. In addition, Adjusted FFO per Unit(1) increased by $0.03 or 6.1% to $0.52, and net income and comprehensive income per Unit increased by $1.71 to $2.06, as compared to the same quarter in the prior year," said Mitchell Goldhar, Executive Chairman and CEO of SmartCentres REIT. "At SmartVMC, currently our highest profile development initiative, but just one of many master-planned projects, we have thus far closed on 1,741 units in the first three Transit City condominium phases, resulting in $0.37 in FFO per Unit(1) and $0.38 in net income and comprehensive income per Unit. In addition, construction is progressing well, and we expect to be completed early next year on the 1,026 units in our sold-out Transit City 4 and 5 towers and the 454-unit Millway rental complex. Excitement around SmartVMC continues as the 120,000 square foot YMCA recently opened to the public and the 22 townhomes that represent the final part of Phases 1&2 are expected to close in the second quarter. We intend to develop approximately 20.0 million square feet of mixed-use space at SmartVMC alone, on which we are also planning a 9-acre park which, over time, will become the focal point of this landmark city centre development." (1) Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release.     Key Business Development, Financial and Operational Highlights for the Three Months Ended March 31, 2022 Mixed-Use Development and Intensification at SmartVMC The construction of the world-class YMCA at SmartVMC is complete and the facility opened in April 2022. Park Place condo pre-development is underway on the 53.0-acre SmartVMC West lands strategically acquired in December 2021. This development is expected to be launched in mid-2022 and council approval is expected to be finalized in June 2022. The Trust's two-thirds interest in the SmartVMC West lands more than doubles the Trust's holdings in the 105-acre SmartVMC city centre development. Construction continues on the 100% pre-sold Transit City 4 (45 storeys) and 5 (50 storeys) condo towers, representing 1,026 residential units. Good progress is being made above grade with concrete and formwork complete up to the mechanical penthouse for Transit City 4 and level 44 for Transit City 5. Construction of the purpose-built rental project, The Millway (36 storeys), continues at SmartVMC, with concrete and formwork up to level 33. As part of Transit City 1 and 2 projects, construction of the 22 townhomes, all of which are pre-sold, is almost complete and delivery is expected in Q2 2022. ArtWalk condominium sales of 320 units in Phase 1 substantially sold out with construction expected to begin in 2022. Other Business Development Leasing continues on the completed first phase of the two-phase, purpose-built residential rental project in Laval, Quebec, with more than 92% of the 171 units leased. Construction of the next phase commenced in October 2021, with a target completion date of Q1 2023. Occupancy will start in July 2022 for the two purpose-built residential rental towers (238 units) in Mascouche, Quebec, which are under construction with joint venture partner Cogir. More than 100 units have been pre-leased and lease-up pace is in line with expectations. The Trust completed the construction of its fifth self-storage facility with the opening of its Scarborough East facility in Q4 2021. All of the five developed and operating self-storage facilities (Toronto (Leaside), Vaughan NW, Brampton, Oshawa South and Scarborough East) have been very well-received by their local communities, with current occupancy levels ahead of expectations. Two self-storage facilities in Brampton (Kingspoint) and Aurora are currently under construction. Both facilities are expected to be completed in 2022. Additional self-storage facilities have been approved by the Board of Trustees and the Trust is in the process of obtaining municipal approvals in Whitby, Markham, Stoney Creek and two locations in Toronto (Gilbert Ave. and Jane St.). Construction commenced for a new retirement residence and a seniors' apartment project, totalling 402 units, in 2021 with joint venture partner Groupe Sélection at the Trust's Laurentian Place in Ottawa, with completion