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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

The Zacks Analyst Blog Highlights: Vertex Pharma, Amgen, Blueprint Medicines, Deciphera Pharma and CTI BioPharma

The Zacks Analyst Blog Highlights: Vertex Pharma, Amgen, Blueprint Medicines, Deciphera Pharma and CTI BioPharma For Immediate ReleaseChicago, IL – December 3, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Vertex Pharmaceuticals Inc. VRTX, Amgen Inc. AMGN, Blueprint Medicines Corporation BPMC, Deciphera Pharmaceuticals, Inc. DCPH and CTI BioPharma Corp. CTIC.Here are highlights from Thursday’s Analyst Blog:Biotech Stock Roundup: Pipeline Updates, Acquisitions & MoreThe biotech sector has been in focus over the past week with acquisition news, label expansion of existing drugs and other regulatory updates.Recap of the Week’s Most Important Stories:Vertex Up on Study Results: Shares of Vertex Pharmaceuticals gained after it announced positive results from a mid-stage study on VX-147. The phase 2 proof-of-concept (POC) study evaluated the efficacy, safety and pharmacokinetics of VX-147 in patients with APOL1-mediated focal segmental glomerulosclerosis (FSGS), a form of chronic kidney disease.Treatment with VX-147 led to a statistically significant, substantial and clinically meaningful mean reduction in proteinuria of 47.6% at 13 weeks compared to baseline and was well tolerated.  Based on these positive results, Vertex plans to advance VX-147 into pivotal development in APOL1-mediated kidney disease, including FSGS, in the first quarter of 2022.Vertex currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Pipeline Update from Amgen: Amgen announced positive top-line results from the phase III, multicenter, randomized, placebo-controlled, double-blind study — DISCREET. The study evaluated the efficacy of Otezla (apremilast) in adults with moderate to severe genital psoriasis and moderate to severe plaque psoriasis.Results showed that oral Otezla 30 mg twice daily achieved a clinically meaningful and statistically significant improvement compared with placebo, in the primary endpoint of the modified static Physician's Global Assessment of Genitalia (sPGA-G) response at week 16. In addition, all secondary endpoints were met.Amgen also announced that the FDA has approved the label expansion of the Kyprolis to include its use in combination with Darzalex Faspro and dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma who have received one to three lines of therapy. Blueprint to Acquire Lengo Therapeutics:  Blueprint Medicines announced that it will acquire Lengo Therapeutics, a privately held precision oncology company, for $250 million in cash. Lengo Therapeutics is also entitled to up to $215 million in milestone payments.The acquisition will add LNG-451, a highly selective brain-penetrant precision therapy targeting EGFR exon 20 insertion mutations, to Blueprint Medicines' lung cancer pipeline. Lengo Therapeutics expects to submit an investigational new drug (IND) application for LNG-451 to the FDA in December 2021.With the addition of LNG-451, Blueprint Medicines will have three investigational compounds that cover the majority of all activating mutations in EGFR, the second most common oncogenic driver in NSCLC. The acquisition is expected to close in the ongoing quarter.Deciphera Gains on Restructuring Program: Shares of Deciphera Pharmaceuticals gained following the announcement of a corporate restructuring program whereby the company will prioritize clinical development of select programs, streamline commercial operations, maintain a focus on discovery research and extend its cash runway. The company will reduce its workforce by approximately 35%, or about 140 positions.Deciphera will focus on the clinical development of its vimseltinib and DCC-3116 programs, discontinuing the development of the rebastinib program. Deciphera will continue to commercialize Qinlock for the treatment of fourth-line GIST in the United States with a reduced commercial team. These changes are expected to significantly reduce operating expenses and extend the company’s cash runway into 2024.CTI BioPharma Plunges on Regulatory Update: Shares of CTI BioPharma plunged after the FDA extended the review period for the new drug application (NDA) for pacritinib for the treatment of adult patients with intermediate or high-risk primary or secondary (post-polycythemia vera or post-essential thrombocythemia) myelofibrosis (MF) with a baseline platelet count of >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 CTI BioPharma Corp. (CTIC): Free Stock Analysis Report Amgen Inc. (AMGN): Free Stock Analysis Report Vertex Pharmaceuticals Incorporated (VRTX): Free Stock Analysis Report Blueprint Medicines Corporation (BPMC): Free Stock Analysis Report Deciphera Pharmaceuticals, Inc. (DCPH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksDec 3rd, 2021

OGE Energy (OGE) Arm Unveils Merger Completion of ET and ENBL

OGE Energy's (OGE) subsidiary OG&E announces the completion of merger of Energy Transfer and Enable Midstream Partners in a bid to become a pure electric utility player. OGE Energy Corp.’s OGE subsidiary,Oklahoma Gas and Electric Company (OG&E),announced the successful completion of the merger between Enable Midstream Partners, LPENBL and Energy Transfer LP ET. This transaction is expected to take OGE Energy a step closer tobecoming a pure electric utility player.Details of the DealPer the deal, OGE Energy will receive 95,389,720 common units of Energy Transfer in exchange for 110,982,805 common units of Enable owned by OGE Energy upon closing of the merger. This,in turn,makes OGE Energy a 3% shareholder in Energy Transfer, which is valued at approximately $753 million as of Dec 2, 2021.Upon conclusion of the merger, Centre Point will pay OGE Energy $30 million against the general partner interest in Enable Midstream.Benefit to OGE EnergyPrior to the merger, OGE Energy had a 25.5% limited partner interest and 50% general partner interest in Enable Midstream Partners. As a result of the merger, the ownership reduces to 3% in the merged company, thus making the elimination of midstream businesses easy for OGE Energy.With the merger, OGE Energy reduces its exposure to commodity price fluctuations, which have been negatively impactingits overall results in the past few quarters. Themerger also paves the way for OGE Energy to completely transition to apure electric utility player.OGE Energy intends to exit a majority of the Energy Transfer investment by the end of 2022, with an aim to strengthen its balance sheet further and use the cash proceeds for investment in electric utility projects.Details of Enable Midstream PartnersEnable Midstream Partners, LP owns, operates, and develops midstream energy infrastructure assets in the United States. OGE Energy and CenterPoint Energy CNP together owned approximately 79% of Enable’s outstanding common units.Energy Transfer LP acquired Enable Midstream Partners under an all-equity transaction valued at approximately $7.2 billion. Per terms of the agreement,Enable’s common unitholders will receive 0.8595 ET common units for each Enable common unit.Merger to Enable Transfer: Key Talking PointsThe merger of Enable Midstream Partners with Enable Transfer provides an opportunity to the latter to further expand its presenceacross various regions, supported by Enable Midstream’s improved connectivity for natural gas and natural gas transportation businesses. It solidifies Energy Transfer’s position by enabling it to generate over $100 million of annual run-rate cost and efficiency synergies, excluding potential financial and commercial synergies.Further, the buyout strengthens Enable Transfer asset base and pipeline infrastructure across its various operational regions. Thedeal enhances the ability of Enable Transfer to distribute free cash supported by fee-based cash flows from fixed-fee contracts. Additionally, the acquisition allowsEnable Transfer to cater to markets with strong demand.CenterPoint Energy’s GainsCentrePoint had 53.7% ownership interest in Enable Midstream. The aforementioned merger provides a boost to CentrePoint’s 10-year plan to grow strategically by investing in pure-play regulated business. The merger takes the company one step closer tofully exiting the midstream businesses by the end of 2022.Per the deal, CenterPoint’s 53.7% of Enable Midstream common units converted into 201 million ET common units. The settlement further includes an option for forward sale of 50 million ET common units. This represents approximately 25% of CenterPoint’s ownership in ET common units, upon the completion of the merger between Enable Midstream and ET.Price MovementIn the past one year, shares of OGE Energy have gained 7.8% compared with the industry’s growth of 2.3%.Image Source: Zacks Investment ResearchZacks RankOGE Energy currently carries a Zacks #3 (Hold). You can see the complete list today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>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 OGE Energy Corporation (OGE): Free Stock Analysis Report CenterPoint Energy, Inc. (CNP): Free Stock Analysis Report Energy Transfer LP (ET): Free Stock Analysis Report Enable Midstream Partners, LP (ENBL): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksDec 3rd, 2021

