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The Arcadia Family of Cos. acquires 32-bed facility

“The Arcadia Family of Cos. considers it an honor to be given the opportunity to be involved at Hale Ola Kino,” said Suzie Schulberg, AFC president and CEO, in a statement......»»

Category: topSource: bizjournalsAug 5th, 2022

TriMas (TRS) Closes Omega Buyout, Fortifies Packaging Business

TriMas (TRS) completes its acquisition of Omega Plastics, the third addition to its packaging platform in two years. TriMas Corporation TRS announced that it closed the acquisition of Omega Plastics, a manufacturer of medical device components, to grow its Packaging segment. The buyout also expands TriMas’ Pharmaceutical & Nutraceutical product offerings into additional medical applications, which is an attractive market for long-term growth.Based in Clinton, MI, Omega is a private, family-owned company that manufactures custom components and devices for diagnostic, drug delivery and orthopedic medical applications as well as industrial application components. Omega leverages its core injection molding capabilities, ISO13485-certified injection molding facility and ISO Class 8 clean room to provide its customers a faster product development cycle, from prototype development, testing and validation to short- and medium-run production and assembly.With its medical components currently used in drug delivery, including consumable intravenous applications, as well as diagnostic testing and orthopedic applications, Omega is an approved vendor to leading healthcare companies.TriMas plans to expand Omega’s production capacity, as required in order to meet its customers’ longer-term needs. It will leverage Omega’s advanced tool-making capabilities to add rapid prototyping to enhance TriMas Packaging’s speed-to-market advantage on innovation and new product designs.TriMas’ Packaging segment earns revenues from the consumer products (comprised of the beauty and personal care, home care, food and beverage, pharmaceutical, and nutraceutical submarkets) and industrial markets. The segment accounted for 64% of its total sales in 2020. The segment reported sales of $409.7 million so far in fiscal 2021. Omega is expected to generate $18 million in revenues in fiscal 2021.TriMas had announced that it entered an agreement for the Omega acquisition earlier this month along with the acquisition of Toronto, Canada-based TFI Aerospace. TFI Aerospace manufactures and supplies specialty fasteners for a wide range of applications, primarily in the aerospace end market, and is estimated to generate revenues of $6 million in fiscal 2021. It will help expand TriMas’ Aerospace segment’s fastener product lines.These deals sync with TriMas’ strategy to accelerate growth through acquisitions, particularly in its Packaging and Aerospace platforms, backed by their highest long-term growth and performance profiles. To this end, the company pursues bolt-on acquisitions and acquires another industry participant or adjacent product lines to expand its existing product offerings, customer base, end markets and geographic presence. In 2020, TriMas completed three acquisitions, RSA Engineered Products (in Aerospace), and Affaba & Ferrari and Rapak (both in Packaging), which will drive its top-line results.TriMas said after closing the acquisitions of Omega and TFI, its net leverage ratio would likely remain below 2.0X.  The company’s strong balance sheet and track record of strong cash flow generation provides ample capacity and flexibility to fund organic growth initiatives and strategic acquisitions, while also returning capital to shareholders by purchasing its shares.The Packaging segment had witnessed elevated demand for dispensing pumps and closure products that help fight the spread of germs amid the pandemic. It is, however, seeing a normalization of those trends lately. Nevertheless, demand will likely be supported by increased awareness regarding hygiene worldwide. Lower air travel and reduced commercial and business jet production have continued to impact the demand for TriMas’ products tied to commercial aircraft build rates since last year.Meanwhile, TriMas has been witnessing higher material costs for resin-based raw materials and steel. This along with ongoing supply-chain headwinds is anticipated to hurt its margins in the near term.Price Performance Image Source: Zacks Investment Research Shares of TriMas have gained 8.1% in the past year compared with the industry’s growth of 2.7%.Zacks Rank & Stocks to ConsiderTriMas carries a Zacks Rank #4 (Sell).Some better-ranked stocks in the Industrial Products sector are Greif, Inc. GEF, SPX Flow FLOW and Emerson Electric Co. EMR. While GEF and FLOW currently flaunt a Zacks Rank #1 (Strong Buy), EMR carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Greif has an estimated earnings growth rate of 11.4% for the current year. In the past 30 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 2%.In a year, the company’s shares have gained 21.5%. Greif has a trailing four-quarter earnings surprise of 16.8%, on average.SPX Flow has an expected earnings growth rate of 102% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised upward by 1% in the past 30 days.SPX Flow’s shares have risen 49.3% in a year’s time. FLOW has a trailing four-quarter earnings surprise of 40%, on average.Emerson Electric has a projected earnings growth rate of 19.9% for 2021. The Zacks Consensus Estimate for current-year earnings has been revised upward by 1% in the past 30 days.EMR’s shares have appreciated 12.3% in the past year. Emerson Electric has a trailing four-quarter earnings surprise of 10.7%, on average. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100s of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 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 TriMas Corporation (TRS): Free Stock Analysis Report Emerson Electric Co. (EMR): Free Stock Analysis Report Greif, Inc. (GEF): Free Stock Analysis Report SPX FLOW, Inc. (FLOW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksDec 23rd, 2021

Former Trump campaign chair Paul Manafort says he had "grown comfortable" in jail and was "the best dressed inmate"

A prisoner called him "Professor," maybe because of the suit jacket he was wearing, Manafort wrote. "Either way, I took it as a sign of respect." Paul Manafort, former Trump campaign chairBRENDAN SMIALOWSKI/AFP via Getty Images Paul Manafort says he had "grown comfortable" at Northern Neck Regional Jail before he was moved to another facility. He wore polo shirts the jail director bought him and was the "best dressed inmate at Northern Neck!"  Manafort describes his stays in different jails in his forthcoming memoir. Former Trump campaign chair Paul Manafort describes in his forthcoming memoir how he stayed fashionable, maintained a work environment and got "comfortable" during his month-long stay at Northern Neck Regional Jail before moving to another facility.The warden allowed him to use a laptop and flash drive in his cell, using a 30-foot outdoor extension cord to get power from an outlet in the hall. He bought snacks and clothes from the commissary to supplement the white polo shirts, gray sweatpants and Dexter sneakers the jail director bought him, writing that he was the "best dressed inmate at Northern Neck!" And while he was in solitary confinement, he hired a retired FBI agent to meet him when his lawyers couldn't so that he could get out of his cell every day for legal meetings. "I had a real program working," he wrote in  "Political Prisoner: Persecuted, Prosecuted, but Not Silenced," which will be released August 16.Manafort, who was ultimately pardoned by then-President Donald Trump in 2020 for financial fraud and conspiracy convictions, seemed to have developed a fondness for this temporary jail, which he noted was in a rural and Republican community. He called the staff "compassionate and professional" and said "they made me feel like I was surrounded by friends, not guards." He was upset about having to "start the whole process again" when he was moved to Alexandria, which he described as a "real" jail."I had been at Northern Neck for nearly a month, in which time I had come to figure things out and adjust them to meet my needs," he wrote. "In fact, I had the system working for me. TV twenty-four hours a day, seven days a week! Telephone from 8:30 a.m. to 10:30 p.m.! Books. Control over my schedule…"He describes his Alexandria experience as "almost POW-style solitary confinement" with lights on 24 hours a day and twice-weekly, 30-minute family visits. And his visits to the courthouse were "especially humbling."But he got to see other prisoners on the walk to his cell in the courthouse. "A few of them recognized me and gave me fist bumps through the bars," he wrote.Also, the judge allowed him to wear suits instead of jail jumpsuits if the jury was present. He quoted a US marshal's comment on his clothing after the marshal brought the suit to his cell: "'Oh by the way, those are dope clothes. I bet they cost a lot?'"In another instance, he shared how one prisoner called him "Professor" on their way to jail, perhaps because of those clothes."Why, I don't know," he wrote. "Maybe it was the suit jacket I was still wearing. Either way, I took it as a sign of respect."Read the original article on Business Insider.....»»