expected in 2023. The Trust will be commencing the redevelopment of a portion of its 73-acre Cambridge retail property (which is subject to a leasehold interest with Penguin) which now allows various forms of residential, retail, office, institutional, and commercial uses providing for the creation of a vibrant urban community with the potential for over 12.0 million square feet of development. Financial Net income and comprehensive income(1) was $370.1 million as compared to $60.6 million for the same period in 2021, representing an increase of $309.5 million. This increase was primarily attributed to: i) $276.7 million increase in fair value adjustments on revaluation of investment properties, ii) $29.1 million increase in fair value adjustment on financial instruments, iii) $4.9 million increase in Net Operating Income ("NOI")(2), and iv) $2.4 million decrease in interest expense, and was partially offset by i) $2.7 million increase in supplemental costs, and ii) $0.7 million decrease in interest income. Key debt metrics include Debt to Aggregate Assets(2)(3) of 42.5%, Interest Coverage Ratio multiple(2) of 3.5X(2), and Adjusted Debt to Adjusted EBITDA multiple(2)(3) of 9.4X. (December 31, 2021 – Debt to Aggregate Assets(2)(3) of 42.9%, Interest Coverage Ratio multiple(2) of 3.4X(2), and Adjusted Debt to Adjusted EBITDA multiple(2)(3) of 9.2X.) The Trust improved its unsecured/secured debt ratio(2) to 75%/25% (December 31, 2021 – 71%/29%). The Trust continues to add to its unencumbered pool of high-quality assets. As at March 31, 2022, this unencumbered portfolio consisted of investment properties valued at $8.4 billion (March 31, 2021 – $5.9 billion). FFO(2) increased by $8.0 million or 9.4% to $92.2 million as compared to the same period in 2021, primarily due to $4.9 million increase in NOI, $1.9 million net decrease in interest expense, $1.1 million increase in gain on Total Return Swap ("TRS"), $0.5 million decrease in G&A expenses (net), and $0.3 million increase in FFO add back for salaries and related costs attributed to leasing activities, partially offset by $0.7 million decrease in interest income. Net income and comprehensive income per Unit(1) increased by $1.71 to $2.06 as compared to the same period in 2021, primarily due to the reasons noted above that pertain to net income and comprehensive income. FFO per Unit(2) increased by $0.02 or 4.1% to $0.51 as compared to the same period in 2021 primarily due to the reasons noted above. For the three months ended March 31, 2022, FFO with adjustments(2) increased by $8.6 million or 10.2% to $93.2 million as compared to the same period in 2021. FFO per Unit with adjustments(2) increased by $0.03 or 6.1% to $0.52 as compared to the same period in 2021. Excluding SmartVMC West LP Class D Units, FFO per Unit with adjustments increased by $0.05 or 10.2% to $0.54 as compared to the same period in 2021. Cash flows provided by operating activities(1) increased by $23.3 million or 29.4% to $102.8 million as compared to the same period in 2021. Cash flows provided by operating activities(1) exceeded distributions declared by $20.5 million (three months ended March 31, 2021 – shortfall of $0.2 million). The Payout Ratio relating to cash flows provided by operating activities for the rolling 12 months ended March 31, 2022 was 81.4%, as compared to 107.5% for the same period in 2021. For the three months ended March 31, 2022, ACFO(2) of $85.2 million remained unchanged as compared to the same period in 2021. The Payout Ratio to ACFO(2) for the three months ended March 31, 2022 increased by 3.2% to 96.7% as compared to the same period in 2021, which was primarily due to the items previously identified. Excluding SmartVMC West LP Class D distributions, the Payout Ratio to ACFO(2) for the three months ended March 31, 2022 increased by 0.4% to 93.9% as compared to the same period in 2021. For the three months ended March 31, 2022, ACFO(2) exceeded distributions declared by $2.8 million (three months ended March 31, 2021 – $5.5 million). The Payout Ratio to ACFO(2) for the rolling 12 months ended March 31, 2022 was 91.0%, as compared to 92.1% for the same period in 2021. Excluding SmartVMC West LP