The 5 best gaming monitors of 2021 from budget screens to 4K displays

These are the best gaming monitors of 2021 from brands like Acer, BenQ, Dell, and Samsung across categories like ultra-wide, curved, and more. Prices are accurate at the time of publication.Amazon; Acer; Alyssa Powell/Insider The best gaming monitors deliver outstanding image quality and high refresh rates.  Though marketed to gamers, many gaming monitors are great for content creation and general use. The Acer XV282K KV is a superb 4K monitor for modern game consoles or a top-tier gaming PC. Gaming monitors have matured over the past decade. Once a niche that relied more on marketing fluff than actual performance, modern gaming monitors deliver outstanding image quality, smooth motion, solid build quality, and attractive pricing.Today's best gaming monitors occupy a sweet spot between basic office monitors and the top-tier professional monitors. They bring visual quality close to high-end professional displays to a more affordable price. This is paired with an enhanced refresh rate that provides smooth motion and a speedy response to user input.Acer's fantastic Nitro XV282K KV is a cutting-edge monitor with outstanding image quality. It packs 4K resolution, a 144Hz refresh rate, and HDMI 2.1 support that can handle 4K/120 FPS gameplay from modern PCs and game consoles. It also has a vibrant, punchy image that looks great in games and is ideal for content creators.Also, if you have any questions about terms used in this article, we have a glossary of terms at the end for reference.Here are the best gaming monitors of 2021Best gaming monitor overall: Acer Nitro XV282K KVBest budget gaming monitor: Dell 2721HGFBest gaming monitor for competitive gaming: Acer Predator XB253Q GwbmiiprzxBest ultrawide gaming monitor: BenQ Mobiuz EX3415RBest 32-inch gaming monitor: Samsung Odyssey G7The best Cyber Monday deals on gaming monitors from this guideEven if you mostly work on your gaming computer these days, getting a sharp monitor that's easy to look at should be a priority. Like most gaming peripherals, monitors are currently enjoying post Cyber Monday sales.Dell 2721HGF Gaming Monitor$219.99 FROM AMAZONOriginally $262.99 | Save 16%Acer Predator XB3$332.86 FROM AMAZONOriginally $379.99 | Save 12%BenQ Mobiuz EX3415R$949.99 FROM B&HOriginally $999.99 | Save 5%$925.00 FROM AMAZONOriginally $999.99 | Save 7%Read more about how the Insider Reviews team evaluates deals and why you should trust us.Best gaming monitor overallAcerAcer's Nitro XV282K KV delivers 4K resolution and HDMI 2.1 with color performance that will make your favorite games look jaw-dropping.Size: 28-inchResolution: 3,840 x 2,160 (4K)Panel technology: In-Plane SwitchingInputs: 2x HDMI 2.1, 1x DisplayPort 1.4Refresh rate: 144HzNvidia G-Sync: Tested compatibleAMD FreeSync: Certified compatibleHDR: VESA DisplayHDR 400 certifiedPros: Sharp 4K resolution; vibrant, accurate color performance; great contrast ratio for a gaming monitor; ideal for content creators; supports HDMI 2.1 Cons: Only DisplayHDR 400 CertifiedThe Acer Nitro KX282K KV is a superb 4K, 144Hz gaming monitor with good motion clarity and tack-sharp image quality. It has two HDMI 2.1 ports that can handle a modern game console's 4K/120FPS output. You'll also enjoy its vibrant color performance. Pairing 4K resolution with a refresh rate of up to 144Hz provides a crisp experience in every game you play. Modern, demanding games will look detailed and rich, while older titles play at maximum pace. A pair of HDMI 2.1 ports support 4K resolution at up to 120Hz when connected to the Xbox Series X, PlayStation 5, or a PC. Alternative monitors stuck on HDMI 2.0 are restricted to 4K/60Hz when connected to modern game consoles. The Nitro XV282K KV also has a DisplayPort input with support for 4K/144Hz when connected to a PC.The Nitro XV282K KV is also great for content creators. It has superb color accuracy, good contrast, and can be used to edit 4K content at its native resolution. It's ideal for gamers who make content on YouTube, Twitch, and other video platforms. It's not flawless, however. The monitor is VESA DisplayHDR 400 certified but not bright enough to make HDR content look its best. We've also heard complaints from PlayStation 5 owners that 4K/120Hz doesn't always work. This may be an issue with the PS5, as we've heard of similar stories from owners of other HDMI 2.1 displays.The Acer Nitro XV282K KV is priced at $899, placing it among the least expensive HDMI 2.1 monitors currently available. It's a good bet for gamers seeking a future-proof display with jaw-dropping visuals.Stock of the Acer Nitro XV282K is currently extremely limited, but we continue to recommend it for its quality. We'll update this page with stock information as soon as possible as it becomes available.$899.99 FROM ACERBest budget gaming monitorMatthew S Smith/Business InsiderDell's 2721HGF is a great all-around monitor with surprisingly attractive visuals at an entry-level priceSize: 27-inchResolution: 1,920 x 1,080Panel technology: Vertical AlignmentInputs: 2x HDMI 1.4, 1x DisplayPort 1.2Refresh rate: 144HzNvidia G-Sync: Certified compatibleAMD FreeSync: Certified compatibleHDR: NonePros: Punchy image with good dark scene performance; officially supports AMD FreeSync and Nvidia G-Sync; solid build quality with height adjustable stand; plenty of inputsCons: Only 1080p resolution; no built-in speakersDell's 2721HGF is a simple, straightforward monitor that makes the right compromises to deliver an excellent gaming experience at a low price.The screen has a punchy image with bold color. It also hits a higher contrast ratio than many alternatives, providing a strong illusion of depth and excellent detail in dark scenes. It's perfect for realistic games, horror games, and other titles that use shadows or darkness for dramatic effect.Despite its price, the 2721HGF has a 144Hz refresh rate and good motion performance. More expensive monitors, like the BenQ EX2780Q, look sharper in motion and will show less blur behind fast objects, but the 2721HGF is a huge upgrade over a run-of-the-mill office monitor with a 60Hz refresh rate. The monitor's resolution tops out at 1080p, which is low for a 27-inch display. Games don't look sharp on this monitor. You may see distracting saw-tooth edges around fine details. This, however, is unavoidable on a budget. 1440p monitors like the BenQ EX2780Q are much more expensive.This is a solid, handsome monitor that includes a height-adjustable stand and a VESA mount for attaching third-party monitor arms. The monitor is curved, but the curve is subtle enough that it doesn't significantly change gameplay. $219.99 FROM AMAZONOriginally $262.99 | Save 16%Best gaming monitor for competitive gamersMatthew S Smith/Business InsiderAcer's Predator XB3 has an absurdly high 280Hz refresh rate for lightning-quick reaction times in competitive gamesSize: 24.5-inchResolution: 1,920 x 1,080Panel technology: In-Plane SwitchingInputs: 1x DisplayPort 1.4Refresh rate: 280HzNvidia G-Sync: Certified compatibleAMD FreeSync: Not certifiedHDR: DisplayHDR 400Pros: Excellent motion clarity; 280Hz refresh rate; precise color accuracy; sturdy design; good value for moneyCons: Only one video inputAcer's Predator XB253Q Gxbmiiprzx, also known as the Predator XB3, is an outstanding 24.5-inch gaming monitor built for competitive gamers. It has remarkable motion clarity and doesn't sacrifice image quality.The monitor has a 240Hz refresh rate that can overclock to 280Hz. This leads to excellent motion clarity that helps you pick out details in small, moving objects. The monitor also has low input lag, making it feel almost wired to your brain.A few competitors have an even higher 360Hz refresh rate. They're also excellent for competitive gaming but are nearly twice as expensive. It's hard to justify spending so much when this more affordable Acer can deliver most of their gains. The Predator XB3 has excellent image quality. It displays accurate, vibrant color and has enough contrast and brightness to achieve a convincing illusion of depth. HDR is supported and works well in bright scenes, though the monitor doesn't support the extended range of color required for proper HDR. A pair of two-watt speakers are included along the monitor's rear. They provide usable, if not impressive, audio. You'll want a headset or desktop speakers for most gaming, but the speakers are passable for short sessions and when audio quality is not important. Connectivity is a downside, as the monitor has just one DisplayPort 1.4 input. Its design is divisive, thanks to a large chin on the display's bottom edge, but the monitor is built like a tank and includes a robust stand with height adjustment. $332.86 FROM AMAZONOriginally $379.99 | Save 12%Best ultrawide gaming monitorMatthew S Smith/Business InsiderBenQ's Mobiuz EX3415R is a huge, immersive display with few downsidesSize: 34-inchResolution: 3,440 x 1,440Panel technology: In-Plane SwitchingInputs: 2x HDMI 2.0, 1x DisplayPort 1.4Refresh rate: 144HzNvidia G-Sync: Not certified, tested compatibleAMD FreeSync: Certified compatibleHDR: DisplayHDR 400Pros: Expensive, immersive screen; highly accurate color; great built-in speakers; sturdy build quality Cons: Disappointing HDR for the price; expensiveBenQ's Mobiuz EX3415R is a bigger, more expensive take on BenQ's EX2780Q. It has most of the qualities that make the EX2780Q our top pick. This includes extremely accurate, vibrant color, good shadow detail, and attractive sharpness, all alongside a 144Hz refresh rate that shows great motion clarity. Upgrading to a 34-inch ultrawide monitor leads to a more immersive gaming experience. This is perfect for simulation, open-world, and strategy games, where a wider display often lets you see more at once. It can be a downside in competitive games, which are rarely optimized for ultrawide monitors.HDR performance is the monitor's only notable quality flaw. It's not bad; in fact, it's better than most displays on this list. But the Mobiuz EX3415R is an expensive display, and that puts it in a different league. Alienware and Samsung monitors have better HDR at this price point.BenQ's Mobiuz monitor line, which is new, embraces an eye-catching design that combines the angular lines of a stealth fighter with modern contrasting colors. The sturdy height-adjustable stand keeps the monitor stable. The Mobiuz EX3415R has a built-in sound system that includes a subwoofer. It's loud and enjoyable, which is great if you don't want external speakers cluttering your desk. $949.99 FROM B&HOriginally $999.99 | Save 5%$925.00 FROM AMAZONOriginally $999.99 | Save 7%Best 32-inch gaming monitorAmazonSamsung's Odyssey G7 is a massive, beautiful monitor with attractive design and a surprisingly high refresh rateSize: 34-inchResolution: 3,440 x 1,440Panel technology: Vertical AlignmentInputs: 1x HDMI 2.0, 2x DisplayPort 1.4Refresh rate: 240HzNvidia G-Sync: Certified compatibleAMD FreeSync: Certified compatibleHDR: DisplayHDR 600Pros: Excellent color accuracy; 240Hz refresh rate; striking curved design; good HDR supportCons: Curve will look too extreme for some; no built-in speakersSamsung's monstrous 32-inch Odyssey G7 is all about extremes. It's extremely large, extremely curved, and has an extremely high refresh rate. These traits make it easy to recommend to gamers looking to go large.The Odyssey G7 has exceptionally accurate and vibrant color that's nearly a match for BenQ's EX2780Q. That is paired with a slightly better contrast ratio, which provides an immersive illusion of depth. These traits, together with the monitor's sheer size, make the Odyssey G7 a great pick for simulation games, role-playing games, and other titles with attractive, expansive scenery. The monitor is bright in HDR mode, providing an above average HDR experience.Yet the Odyssey G7 also has a 240Hz refresh, which is rare for a 32-inch display. The monitor isn't as clear in motion as some competing 240Hz monitors, but most gamers will be pleased. This monitor has a dramatic 1000R (smaller means more) curve, which means it could complete a full circle if it were 1000 millimeters wide. Most curved monitors land between 1900R and 1500R. A curve this aggressive is obvious whether the monitor is off or on. Fans of curved screens will adore it, but gamers unconvinced by curved screens will find it too extreme. The curve is paired with an aggressive design that will stand out on any gamer's desk.$559.99 FROM AMAZONOriginally $792.04 | Save 29%What else we consideredThe monitors in this list are the best for most gamers, but we tested several additional gaming monitors that stand out as honorable mentions. Acer Nitro XV340CK ($397.99): This is a solid mid-range ultrawide monitor with good color accuracy and a 144Hz refresh rate. It falls short in maximum brightness and can show hazy, bright spots in dark scenes, but many gamers will excuse these flaws because of the monitor's low price. Acer Nitro XV252Q ($379): This 280Hz monitor is an alternative to Acer's Predator XB253Q but takes a big cut in image quality. The two are solid at similar pricing, providing little reason to buy the Nitro XV252Q instead.Alienware 2521H ($379.99): This 1080p/360Hz gaming monitor is a good choice for competitive gamers. It has great motion clarity, good image quality, and attractive design. Like other 360Hz monitors, however, it's sold at a steep price.Alienware AW2721D ($749.99): Want a 27-inch monitor with a refresh rate and motion performance nearly as good as the best 24-inch displays? Alienware's AW2721D is for you – if you're willing to pay for the privilege of owning it. Asus ROG Swift PG32UQX ($2,899.99): This outrageously expensive 32-inch monitor from Asus is one of the first to embrace Mini-LED technology. It's currently the best HDR gaming monitor money can buy, but its high price puts it out of reach for most gamers. BenQ EX2780Q ($319.99): Our former top pick, the BenQ EX2780Q remains a solid mid-range option that delivers outstanding image quality. It's still a great option for gamers who don't need 4K resolution or HDMI 2.1.Dark Matter by Monoprice 24-inch Gaming Monitor ($229.99): This basic 1080p/144Hz monitor provides great color performance and a good contrast ratio for just $230. Budget gamers who care about motion clarity should give it a serious look.Dell S3222DGM ($329.99): This 32-incher is a more affordable alternative to Samsung's Odyssey G7. It performs similarly in many respects, though it has a lower refresh rate. Some gamers may prefer its less dramatic curve. MSI Oculux NXG253R ($499.99): This 24-inch 1080p/360Hz gaming monitor is a solid choice for competitive gamers, though its higher refresh rate is of limited use compared to our top competitive pick, the 280Hz Acer Predator XB253Q. Samsung Odyssey Neo G9 ($1,999.99): Samsung's absurdly large Odyssey G9 makes every other monitor look tiny. It has a Mini-LED backlight that provides good HDR performance and the best contrast ratio of any gaming monitor available right. It's extremely expensive, however, and the Mini-LED backlight has issues with fast motion in high-contrast scenes.How we test gaming monitorsThe monitors recommended in this guide were tested using a Datacolor Spyder X colorimeter. This calibration tool can generate a report that objectively gauges the quality of a monitor based on numerous factors including brightness, contrast, color accuracy, image uniformity, and more. Test results were entered into a database that includes over 600 laptop and desktop displays going back over a decade. Gaming monitor FAQsWhat size is best for a gaming monitor? Gaming monitors typically come in 24-inch, 27-inch, and 32-inch widescreen options. While it's tempting to go big, a 24-inch or 27-inch monitor is often best because most players sit fairly close to the monitor (within three feet or less). 32-inch monitors are ideal as a television substitute in small spaces, like a studio apartment, a bedroom, or a dorm room. Ultrawide monitors are a special case; a 34-inch monitor is roughly as tall as a 27-inch widescreen. What resolution is best for a gaming monitor?2,560 x 1,440 resolution, often called 1440p, is the sweet spot for PC gaming. It's sharper than 1080p but not so pixel-dense that you need an absurdly expensive video card for acceptable frame rates in modern games. 1080p is still adequate, however, especially in 24-inch monitors. 4K looks fantastic but can severely tax all but the most expensive gaming PCs, and there's a slim selection of 4K displays that also support a refresh rate of 120Hz or better. What refresh rate is best for a gaming monitor?A monitor's refresh rate is the number of times it can display a new image every second. Cranking up the refresh rate improves perceived smoothness, increases the clarity of objects in motion, and shortens the time between player input and on-screen response. A 144Hz refresh rate is the current sweet spot between performance and price, but gamers who play competitive games that demand quick reactions will prefer a 240Hz refresh rate.GlossaryAMD FreeSync: FreeSync compatible monitors can synchronize their refresh rate to match the framerate of games played on an AMD video card. This improves perceived smoothness during gameplay.In-Plane Switching: Often abbreviated as IPS, In-Plane Switching is a common LCD panel technology found in computer monitors. Monitors that use an IPS panel have great color accuracy, high brightness, and outstanding viewing angles, but can look hazy in dark scenes. A majority of gaming monitors use an IPS panel.High Dynamic Range: Usually abbreviated as HDR, High Dynamic Range describes content packed with added color and luminance information. This leads to brighter whites, deeper blacks, and a greater range of colors across the entire spectrum. HDR content must be viewed on an HDR capable display to see an improvement over standard content. Nvidia G-Sync: G-Sync compatible monitors can synchronize their refresh rate to match the framerate of games played on an Nvidia video card. This improves perceived smoothness during gameplay.Refresh rate: This describes how many times a monitor can refresh its image each second. A higher refresh rate leads to smoother motion and improved clarity for fast-moving objects. It can also reduce input lag because less time passes between each refresh.  Resolution: This describes a monitor's pixel count in terms of the number of pixels found on one line along its horizontal and vertical axis. For example, any single horizontal line on a monitor with 1,920 x 1,080 resolution will have 1,920 pixels, while any single vertical line will have 1,080 pixels. More pixels will improve a monitor's sharpness and clarity. VESA DisplayHDR: DisplayHDR is a set of standards laid out by VESA, an industry organization behind a variety of standards (including DisplayPort). DisplayHDR sets quality minimums that a monitor must reach to be certified. It's more specific than HDR which, in the case of gaming monitors, doesn't promise anything aside from the ability to accept an HDR signal. VESA mount: This is a standard mount for computer monitors laid out by VESA that uses four screws spaced 100 millimeters apart in a square pattern. Nearly all monitors and monitor arms use this mount.Vertical Alignment: Often abbreviated as VA, Vertical Alignment is a common LCD panel technology found in computer monitors. It's known for reaching deep, inky shadows in dark scenes and good color performance, but tends to show less clarity in motion. VA panels are the second most popular choice for gaming monitors.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 2nd, 2021