Category: topSource: businessinsider15 hr. 51 min. ago

10 Best Real Estate Stocks to Buy According to Charles Fitzgerald’s V3 Capital

In this article, we discuss the 10 best real stocks to buy according to Charles Fitzgerald’s V3 Capital. If you want to skip our detailed analysis of Fitzgerald’s  history, investment philosophy, and hedge fund performance, go directly to the 5 Real Estate Stocks to Buy According to Charles Fitzgerald’s V3 Capital. Charles Fitzgerald is a […] In this article, we discuss the 10 best real stocks to buy according to Charles Fitzgerald’s V3 Capital. If you want to skip our detailed analysis of Fitzgerald’s  history, investment philosophy, and hedge fund performance, go directly to the 5 Real Estate Stocks to Buy According to Charles Fitzgerald’s V3 Capital. Charles Fitzgerald is a principal and founder of the hedge fund V3 capital that he established in 2011. Charlie graduated in Business Administration, with majors in finance, from the University of Florida. With more than 34 years of experience in the financial services profession, Charlie provides financial and wealth management services to individuals with high net worth, corporate executives, business owners, and trustees. Currently, he is working as a senior managing partner at V3 Capital management. V3 Capital Management is a Real Estate Securities Investment firm that provides investment advisory services. As of Q1 2022, the company reported 13F securities valued at $518.02 million, down from $693.29 million in Q4 2021. JBG Smith Properties (NYSE: JBGS) was the largest holding of the firm, as it held over 3.12 million shares in the company valued at $91.34 million. In Apartment Income Riet Corp. (NYSE: AIRC), the hedge fund held 1,236,403 shares which cover 12.75% of the fund’s portfolio. Our Methodology These real estate stocks were picked from the first quarter portfolio of V3 Capital. Best Real Estate Stocks to Buy According to Charles Fitzgerald’s V3 Capital 10. Inventrust Properties Corp. (NYSE: IVT)    Charles Fitzgerald’s Stake Value:  $17,047,000    Percentage of Charles Fitzgerald’s 13F Portfolio: 3.29%    Number of Hedge Fund Holders: 14 Inventrust Properties Corp. (NYSE: IVT) is a real estate investment company that majorly invests in shopping malls. The company owns and manages 65 retail properties comprising 10.8 million square feet with a total asset of $2.8 billion. V3 Capital held 553,841 shares in Inventrust Properties Corp. (NYSE: IVT) in the first quarter of 2022, worth $17.04 million, representing 3.29 % of the total Charles’ 13F portfolio. The firm recently opened its position in the company. According to Q1 2022 financial results, Inventrust Properties Corp. (NYSE: IVT) had an excellent performance. The company reported a net income of $9.5 million for the first quarter ended on March 31, 2022. On June 14, Inventrust Properties Corp. (NYSE: IVT) declared a $0.2052/share dividend for the quarter that ended on June 30, 2022. As of Q1 2022, 14 hedge funds held stakes in Inventrust Properties Corp. (NYSE: IVT), up from 6 a quarter earlier. Israel Englander owned the largest stakes in the company, worth $48.22 million. 9. Chatham Lodging Trust (NYSE: CLDT)       Charles Fitzgerald’s Stake Value:  $ 24,494,000       Percentage of Charles Fitzgerald’s 13F Portfolio: 4.72%       Number of Hedge Fund Holders: 18 Chatham Lodging Trust (NYSE: CLDT) is a lodging real estate investment trust that primarily focuses on investing in upscale extended-stay hotels and premium-branded, select-service hotels. According to Q1 2022 operating results, the company’s Portfolio Revenue Per Available Room (RevPAR) boosted 56% to $88 from the previous quarter. The corporation witnessed an Average daily rate (ADR) increment from 36% to $136, and occupancy grew from 15% to 60% for the 41 hotels owned as of March 31, 2022. Chatham Lodging Trust (NYSE: CLDT) remained the most popular player among institutional investors in Q1 2022. V3 Capital also boosted its stakes in the company by 65% owning 1,776,188 shares, worth $24.49 million. This covered 4.72% of the total Charles’ 13F portfolio. As of Q1 2022, 18 out of 912 hedge funds tracked by Insider Monkey held stakes in the company, up from 15 funds in the previous quarter. Charles Fitzgerald was the leading shareholder of the company owning 1,776,188 shares valued at $24.49 million. Anthony Powell, a Barclays analyst, reduced the price target on Chatham Lodging Trust (NYSE: CLDT) to $15 from $16 and kept an “Overweight” rating on the stakes. In a research note, the analyst predicted buying opportunities for the investors due to lodging real estate investment trusts downturn pricing 8. Invitation Homes Inc. (NYSE: INVH)     Charles Fitzgerald’s Stake Value:  $30,617,000     Percentage of Charles Fitzgerald’s 13F Portfolio: 5.91%     Number of Hedge Fund Holders: 33 Invitation Homes Inc. (NYSE: INVH) is a real estate investment trust (REIT) that works through Invitation Homes Operating Partnership LP (INVH LP). The company provides single-family homes for lease across America. Invitation Homes Inc. (NYSE: INVH) significantly raised its dividend by 18% at a compound annual growth rate over the past three years. On July 22, 2022, the company declared a $0.22/share quarterly cash dividend, in line with the previous. The company will distribute the dividend on or before August 26, 2022, to shareholders of record of the company’s common stock. V3 Capital owned 762,000 shares in Invitation Homes Inc. (NYSE: INVH), worth $30.61 million in Q1 2022. This covered 5.91% of the total of Fitzgerald’s 13F portfolio. the hedge fund slashed its stakes in the company by 48% in the first quarter of 2022. Invitation Homes Inc. (NYSE: INVH) witnessed a rise in the number of hedge funds having stakes in it in Q1 2022. Out of 912 hedge funds’ data tracked by Insider Monkey, 33 funds held stakes in the company, up from 31 in the previous quarter. Israel Englander held the largest number of shares in the company valued at $165.4 million. JBG Smith Properties (NYSE: JBGS), Apartment Income Riet Corp. (NYSE: AIRC), and Independence Realty Trust Inc. (NYSE: IRT) are some of the prominent holdings of V3 Capital in Q1 2022 7. Healthcare Realty Trust Inc. (NYSE: HR)     Charles Fitzgerald’s Stake Value:  $48,777,000     Percentage of Charles Fitzgerald’s 13F Portfolio: 9.41%     Number of Hedge Fund Holders: 28 Healthcare Realty Trust Inc. (NYSE: HR) is a publicly traded Real Estate Investment Trust (REIT) that works in 35 U.S states. The company owns, manages, acquires, and develops outpatient medical facilities across the U.S. On July 20, 2022, Healthcare Realty Trust Inc. (NYSE: HR) announced that the merged Healthcare Realty and Healthcare Trust of America (NYSE: HTA) will be added to the S&P MidCap 400 index. After the inclusion, the company will be part of the MidCap 400 index under the Healthcare Realty name and ticker symbol. As of Q1 2022, 28 hedge funds held stakes in Healthcare Realty Trust Inc. (NYSE: HR), compared to 21 funds in the last quarter of 2021. Thomas Bailard owned the largest number of shares in the company, worth $0.294 million. According to Fitzgerald’s 13F portfolio, V3 Capital held 1,775,000 shares in Healthcare Realty Trust Inc. (NYSE: HR), worth $48.77 million representing 9.41% of the portfolio. The hedge fund was a new acquisition of the company in the first quarter of 2022. JPMorgan analyst Michael Mueller initiated coverage on Healthcare Realty Trust Inc. (NYSE: HR). He kept the company on Neutral with a $27 price target. The analyst believed that the real estate industry had significant potential for growth and would provide opportunities for institutional investors 6. Physician Realty Trust (NYSE: DOC)       Charles Fitzgerald’s Stake Value:  $49,464,000       Percentage of Charles Fitzgerald’s 13F Portfolio: 9.54%       Number of Hedge Fund Holders: 14 Physician Realty Trust (NYSE: DOC) is a U.S-based Real Estate Investment Trust (REIT) that invests in real estate and provides health care services.  The company owns, manages, acquires, and develops healthcare properties that are leased to physicians, hospitals, and healthcare delivery systems. As of Q1 2022 financial results, Physician Realty Trust (NYSE: DOC) reported total revenue of $130.4 million, 15% more compared to the previous quarter. The company generated a net income of $0.06/share on a fully diluted basis in the first quarter of 2022. On June 17, 2022, the company announced a quarterly cash distributable dividend of $0.23/share payable on July 19, 2022. Even though Physician Realty Trust (NYSE: DOC) experienced a decline in the number of hedge funds in Q1 2022, the company remained prominent among institutional investors. 14 hedge funds out of 912 tracked by Insider Monkey held stakes in the company, compared to 18 a quarter earlier. As of Q1 2022, V3 Capital held 2,820,060 shares in Physician Realty Trust (NYSE: DOC) valued at $49.46 million representing 9.54% of the total Fitzgerald’s 13F portfolio. The firm decreased its stakes in the company by 27% in the first quarter of 2022. Bailard Inc owned the largest number of shares in Physician Realty Trust (NYSE: DOC), worth $0.311 million.   Click to continue reading and see 5 Best Real Estate Stocks to Buy According to Charles Fitzgerald’s V3 Capital. Suggested articles: Tech Stock Portfolio: 10 Tech Stock Picks from Andrew Immerman and Jeremy Schiffman’s Palestra Capital Management Top 10 Stock Picks of Brandon Osten’s Venator Capital Management Retirement Stock Portfolio: 10 Safe Tech Stocks To Consider Disclosure: None. 10 Best Real Estate Stocks to Buy According to Charles Fitzgerald’s V3 Capital is originally published on Insider Monkey.  .....»»