Class D distributions, the Payout Ratio to ACFO(2) for the rolling 12 months ended March 31, 2022 was 90.4%, as compared to 92.1% for the same period in 2021. Operational Rentals from investment properties and other(1) was $202.5 million, as compared to $198.8 million for the same period in 2021, representing an increase of $3.7 million or 1.9%. In-place and committed occupancy rates were 97.0% and 97.2%, respectively, as at March 31, 2022 (December 31, 2021 – 97.4% and 97.6%, respectively). Same Properties NOI inclusive of ECL(2) increased by $2.8 million or 2.3% as compared to the same period in 2021. Same Properties NOI excluding ECL(2) decreased by $0.6 million or 0.5% as compared to the same period in 2021. (1) Represents a GAAP measure. (2) Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release. (3) Net of cash-on-hand of $60.0 million as at March 31, 2022 for the purposes of calculating the applicable ratios.     Selected Consolidated Operational, Mixed-Use Development and Financial InformationKey consolidated operational, mixed-use development and financial information shown in the table below includes the Trust's proportionate share of equity accounted investments: (in thousands of dollars, except per Unit and other non-financial data) March 31, 2022   December 31, 2021   March 31, 2021   Portfolio Information             Total number of properties with an ownership interest 174   174   168                 Leasing and Operational Information             Gross leasable area including retail and office space (in thousands of sq. ft.) 34,664   34,119   34,037   Occupied area including retail and office space (in thousands of sq. ft.) 33,616   33,219   32,999   Vacant area including retail and office space (in thousands of sq. ft.) 1,047   900   1,038   In-place occupancy rate (%) 97.0   97.4   97.0   Committed occupancy rate (%) 97.2   97.6   97.3   Average lease term to maturity (in years) 4.4   4.4   4.6   Net retail rental rate (per occupied sq. ft.) ($) 15.49   15.44   15.40   Net retail rental rate excluding Anchors (per occupied sq. ft.) ($) 22.17   22.07   22.00                 Mixed-Use Development Information             Trust's share of future development area (in thousands of sq. ft.) 40,600   40,600   32,500   Trust's share of estimated costs of future projects currently under construction, or for which construction is expected to commence within the next five years (in millions of dollars) 9,800   9,800   7,900   Total number of residential rental projects 104   104   96   Total number of seniors' housing projects 27   27   40   Total number of self-storage projects 36   36   50   Total number of office building projects 8   8   7   Total number of hotel projects 3   3   4   Total number of condominium developments 95   95   72   Total number of townhome developments 10   10   15   Total number of future projects currently in development planning stage 283   283   284     Financial Information             Total assets – GAAP(1) 11,721,953   11,293,248   10,321,117   Total assets – non-GAAP(2)(3) 11,985,236   11,494,377   10,525,295   Investment properties – GAAP(1) 10,244,143   9,847,078   8,856,167   Investment properties – non-GAAP(2)(3) 11,113,685   10,684,529   9,434,999   Total unencumbered assets(2) 8,364,500   6,640,600   5,910,900   Debt – GAAP(1) 4,951,171   4,854,527   4,810,106   Debt – non-GAAP(2)(3) 5,124,045   4,983,078   4,924,116   Debt to Aggregate Assets (%)(2)(3)(4) 42.5   42.9   44.7   Debt to Gross Book Value (%)(2)(3)(4) 51.3   50.8   50.2   Unsecured to Secured Debt Ratio(2)(3)(4) 75%/25%   71%/29%   69%/31%   Unencumbered assets to unsecured debt(2)(3)(4) 2.2X   1.9X   1.9X   Weighted average interest rate (%)(2)(3) 3.09   3.11   3.26   Weighted average term of debt (in years) 4.7   4.8   5.1   Interest coverage ratio(2)(3)(4) 3.5X   3.4X   3.2X   Adjusted Debt to Adjusted EBITDA (net of cash)(2)(3)(4) 9.4X   9.2X   8.6X   Equity (book value)(1) 6,133,130   5,841,315   5,149,986   Weighted average number of units outstanding – diluted 179,590,588   173,748,819   173,417,020   (1) Represents a GAAP measure. (2) Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release. (3) Includes the Trust's proportionate share of equity accounted investments. (4) As at March 31, 2022, cash-on-hand of $60.0 million was excluded for the purposes of calculating the applicable ratios (December 31, 2021 – $80.0 million, March 31, 2021 – $397.7 million).     