CIBC announces fourth quarter and fiscal 2021 results

CIBC's 2021 audited annual consolidated financial statements and accompanying management's discussion and analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information and supplementary regulatory capital reports which include fourth quarter financial information. Our 2021 Annual Report is available on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars, unless otherwise indicated. TORONTO, Dec. 2, 2021 /CNW/ - CIBC (TSX:CM) (NYSE:CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2021. "We delivered strong financial performance in 2021 with growth across all of our strategic business units as our entire team focused on helping our clients achieve their ambitions," said Victor Dodig, President and CEO, CIBC. "Against the backdrop of the ongoing global pandemic, our bank continued to invest for the future, including expanding our platform and capabilities in the U.S., accelerating the growth of our Canadian consumer franchise, and making foundational investments in cloud technology and other capabilities that will enable us to do more for clients in 2022 and beyond. We also launched our new brand, a statement on the bank we've become by living our purpose, and a symbol of the opportunities that lie ahead. We enter the new fiscal year well positioned for growth with a strong capital position, clear momentum across our business, and the full commitment of our team as we contribute to an equitable and sustainable future for our clients, our communities and our planet." Fourth quarter highlights Q4/21 Q4/20 Q3/21 YoY Variance QoQ Variance Reported Net Income $1,440 million $1,016 million $1,730 million +42% -17% Adjusted Net Income (1) $1,573 million $1,280 million $1,808 million +23% -13% Reported Diluted Earnings Per Share (EPS) $3.07 $2.20 $3.76 +40% -18% Adjusted Diluted EPS (1) $3.37 $2.79 $3.93 +21% -14% Reported Return on Common Shareholders' Equity (ROE) (2) 13.4% 10.7% 17.1% Adjusted ROE (1)(2) 14.7% 13.5% 17.9% Common Equity Tier 1 (CET1) Ratio (2) 12.4% 12.1% 12.3% CIBC's results for the fourth quarter of 2021 were affected by the following items of note aggregating to a negative impact of $0.30 per share: $109 million ($80 million after-tax) charge related to the consolidation of our real estate portfolio; $40 million ($29 million after-tax) increase in legal provisions; $19 million ($15 million after-tax) amortization of acquisition-related intangible assets; and $12 million ($9 million after-tax) in transaction and integration-related costs(3) associated with the acquisition of the Canadian Costco credit card portfolio. For the year ended October 31, 2021, CIBC reported net income of $6.4 billion and adjusted net income(1) of $6.7 billion, compared with reported net income of $3.8 billion and adjusted net income(1) of $4.4 billion for 2020. The following table summarizes our performance in 2021 against our key financial measures and targets, set over the medium term, which we define as three to five years, assuming a normal business environment and credit cycle. Financial Measure Target (4) 2021 Reported Results 2021 Adjusted Results (1) Diluted EPS growth 5% to 10% annually $13.93, up 69% from 2020 $14.47, up 49% from 2020 ROE (2) 15% + 16.1% 16.7% Operating leverage (2) Positive 5.3%, an increase of 930 basis points from 2020 0.7%, an increase of 130 basis points from 2020 CET1 ratio (2) Strong buffer to regulatory minimum 12.4% Dividend payout ratio (2) 40% to 50% 41.8% 40.3% Total shareholder return Outperform the S&P/TSX Composite Banks Index over a rolling five-year period CIBC – 91.9% S&P/TSX Composite Banks Index – 80.4% (1) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section. (2) For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section. (3) Transaction and integration costs are comprised of direct and incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling cross-sell opportunities, the upgrade and conversion of systems and processes, project management, and communication costs. These items are recognized in Canadian Personal and Business Banking. (4) Based on adjusted results. Adjusted measures are non-GAAP measures. For additional information, see the "Non-GAAP measures" section. Core business performanceF2021 Financial Highlights (C$ million) F2021 F2020 YoY Variance Canadian Personal and Business Banking (1) Reported Net Income $2,494 $1,785 up 40% Adjusted Net Income (2) $2,503 $1,791 up 40% Pre-provision, pre-tax earnings (2) $3,736 $3,614 up 3% Adjusted pre-provision, pre-tax earnings (2) $3,748 $3,622 up 3% Canadian Commercial Banking and Wealth Management Reported Net Income $1,665 $1,202 up 39% Adjusted Net Income (2) $1,665 $1,203 up 38% Pre-provision, pre-tax earnings (2) $2,227 $1,942 up 15% Adjusted pre-provision, pre-tax earnings (2) $2,227 $1,943 up 15% U.S. Commercial Banking and Wealth Management (1) Reported Net Income $926 $375 up 147% Adjusted Net Income (2) $976 $436 up 124% Pre-provision, pre-tax earnings (2) $1,073 $917 up 17% Adjusted pre-provision, pre-tax earnings (2) $1,141 $1,000 up 14% Capital Markets (1) Reported Net Income $1,857 $1,308 up 42% Adjusted Net Income (2) $1,857 $1,308 up 42% Pre-provision, pre-tax earnings (2) $2,403 $2,124 up 13% Adjusted pre-provision, pre-tax earnings (2) $2,403 $2,124 up 13% (1) Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details. (2) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section. Strong fundamentalsWhile investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2021, CIBC maintained its capital strength and sound risk management practices: Capital ratios were strong, with a Basel III CET1 ratio(1) of 12.4% as noted above, and Tier 1(1) and Total capital ratios(1) of 14.1% and 16.2%, respectively, at October 31, 2021; Market risk, as measured by average Value-at-Risk, was $7.6 million in 2021 compared with $8.5 million in 2020; We continued to have solid credit performance, with a loan loss ratio(1) of 16 basis points compared with 26 basis points in 2020; Liquidity Coverage Ratio(1) was 127% for the three months ended October 31, 2021; and Leverage Ratio(1) was 4.7% at October 31, 2021. CIBC announced an increase in its quarterly common share dividend from $1.46 per share to $1.61 per share for the quarter ending January 31, 2022. Today we announced our intention to purchase for cancellation up to 10 million common shares, or approximately 2.2% of our outstanding common shares under a new normal course issuer bid, subject to the approval of the Toronto Stock Exchange. (1) For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section. Credit qualityProvision for credit losses was $78 million for the fourth quarter, down $213 million or 73% from the same quarter last year. The current quarter included a provision reversal on performing loans of $34 million, while the same quarter last year included a provision for credit losses of $113 million. Provision for credit losses on impaired loans was down $66 million as the prior year quarter was adversely impacted by the COVID-19 pandemic. Making a difference in our CommunitiesWe invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter, we further strengthened our communities through the following initiatives: Supported cancer research and care as Team CIBC participated in the annual Ride to Conquer Cancer and Weekend to Conquer Cancer benefitting the Princess Margaret Cancer Foundation, and celebrated our 25th anniversary as title partner of the CIBC Run for the Cure as we worked with the Canadian Cancer Society to support innovative breast cancer research and support programs. Recognized the inaugural National Day for Truth and Reconciliation and announced initiatives supporting economic prosperity for Indigenous peoples in Canada. We announced further commitments to our newly launched Reconciliation Framework and donated $50,000 to the Orange Shirt Society, an organization working to support Survivors of the residential school system in Canada. CIBC and the BlackNorth Initiative announced that applications are now being accepted for the Youth Accelerator, in partnership with BGC Canada, that will provide students from the Black community $50,000 over four years for tuition, mentorship, financial education and opportunities to secure paid internships or co-ops. Together with our clients and team members, we responded to several global crises including donations to earthquake relief in Haiti, relief efforts following Hurricane Ida, clean drinking water for Iqaluit, and immediate aid to vulnerable groups in Afghanistan, including support for the evacuation and resettlement of Afghan women and families landing in Canada, and journalists fleeing persecution. In 2021, corporate and employee giving to more than 4,000 charities was $132.7 million(1), while employee volunteering totalled more than 99,000 hours. Subsequent to the end of the quarter, we announced the CIBC Foundation, which will serve our commitment to advance inclusion for a more equitable society and help make ambitions real for communities. To support this goal, we have made donations totalling $70 million in fiscal 2021 to launch the foundation, with plans to grow to $155 million over time. (1) Includes corporate giving, including $70 million to CIBC Foundation, corporate sponsorships and employee giving and fundraising. Fourth quarter financial highlights As at or for the As at or for the three months ended twelve months ended 2021 2021 2020 2021 2020 Unaudited Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31 Financial results ($ millions) Net interest income $ 2,980 $ 2,893 $ 2,792 $ 11,459 $ 11,044 Non-interest income 2,084 2,163 1,808 8,556 7,697 Total revenue 5,064 5,056 4,600 20,015 18,741 Provision for (reversal of) credit losses 78 (99) 291 158 2,489 Non-interest expenses 3,135 2,918 2,891 11,535 11,362 Income before income taxes 1,851 2,237 1,418 8,322 4,890 Income taxes 411 507 402 1,876 1,098 Net income $ 1,440 $ 1,730 $ 1,016 $ 6,446 $ 3,792 Net income attributable to non-controlling interests 4 5 1 17 2 Preferred shareholders and other equity instrument holders 47 30 30 158 122 Common shareholders 1,389 1,695 985 6,271 3,668 Net income attributable to equity shareholders $ 1,436 $ 1,725 $ 1,015 $ 6,429 $ 3,790 Financial measures Reported efficiency ratio (1) 61.9 % 57.7 % 62.9 % 57.6 % 60.6 % Reported operating leverage (1) 1.7 % (0.6) % (5.5) % 5.3 % (4.0) % Loan loss ratio (2) 0.10 % 0.10 % 0.17 % 0.16 % 0.26 % Reported return on common shareholders' equity (1)(3) 13.4 % 17.1 % 10.7 % 16.1 % 10.0 % Net interest margin (1) 1.41 % 1.42 % 1.43 % 1.42 % 1.50 % Net interest margin on average interest-earning assets (4)(5) 1.58 % 1.60 % 1.60 % 1.59 % 1.69 % Return on average assets (5)(6) 0.68 % 0.85 % 0.52 % 0.80 % 0.52 % Return on average interest-earning assets (4)(5)(6) 0.77 % 0.96 % 0.58 % 0.89 % 0.58 % Reported effective tax rate 22.2 % 22.7 % 28.3 % 22.5 % 22.5 % Common share information Per share ($) - basic earnings $ 3.08 $ 3.77 $ 2.21 $ 13.97 $ 8.23 - reported diluted earnings 3.07 3.76 2.20 13.93 8.22 - dividends 1.46 1.46 1.46 5.84 5.82 - book value (7) 91.66 90.06 84.05 91.66 84.05 Closing share price ($) 150.17 145.07 99.38 150.17 99.38 Shares outstanding (thousands) - weighted-average basic 450,469 449,590 446,321 448,953 445,435 - weighted-average diluted 452,028 451,148 446,877 450,183 446,021 - end of period 450,828 450,082 447,085 450,828 447,085 Market capitalization ($ millions) $ 67,701 $ 65,293 $ 44,431 $ 67,701 $ 44,431 Value measures Total shareholder return 4.55 % 14.68 % 8.74 % 58.03 % (5.90) % Dividend yield (based on closing share price) 3.9 % 4.0 % 5.8 % 3.9 % 5.9 % Reported dividend payout ratio  (1) 47.3 % 38.7 % 66.2 % 41.8 % 70.7 % Market value to book value ratio 1.64 1.61 1.18 1.64 1.18 Selected financial measures - adjusted  (8) Adjusted efficiency ratio (9) 57.8 % 55.1 % 56.4 % 55.4 % 55.8 % Adjusted operating leverage (9) (2.8) % (0.6) % (0.7) % 0.7 % (0.6) % Adjusted return on common shareholders' equity (3) 14.7 % 17.9 % 13.5 % 16.7 % 11.7 % Adjusted effective tax rate 22.5 % 22.8 % 24.5 % 22.7 % 21.8 % Adjusted diluted earnings per share $ 3.37 $ 3.93 $ 2.79 $ 14.47 $ 9.69 Adjusted dividend payout ratio 43.2 % 37.0 % 52.2 % 40.3 % 60.0 % On- and off-balance sheet information ($ millions) Cash, deposits with banks and securities $ 218,398 $ 207,774 $ 211,564 $ 218,398 $ 211,564 Loans and acceptances, net of allowance for credit losses 462,879 449,167 416,388 462,879 416,388 Total assets 837,683 806,067 769,551 837,683 769,551 Deposits 621,158 602,969 570,740 621,158 570,740 Common shareholders' equity (1) 41,323 40,533 37,579 41,323 37,579 Average assets (5) 835,931 806,768 778,933 809,621 735,492 Average interest-earning assets (4)(5) 747,009 718,403 692,465 721,686 654,142 Average common shareholders' equity (1)(5) 40,984 39,263 36,762 38,881 36,792 Assets under administration (AUA) (1)(10)(11)(12) 2,963,221 2,982,469 2,364,005 2,963,221 2,364,005 Assets under management (AUM) (1)(11)(12) 316,834 310,560 261,037 316,834 261,037 Balance sheet quality and liquidity measures  (13) Risk-weighted assets (RWA) ($ millions) $ 272,814 $ 268,999 $ 254,871 $ 272,814 $ 254,871 CET1 ratio (14) 12.4 % 12.3 % 12.1 % 12.4 % 12.1 % Tier 1 capital ratio (14) 14.1 % 13.7 % 13.6 % 14.1 % 13.6 % Total capital ratio (14) 16.2 % 16.0 % 16.1 % 16.2 % 16.1 % Leverage ratio 4.7 % 4.6 % 4.7 % 4.7 % 4.7 % Liquidity coverage ratio (LCR) (15) 127 % 126 % 145 % n/a n/a Other information Full-time equivalent employees 45,282 44,904 43,853 45,282 43,853 (1) Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section on pages 100 to 102 of our 2021 Annual Report, available on SEDAR at www.sedar.com. (2) The ratio is calculated as the provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. (3) Annualized. (4) Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowance for credit losses, and certain sublease-related assets. (5) Average balances are calculated as a weighted average of daily closing balances. (6) Net income expressed as a percentage of average assets or average interest-earning assets. (7) Common shareholders' equity divided by the number of common shares issued and outstanding at end of period. (8) Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, see the "Non-GAAP measures" section. (9) Calculated on a taxable equivalent basis (TEB). (10) Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $2,341.1 billion (July 31, 2021: $2,380.2 billion; October 31, 2020: $1,861.5 billion). (11) AUM amounts are included in the amounts reported under AUA. (12) Certain prior period information was restated in the second quarter of 2021. (13) RWA and our capital ratios are calculated pursuant to OSFI's Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections on pages 32 and 72, respectively, of our 2021 Annual Report. (14) Effective beginning in the second quarter of 2020, ratios reflect the expected credit loss transitional arrangement announced by OSFI on March 27, 2020 in response to the onset of the COVID-19 pandemic. (15) Average for the three months ended for each respective period. n/a Not applicable.   Review of Canadian Personal and Business Banking fourth quarter results 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue $ 2,128 $ 2,056 $ 1,997 Provision for (reversal of) credit losses Impaired 87 82 88 Performing 77 (15) 33 Total provision for credit losses 164 67 121 Non-interest expenses 1,152 1,118 1,076 Income before income taxes 812 871 800 Income taxes 215 229 210 Net income $ 597 $ 642 $ 590 Net income attributable to: Equity shareholders $ 597 $ 642 $ 590 Efficiency ratio 54.1 % 54.4 % 53.9 % Operating leverage (0.4) % 3.4 % (4.2) % Return on equity (2) 35.9 % 38.6 % 36.1 % Average allocated common equity (2) $ 6,608 $ 6,595 $ 6,509 Full-time equivalent employees 12,629 12,578 12,437 Net income for the quarter was $597 million, up $7 million from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(2) were $988 million, up $65 million from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses. Revenue of $2,128 million was up $131 million from the fourth quarter of 2020, primarily due to strong volume growth and higher non-interest income, partially offset by lower product spreads.  Provision for credit losses of $164 million was up $43 million from the fourth quarter of 2020, due to a higher provision for credit losses on performing loans mainly as a result of model parameter updates. Non-interest expenses of $1,152 million were up $76 million from the fourth quarter of 2020 due to higher spending on strategic initiatives and higher performance-based compensation. (1) Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details. (2) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of Canadian Commercial Banking and Wealth Management fourth quarter results 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 Revenue Commercial banking $ 489 $ 475 $ 409 Wealth management 751 732 619 Total revenue 1,240 1,207 1,028 Provision for (reversal of) credit losses Impaired 6 (11) 21 Performing (11) (38) 4 Total provision for (reversal of) credit losses (5) (49) 25 Non-interest expenses 646 617 540 Income before income taxes 599 639 463 Income taxes 157 169 123 Net income $ 442 $ 470 $ 340 Net income attributable to: Equity shareholders $ 442 $ 470 $ 340 Efficiency ratio 52.0 % 51.2 % 52.5 % Operating leverage 1.1 % 0.2 % (1.5) % Return on equity (1) 24.9 % 27.2 % 20.7 % Average allocated common equity (1) $ 7,039 $ 6,863 $ 6,551 Full-time equivalent employees 5,241 5,256 4,984 Net income for the quarter was $442 million, up $102 million from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(1) were $594 million, up $105 million from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses. Revenue of $1,240 million was up $212 million from the fourth quarter of 2020, driven mainly by volume growth reflecting market appreciation and record net sales, as well as higher commissions in wealth management. Revenue increased in commercial banking due to volume growth in loans and deposits, and higher credit fees from increased client transactional activity. Provision for credit losses was a reversal of $5 million due to a favourable change in economic conditions as well as our economic outlook, compared with a provision for credit losses of $25 million in the fourth quarter of 2020, reflective of an increased provision on one fraud-related impairment and a higher provision on impaired loans in the retail and wholesale sectors. Non-interest expenses of $646 million were up $106 million from the fourth quarter of 2020, primarily due to higher performance-based compensation. (1) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue Commercial banking $ 366 $ 350 $ 362 Wealth management 196 189 157 Total revenue (2) 562 539 519 Provision for (reversal of) credit losses Impaired 8 25 55 Performing (59) (82) 27 Total provision for (reversal of) credit losses (51) (57) 82 Non-interest expenses 296 274 267 Income before income taxes 317 322 170 Income taxes 61 56 35 Net income $ 256 $ 266 $ 135 Net income attributable to: Equity shareholders $ 256 $ 266 $ 135 Efficiency ratio 52.5 % 50.9 % 51.7 % Return on equity (3) 11.2 % 12.1 % 5.9 % Average allocated common equity (3) $ 9,085 $ 8,738 $ 9,127 Full-time equivalent employees 2,170 2,155 2,085   Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue Commercial banking $ 293 $ 284 $ 272 Wealth management 155 154 120 Total revenue (2) 448 438 392 Provision for (reversal of) credit losses Impaired 7 19 41 Performing (47) (65) 20 Total provision for (reversal of) credit losses (40) (46) 61 Non-interest expenses 235 223 203 Income before income taxes 253 261 128 Income taxes 49 45 26 Net income $ 204 $ 216 $ 102 Net income attributable to: Equity shareholders $ 204 $ 216 $ 102 Operating leverage (1.9) % 3.8 % 12.0 % Net income for the quarter was $256 million (US$204 million), up $121 million (up US$102 million) from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(3) were $282 million (US$226 million), up $13 million (up US$24 million) from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses. Revenue of US$448 million was up US$56 million from the fourth quarter of 2020, primarily due to higher loan and deposit volumes and strong growth in asset management fees. Provision for credit losses was a reversal of US$40 million due to a favourable change in economic conditions as well as our economic outlook, compared with a provision of US$61 million in the fourth quarter of 2020. The same quarter last year reflects a higher provision on performing loans as a result of an unfavourable change in our economic outlook, and a higher provision in the real estate and construction, and manufacturing sectors. Non-interest expenses of US$235 million were up US$32 million from the fourth quarter of 2020, primarily due to higher employee-related compensation and higher expenses related to investments in the business and infrastructure. (1) Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details. (2) Included $3 million (US$3 million) of income relating to the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, for the quarter ended October 31, 2021 (July 31, 2021: $3 million (US$2 million); October 31, 2020: $5 million (US$4 million)). (3) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of Capital Markets fourth quarter results 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue Global markets $ 420 $ 503 $ 427 Corporate and investment banking 382 428 322 Direct financial services 210 209 185 Total revenue (2) 1,012 1,140.....»»