Category: topSource: insidermonkeyAug 9th, 2022

Is Crossroads Impact (CRSS) a Worthy Investment Choice?

Alphyn Capital Management, an investment management firm, published its  second-quarter 2022 investor letter – a copy of which can be downloaded here. The fund’s Master Account returned -14.7% net in Q2 2022 vs -16.1% for the S&P500. As of June 30, 2022, the top ten positions comprised approximately 69% of the portfolio, and the portfolio […] Alphyn Capital Management, an investment management firm, published its  second-quarter 2022 investor letter – a copy of which can be downloaded here. The fund’s Master Account returned -14.7% net in Q2 2022 vs -16.1% for the S&P500. As of June 30, 2022, the top ten positions comprised approximately 69% of the portfolio, and the portfolio held approximately 3.50% in cash. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022. In its Q2 2022 investor letter, Alphyn Capital mentioned Crossroads Impact Corp. (NYSE:CRSS) and explained its insights for the company. Founded in 1996, Crossroads Impact Corp. (NYSE:CRSS) is a Dallas, Texas-based holding company with a $73.0 million market capitalization. Crossroads Impact Corp. (NYSE:CRSS) delivered a -12.51% return since the beginning of the year, while its 12-month returns are down by -50.55%. The stock closed at $12.24 per share on August 08, 2022. Here is what Alphyn Capital has to say about Crossroads Impact Corp. (NYSE:CRSS) in its Q2 2022 investor letter: “The company’s PPP operations from last year are winding down as loans are forgiven, with a $1.5bn loan balance remaining out of an initial $6.3bn. What remains is the company’s traditional mortgage lending business, and an expanding small business loans book. Crossroads $133 million loan book has continued to perform steadily, with under 1% in delinquencies and a net interest margin of approximately 5%. The company credits its performance to its deep connections in the community, manual underwriting process with conservative debt-to-income ratios, and focus on underserved firsttime borrowers who “have shown the financial discipline to operate without debt.” The company has been moving forward with its plans to expand its book of business from a single-family mortgage lending institution in Texas to a broader lender focused on serving minority individuals and small businesses through environmental and responsible social lending. To that end, it acquired an asset lending firm and a non-bank direct lender. It also signed a $250m agreement with Enhanced Capital, a subsidiary of P10 Holdings (a related company that shares a chair and several shareholders with Crossroads). Shortly after year-end, Crossroads announced a $180m equity injection from P10, with the option to add a further $350m, and a $150m debt facility led by Texas Capital Bank. Crossroads has deployed $70m so far in 2022 and expects its loan book to approach $500 million. It is too early to judge results, but we know that Crossroads is targeting “in excess of 20% return on equity.” Rawpixel.com/Shutterstock.com Our calculations show that Crossroads Impact Corp. (NYSE:CRSS) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Crossroads Impact Corp. Crossroads Impact Corp. (NYSE:CRSS) delivered a -2.08% return in the past 3 months. In November 2021, we also shared another hedge fund’s views on Crossroads Impact Corp. (NYSE:CRSS) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page. Disclosure: None. This article is originally published at Insider Monkey......»»