Quarterly Comparison to Prior YearThe following table presents key financial, per Unit, and payout ratio information for the three months ended March 31, 2022 and March 31, 2021: (in thousands of dollars, except per Unit information) March 31, 2022       March 31, 2021       Variance       (A)       (B)       (A–B)     Financial Information                       Rentals from investment properties and other(1) 202,523       198,838       3,685     Net base rent(1) 125,274       121,330       3,944     Total recoveries(1) 72,386       71,782       604     Miscellaneous revenue(1) 2,315       2,841       (526 )   Service and other revenues(1) 2,548       2,885       (337 )   Net income and comprehensive income(1) 370,110       60,559       309,551     Net income and comprehensive income excluding fair value adjustments(2)(3) 80,337       76,553       3,784     Cash flows provided by operating activities(1) 102,819       79,485       23,334     Net rental income and other(1) 120,414       116,137       4,277     NOI(2) 123,868       118,981       4,887     Change in net rental income and other(2) 3.7   %   (6.2 ) %   9.9   % Change in SPNOI(2) 2.3   %   (4.8 ) %   7.1   % Change in SPNOI excluding ECL(2) (0.5 ) %   (3.7 ) %   3.2   % FFO(2)(3)(4)(5) 92,235       84,275       7,960     FFO with adjustments(2)(3)(4) 93,150       84,511       8,639     FFO with adjustments and Transactional FFO(2)(3)(4) 93,150       86,098       7,052     ACFO(2)(3)(4)(5) 85,154       85,153       1     ACFO with adjustments(2)(3)(4) 86,069       85,389       680     Distributions declared 82,339       79,660       2,679     Surplus (shortfall) of cash provided by operating activities over distributions declared(2) 20,480       (175 )     20,655     Surplus of ACFO over distributions declared(2) 2,815       5,493       (2,678 )   Units outstanding(6) 178,122,655       172,267,483       5,855,172     Weighted average – basic 178,108,771       172,237,982       5,870,789     Weighted average – diluted(7) 179,590,588       173,417,020       6,173,568                             Per Unit Information (Basic/Diluted)                       Net income and comprehensive income(1) $2.08/$2.06       $0.35/$0.35       $1.73/$1.71     Net income and comprehensive income excluding fair value adjustments(2)(3) $0.45/$0.45       $0.44/$0.44       $0.01/$0.01     FFO(2)(3)(4)(5) $0.52/$0.51       $0.49/$0.49       $0.03/$0.02     FFO with adjustments(2)(3)(4) $0.52/$0.52       $0.49/$0.49       $0.03/$0.03     FFO with adjustments and Transactional FFO(2)(3)(4) $0.52/$0.52       $0.50/$0.50       $0.02/$0.02     FFO with adjustments excluding impact of SmartVMC West LP Class D units(2)(3)(4) $0.54/$0.54       $0.49/$0.49       $0.05/$0.05     Distributions declared $0.463       $0.463       $—                             Payout Ratio Information                       Payout Ratio to cash flows provided by operating activities 80.1   %   100.2   %   (20.1 ) % Payout Ratio to ACFO(2)(3)(4)(5) 96.7   %   93.5   %   3.2   % Payout Ratio to ACFO with adjustments(2)(3)(4) 95.7   %   93.3   %   2.4   % Payout Ratio to ACFO with adjustments excluding SmartVMC West LP Class D distribution(2)(3)(4) 92.9   %   93.3   %   (0.4 ) % (1) Represents a GAAP measure. (2) Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release. (3) Includes the Trust's proportionate share of equity accounted investments. (4) See "Other Measures of Performance" in the Trust's MD&A for a reconciliation of these measures to the nearest consolidated financial statement measure. (5) The calculation of the Trust's FFO and ACFO and related payout ratios, including comparative amounts, are financial metrics that were determined based on the REALpac White Paper on FFO issued in January 2022 and REALpac White Paper on ACFO issued in February 2019, respectively. Comparison with other reporting issuers may not be appropriate. The payout ratio to FFO and the payout ratio to ACFO are calculated as declared distributions divided by FFO and ACFO, respectively. (6) Total Units outstanding include Trust Units and LP Units, including Units classified as liabilities. LP Units classified as equity in the consolidated financial statements are presented as non-controlling interests. (7) The diluted weighted average includes the vested portion of the deferred units issued pursuant to the deferred unit plan.     