Category: earningsSource: benzingaDec 2nd, 2021

Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2021

MOUNTAIN VIEW, Calif., Dec. 1, 2021 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today reported results for its fourth quarter and fiscal year 2021. Revenue for the fourth quarter of fiscal year 2021 was $1.152 billion, compared to $1.025 billion for the fourth quarter of fiscal year 2020. Revenue for fiscal year 2021 was $4.204 billion, an increase of 14.1 percent from $3.685 billion in fiscal year 2020. "Synopsys delivered another record fiscal year in 2021, substantially exceeding our original targets, with strength in all product groups and geographies. We are entering fiscal year 2022 with significant financial, technology and customer momentum," said Aart de Geus, chairman and co-CEO of Synopsys. "Over the past several years, we have delivered disruptive innovations that are enabling the new era of 'smart everything,' an era that brings with it many new market entrants and increased investments. As a result, we are seeing a growing number of substantially expanded customer commitments and collaborations. In addition to fiscal year 2022 expectations of strong double-digit revenue growth, continued operating margin expansion, EPS growth in the mid-teens range, and nearly $1.5 billion in operating cash flow, we are also raising our long-term financial objectives, with increased EDA and IP revenue growth expectations." GAAP Results On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal year 2021 was $201.4 million, or $1.28 per share, compared to $197.5 million, or $1.26 per share, for the fourth quarter of fiscal year 2020. GAAP net income for fiscal year 2021 was $757.5 million, or $4.81 per share, compared to $664.3 million, or $4.27 per share, for fiscal year 2020.  Non-GAAP Results On a non-GAAP basis, net income for the fourth quarter of fiscal year 2021 was $285.8 million, or $1.82 per share, compared to non-GAAP net income of $247.7 million, or $1.58 per share, for the fourth quarter of fiscal year 2020. Non-GAAP net income for fiscal year 2021 was $1.077 billion, or $6.84 per share, compared to non-GAAP net income of $864.6 million, or $5.55 per share, for fiscal year 2020. 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 and IP products, system integration solutions and associated services, and (2) Software Integrity, which includes security and quality solutions for software development. 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 first 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.   First Quarter and Fiscal Year 2022 Financial Targets (in millions except per share amounts)  Range for Three Months  Range for Fiscal Year January 31, 2022 October 31, 2022 Low High Low High Revenue $            1,250 $            1,280 $            4,725 $            4,775 GAAP Expenses $               934 $               964 $            3,778 $            3,835 Non-GAAP Expenses $               802 $               812 $            3,225 $            3,255 Other Income (Expense) $                  (5) $                  (3) $                (11) $                  (7) Annual non-GAAP Tax Rate 18% 18% 18% 18% Outstanding Shares (fully diluted) 156 159 157 160 GAAP EPS $              1.75 $              1.92 $              5.39 $              5.65 Non-GAAP EPS $              2.35 $              2.40 $              7.73 $              7.80 Operating Cash Flow $            1,400 $            1,500 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 6504511, beginning at 5:45 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on December 8, 2021. 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 first quarter of fiscal year 2022 in February 2022.  Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and co-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 co-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 first quarter of fiscal year 2022 earnings call in February 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys does not currently intend to report on its progress during the first 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 fiscal year 2021 in its annual report on Form 10-K to be filed by December 29, 2021. 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 believes 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, 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 information that includes: (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 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 the calculation of its 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 align our tax rate more clearly with our expected geographic earnings mix. Synopsys re-evaluated this rate on an annual basis for any significant events that could have materially affected its projections, such as significant changes in its geographic earnings mix or significant tax law changes in major jurisdictions where it operates. Given the uncertainty surrounding corporate tax reform, Synopsys has elected to provide a projected annual non-GAAP tax rate for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. Based on an evaluation of Synopsys' historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments described above, as well as other factors such as its current tax structure, existing tax positions, and expected recurring tax incentives, its projected annual non-GAAP tax rate is 18% for fiscal 2022. Synopsys intends to re-evaluate the projected fiscal 2022 annual non-GAAP tax rate on an interim basis to determine 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 December 1, 2021 for additional information about the measures Synopsys uses to evaluate its core business operations. Reconciliation of Fourth Quarter and Fiscal Year 2021 Results The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per share for the periods indicated below. GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year 2021 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP net income $            201,447 $            197,455 $            757,516 $            664,347 Adjustments: Amortization of intangible assets 21,943 21,004 82,380 91,281 Stock compensation 96,742 78,429 345,272 248,584 Acquisition-related costs 3,800 3,259 15,394 14,096 Restructuring charges 18,254 (387) 33,405 36,059 Legal matters - - (1,455) - Tax adjustments (56,430) (52,084) (155,727) (189,798) Non-GAAP net income $            285,756 $            247,676 $         1,076,785 $            864,569 Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP diluted net income per share $                   1.28 $                   1.26 $                   4.81 $                   4.27 Adjustments: Amortization of intangible assets 0.14 0.13 0.52 0.59 Stock compensation 0.62 0.50 2.19 1.60 Acquisition-related costs 0.02 0.02 0.10 0.08 Restructuring charges 0.12 - 0.21 0.23 Legal matters - - (0.01) - Tax adjustments (0.36) (0.33) (0.98) (1.22) Non-GAAP diluted net income per share $                   1.82 $                   1.58 $                   6.84 $                   5.55 Shares used in computing diluted net income per share amounts: 157,243 156,825 157,340 155,706 (1) Synopsys' fourth quarter of fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, we refer to the closest calendarmonth 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 First Quarter Fiscal Year 2022 Targets (1) (in thousands, except per share amounts)  Range for Three Months  January 31, 2022 Low High Target GAAP expenses $          934,000 $          964,000 Adjustments:       Amortization of intangible assets (22,000).....»»

Category: earningsSource: benzingaDec 1st, 2021

Why You Should Hold Mid-America Apartment (MAA) Stock Now

A Sun Belt-focused portfolio, strategic redevelopment efforts and a robust balance sheet will support Mid-America Apartment's (MAA) performance. Yet, higher supply in the urban submarkets is a woe. Mid-America Apartment Communities MAA, also known as MAA, is seeing growth in demand and rent in its Sun Belt-focused portfolio, backed by favorable in-migration trends of jobs and households in the region. However, elevated supply, particularly among the apartment communities located in the urban submarkets, is a concern.MAA has a well-diversified portfolio in terms of markets, submarkets, product types and price points. Moreover, a high-quality resident profile resulted in solid collections even amid the pandemic. MAA noted that rent collections in third-quarter 2021 improved, sequentially.The residential REIT has been focusing on its three internal investment programs, such as interior redevelopment, property repositioning projects and Smart Home installations for a while. The programs will help MAA capture upside potential in rent growth, generate accretive returns and boost earnings from its existing asset base in late 2021 and 2022.Additionally, MAA enjoys a robust balance-sheet position, with low leverage and ample availability under its revolving credit facility, enabling it to navigate any negative externalities. As of Sep 30, 2021, $1 billion of combined cash and capacity was available under its unsecured revolving credit facility, net of commercial paper borrowings.Backed by an in-place at-the-market equity share offering program, MAA is well poised to source attractively-priced capital from the equity markets. It also generates 95.1% unencumbered net operating income (NOI), which offers scope for tapping additional secured debt capital if required.Shares of this presently Zacks Rank #2 (Buy) MAA have rallied 30.7% over the past six months, outperforming the industry’s growth of 14.6%. Additionally, the Zacks Consensus Estimate for 2021 funds from operations (FFO) per share has moved up marginally in the past week.Image Source: Zacks Investment ResearchHowever, the new supply of residential properties has been high for the past few years. This expanded supply adversely impacts landlords’ capability to demand more rents, thus resulting in lesser absorption, particularly among the apartment communities located in the urban sub-markets. Moreover, stiff competition in the residential real-estate market curtails MAA’s power to raise the rent or increase occupancy and induces aggressive pricing for acquisitions.While development activities are accretive for long-term value creation, the same require huge capital outlays. An extensive development pipeline heightens MAA’s operational risks by exposing it to construction cost overruns, entitlement delays and lease-up risks.Other Key PicksSome other top-ranked stocks from the REIT sector are Equity Residential EQR, AvalonBay Communities AVB and Equity Lifestyle Properties ELS.The Zacks Consensus Estimate for Equity Residential’s 2021 FFO per share has been raised marginally over the past month. EQR carries a Zacks Rank of 2, currently. You can see the complete list of today’s Zacks #1 Rank stocks here.Over the last four quarters, Equity Residential’s FFO per share surpassed the consensus estimate thrice and reported in-line results once, the average surprise being 4.20%. Shares of EQR have appreciated 2.5% in the past three months, outperforming the industry’s rally of 2.3%.The Zacks Consensus Estimate for AvalonBay’s current-year FFO per share has been raised 1.3% in the past month. AVB currently holds a Zacks Rank  of 2.Over the last four quarters, AvalonBay’s FFO per share surpassed the consensus estimate on three occasions and missed the mark on the remaining one, the average surprise being 0.82%. Shares of AVB have appreciated 4.8% in the past three months, outperforming the industry’s rally of 2.3%.The Zacks Consensus Estimate for Equity Lifestyle Properties’s 2021 FFO per share has moved 1.6% north in the past two months. ELS currently carries a Zacks Rank of 2.Over the last four quarters, Equity Lifestyle Properties’s FFO per share surpassed the consensus mark on all occasions, the average surprise being 7%. Shares of ELS have inched up 19.7% in the past six months against the industry’s decline of 16%.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. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AvalonBay Communities, Inc. (AVB): Free Stock Analysis Report Equity Residential (EQR): Free Stock Analysis Report MidAmerica Apartment Communities, Inc. (MAA): Free Stock Analysis Report Equity Lifestyle Properties, Inc. (ELS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 30th, 2021