Category: topSource: insidermonkeyAug 9th, 2022

Louisiana-Pacific (LPX) Q2 Earnings & Sales Miss, Stock Down

Lower OSB prices and material and freight inflation hurt Louisiana-Pacific's (LPX) second-quarter earnings. Louisiana-Pacific Corporation’s or LP LPX shares fell 4.2% in the pre-market trading session on Aug 9, after it reported lackluster results for second-quarter 2022. Both the top and the bottom line missed their respective Zacks Consensus Estimate and decreased on a year-over-year basis.LP chairman and CEO Brad Southern, stated, "Despite ongoing raw material inflation and logistics challenges, LP's teams consistently executed our strategy to meet sustained customer demand. The new Siding mill in Houlton, Maine, is ramping up ahead of schedule, and contributed to Siding reaching a quarterly sales record of $356 million. With Structural Solutions mix exceeding 50% for the first six months of 2022, we believe LP is now the leading producer of specialty OSB, offering the widest array of specialty OSB building solutions."On Aug 1, LPX completed the sale of the Engineered Wood Products (EWP) segment. Second-quarter results reflect the EWP segment as discontinued operations.Detailed DiscussionLouisiana-Pacific reported adjusted earnings of $4.19 per share, missing the Zacks Consensus Estimate of $4.38 by 4.3%. The bottom line declined 9.5% from the year-ago quarter’s reported figure of $4.63 per share.LouisianaPacific Corporation Price, Consensus and EPS Surprise  LouisianaPacific Corporation price-consensus-eps-surprise-chart | LouisianaPacific Corporation Quote Net sales of $1.13 billion also lagged the consensus estimate of $1.26 billion by 10.5% and declined 3% from the year-ago period.Single-family housing starts fell 3.2% year over year, but multi-family starts rose 19.8%.Segmental AnalysisSiding: The segment’s sales of $358 million were up 23% from the prior-year period. A 24% increase in Siding Solutions (formerly known as SmartSide) revenues, backed by a 12% rise in average net selling price and a 10% increased volume from the prior-year levels. The average net selling price benefited from list price increases and an improved mix of innovative products. Volume increased on the back of the pre-scheduled production ramp-up of the Houlton facility.Adjusted EBITDA inched up slightly to $78 million. Price and volume growth was offset by raw material and freight inflation and discretionary investments, including siding mill conversions and sales and marketing costs.OSB: Sales in the segment decreased 14% year over year to $673 million, owing to 22% lower OSB prices. Volume increased 10%, driven by the Peace Valley mill restart. The company’s adjusted EBITDA fell 29% year over year to $403 million due to lower prices and increased raw material inflation.South America: Sales of $70 million rose 5% and adjusted EBITDA declined 23% from the year-ago quarter to $26 million due to 6% lower sales volume.Operating HighlightsThe gross margin contracted to 45.8% from 58.6% reported a year ago. Adjusted EBITDA of $491 million was down 26.2% from the prior year’s figure of $665 million.FinancialsAs of Jun 30, 2022, Louisiana-Pacific had cash and cash equivalents of $503 million compared with $358 million at the 2021-end. Long-term debt was in line with the 2021-level of $346 million.For the second quarter, net cash provided by operations was $483 million, up from $457 million reported in the year-ago period.GuidanceFor third-quarter 2022, the company expects Siding Solutions revenue growth to be 20% from the year-ago period. OSB revenues are expected to be sequentially low by 40% (based on Random Lengths’ report published on Aug 5, 2022). It anticipates a consolidated adjusted EBITDA of $200 million.For 2022, Louisiana-Pacific expects Siding Solutions revenue growth of more than 20%. Also, the company projects capital expenditures for 2022 to be $400-$430 million, indicating an increase from $254 million in 2021.Zacks RankLouisiana-Pacific currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some Recent Construction ReleasesD.R. Horton, Inc.’s DHI third-quarter fiscal 2022 earnings beat the Zacks Consensus Estimate, but revenues missed the same.DHI also lowered its revenue guidance for the full year, given the expected completion dates of homes under construction and current market conditions.UFP Industries, Inc. UFPI reported stellar second-quarter 2022 results.Both UFPI’s earnings and net sales beat the Zacks Consensus Estimate and increased on a year-over-year basis.Acuity Brands, Inc. AYI reported solid third-quarter fiscal 2022 results. The top and the bottom line surpassed the Zacks Consensus Estimate and improved from the prior-year quarter’s levels.The upside in AYI’s quarterly result was backed by higher sales from both of its segments and price increases and product and productivity improvement. Want to Know the #1 Semiconductor Stock for 2022? Few people know how promising the semiconductor market is. Over the last couple of years, disruptions to the supply chain have caused shortages in several industries. The absence of one single semiconductor can stop all operations in certain industries. This year, companies that create and produce this essential material will have incredible pricing power. For a limited time, Zacks is revealing the top semiconductor stock for 2022. You'll find it in our new Special Report, One Semiconductor Stock Stands to Gain the Most. Today, it's yours free with no obligation.>>Give me access to my free special report.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 UFP Industries, Inc. (UFPI): Free Stock Analysis Report LouisianaPacific Corporation (LPX): Free Stock Analysis Report D.R. Horton, Inc. (DHI): Free Stock Analysis Report Acuity Brands Inc (AYI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 9th, 2022

HEI REPORTS SECOND QUARTER 2022 RESULTS

2Q22 Net Income of $52.5M and Diluted Earnings Per Share (EPS)1 of $0.48 Utility Performing Well Despite Inflationary Environment Bank Results Reflect Strong Loan Growth, Expanding Net Interest Margin, Favorable Credit Trends and More Normalized Provision HONOLULU, Aug. 8, 2022 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (NYSE:HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2022 of $52.5 million and EPS of $0.48 compared to $63.9 million and EPS of $0.58 for the second quarter of 2021. The lower net income was due primarily to the prior year's negative provision for credit losses at American Savings Bank, and the return to a more normalized provision expense due to strong loan growth. "Our consolidated second quarter results reflect solid performance across our enterprise," said Scott Seu, HEI president and CEO. "The utility continues to execute well under performance-based regulation, and will continue to focus on cost control to moderate the impacts of inflation and high fuel costs on customer bills. We did see higher maintenance expenses due to purposeful acceleration of work on our generating units to reduce downtimes and ensure reliable service to our customers as we completely transition off of coal and one of the largest power plants in the state on September 1. Our bank results reflect good execution from the team and an earnings level that is driven by a more normalized provision in comparison to recent periods. The bank saw strong loan growth during the quarter, and credit quality is trending favorably. Our bank continues to progress its digital transformation, and launched Zelle during the quarter, providing a fast