Operational Highlights For the three months ended March 31, 2022, net income and comprehensive income (as noted in the table above) increased by $309.5 million as compared to the same period in 2021. This increase was primarily attributed to the following: $276.7 million increase in fair value adjustments on revaluation of investment properties, of which: i) $237.7 million relates to the fair value adjustment associated with certain properties under development, and ii) $39.0 million relates to the revaluation of investment properties, principally driven by leasing assumption updates (see details in the "Investment Property" section in the Trust's MD&A); $29.1 million increase in fair value adjustment on financial instruments primarily due to i) $22.2 million increase in fair value of interest rate swap agreements, ii) $2.9 million lower fair value loss on Units classified as liabilities, iii) $2.9 million lower fair value loss relating to unit based incentive programs, and iv) $1.1 million higher fair value gain of TRS; $4.9 million increase in NOI (see further details in the "Net Operating Income" subsection, including impact of ECL, in the Trust's MD&A); $1.9 million decrease in interest expense (see further details in the "Interest Income and Interest Expense" subsection in the Trust's MD&A); and $0.5 million decrease in general and administrative expenses (net) (see further details in the "General and Administrative Expense" section in the Trust's MD&A); Partially offset by the following: $2.7 million increase in supplemental costs; and $0.7 million decrease in interest income. FFO Highlights For the three months ended March 31, 2022, FFO increased by $8.0 million or 9.4% to $92.2 million. This increase was primarily attributed to: $4.9 million increase in NOI (see details in the "Net Operating Income" subsection, including impact of ECL, in the Trust's MD&A); $1.9 million net decrease in interest expense (see details in the "Interest Income and Interest Expense" subsection in the Trust's MD&A); $1.1 million increase in gain on TRS; $0.5 million decrease in net general and administrative expense (see details in the "General and Administrative Expense" section in the Trust's MD&A); and $0.3 million increase in FFO add back for salaries and related costs attributed to leasing activities; Partially offset by: $0.7 million decrease in interest income. For the three months ended March 31, 2022, FFO with adjustments increased by $8.6 million or 10.2% to $93.2 million as compared to the same period in 2021. ACFO Highlights For the three months ended March 31, 2022, ACFO was $85.2 million as further described in "Results of Operations" section in the Trust's MD&A. Development and Intensification Summary The following table summarizes the 283 identified mixed-use, recurring rental income and development income initiatives, which are included in the Trust's large development pipeline:   Underway  .....»»

Category: earningsSource: benzingaMay 11th, 2022

MINERVA FOODS POSTS RECORD CONSOLIDATED GROSS REVENUE AND EBITDA IN THE FIRST QUARTER OF 2022

Gross revenue totaled R$7.6 billion in the period, up 25% over 1Q21. EBITDA came to R$646 million, a first-quarter all-time high for the Company. SÃO PAULO, May 11, 2022  /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the South American leader in the export of fresh beef and cattle byproducts, which also operates in the processed foods segment, announces to the market the financial results for the first quarter of 2022 (1Q22). The Company's consolidated gross revenue totaled R$7.6 billion in 1Q22, up by 25% over 1Q21. In the 12 months ended March 2022 (LTM1Q22), consolidated gross revenue reached R$30.1 billion, a 35% ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 11th, 2022