Kenon Holdings Reports Q3 2021 Results and Additional Updates

SINGAPORE, Nov. 30, 2021 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE:KEN) (TASE: KEN) ("Kenon") announces its results for Q3 2021 and additional updates. Q3 and Recent Highlights Kenon In November 2021, Kenon's board of directors approved an interim cash dividend of $3.50 per share (approximately $189 million in total) payable in January 2022. Kenon's profit for the third quarter of 2021 of $170 million was primarily impacted by ZIM's results and a reduction in the carrying amount of Qoros. ZIM ZIM announced an interim dividend to be paid in December 2021 of $2.50 per share, or approximately $296 million in the aggregate, of which approximately $77 million is payable to Kenon. Financial results[1]: ZIM reported net profit in Q3 2021 of $1,463 million, as compared to net profit of $144 million in Q3 2020. ZIM reported Adjusted EBITDA[2] in Q3 2021 of $2,080 million, as compared to $262 million in Q3 2020. OPC Financial results: OPC's revenues in Q3 2021 increased to $133 million (including $17 million contributed by CPV), as compared to $117 million in Q3 2020.  OPC's net loss in Q3 2021 was approximately $33 million (including the negative impact of $75 million relating to a non-recurring early repayment of project financing debt, partially offset by net profit of $15 million contributed by CPV), as compared to net profit of $5 million in Q3 2020. OPC's Adjusted EBITDA2 in Q3 2021 was $38 million, as compared to Adjusted EBITDA in Q3 2020 of $28 million. Also, in Q3 2021 OPC's proportionate share of profit and EBITDA of CPV associated companies were $23 million and $29 million, respectively. In September and October 2021, as part of a rights offering, OPC raised proceeds of NIS329 million (approximately $102 million). Kenon participated in the offering for total consideration of approximately NIS206 million (approximately $64 million). Discussion of Results for the Three Months ended September 30, 2021 Kenon's consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd ("OPC"). Our share of the results of ZIM Integrated Shipping Ltd. ("ZIM") are reflected under results from associated companies.  See Exhibit 99.2 of Kenon's Form 6-K dated November 30, 2021 for summary of Kenon's consolidated financial information; summary of OPC's consolidated financial information; a reconciliation of OPC's Adjusted EBITDA (which is a non-IFRS measure) to net profit; summary of financial information of OPC's subsidiaries; and a reconciliation of ZIM's Adjusted EBITDA (which is a non-IFRS measure) to net profit. OPC  The following discussion of OPC's results of operations is derived from OPC's consolidated financial statements, as translated into US dollars. Summary Financial Information of OPC OPC OPC Israel U.S. Total Q3 2021 Q3 2020 $ millions Revenue 116 17 133 117 Cost of sales (excluding depreciation and amortization) 75 6 81 84 Finance expenses, net 86 2 88 11 Share in profit of associated companies, net - 23 23 - (Loss)/profit for the period (48) 15 (33) 5 Attributable to: Equity holders of OPC (38) 10 (28) 3 Non-controlling interest (10) 5 (5) 2 Adjusted EBITDA2 36 2 38 28 Proportionate share of EBITDA of associated companies - 29 29 -     Revenue For the three months ended September 30, 2021 2020 $ millions Israel Revenue from energy generated by OPC (and/or purchased from other generators) and sold to private customers 73 68 Revenue from energy purchased by OPC at the TAOZ rate and sold to private customers 2 14 Revenue from private customers in respect of infrastructure services 24 25 Revenue from energy sold to the System Administrator 8 6 Revenue from sale of steam 4 4 Revenue from virtual supply 5 - 116 117 U.S. Revenue from sale of electricity and provision of services in the U.S. 17 - Total 133 117 OPC's revenue from the sale of electricity to private customers derives from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority ("EA"), with some discount. Accordingly, changes in the generation component tariffs generally affect the prices paid under PPAs by customers of OPC-Rotem and OPC-Hadera. The weighted-average generation component tariff for 2021, as published by the EA, was NIS 0.2526 per KW hour, which was approximately 5.7% lower than the weighted-average generation component tariff in 2020 of NIS 0.2678 per KW hour. OPC's revenues from sale of steam are linked partly to the price of gas and partly to the Israeli Consumer Price Index. Set forth below is a discussion of changes in revenues by category between Q3 2021 and Q3 2020. Revenue from energy generated by OPC (and/or purchase from other generators) and sold to private customers – increased by $5 million in Q3 2021, as compared to Q3 2020. As OPC's revenue is denominated in NIS, translation of its revenue into US Dollars had a positive impact of $4 million. Excluding ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 30th, 2021

Chegg (CHGG) Rises on Busuu Buyout Plan & Repurchase Program

Chegg (CHGG) expands its global TAM with Busuu buyout plan and announces an ASP plan. Chegg, Inc.’s CHGG shares gained 2.84% during the trading session on Nov 29, 2021, after the online education company announced plans to acquire a language learning platform, Busuu, along with an accelerated share repurchase (ASR) plan.Busuu Buyout in the CardsChegg intends to buy Busuu, the online language learning startup established in Europe in 2008, for approximately $436 million (€385 million). The all-cash transaction, which is expected to close early in the first quarter of 2022, is approved by the companies’ boards of directors.With courses in 12 different languages to more than 500,000 paying subscribers, this content-rich education platform is designed for individuals keen on learning a new language. This platform is used across a broad age range, both in and out of formal education, and provides corporate language training to hundreds of organizations. It has a state-of-the-art approach that combines self-paced courses (developed by an in-house team of experts) with instant feedback from a global community of native speakers. Notably, Busuu has more than 20,000 new registrations daily.Chegg expects Busuu’s full-year 2021 revenues to be $45 million with year-over-year growth estimated at greater than 20%. The company expects the $17-billion digital language market to triple in size over the next five years and the latest Busuu-buyout to enhance its total available market (TAM) globally.ASR Program ProposalChegg has entered into a proposed ASR transaction to buy back $300 million of Chegg’s common stock. The company plans to enter into an ASR transaction with a financial institution during the fourth quarter of 2021.The proposed ASR transaction will be effective following Chegg’s previously announced $1.0-billion securities repurchase program. As of Sep 30, 2021, Chegg had $665.5 million available for buybacks under this program. The repurchase program has no expiration date.Share Price PerformanceChegg’s shares plummeted more than 45% on Nov 2 after it reported lackluster third-quarter 2021 results, wherein earnings met the Zacks Consensus Estimate but revenues missed the same. The quarterly results showed a surprising drop in subscriber count, majorly missing the holiday sales forecast. So far this year, shares of Chegg have declined 71.5%, compared with the Zacks Internet – Software industry’s decline of 15.6%.Concerning the ASR program, Chegg’s CEO, Dan Rosensweig, said “The accelerated share repurchase demonstrates the strength of our balance sheet, and it reaffirms our confidence in the long-term opportunity for Chegg, as well as our continued commitment to enhancing shareholder value."Image Source: Zacks Investment ResearchZacks Rank & Key PicksChegg currently carries a Zacks Rank #4 (Sell).Some better-ranked stocks from the broader Computer and Technology sector include Google-parent Alphabet GOOGL, Diodes DIOD and PTC Inc. PTC, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.For Alphabet, earnings estimates for 2021 have moved upward by 43 cents to $108.29 per share in the last seven days. The company’s 2021 earnings are likely to witness growth of 84.8%.Alphabet’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 41.5%. The GOOGL stock has rallied 66.1% in the year-to-date (YTD) period.For Diodes, earnings estimates for 2021 have moved upward by 6.3% to $5.06 per share over the last 30 days. The company’s 2021 earnings are likely to witness growth of 115.3%.Diodes’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 10%. Shares of DIOD have rallied 53.6% YTD.Although PTC Inc.’s shares have declined 7.7% YTD, its fiscal 2022 earnings estimates have been revised upward by 28 cents to $4.19 per share in the last 30 days, depicting analysts’ optimism over its prospects.The company’s earnings for the current year are likely to witness growth of 5.5%. PTC Inc.’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing the same on one occasion, the average surprise being 47.8%. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Diodes Incorporated (DIOD): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Chegg, Inc. (CHGG): Free Stock Analysis Report PTC Inc. (PTC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 30th, 2021

Red White & Bloom Provides Q3 2021 Financial Results: Revenue Increased $6 Million Over Q3 2020

Q3 year to date revenue increased 386% year over year to $36.9 million for the nine months ended September 30, 2021 EBITDA of $5.9 million is an increase of $11.7 million over Q3 2020, Adjusted sales1 of $99.2 million for the nine months ended September 30, 2021 Michigan Marijuana Regulatory Agency issued pre-qualification for RWB cannabis licensure Florida expansion strategy included 45,000 sq ft cultivation center purchased in Q3 TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE:RWB, OTCQX:RWBYF) ("RWB" or the "Company"), a multi-state cannabis operator and house of premium brands, announces 2021 third quarter financial results highlighted by a 93% increase in third quarter year over year revenue. All figures are reported in Canadian dollars (CAD) unless otherwise noted. "In the third quarter, we made excellent progress in laying additional building blocks in our core operating states of Florida, Michigan, and California to become more vertically integrated where it will be most profitable," stated Brad Rogers, RWB Chairman & CEO. "This will help drive increased revenue and margins for the Company. Simultaneously, we are gaining significant market share with our premium Platinum Vape™ (PV) and exclusively licensed High Times® branded products in select markets as evidenced by ArcView/Greentank's 2021 Q3 Industry Vape Report, which named Platinum Vape as the #1 brand vape cartridge in Michigan." Q3 2021 Financial Result Revenue for Q3 2021 was $11.8 million compared to $6.1 million in Q3 2020, an increase of 93%.   EBITDA was $5.9 million for Q3 compared to an EBITDA loss of $5.8 million in Q3 2020, a gain of $11.9 million. Net loss for Q3, 2021 was $5.5 million compared to $9.5 million in Q3, 2020. The change in net loss was primarily a result of revaluation of the Company's Call/Put options, as well as rightsizing compensation and achieving economies of scale. Nine Months Ended Sept 30, 2021 Results Revenue for the nine months ended September 30, 2021 was $36.9 million, an increase of 386% over revenue of $7.6 million in the comparable nine months ended September 30, 2020. Gross profit excluding fair value items for the nine months ended September 30, 2021 was $21.5 million, an increase of 295% over gross profit of $5.5 million in the comparable nine months ended September 30, 2020. Net loss for the nine months ended September 30, 2021 was $73.8 million compared to net loss of $29.8 million for the nine months ended September 30, 2020. The increase in net loss is primarily attributable to ramping up operations in our core markets in expectation of fortifying our brand strategy, which includes expanding and deepening our High Times retail and product presence and completing the pending investee transaction. Adjusted Sales1 RWB currently utilizes a state-licensed 3rd party cannabis manufacturer in Michigan for Platinum Vape sales. As part of the legacy product licensing agreement, the revenue RWB can recognize is product sales less inventory purchases and direct expenses. As a result, RWB's reported revenue in Michigan is substantially understated by inventory purchases made and direct expenses incurred during the period. Adjusted Sales1 - Combined           Q1 Q2 Q3 Total IFRS Revenue - All Combined $ 11,823,405 13,327,814 11,789,982 36,941,201 Difference between Adjusted Sales1 & IFRS Revenue – Mich $ 20,648,800 21,219,839  20,400,316 62,268,955 Adjusted Sales1 $ 32,472,205 34,547,653 32,190,298 99,210,156 Summary of EBITDA   For the three months ended For the nine months ended     September 30       September 30       September 30       September 30   Summary of EBITDA   2021               2020               2021          .....»»