and easy way for customers to send and receive money. "We know that our communities and customers are feeling financially challenged, and we are continuing to provide options to help manage their utility bills, while our bank continues working to help meet customers' financial needs," said Seu. 1 Unless otherwise indicated, throughout this release earnings per share (EPS) refers to diluted earnings per share. HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS2Hawaiian Electric's net income for the second quarter of 2022 was $44.1 million, compared to $41.9 million in the second quarter of 2021, with the increase primarily driven by the following after-tax items: $7 million higher Annual Revenue Adjustment revenues; $1 million related solely to a change in the timing for revenue recognition within the year for Maui County operations that eliminates seasonality in recognizing target revenues and results in recognizing revenues evenly throughout the year, with target revenues recognized on an annual basis remaining unchanged; and $1 million in higher major project interim recovery revenues related to grid modernization. These items were partially offset by the following after-tax items: $5 million in higher operations and maintenance expenses, including $6 million driven by more generating facility overhauls and maintenance performed and $1 million related to higher bad debt expense, partially offset by $2 million in lower expenses compared to last year from (i) last year's write-off due to termination of an agreement relating to a combined heat and power unit and (ii) higher 2021 expenses for environmental reserves; $1 million higher depreciation expense due to increasing investments to integrate more renewable energy and improve customer reliability and system efficiency; and $1 million in higher interest expense. 2 Note: Utility amounts indicated as after-tax in this earnings release are based upon adjusting items using a current year composite statutory tax rate of 25.75%. AMERICAN SAVINGS BANK (ASB) EARNINGSASB's second quarter of 2022 net income was $17.5 million, compared to $23.9 million in the first quarter of 2022 and $30.3 million in second quarter of 2021. The decrease in net income compared to the linked and prior year quarters primarily reflected a return to a more normalized provision due to strong loan growth, following five consecutive quarters of provision releases.    Total earning assets as of June 30, 2022 were $8.7 billion, up 2.6% from December 31, 2021. Total loans were $5.4 billion as of June 30, 2022, up 4.2% from December 31, 2021, reflecting growth across nearly the entire portfolio and driven by strong growth in commercial real estate loans.      Total deposits were $8.3 billion as of June 30, 2022, an increase of 1.0% from December 31, 2021. For the second quarter of 2022, the average cost of funds was 0.05%, flat versus the linked quarter and down two basis points versus the same quarter last year.          ASB's return on average equity3 for the second quarter of 2022 was 12.2%, compared to 13.7% in the linked quarter and 16.8% in the second quarter of 2021. Return on average assets was 0.76% for the second quarter of 2022, compared to 1.04% in the linked quarter and 1.38% in the same quarter last year. In the second quarter of 2022, ASB paid dividends of $12.0 million to HEI. ASB had a Tier 1 leverage ratio of 7.7% as of June 30, 2022. 3 Bank return on average equity calculated using daily average common equity. HOLDING AND OTHER COMPANIESThe holding and other companies' net loss was $9.1 million in the second quarter of 2022 compared to $8.3 million in the second quarter of 2021. The higher net loss was primarily due to higher interest expense, principally due to higher borrowings, and higher general and administrative expenses, including higher charitable contributions (due to timing), partially offset by increased charitable contribution expense in the second quarter of 2021 related to a settlement agreement associated with an executive transition. BOARD DECLARES QUARTERLY DIVIDENDOn August 4, 2022, HEI announced that the Board of Directors declared a quarterly cash dividend of $0.35 per share, payable on September 9, 2022 to shareholders of record at the close of business on August 18, 2022 (ex-dividend date is August 17, 2022). This quarterly dividend is equivalent to an annual rate of $1.40 per share. Dividends have been paid on an uninterrupted basis since 1901. At the indicated annual dividend rate and based on the closing price per share on August 4, 2022 of $42.51, HEI's dividend yield is 3.3%. WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2022 GUIDANCEHEI will conduct a webcast and conference call to review its consolidated results and 2022 earnings guidance and outlook on Monday, August 8, 2022 at 10:15 a.m. Hawaii time (4:15 p.m. Eastern). To listen to the conference call, dial 1-844-200-6205 (U.S.) or +1-929-526-1599 (international) and enter passcode 638186. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI's website at www.hei.com under "Investor Relations," sub-heading "News and Events — Events and Presentations." A replay will be available online and via phone. The online replay will be available on HEI's website about two hours after the event. An audio replay will also be available about two hours after the event through August 22, 2022. To access the audio replay, dial 1-866-813-9403 (U.S.) or +44-204-525-0658 (international) and enter passcode 484022. HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's, Hawaiian Electric's and ASB's press releases, HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the "Investor Relations" section of the website. The information on HEI's website is not incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings. ABOUT HEIThe HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii's population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, ASB, is one of Hawaii's largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii's sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com. FORWARD-LOOKING STATEMENTSThis release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance. Forward-looking statements in this release should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2021 and HEI's other periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME DATA (Unaudited) Three months ended June 30 Six months ended June 30 (in thousands, except per share amounts) 2022 2021 2022 2021 Revenues Electric utility $      818,873 $      601,879 $  1,527,665 $  1,166,743 Bank 75,324 77,260 150,439 154,391 Other 1,410 1,118 2,571 2,069 Total revenues 895,607 680,257 1,680,675 1,323,203 Expenses Electric utility 747,719 534,195 1,382,916 1,029,945 Bank 53,401 37,454 98,486 79,289 Other 7,819 6,752 13,329 14,082 Total expenses 808,939 578,401 1,494,731 1,123,316 Operating income (loss) Electric utility 71,154 67,684 144,749 136,798 Bank 21,923 39,806 51,953 75,102 Other (6,409) (5,634) (10,758) (12,013) Total operating income 86,668 101,856 185,944 199,887 Retirement defined benefits credit—other than service costs 1,246 1,216 2,489 3,651 Interest expense, net—other than on deposit liabilities and other bank borrowings (24,965) (23,317) (49,314) (47,053) Allowance for borrowed funds used during construction 798 812 1,576 1,559 Allowance for equity funds used during construction 2,470 2,377 4,879 4,568 Gain on sales of investment securities, net and equity-method investment — — 8,123 528 Income before income taxes 66,217.....»»

Category: earningsSource: benzingaAug 8th, 2022

The Growing Threat From North Korea

The Growing Threat From North Korea Authored by Judith Bergman via The Gatestone Institute, China's urging "flexibility" on North Korea appears to coincide with the Chinese Communist Party's ambitions in the region. "According to unclassified intelligence reports to Congress, there are five key Chinese banks and a specially created holding company that funds the North Korean missile and nuclear technology programs." — Peter Huessy, Real Clear Defense, August 10, 2017. China's main strategic concern when it comes to the Korean peninsula is apparently to end the US presence there and keep it out of US hands so that China can finally establish itself as the hegemon in the region. North Korean escalation in the form of increased missile tests and resumption of ICBM and nuclear tests to pressure the US to make concessions -- in the shape of troop withdrawals from South Korea -- would play directly into the hands of China, enabling it to replace the US and establish itself as the primary power in the region. "They are looking to take actions, which we believe are fundamentally destabilizing, as a way to increase pressure." — US official in Washington to journalists, France24.com, January 31, 2022. China, however, seems to have no interest in cooperating with the US on North Korea. Attempts to secure "Beijing's cooperation" to build necessary economic leverage over North Korea are therefore exercises in futility. China clearly cannot be relied on voluntarily to use its leverage over North Korea to persuade Kim Jong-un to give up his missile and nuclear program. To resolve the impasse, it is necessary to employ means that will leave China no choice other than to cooperate on North Korea. A highly efficient way of doing that, Gordon Chang has suggested, would be to cut off the large Chinese banks and businesses that support the North Korean missile and nuclear technology from the global financial system by designating them a "primary money laundering concern" under Section 311 of the Patriot Act. "In short, American policymakers know how to get China to begin acting responsibly." — Gordon G. Chang, Newsweek, May 10, 2021. The question now is -- will the Biden administration muster the political will to designate those large Chinese banks under Section 311 of the Patriot Act? North Korea, despite a UN Security Council ban on its ballistic missile tests, continued to develop its nuclear and missile programs in 2021, according to a new UN report. In January 2022 alone, North Korea launched a record 11 missiles, including two hypersonic missiles and the first firing since 2017 of a Hwasong-12 mobile intermediate-range ballistic missile which is within reach of US territory with its estimated range of 4,500 kilometers. In 2017, North Korea tested the Hwasong-15, which has an estimated range of 8,500-13,000 kilometers. Both US and South Korean officials expressed concern that the Hwasong-12 test indicated that North Korea would resume testing of intercontinental ballistic missiles (ICBMs) and nuclear weapons. In addition, North Korea reportedly has an underground military base, used for keeping ICBMs, just 25 kilometers from its border with China. According to analysts from the Center for Strategic and International Studies (CSIS), the location was chosen to deter preemptive strikes by the US against the base, to avoid provoking Beijing. "The position near the Chinese border acts as a potential deterrent to a pre-emptive strike that might impinge on Chinese security equities," noted Victor Cha, a North Korea expert at the CSIS. "In today's world where many countries waste time dealing with the United States with submission and blind obedience, there's only our country on this planet that can shake the world by firing a missile with the U.S. mainland in its range," North Korea's Foreign Ministry said in a statement. "There are more than 200 countries in the world, but only a few have hydrogen bombs, intercontinental ballistic missiles, and hypersonic missiles." North Korea has said in the past that the Hwasong-12 can carry a "large-size heavy nuclear warhead." Eight Security Council members -- the United States, Albania, Brazil, France, Ireland, Norway, the United Arab Emirates and Britain -- and Japan described North Korea's Hwasong-12 launch as a "significant escalation" that "seeks to further destabilize the region." China, on the other hand, urged "flexibility" on North Korea. "They should come up with more attractive and more practical, more flexible approaches, policies and actions in accommodating concerns" of North Korea, Chinese UN Ambassador Zhang Jun said. "The key in solving this issue is already in the hands of the United States." China's urging "flexibility" on North Korea appears to coincide with the Chinese Communist Party's ambitions in the region. North Korea's recent actions were possibly even encouraged by China. "China, after all, exercises great influence over the North's ruling Kim family and can, as a practical matter, require the North Koreans to do what it wants," wrote China expert Gordon G. Chang. According to some analysts, China has been instrumental in bringing about North Korea's nuclear weapons' program. According to Peter Huessy, director of strategic deterrent studies at the Mitchell Institute for Aerospace Studies: "The North Korean nuclear program started in 1965 with the Soviet construction of a 5-megawatt nuclear reactor. But it was Chinese and Pakistani assistance that enabled the North to begin construction on a 50-megawatt reactor at Yongbyon, and a secret reprocessing facility, in the mid-1980s. North Korean construction of a covert uranium enrichment facility around 2000 and North Korea's first test explosion of a nuclear device in 2006 were likely enabled by assistance from the Pakistani A.Q. Khan, and based on uranium enrichment and nuclear design plans originally obtained from China." Crucially, according to Huessy: "According to unclassified intelligence reports to Congress, there are five key Chinese banks and a specially created holding company that funds the North Korean missile and nuclear technology programs." China's main strategic concern when it comes to the Korean peninsula is seemingly to end the US presence there and keep it out of US hands so that China can finally establish itself as the hegemon in the region. There are currently approximately 28,500 American troops stationed in South Korea. That is the third-largest military presence abroad for the US after Japan and Germany. North Korean escalation in the form of increased missile tests and resumption of ICBM and nuclear tests to pressure the US to make concessions -- in the shape of troop withdrawals from South Korea -- would play directly into the hands of China, enabling it to replace the US and establish itself as the primary power in the region. "North Korea will likely escalate pressure on the United States by taking a series of steps toward an ICBM test," said Cheon Seong-whun, a former head of the Korea Institute for National Unification, a government-funded research institute in Seoul. "They are looking to take actions, which we believe are fundamentally destabilizing, as a way to increase pressure," a US official in Washington told journalists. In response to North Korea's test of the Hwasong-12, the US has called for direct talks with the country "without preconditions." "We believe it is completely appropriate and completely correct to start having some serious discussions... It requires a response. You will see us taking some steps that are designed to show our commitment to our allies ... and at the same time we reiterate our call for diplomacy. We stand ready and we are very serious about trying to have discussions that address concerns on both sides." If the Biden administration wants to resolve the growing North Korean threat, it will have to start doing things differently. It will have to abandon "the same basic North Korea strategy that Washington has used for over two decades," as pointed out by Markus Garlauskas, a nonresident senior fellow at the Atlantic Council's Scowcroft Center for Strategy and Security, who served nearly 20 years in the U.S. government dealing with North Korea. "This strategy has focused on achieving a 'strategic decision' from Pyongyang to negotiate an end to its nuclear weapons program and on securing Beijing's cooperation to build the necessary economic leverage." China, however, seems to have no interest in cooperating with the US on North Korea. Attempts to secure "Beijing's cooperation" to build necessary economic leverage over North Korea are therefore exercises in futility. A new strategy must finally acknowledge China's role as backer of North Korea for the Chinese Communist Party's strategic purposes in the region. China clearly cannot be relied on voluntarily to use its leverage over North Korea to persuade Jong-un to give up his missile and nuclear program. To resolve the impasse, it is necessary to employ means that will leave China no choice other than to cooperate on North Korea. A highly efficient way of doing that, Gordon Chang has suggested, would be to cut off the large Chinese banks and businesses that support the North Korean missile and nuclear technology from the global financial system by designating them a "primary money laundering concern" under Section 311 of the Patriot Act. "And as big as Bank of China is—it is the world's fourth-largest bank, as measured by assets—it is surely not the largest Chinese bank cleaning up cash for Kim," Gordon Chang wrote. "That honor may belong to China's—and the world's—largest bank, the Industrial and Commercial Bank of China. Moreover, the remaining two of the Big Four, the world's second- and third-largest banks, have also been implicated in handling dirty money for the Kims. In short, American policymakers know how to get China to begin acting responsibly." The question now is – will the Biden administration muster the political will to designate those large Chinese banks under Section 311 of the Patriot Act? Tyler Durden Sat, 08/06/2022 - 23:30.....»»

Category: personnelSource: nytAug 7th, 2022

The Arcadia Family of Cos. acquires 32-bed facility

“The Arcadia Family of Cos. considers it an honor to be given the opportunity to be involved at Hale Ola Kino,” said Suzie Schulberg, AFC president and CEO, in a statement......»»

Category: topSource: bizjournalsAug 5th, 2022

Trump-endorsed J.R. Majewski, an Ohio Republican running in one of the nation’s hottest congressional races, is violating federal law by not disclosing his personal finances