Category: earningsSource: benzingaNov 30th, 2021

Patagonia Gold Third Quarter Financial Results

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. ("Patagonia" or the "Company") (TSXV:PGDC) announces its results for the quarter ended September 30, 2021 ("Q3 2021"). The financial statements for Q3 2021, together with the related management's discussion and analysis, are available on the Company's website and under the Company's profile on SEDAR at www.sedar.com. Highlights Generated revenue of US$5.76 million and gross profit of US$1.48 million in Q3 2021. Produced 2,175 gold equivalent ounces (1) and sold 3,223 gold equivalent ounces (1) in Q3 2021. Produced 6,865 gold equivalent ounces (1) and sold 7,878 gold equivalent ounces (1) in the nine-month period including Q3. Exploration work at the Calcatreu gold and silver project (the "Calcatreu Project") includes trenching, channel sampling, rock chip sampling and 319 km of ground magnetic surveying. This work, identified new epithermal veins at the Calcatreu Project with gold values in rock chip samples ranging from less than 0.01 grams per tonne ("g/t") to 20.5 g/t and silver values ranging from less than 0.3 g/t to 68.5 g/t. Only one gold value and five silver values were less than the lower limit mentioned herein. (2) Additional trenching, sampling and ground magnetic surveying continues in the southern part of Calcatreu Project. Incurred expenditures to advance the Calcatreu Project totalling US$1.3 million. Prefeasibility study is underway. The 3,500 meters drill program at Tornado/Huracan initiated in June 2021 restarted on 23 November 2021. Completed 2,215 m ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Wildpack Announces Third Quarter Financial Results

Third Quarter Highlights: Gross margin increased by 56% to 19.7% in Q3 over Q2 2021 Total can volume increased by 36% to 24.8M in Q3 over Q2 2021 Adjusted EBITDA* increased by 137% to $436K in Q3 over Q2 2021 Quality assurance yield increased 35% in Q3 over Q2 2021  Completed acquisitions of Craftpac, LLC in Marietta, GA and Vertical Distilling, LLC in Longmont, CO Increased annual run rate decorating capacity by 48 million cans Progressed construction on the label printing line in the Las Vegas facility, on schedule for pilot production in Q4 2021 *Non IFRS Measure - See "Use of Non-IFRS Measures" section for further information. VANCOUVER, BC, Nov. 29, 2021 /PRNewswire/ - Wildpack Beverage Inc. (TSXV:CANS) (OTC:WLDPF) ("Wildpack" or the "Company") announces unaudited financial results for the third quarter ending September 30, 2021. All currencies referenced herein are to US dollars. Wildpack reported in Q3 2021, revenue of $7.069 million, gross profit margin of 19.7%, positive Adjusted EBITDA of approximately $436,000, normalizing expenses of $1.045 million and a net loss of $1.493 million on total can volume of 24.863 million. Wildpack wholly acquired the outstanding securities of Craftpac, LLC on July 2, 2021 for $1.89 million and Vertical Distilling, LLC on August 20, 2021 for $4.14 million with consideration paid and payable in cash. Both acquisitions have a history of cash flow positive operations and represent key geographic locations with no overlap of the current network of Wildpack's facilities. Regarding these acquisitions, Thomas Walker, CGO said: "We are very pleased with our acquisitions this quarter. Both companies bring a history of successful operations and positive cash flows. Their integrations are going smoothly and we are excited to continue to expand our geographic reach. We are already seeing interest from our existing customers looking to make use ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Wildpack Announces Third Quarter Financial Results

Third Quarter Highlights: Gross margin increased by 56% to 19.7% in Q3 over Q2 2021 Total can volume increased by 36% to 24.8M in Q3 over Q2 2021 Adjusted EBITDA* increased by 137% to $436K in Q3 over Q2 2021 Quality assurance yield increased 35% in Q3 over Q2 2021  Completed acquisitions of Craftpac, LLC in Marietta, GA and Vertical Distilling, LLC in Longmont, CO Increased annual run rate decorating capacity by 48 million cans Progressed construction on the label printing line in the Las Vegas facility, on schedule for pilot production in Q4 2021 *Non IFRS Measure - See "Use of Non-IFRS Measures" section for further information. VANCOUVER, BC, Nov. 29, 2021 /CNW/ - Wildpack Beverage Inc. (TSXV:CANS) (OTC:WLDPF) ("Wildpack" or the "Company") announces unaudited financial results for the third quarter ending September 30, 2021. All currencies referenced herein are to US dollars. Wildpack reported in Q3 2021, revenue of $7.069 million, gross profit margin of 19.7%, positive Adjusted EBITDA of approximately $436,000, normalizing expenses of $1.045 million and a net loss of $1.493 million on total can volume of 24.863 million. Wildpack wholly acquired the outstanding securities of Craftpac, LLC on July 2, 2021 for $1.89 million and Vertical Distilling, LLC on August 20, 2021 for $4.14 million with consideration paid and payable in cash. Both acquisitions have a history of cash flow positive operations and represent key geographic locations with no overlap of the current network of Wildpack's facilities. Regarding these acquisitions, Thomas Walker, CGO said: "We are very pleased with our acquisitions this quarter. Both companies bring a history of successful operations and positive cash flows. Their integrations are going smoothly and we are excited to continue to expand our geographic reach. We are already seeing interest from our existing customers looking to make use of our expanded footprint." Gross profit margin improvement ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Zumiez (ZUMZ) Lined Up for Q3 Earnings: What to Expect

Zumiez (ZUMZ) third-quarter fiscal 2021 earnings results might show the ill effects of higher costs, including SG&A. However, ZUMZ's omni-channel capabilities comprising store initiatives look good. Zumiez Inc. ZUMZ is likely to post a decrease in the bottom line from the year-ago quarter’s reported figure when it announces third-quarter fiscal 2021 earnings on Dec 2, after the closing bell. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.07, suggesting a decline of about 8% from the year-ago period’s tally.A glimpse of this Lynnwood, WA-based player’s performance shows that the same delivered a significant positive earnings surprise in the trailing four quarters, on average.The Zacks Consensus Estimate for the quarterly revenues is pegged at $288.4 million, indicating an increase of 6.4% from the prior-year period’s reported figure.Key Factors to NoteZumiez’s customer-centric business model, differentiated product assortments and improved omnichannel solutions are likely to have favorably impacted its top-line performance in the fiscal third quarter. ZUMZ seems well-poised to capitalize on the trends in the apparel space on the back of its one-channel concept and advanced in-store fulfillment capabilities.ZUMZ’s strategy to optimize its store base, including expansion in the underpenetrated markets looks appealing. These strengths coupled with its efforts to meet robust demand for the distinct merchandise offering might have contributed to its performance in the to-be-reported quarter. Zumiez’s men’s, accessories and footwear categories are performing well.On its last earnings call, management had projected results to surpass the fiscal 2020 sales levels during the second half of fiscal 2021. It had also stated that the fiscal third quarter is off to a strong start owing to a more normalized back-to-school shopping season. Evidently, total sales for the 37 days ended Sep 6, 2021 climbed 23.2% from the same-period level ended Sep 7, 2020. Also, total net sales rose 6.7% from the same-period reading in fiscal 2019. Total comparable sales for the 37-day period grew 10.5% year over year and 5.4% from the number achieved in the comparable period of fiscal 2019.On the flip side, Zumiez has been witnessing higher SG&A costs for a while now. Deleveraged store wages, higher annual incentive compensation, decline in governmental subsidies, elevated marketing events and other related spending might have been deterrents. Also, the pandemic-related uncertainties cannot be ruled out.What the Zacks Model UnveilsOur proven model does not conclusively predict an earnings beat for Zumiez this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Zumiez Inc. Price and EPS Surprise Zumiez Inc. price-eps-surprise | Zumiez Inc. QuoteAlthough Zumiez has a Zacks Rank #3, its Earnings ESP of 0.00% makes surprise prediction difficult.Stocks With Favorable CombinationHere are some companies you may want to consider as our model shows that these have the right combination of elements to beat on earnings this season:lululemon athletica LULU currently has an Earnings ESP of +1.44% and a Zacks Rank of 2. LULU is expected to register top and bottom-line growth when it reports third-quarter fiscal 2021 numbers. The Zacks Consensus Estimate for LULU’s quarterly revenues is pegged at $1.43 billion, suggesting growth of 28.1% from the prior-year quarter’s level.The Zacks Consensus Estimate for lululemon’s quarterly earnings has moved a penny up in the past 30 days to $1.39 per share, suggesting a 19.8% increase from the year-ago reported number. LULU delivered an earnings beat of 25.2%, on average, in the trailing four quarters. You can see  the complete list of today’s Zacks #1 Rank stocks here.PVH Corp. PVH currently has an Earnings ESP of +1.61% and a Zacks Rank #2. PVH is expected to register top- and bottom-line growth when it reports third-quarter fiscal 2021 results. The Zacks Consensus Estimate for quarterly earnings of $2.07 per share suggests growth of 56.8% from the year-ago quarter’s reported figure.The consensus mark for PVH Corp.’s quarterly revenues is pegged at $2.40 billion, indicating an increase of 13.4% from the figure reported in the year-ago quarter. PVH has a trailing four-quarter earnings surprise of 177.5%, on average.Costco COST currently has an Earnings ESP of +1.00% and a Zacks Rank of 3. COST is likely to register top- and bottom-line growth when it reports first-quarter fiscal 2022 numbers. The Zacks Consensus Estimate for quarterly earnings has moved 2.8% north in the past 30 days to $2.59 per share, suggesting an improvement of 13.1% from the year-ago quarter’s tally.The Zacks Consensus Estimate for Costco's quarterly revenues is pegged at $49.6 billion, suggesting growth of 14.8% from the figure reported in the prior-year quarter. COST delivered an earnings surprise of 7.7%, on average, in the trailing four quarters. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0% You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>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 Zumiez Inc. (ZUMZ): Free Stock Analysis Report Costco Wholesale Corporation (COST): Free Stock Analysis Report lululemon athletica inc. (LULU): Free Stock Analysis Report PVH Corp. (PVH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 29th, 2021