Majewski has failed for months to file federally-mandated personal financial disclosure as he challenges Rep. Marcy Kaptur to represent Ohio's 9th Congressional District. Campaign fliers for Republican congressional candidate J.R. Majewski are seen at the the Get out the Vote Super Saturday rally in Port Clinton, Ohio, on July 30, 2022.Tom E. Puskar/AP J.R. Majewski is running in a ultra-competitive race against Democrat Rep. Marcy Kaptur. Majewski has failed for months to file a federally mandated personal financial disclosure. Department of Justice officials could investigate him, although such investigations are rare. Republican J.R. Majewski, a Donald Trump-endorsed candidate in one of the nation's most competitive congressional races, is violating a federal conflicts-of-interest and public transparency law by failing to disclose details about his personal finances.Majewski, who is running against Democratic Rep. Marcy Kaptur to represent Ohio's newly re-drawn 9th Congressional District, is more than a year late in revealing information about his personal income, investments, debts, employment, and any side jobs, according to an Insider analysis of congressional records.  Federal law requires all congressional candidates to file a certified financial disclosure with the US House shortly after raising or spending $5,000 in campaign cash, according to House ethics guidelines and federal law.But Majewski, who's been running for Congress since February 25, 2021, surpassed this threshold sometime before June 30, 2021, according to FEC records. A congressional candidate who "knowingly and willfully falsifies a statement or fails to file a statement" disclosing his or her personal finances may be subject to investigation by the Department of Justice.While such investigations are rare, the maximum civil penalty for such an offense is $66,190 while the maximum criminal penalty is one year in federal prison plus a fine of up to the same amount, according to the federal Ethics in Government Act.Reached by phone Wednesday, J.R. Majewski for Congress campaign treasurer Sean Tarnowski declined to comment and referred questions to campaign staff.Majewski's spokesperson, Melissa Pelletier, said by phone Thursday she'd "do my best" to answer several questions Insider had sent the Majewski campaign. Pelletier did not respond to subsequent phone and email messages.Majewski listed "honesty," integrity" and "the ability to communicate" among the characteristics or principles most important for an elected official, according to a Ballotpedia candidate survey.He also indicated in various statements and tweets that he supports transparency and following rules."I believe that the rule of law is the ultimate safeguard of our freedoms," he states on his campaign website."Conservatives tend to obey the law," he wrote on February 25."I agree that honesty and transparency are a must," he wrote on December 25, 2020."My FBI Background is clear and security clearance is active. Unlike you I have nothing to hide," he wrote in a tweet argument on December 12, 2020.He's also occasionally tweeted about his finances.—JR Majewski (@JRMajewski) September 30, 2020"Congress is a big paycut, and I have no ambitions to use the office to increase my financial wealth. I want to preserve the wealth I have earned to date & the wealth of my friends & family in OH09," he tweeted on March 10."I earn a very good living professionally," he tweeted on July 14, 2020.And while engaged in a spat on September 30, 2020, while discussing his charitable donations, he told a fellow tweeter: "You have no clue what I do with the money that I earn. It's NOYB."Majewski did, on January 28, 2021, appear to offer some indication of how he spends his money."I just bought 25,000 shares of $DOGE," he tweeted, referring to the cryptocurrency. "Why not? … Download Robinhood App, deposit some money and buy the coin DOGE"—JR Majewski (@JRMajewski) January 28, 2021 Majewski, however, has not provided a detailed, certified, public accounting of where he's earned his money, and when, or how he invests his money. His website states he works as a "senior leader in the nuclear industry working with some of the world's largest nuclear utilities," according to his campaign biography, which does not specify his employer or responsibilities.An Air Force veteran, Majewski has previously managed "multiple multi-million-dollar projects within the nuclear industry" and served as a "project director during the construction of General Motors (GM) new production facility and product line replacement at GM's powertrain plant in Toledo, Ohio," his campaign biography states. It also states he previously worked at FirstEnergy's Davis-Besse Nuclear Power Station in Ohio.Catherine Turcer, executive director of Common Cause Ohio, a nonpartisan government watchdog organization, said all congressional candidates should follow the law about personal financial disclosures — especially in a race as close as the one for Ohio's 9th Congressional District."It allows voters to consider the statements the candidates make, it allows voters to consider any conflicts of interest," Turcer said. "Transparency allows voters to be educated … and to know what each of the candidates are all about and how responsible they are."Rep. Marcy Kaptur, a Democrat from Ohio.US House of RepresentativesKaptur's financial interestsKaptur submitted her 2021 annual personal financial disclosure on time, in May. It discloses that she primarily invests in mutual funds and earned between $10,000 and $30,000 in rent from a pair of properties. She also reported a stock holding of up to $100,000 in Nutrien Ltd., a Canadian fertilizer company.  As chairwoman of the House Appropriations Subcommittee on Energy and Water Development, Kaptur has said she "focuses on efforts to protect the natural resource of Lake Erie, which marks the northern border of her current congressional district. Lake Erie has for years experienced algae blooms caused in part by fertilizer runoff.Insider previously reported that the 20-term congresswoman inherited the Nutrien Ltd. stock in December 2020 from her brother who had died, said Chris Dalton, a spokesperson."She does not intend to trade or cash out her deceased brother's gift," Dalton said in December. "Because the inherited shares are the first she has ever owned during her service, she will look at various options as she resolves the estate. Should other actions be necessary going forward, they will appear in the disclosures in subsequent years as appropriate."Former President Donald Trump points to a supporter before speaking at a rally at the Lorain County Fairgrounds on June 26, 2021, in Wellington, Ohio.Tony Dejak/APA 'toss-up' raceIn May, Majewski won his Republican primary race with about 36% of the vote — about 4 percentage points more than second-place finisher Craig Riedel.The Cook Political Report has deemed Ohio's 9th Congressional District race a "toss-up," meaning Kaptur and Majewski have an equal chance of winning.Trump has Majewski's back, having endorsed him in June. Majewski would make a "fantastic congressman," worthy of a "complete and total endorsement," Trump wrote.  Majewski, for his part, is one of Trump's most colorful supporters — literally. He once painted his back yard so that it resembled a massive, grassy Trump campaign banner. He also traveled to Washington, DC, to support Trump on January 6, 2021. But Majewski, who has previously promoted the QAnon conspiracy theory and touts a slate of far-right policy positions, denies taking part in the deadly attack on the US Capitol alongside other Trump supporters."I went to Washington on Jan. 6 to support President Trump, and I did so peacefully and we committed no crimes," he told the Crescent-News of Defiance, Ohio, in July. "We went there with a bunch of veterans and their families, elderly veterans and their families. The minute that the Capitol police started to show force, we left."Back in DC, a congressional stock-trade ban?Majewski's tardy financial filing follows publication of Insider's "Conflicted Congress" project, which found that 67 members of Congress and at least 182 senior congressional aides have in recent months violated the federal Stop Trading on Congressional Knowledge Act of 2012 with late or missing financial disclosures.The investigation also identified dozens of lawmakers whose personal stock trades are discordant with their public responsibilities, such as members who craft anti-tobacco policy but invest in tobacco giants and others who receive plaudits from environmental groups for crafting policy aimed at combating the climate crisis — yet invest in fossil fuel companies. Numerous members of Congress hold the stock of defense contractors at a time when the House and Senate are voting on hundreds of billions of dollars in military spending, including emergency aid to Ukraine in support of its war effort against Russia.Congress is now actively debating whether to ban federal lawmakers, their spouses, and top congressional staffers from trading individual stocks at all, although no vote has yet been scheduled on a bill that would enact such a ban.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 5th, 2022