The many alleged identities of Bitcoin"s mysterious creator, Satoshi Nakamoto

The identity of Bitcoin's mysterious creator is at the center of a Florida lawsuit that seeks to claim half of Satoshi Nakamoto's $54 billion stake. Blue bitcoinYuichiro Chino The identity of Bitcoin's creator is at the center of a Florida lawsuit over Satoshi Nakamoto's $54 billion stake. Since it was created in 2009, bitcoin has become a top digital currency. Many names have been dropped as Bitcoin potential creators, but none have been proven. Visit the Business section of Insider for more stories. The mystery behind the creator of Bitcoin and their over $54 billion stake has captured public attention once more, as a court case in Florida seeks to verify the creator's identity — an unlikely effort toward unraveling an enigma that has been over a decade in the making.The family of a deceased man, David Kleiman, is claiming their family member helped create the popular digital currency and is suing Kleiman's alleged business partner in the endeavor, Craig Wright, for half of Satoshi Nakemoto's 1.1 million cache of Bitcoin. For the past five years, Wright has been claiming on and off that he created Bitcoin, but has failed to provide any proof of his ownership.The creator could easily prove their identity by moving even a fraction of the cache of Bitcoin, or using the private key that controls the account.The identity of Bitcoin's creator, known only as "Satoshi Nakamoto," has long been a point of major interest, especially as their personal wealth continues to grow. Since it was created in 2009, Bitcoin has experienced significant highs and lows. In the past year, the currency has risen over 400%.Bitcoin is considered the top cryptocurrency in the world by market value, but there's still plenty of mystery surrounding its creation. Who came up with Bitcoin? Was it created by more than one person? And who is Nakamoto?Here's a rundown on the currency's strange beginnings:In 2008, the first inklings of bitcoin began to circulate the web.HoworthIn August 2008, the domain name bitcoin.org was quietly registered online. Two months later, a paper entitled 'Bitcoin: A Peer-to-Peer Electronic Cash System' was passed around a cryptography mailing list.The paper is the first instance of the mysterious figure, Satoshi Nakamoto's appearance on the web, and permanently links the name "Satoshi Nakamoto" to the cryptocurrency.    On January 3, 2009, 30,000 lines of code spelled out the beginning of Bitcoin.A copy of bitcoin standing on PC motherboard is seen in this illustration pictureThomson ReutersBitcoin runs through an autonomous software program that is 'mined' by people seeking bitcoin in a lottery-based system. Over the course of the next 20 years, a total of 21 million coins will be released.To date, about 90% of Bitcoin or about 18.7 million have been mined. Satoshi Nakamoto didn't work entirely alone.Hal FinneyVimeoAmong Bitcoin's earliest enthusiasts was Hal Finney, a console game developer and an early member of the "cypherpunk movement" who discovered Nakamoto's proposal for Bitcoin through the cryptocurrency mailing list. In a blog post from 2013, Finney said he was fascinated by the idea of a decentralized online currency. When Nakamoto announced the software's release, Finney offered to mine the first coins — 10 original bitcoins from block 70, which Satoshi sent over as a test.Of his interactions with Nakamoto, Finney says, "I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs."Finney has flatly denied any claims that he was the inventor of Bitcoin and has always maintained his involvement in the currency was only ever secondary. In 2014, Finney died of the neuro-degenerative disease ALS. In one of his final posts on a Bitcoin forum, he said Satoshi Nakamoto's true identity still remained a mystery to him. Finney says he was proud of his legacy involving Bitcoin, and that his cache of bitcoins were stored in an offline wallet, left as part of an inheritance to his family. "Hopefully, they'll be worth something to my heirs," he wrote.As of today, one bitcoin is worth over $54,000.  Nearly a year later, Bitcoin is slowly on its way to becoming a viable currency.Mike LazloIn 2010, a handful of merchants started accepting bitcoin in lieu of established currencies.One of the first tangible items ever purchased with the cryptocurrency was a pizza. Today, the amount of bitcoin used to purchase those pizzas is valued at about $100 million. Other companies have also started to invest in the currency. In February, Tesla purchased over $1 billion in bitcoins and moved to allow customers to pay for electric cars with the digital currency, before back-tracking a few months later.In September, Bitcoin gained the status of legal tender within El Salvador. The country plans to build "Bitcoin City," which would operate as the world's first cryptocurrency-based city.In 2011, the Silk Road, an online marketplace for illegal drugs, launched. It used bitcoin as its chief form of currency.A snapshot of Silk Road's websiteScreenshotBitcoin is inherently trace-less, a quality that made it the ideal currency for facilitating drug trade on the burgeoning internet black market. It was the equivalent of digital cash, a self-governing system of commerce that preserved the anonymity of its owner.With bitcoin, anyone could take to the Silk Road and purchase cannabis seeds, LSD, and cocaine without revealing their identities. And the benefit wasn't entirely one-sided, either: in some ways, the drug trafficking site legitimized Bitcoin as a means of commerce, even if it was only being used to facilitate illicit trade.Two years later, the mysterious figure known as "Satoshi Nakamoto" disappeared from the web.Clark MoodyOn April 23, 2011, Nakamoto sent Bitcoin Core developer Mike Hearn a brief email. "I've moved on to other things," he said, referring to the Bitcoin project. The future of Bitcoin, he wrote, was "in good hands."In his wake, Nakamoto left behind a vast collection of writings, a premise on the workings of Bitcoin, and the most influential cryptocurrency ever created.  Who is this Japanese-American guy named Satoshi Nakamoto?Dorian S. Nakamoto, a man who had zero involvement in the creation of Bitcoin.REUTERS/David McNewGoogle "Satoshi Nakamoto" and the results will lead you straight to image after image of an elderly Asian man. This is Dorian S. Nakamoto, named "Satoshi Nakamoto" at birth. He is almost 70 years old, lives in Los Angeles with his mother, and, as he has reminded people hundreds of times, is not the creator of Bitcoin. In 2014, Newsweek reporter Leah Goodman published a feature story pinning the identity of Bitcoin's creator on Nakamoto due to his high profile work in engineering and pointedly private personal life. Following the story's immediate release, Nakamoto was dogged by reporters, who trailed him as he drove to a sushi restaurant. Nakamoto told a journalist from the Associated Press that he had only heard of Bitcoin weeks earlier, when Goodman had contacted him about the Newsweek story.Two weeks later, he issued a statement to Newsweek, stating he "did not create, invent or otherwise work on Bitcoin." Dorian Nakamoto's claim was corroborated by the actual Bitcoin creator Satoshi Nakamoto a day later, with Satoshi's username mysteriously surfacing in an online forum to post: "I am not Dorian Nakamoto."  The Craig Wright controversyAustralian entrepreneur Craig WrightScreenshot Via BBCIn 2016, Australian entrepreneur Craig Wright claimed to be the creator of Bitcoin and provided disputed code as proof. Bitcoin developer Gavin Andresen further corroborated Wright's gesture, saying he was "98 percent certain" that Wright was the pseudonymous Nakamoto.But others were quick to disagree, and Wright's claim drew fierce skepticism from the cryptocurrency community online as well as alleged interest from the FBI. Amid the sudden influx of scrutiny, Wright deleted his post and issued a cryptic apology. "I'm sorry," he wrote, "I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage."Five years later, Wright continues to claim that he created the digital currency, but has yet to provide any publicly accepted proof.In November, the family of a deceased man, David Kleiman, sued Wright for half of Nakamoto's cache of 1.1 million Bitcoins. The family claims the two men created the cryptocurrency together. The Florida court case is currently in the process of being reviewed by a jury.  Nick Szabo has been repeatedly identified as the creator of Bitcoin, a claim he denies.The mysterious Nick SzaboBusiness Insider/Rob PriceIn the course of determining the identity of Nakamoto, there's one person who has been thumbed again and again: hyper-secretive cryptocurrency expert Nick Szabo, who was not only fundamental to the development of Bitcoin, but also created his own cryptocurrency called "bit gold" in the late '90s. In 2014, a team of linguistic researchers studied Nakamoto's writings alongside those of thirteen potential bitcoin creators. The results, they said, were indisputable. "The number of linguistic similarities between Szabo's writing and the Bitcoin whitepaper is uncanny," the researchers reported, "none of the other possible authors were anywhere near as good of a match."A story in the New York Times pegged Szabo as Bitcoin's creator, as well. Szabo, a staunch libertarian who has spoken publicly about the history of Bitcoin and blockchain technology, has been involved in cryptocurrency since its earliest beginnings.Szabo firmly denied these claims, both in The New York times story and in a tweet: "Not Satoshi, but thank you."  Here's how the real "Satoshi Nakamoto" could prove his identity:Flickr/Rachel JohnsonHe could use his PGP keyA PGP key is a unique encryption program associated with a given user's name — similar to an online signature. Nakamoto could attach his to a post or a message indicating his identity. He could move his bitcoinNakamoto has amassed a fortune in bitcoin: He's thought to possess over one million coins, which today would be valued in excess of a billion dollars. Theoretically, Nakamoto could move those coins to a different address.    Dorian Nakamoto, Nick Szabo, and Craig Wright aren't the only ones who have been pinned as the inventor of Bitcoin.REUTERS/Stephen LamThere's a laundry list of people who have been pegged with this claim, but so far, they've all been struck down. Tesla and SpaceX founder Elon Musk has been accused of being Bitcoin's creator — a theory he adamantly denied in 2018. The Wikipedia entry on Satoshi Nakamoto names at least 13 potential candidates as being responsible for the creation of Bitcoin. It's been over a decade since Bitcoin's creation, and we're still not any closer to confirming who invented it.  Why would the inventor of the world's most important cryptocurrency choose to remain anonymous?Bernard von NotHaus, the creator of the Liberty DollarYouTubeAs it turns out, experimenting in new forms of currency is not without its consequences. In 1998, Hawaiian resident Bernard von NotHaus dabbled in a fledgling form of currency called "Liberty Dollars" to disastrous results: He was charged with violating federal law and sentenced to six months of house arrest, along with a three-year probation. In 2007, one of the first digital currencies, E-Gold, was shut down amid contentious circumstances by the government on grounds of money laundering. In January, US Treasury Secretary Janet Yellen suggested steps that could be taken to "curtail" Bitcoin.If the inventor of Bitcoin wants to remain anonymous, it's for good reason: by maintaining anonymity, they've avoided adverse legal consequences, making their anonymity at least partially responsible for the currency's success.  Besides, one of the founding principles of Bitcoin is that it's a decentralized currency, untethered to conspicuous institutions or individuals. In his original proposition on Bitcoin, Nakamoto wrote, "What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party."According to a public filing from top US digital currency trading platform, Coinbase, if Nakamoto chose to come forward it could cause bitcoin's value to plummet.Why would someone go to all the trouble of creating a decentralized currency without sticking around to receive any of the credit?Bill Hinton/Getty ImagesMuch of the mystery surrounding Nakamoto involves his motivations. Why would someone go to the trouble of creating a detailed and brilliant decentralized currency, only to later completely disappear from the public view? A closer look at one of Nakamoto's original postings on the proposal of Bitcoin sheds some light on his possible motivations.In February 2009, Nakamoto wrote, "The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts."In Bitcoin forums, it's been speculated that Nakamoto might be "a libertarian and hates the corrupt rich people and politicians." Other Bitcoin enthusiasts suggest the timing of Bitcoin's emergence is a clear indication of its raison d'être: The currency, which was created in the years following the housing bubble burst in 2007, might have been invented as a means of disrupting the corrupted banking system. Here's what we know about Satoshi Nakamoto for sure:Ethan Miller/Getty ImagesThey're a geniusIn a New Yorker article from 2011, a top internet security researcher describes Bitcoin code as an inscrutable execution that nears perfection: "Only the most paranoid, painstaking coder in the world could avoid making mistakes."They speak fluent EnglishNakamoto has written extensively about Bitcoin, authoring close to 80,000 words on the subject in the course of two years. His work reads like that of a native English speaker. They might be BritishJudging by their spelling, and their use of British colloquialisms (they refer to their apartment as a "flat" and call the subject math "maths"), it's thought they might hail from the UK.The timing of his posts seem to indicate this fact as well: It's been pointed out that Nakamoto posted during UK daylight hours.They might be more than one personThe foolproof brilliance of Bitcoin's code have left many wondering if it isn't the work of a team of developers. Bitcoin security researcher Dan Kaminsky says Nakamoto "could be either a team of people or a genius." How does its creator feel about its success?Publican Grant Fairweather talks with a customer from behind the bar where a bitcoin sign is displayed in Sydney, Australia, September 29, 2015.REUTERS/David GrayJoshua Davis, who spent four months researching the possible identity of Bitcoin's creator for a New Yorker story, says he's deeply curious about how the cryptocurrency's creator feels about its success. "Every time I see a news post about the rise of the value of the Bitcoin, I wonder if Satoshi is seeing that too. What's he thinking? Is he proud? Is he thinking that, at some point, some day, he'll finally reveal himself?"If "Satoshi Nakamoto" hasn't revealed himself by now, it's unlikely we'll ever know who is. Zoe Bernard contributed reporting to an earlier version of this article. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 28th, 2021

Highwood Asset Management Ltd. Announces Third Quarter 2021 Results and Operational Update

/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/ CALGARY, AB, Nov. 26, 2021 /CNW/ - Highwood Asset Management Ltd., ("Highwood" or the "Company") (TSXV:HAM) is pleased to announce financial and operating results for the quarter ended September 30, 2021.  The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the quarter ended September 30, 2021, can be found at www.sedar.com and www.highwoodmgmt.com. Highlights On July 20, 2021, the Company changed its name from Highwood Oil Company Ltd. to Highwood Asset Management Ltd. to better reflect its renewed focus on driving shareholder return through a multitude of energy focused segments or divisions. The asset management structure will oversee various operations including ESG and other clean energy transition subsectors, which include industrial metals and minerals, clean energy technologies, upstream and midstream oil & gas production & processing. Within the industrial metals and minerals business unit, the Company has amassed industrial metallic and mineral permits of over 3,400,000 acres in Alberta and British Columbia and issued its National Instrument 43-101 technical report on Lithium from Brine on July 16, 2021 and National Instrument 43-101 technical report on Ironstone-Vanadium on September 21, 2021. The Company has also engaged the third-party resource evaluator to compile a 43-101 Lithium from Brine Resource Assessment specific to Drumheller, Alberta, comprising approximately 750,000 acres of the over 3,400,000 total acreage, which is anticipated to be completed in the fourth quarter of 2021. Within the upstream and midstream oil & gas production & processing business unit, the Company delivered average production of 108 bbl/d of oil in the third quarter of 2021. Current net production from Highwood is approximately 105 bbl/d of oil. Corporately, net debt at September 30, 2021 was $1.59 million. Summary of Financial & Operating Results  Three months ended September 30,  Nine months ended September 30,  2021 2020 % 2021 2020 %  Financial (in thousands)  Oil and natural gas sales $ 721 $ 5,752 (87) $ 6,423 $ 14,034 (54)  Transportation pipeline revenues 905 790 15 2,805 2,719 3  Total revenues, net of royalties(1) 1,325 5,981 (78) 6,242 23,297 (73)  Income (Loss) 150 (20,074) (101) (1,370) (27,635) (95)  Funds flow from operations(5) 195 1,923 (90) (1,198) 7,876 (115)  Capital expenditures 79 67 18 270 4,482.....»»

Category: earningsSource: benzingaNov 27th, 2021

Kadestone Capital Corp. Reports Q3 2021 Financial Results

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ VANCOUVER, BC, Nov. 25, 2021 /CNW/ - Kadestone Capital Corp. ("Kadestone" or the "Company") (TSXV:KDSX) (OTCB: KDCCF), a vertically integrated property company today announced its financial results for the nine months ended September 30, 2021. "Accessing the capital from the Kyle Road property will allow the Company to pay down debt used towards the Chilliwack and Squamish investments to ensure the optimal use of invested capital" said Brent Billey, the Company's CEO. "We are excited about our progress this year in identifying opportunities and securing additional investments," continued Mr. Billey. In addition, the Company announces the grant of stock options to Director Dr. Anthony Holler under its stock option plan to purchase an aggregate of 100,000 common shares of the Company at an exercise price of $1.80 per share, to vest over a three-year period and with an expiry date of November 23, 2031. Financial Results.....»»

Category: earningsSource: benzingaNov 25th, 2021

The best toasters we tested in 2021

These toasters from Breville and Cuisinart turn out evenly golden brown toast, waffles, bagels, and more. Prices are accurate at the time of publication.Caitlin Petreycik/Insider A good toaster should toast bread evenly and consistently, and each slot should perform equally well. Ideally, it should also accommodate bagels, and English muffins should be easy to retrieve. Find out more about how Insider Reviews tests and reviews kitchen products. Above all, a good toaster should be able to handle one task and handle it well: brown bread evenly and consistently across every slot. Beyond that, the best toasters can also accommodate sliced bagels, quickly defrost frozen waffles, and pop up English muffins forcefully enough so that you don't have to fish them out with a knife (or your fingers). That's why we tested every toaster in this guide to see how they handled all of the aforementioned foods (you can find a more detailed look at our methodology here).Performance aside, there are two main factors to consider when picking the toaster that best suits your needs: the number of people in your household and the size of your kitchen. If you live alone in a one-bedroom apartment and countertop space is at a premium, a two-slice toaster will probably do the trick, while a four-slice toaster will make mornings easier for a family of six in a suburban home.If you're looking for a more versatile countertop appliance, you may want to consider getting a toaster oven instead; in addition to toasting bread, they can perform tasks like bake cookies, roast chicken, and cook frozen pizzas. You can check out our guide to the best toaster ovens for recommendations.Here are the best toasters of 2021 Best toaster overall: Breville Bit More ToasterBest budget toaster: Cuisinart CPT-122 2-Slice Compact ToasterBest toaster upgrade: Breville Die-Cast 4-Slice ToasterBest toaster overallCaitlin Petreycik/InsiderThe Breville Bit More delivers beautifully browned toast every time, and its special features make it easy to optimize the toasting cycle for bagels, frozen waffles, and more.Toast capacity: 2 slicesDimensions: 11.3 x 7.3 x 8.2 inchesSpecial features: "A Bit More" button, "Lift and Look" feature, defrost button, fruit bread settingWarranty: 1 yearPros: Toasts evenly, "A Bit More" button adds time to underdone toast, easy to clean, elegant designCons: Pricey The true test of a good toaster is, of course, whether or not it consistently produces evenly golden-brown toast. And, out of the nine toasters we evaluated, the Breville Bit More's toast was some of the most impressive (outdone only by the Breville Die-Cast's), with few white spots and no burnt edges. This model also performed perfectly consistently; we toasted four batches of white sandwich bread and the color and texture of the toast was identical when done on the same setting.While most toasters' special features don't add all that much (we found that bagels toasted on a "bagel" setting typically turn out the same as those done on standard toast mode), this model has two genuinely useful additions: the "Bit More" and "Lift and Look" buttons. The former allows you to add an extra 30 seconds to underdone toast without interrupting the toasting cycle, while the latter allows you to raise the carriage to check on your toast (or give smaller carbs like English muffins an extra boost so you don't have to fish them out of the toaster's slots with a utensil).The Breville Bit More easily accommodated puffy bagels during our tests, and it defrosted frozen waffles quickly and thoroughly in both "defrost" and regular mode (medium settings 3 and 4 worked best for this purpose). Its crumb tray also detached smoothly, making cleanup swift and easy.$79.95 FROM BREVILLE$79.98 FROM BED BATH & BEYONDBest budget toasterCaitlin Petreycik/InsiderThe Cuisinart CPT-122 is compact, speedy, ultra-affordable, and turns out toast just as evenly golden-brown as many of its much pricier competitors.Toast capacity: 2 slicesDimensions: 6.5 x 11 x 7 inchesSpecial features: Defrost setting, bagel settingWarranty: 3 yearsPros: Speedy, compact, toasts evenly, wide toasting slots, generous warranty Cons: Not as consistent as our top pick, plastic lever feels flimsyThe Cuisinart CPT-122 doesn't have too many bells and whistles, but the simple and effective design is part of the appeal. There's an outer knob to adjust the darkness settings (from 1 to 7), three buttons for additional modes (bagel, defrost, and reheat), and a fourth button to cancel the toast cycle. Despite the fact that this is one of the few plastic toasters we tested (as opposed to metal), its construction feels sturdy, with the exception of the lever, which tends to wiggle a bit when you press it down.It took a bit of trial and error to find the optimal settings on the CPT-122. For example, in our experience, 3.5 to 4 was ideal for sliced sandwich bread, while the tops of bagels began to scorch on anything higher than 3. But once we had the settings down, this model produced breads just as golden brown and evenly toasted as many of its' notably pricier competitors. And, speaking of bagels, we didn't have to squish them to fit them in the slots.The CPT-122 was also one of the faster toasters we tested; it popped out fully-toasted bread in about a minute and a half (we found that the average was a little over two minutes). And, it was one of the most compact, making it ideal for small living spaces.$29.95 FROM AMAZONOriginally $55.00 | Save 46%Best toaster upgradeCaitlin Petreycik/InsiderThis 4-slice toaster produces near-perfect toast, is solidly made, and offers dual controls so you can toast on two different settings at once.Toast capacity: 4 slicesDimensions: 11.9 x 10.9 x 7.7 inchesSpecial features: "A Bit More" button, "Lift and Look" feature, defrost button, bagel setting, fruit bread settingWarranty: 1 yearPros: Toasts exceptionally evenly, "A Bit More" button adds time to underdone toast, can toast on two different settings at once, storage space for cord at the bottomCons: Somewhat bulky If you really want to ensure that you're getting the most evenly golden-brown toast possible, it's worth investing in the Breville Die-Cast 4-Slice Toaster, which produced the best results out of all the toasters we tried. Like our top pick, the Breville Bit More, the Die-Cast leaves bread with almost zero white spots or burnt edges, and it performs with exceptional consistency.The similarities between the Die-Cast and the Bit More don't end there: both feature Breville's patented "Bit More" and "Lift and Look" buttons, which allow you to add 30 seconds to underdone toast and raise the carriage to check your toasting progress, respectively. And they both easily accommodate bagels, leave English muffins evenly browned, and defrost frozen waffles so that they're crispy on the outside and chewy inside.Where the two toasters differ (aside from the Die-Cast's slightly higher performance), is in the Die-Cast's dual controls, which allow you to toast on two different settings at once. So, if one person in your household wants a bagel for breakfast and another wants Eggos, you can toast both to perfection in one go.$199.95 FROM BREVILLE$199.95 FROM WILLIAMS SONOMAWhat else we testedCaitlin Petreycik/InsiderRevolution Toaster: While the Revolution Toaster's touchscreen interface is certainly fun to look at and intuitive to use, we found that it toasted too unevenly (particularly on the English muffin setting) to justify the $300 price tag.Cuisinart CPT-160: We found that the countdown performed just as well as the CPT-122. But, even though it's a bit more solidly made, you're paying more than twice the price of our budget pick for identical results.All-Clad 2-Slice Toaster: This model didn't perform consistently enough for us to offer a solid recommendation, and often left toast white around the edges.Dash Clear View: We liked the idea of watching our toast brown through a glass window, but we were unable to fit two standard slices of white bread in the Dash Clear View side-by-side, and the overlap resulted in uneven browning.Cuisinart Countdown: While our previous top pick is a decent option if you're looking for a 4-slice toaster with dual controls in the $100 range, our current top pick and upgrade topped its performance.Our toaster testing methodologyCaitlin Petreycik/InsiderWe put every toaster in this guide through the same set of objective tests in order to evaluate them for these main attributes. Ease of use: We noted how intuitive each toaster was to use, taking care to test out any special settings. We also cleaned each toaster, docking points if their crumb trays were particularly difficult to remove. Special features: If a toaster had special features like a bagel mode, defrost setting, or "Bit More" button (a Breville feature that allows you to add time to underdone toast), we tried them out. Aesthetics: While it wasn't a main consideration, we took note if a toaster was particularly well-designed, or unnecessarily bulky. Longevity: I tested our top three picks consistently for three months, and have yet to notice any decline in quality. I plan to reevaluate them again at the six month mark. Toasting performance: We toasted four types of food in every toaster, and performed each test at least eight times — twice on four different settings (labeled 2, 3, 4, and 5 on most models) — allowing the toasters to fully cool in between rounds. (We found that toasting anything on setting 1 produced barely noticeable results across the board.) Certain tests were performed a ninth and tenth time on toasters with special settings (for example, we defrosted frozen waffles an additional two times in toasters with a "defrost" setting). Bread: Since evenly toasting bread is a toaster's most important task, this test was given the most weight. We ran eight rounds of Whole Foods 365 white bread through each appliance, noting how quickly, evenly, and consistently they toasted.Frozen waffles: We evaluated each toaster to see how well they defrosted Eggo frozen waffles on four different settings. We also tried the "defrost" mode on toasters with that additional setting, although we found little difference between heating up an Eggo on defrost versus normal toast mode. English muffins: We noted how evenly each toaster browned Thomas' English muffins, and tried out the English muffin setting on models with that feature. We also considered how easy it was to remove English muffins from each toaster — in models with less powerful pop-up mechanisms, we sometimes had to fish them out with utensils. Bagels: We took note if the slots on a particular model couldn't accommodate a sliced Whole Foods 365 plain bagel. We also tested the bagel setting on toasters with that feature.Heat Buildup: For our top picks, we ran three additional back-to-back testing cycles with white bread, to see how the toasters performed when toasting one batch directly after another. In all three cases, the third cycle of toast was slightly darker than the first, but not so much that we'd recommend waiting for the toasters to cool before loading them again.Speed: We timed how long it took each toaster to pop out a fully done piece of toast.Toaster FAQsWhat's the difference between a toaster vs toaster oven?In our guide to toaster ovens, Roxanne Wyss, co-author of the toaster oven cookbook Toaster Oven Takeover, said "the versatility of the toaster oven outshines the regular toaster. You can toast a wide variety of bread sizes and often toast the number of slices you need for a larger family...the toaster oven easily toasts English muffins, bagels, rolls, and a wide range of specialty rolls, pastries and buns."While this is true — most toaster slots aren't wide enough to accommodate a pastry or roll — a toaster may better suit your needs if you're mostly looking for something to toast bread, bagels, waffles, and English muffins, rather than an appliance that functions as a mini oven. Toasters are also typically less expensive and take up less countertop space.How long should a toaster take?During our testing, we found that the average toaster took 2.5 minutes to toast bread on the medium setting. Of course, if you're working with frozen foods, putting your toaster in defrost mode will add some time — about 25 to 30 seconds in most cases.How do you keep a toaster clean?Best cleaning practices will vary from toaster to toaster, so it's important to reference the instruction manual for your particular model. That being said, this cleanup routine generally works.1. Unplug your toaster.2. Wait for it to cool down completely.3. Remove and clean the crumb tray. Most modern toasters come with a removable crumb tray. If yours does, pull it out, shake off any loose crumbs, and wash it in warm soapy water. Then set it aside to dry before reinserting it.4. Turn your toaster upside down and shake it out. If your toaster doesn't have a crumb tray, you'll probably have to shake it out over your sink or garbage can to dislodge any loose crumbs. If there are still any stubborn toast bits left in there, try loosening them with a pastry brush before upending your toaster again.Check out our other great small appliance guidesJames Brains/InsiderBest toaster ovensBest air fryersBest Instant Pots and electric pressure cookersBest microwavesRead the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 25th, 2021

Lingo Media Reports Financial Results for the Third Quarter Ended September 30, 2021

TORONTO, Nov. 24, 2021 /CNW/ - Lingo Media Corporation (TSXV:LM) (OTCQB:LMDCF) (FSE: LIMA) ("Lingo Media" or the "Company"), an EdTech company that is 'Building a multilingual world' through innovative online technology and solutions announces its financial results for the third quarter ended September 30, 2021. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted. Q3 2021 Operational Highlights Online English Language Learning: Released Level 1 of English Academy, a English learning program aimed at primary school learners. Doubled the Portuguese course to cover learners up to B2 on the Common European Framework of Reference. Entered into a distbitution agreement with partners in Peru and Honduras. Grew its sales team by hiring personnel in Colombia and Peru. Conducted three webinars as part of ELL teacher development series. Print-Based English Language Learning: Expanded existing market for PEP Primary English program into one additional province in China. Initiated the development of content and material for its Grade 3 textbooks. Q3 2021 Corporate Highlights November 6, 2021, the Company announced the filing of Form 15F with the U.S. Securities and Exchange Commission ("SEC") to terminate the registration under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as well as to terminate its reporting obligations under the Exchange Act. As a result of filing the Form 15F, Lingo Media's obligations to file reports under the Exchange Act will be suspended immediately and are expected to terminate 90 days after the filing, barring any objection by the SEC. On November 16, 2021, the shareholders approved all matters at the Annual General Meeting. On November 19, 2021, the Company announced that the Board of Directors re-appointed Gali Bar-Ziv as President & CEO and Khurram Qureshi as Chief Financial Officer. In addition, the Board appointed Khurram Qureshi as a Director and Mr. Michael Kraft notified the Company of his intention to retire from the Company's Board of Directors for personal reasons. Hon. Jerry Grafstein notified the Company of his intention to retire from the Company's Board of Directors for personal reasons, effective immediately. The Board of Directors and management of Lingo Media would like to thank Mr. Grafstein for his services and all of his contributions over the years. Q3 2021 Financial Highlights Third Quarter Ended September 30th   2021 2020 Revenue $ 163,493 $ 68,775 Operating and development expenses 433,209 404,377 Loss before amortization, share-based payments, depreciation, finance charges and taxes (269,716) (335,602) Amortization, share-based payments, and depreciation 961 32,147 Finance charges, taxes, foreign exchange 11,418 (10,604) Net loss.....»»

Category: earningsSource: benzingaNov 24th, 2021

ATN Reports its Third Quarter for the Three and Nine Months Ended September 30, 2021

TORONTO, Nov. 24, 2021 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV:SAT) Canada's pioneer South Asian broadcaster announces its third quarter 2021 consolidated financial and operating results for the three and nine months ended September 30, 2021, in accordance with International Financial Reporting Standards ("IFRS"). Summarized Consolidated Financial Results Three and nine months ended September 30, 2021 and September 30, 2020. Three months ended September 30,.....»»

Category: earningsSource: benzingaNov 24th, 2021

Humble & Fume Inc. Announces Financial Results for First Quarter Fiscal 2022

Reports 30% year-over-year gross margin growth from $3.2 million in Q1 2021 to $4.2 million in Q1 2022. Canadian operations revenue of $8.6 million, a 27% organic increase year-over-year. Maintained a strong liquidity position, including a cash balance of $6.5 million at quarter end. Continued expansion into cannabis distribution operations in the United States with investment from Johnson Brothers through Green Acre and the acquisition of Cabo Connection for cannabis distribution licenses and facility. Announces President of Canadian Distribution and Founder of BobHQ, Robert Ritchot is retiring. TORONTO, Nov. 24, 2021 /PRNewswire/ - Humble & Fume Inc. (CSE:HMBL) ("Humble" or the "Company"), a leading North American distributor of cannabis and cannabis accessories, today reported its first quarter fiscal 2022 ("Q1 2022") financial and operating results for the three months ended September 30, 2021. Joel Toguri, Chief Executive Officer of Humble, commented: "As the legal cannabis market in North America continues to mature, Humble remains agile and focused on providing a leading solution for brands to scale quickly and retailers to focus on their customers. We are encouraged by the strong revenue growth we saw this quarter from our Canadian operations, which was driven by our expanding cannabis brands partnerships and higher margin sales from our accessory portfolio. We have made huge strides towards our expansion into cannabis distribution in the United States. Last week's announcement of Johnson Brothers investment, through Green Acre, is transformative for the legal cannabis distribution market in North America. Together with our acquisition of Cabo Connection, Humble is executing upon our business strategy and readying for its launch in California." Mr. Toguri continued, "This past quarter was transitional for us following our public listing on the Canadian Securities Exchange. While we saw an increase in Canadian revenue, the U.S. operations saw a decrease as a result of our decision to focus the business on healthier margin sales, reducing the mix of high volume, low margin products. Aligned with our strategy to expand into cannabis distribution in the U.S., we implemented a new operating structure in October, which included headcount reductions. Our new structure reprioritizes our customers, identified redundancies and redirects resources to this opportunity. As part of these changes, in October we began the closure of our Florida warehouse, which will result in cost structure savings while consolidating shipping from our two remaining warehouses and improving customer experience. We are aggressively focused on becoming the leading cannabis distributor in North America, which we believe will ultimately deliver revenue growth and profitability." The Company announces that on December 3, 2021, President of Canadian Distribution and Founder of BobHQ Robert Ritchot, will be retiring and stepping away from his position with Humble. Mr. Ritchot will continue his role on the Board of Directors. The Company wishes to thank Mr. Ritchot for his years of leadership and his dedication to building a strong cannabis accessories distribution company. As a passionate advocate for cannabis legalization, Mr. Ritchot's legacy will remain strong as Humble enters its next phase of growth. Mr. Toguri concluded, "We would like to thank Bob as he heads into retirement from Humble for his years of dedication and leadership. We wish him all the best in his future endeavors. As we head into 2022, I am ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 24th, 2021