Escalade Reports Second Quarter and Year to Date 2022 Results

EVANSVILLE, Ind., Aug. 4, 2022 /PRNewswire/ -- Escalade, Inc. (NASDAQ:ESCA, or the ", Company", )), a leading manufacturer and distributor of sporting goods and indoor/outdoor recreational equipment, today announced second quarter and year to date results for 2022. SECOND QUARTER 2022(As compared to the second quarter 2021) Net Sales decreased 5.4% to $94.3 million Organic sales, excluding acquisition contributions, declined 13.0% Gross margin was flat at 25.2% and gross profit decreased 5.4% Operating income decreased 23.4% to $8.2 million Net income of $5.7 million, or $0.42 per diluted share vs. $8.1 million, or $0.58 per share for Q2 2021 EBITDA decreased 15.7% to $10.3 million Announced $0.15 per share cash dividend to shareholders of record on September 6, 2022 SIX MONTHS ENDED JULY 9, 2022 (As compared to the first half 2021) Net Sales increased 4.9% to $166.7 million Organic sales, excluding acquisition contributions, declined 3.6% Gross margin declined 46 basis points, to 26.3% Operating income decreased 3.4% to $17.2 million Net income of $12.3 million, or $0.91 per diluted share vs. $13.6 million, or $0.97 per diluted share for 2021 EBITDA increased 1.5% to $20.9 million For the three months ended July 9, 2022, Escalade reported net income of $5.7 million, or $0.42 per diluted share, on net sales of $94.3 million. The Company reported gross margin of 25.2%, consistent with the prior-year period, despite continued challenges related to the global supply chain, raw materials cost inflation, and labor constraints. Selling, general, and administrative expense as percentage of net sales increased to 15.6% in the second quarter 2022, versus 13.9% in the prior-year period, due to lower sales volume and expenses related to the acquisition and integration of Brunswick Billiards. SG&A expenses for the legacy business units were down year over year on an absolute basis. Earnings before interest, taxes, depreciation, and amortization ("EBITDA") declined 15.7% to $10.3 million in the second quarter 2022, versus $12.3 million in the prior-year period. For the six months year-to-date EBITDA increased 1.5% to $20.9 million vs $20.6 million in 2021. As of July 9, 2022, the Company had total cash and equivalents of $6.2 million, together with $7.3 million of availability on its senior secured revolving credit facility maturing in 2027. At the end of the second quarter 2022, net debt (total debt less cash) was 2.55x trailing twelve-month EBITDA. During the second quarter strong organic demand for indoor games and pickleball, together with contribution from the Brunswick Billiards® acquisition completed January 21, 2022, were more than offset by the timing of shipments within the basketball category, along with lower demand within the fitness and outdoor categories, including archery and water sports. Escalade announced a quarterly dividend of $0.15 per share to be paid to all shareholders of record on September 6, 2022 and disbursed on September 13, 2022. MANAGEMENT COMMENTARY "During the second quarter, we continued to build leading positions across our niche sports, games, and outdoor categories, while leveraging the benefits afforded by our hybrid manufacturing and sourcing capabilities, decentralized structure and lean operating model," stated Walter P. Glazer, Jr., President and CEO of Escalade.   "Although rising interest rates, inflationary headwinds and geopolitical uncertainty have dampened broader consumer sentiment and demand currently, our diverse portfolio of premium brands and base of consumers who value quality, performance, and an active lifestyle, should support our growth plans over the longer term," continued Glazer.  "Second quarter sales declined on a year-over-year basis due to softness in select outdoor categories, together with the previously announced pull-forward of basketball revenue from the second to the first quarter of 2022," continued Glazer. "Importantly, gross profit margin held consistent with the prior-year period, as we successfully navigated rising material, shipping and labor costs." "The integration of our recently completed acquisition of Brunswick Billiards® has progressed ahead of plan and, as previously disclosed, is expected to be accretive to earnings in the second half of 2022," continued Glazer. "We believe this acquisition will allow for meaningful cross-selling synergies across our billiards and indoor recreation markets, categories that continue to outperform in the current market environment."    "Subsequent to the quarter end, we exercised a portion of our accordion availability, expanding our senior revolving credit facility by $10 million," continued Glazer. "We have an additional $15 million that we could exercise in the future, further increasing our credit line." "We've demonstrated a commitment to effective capital allocation and disciplined balance sheet management, an approach that contributes to long-term value creation," continued Glazer. "Looking ahead, our near-term capital allocation priorities include a targeted reduction in net leverage, investments in organic growth initiatives, and the consistent payment of a quarterly cash dividend," concluded Glazer. CONFERENCE CALL A conference call will be held Thursday, August 4, 2022, at 11:00 a.m. ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session. A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of Escalade's website at www.escaladeinc.com.  To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software. To participate in the live teleconference: Domestic Live: 877-300-8521 International Live: 412-317-6026 To listen to a replay of the teleconference, which subsequently will be available through August 18, 2022: Domestic Replay: 844-512-2921 International Replay: 412-317-6671 Conference ID: 10169236 USE OF NON-GAAP FINANCIAL MEASURES In addition to disclosing financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"), this release contains the non-GAAP financial measure known as "EBITDA." A reconciliation of this non-GAAP financial measure is contained at the end of this press release. EBITDA is a non-GAAP financial measure that Escalade uses to facilitate comparisons of operating performance across periods. Escalade believes the disclosure of EBITDA provides useful information to investors regarding its financial condition and results of operations. Non-GAAP measures should be viewed as a supplement to and not a substitute for the Company's U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated. Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of the Company's results as reported under U.S. GAAP and should be evaluated only on a supplementary basis. ABOUT ESCALADE, INC Founded in 1922, and headquartered in Evansville, Indiana, Escalade designs, manufactures, and sells sporting goods, fitness, and indoor/outdoor recreation equipment.  Our mission is to connect family and friends creating lasting memories. Leaders in our respective categories, Escalade's brands include Brunswick Billiards®; STIGA® table tennis; Accudart®; RAVE Sports® water recreation; Victory Tailgate® custom games; Onix® pickleball; Goalrilla™ basketball; Lifeline® fitness; Woodplay® playsets; and Bear® Archery. Escalade's products are available online and at leading retailers nationwide. For more information about Escalade's many brands, history, financials, and governance please visit www.escaladeinc.com. INVESTOR RELATIONS CONTACT Patrick GriffinVice President - Corporate Development & Investor Relations812-467-1358 FORWARD-LOOKING STATEMENTS  This report contains forward-looking statements relating to present or future trends or factors that are subject to risks and uncertainties. These risks include, but are not limited to: specific and overall impacts of the COVID-19 global pandemic on Escalade's financial condition and results of operations; the impact of competitive products and pricing; product demand and market acceptance; new product development; Escalade's ability to achieve its business objectives, especially with respect to its Sporting Goods business on which it has chosen to focus; Escalade's ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and of divestitures or discontinuances of certain operations, assets, brands, and products; the continuation and development of key customer, supplier, licensing and other business relationships; Escalade's ability to develop and implement our own direct to consumer e-commerce distribution channel; Escalade's ability to successfully negotiate the shifting retail environment and changes in consumer buying habits; the financial health of our customers; disruptions or delays in our business operations, including without limitation disruptions or delays in our supply chain, arising from political unrest, war, labor strikes, natural disasters, public health crises such as the coronavirus pandemic, and other events and circumstances beyond our control; Escalade's ability to control costs; Escalade's ability to successfully implement actions to lessen the potential impacts of tariffs and other trade restrictions applicable to our products and raw materials, including impacts on the costs of producing our goods, importing products and materials into our markets for sale, and on the pricing of our products; general economic conditions; fluctuation in operating results; changes in foreign currency exchange rates; changes in the securities markets; continued listing of the Company's common stock on the NASDAQ Global Market; the Company's inclusion or exclusion from certain market indices; Escalade's ability to obtain financing and to maintain compliance with the terms of such financing; the availability, integration and effective operation of ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaAug 4th, 2022

QUEBECOR INC. REPORTS CONSOLIDATED RESULTS FOR SECOND QUARTER 2022

MONTRÉAL, Aug. 4, 2022 /PRNewswire/ - Quebecor Inc. ("Quebecor" or "the Corporation") today reported its consolidated financial results for the second quarter of 2022. Quebecor consolidates the financial results of its wholly owned Quebecor Media Inc. ("Quebecor Media") subsidiary. Second quarter 2022 highlights Revenues: $1.12 billion in the second quarter of 2022, down $16.0 million (‑1.4%) from the same period of 2021. The Telecommunications segment's adjusted cash flows from operations increased by $39.3 million (11.9%), its adjusted EBITDA increased by $6.0 million (1.2%) and its revenues decreased by $15.8 million (‑1.7%) in the second quarter of 2022. Videotron Ltd. ("Videotron") increased its revenues from mobile services and equipment by $27.0 million (11.4%) in the second quarter of 2022. Subscriber connections to the mobile telephony service increased by 34,600 (2.1%) in the second quarter of 2022. Consolidated Adjusted EBITDA:1 $491.4 million, a $10.0 million (‑2.0%) decrease. Net income attributable to shareholders: $157.4 million ($0.66 per basic share), an increase of $33.9 million ($0.16 per basic share). Adjusted income from continuing operating activities:2 $161.7 million ($0.68 per basic share), an increase of $3.4 million ($0.03 per basic share). Adjusted cash flows from operations:3 $361.0 million, a $22.9 million (6.8%) increase. On June 17, 2022, Videotron entered into an agreement with Rogers Communications Inc. ("Rogers") and Shaw Communications Inc. ("Shaw") to acquire Freedom Mobile Inc. ("Freedom Mobile") for $2.85 billion on a cash‑free and debt‑free basis. The agreement, which is conditional, among other things, on clearance under the Competition Act and the approval of Innovation, Science and Economic Development Canada, provides for the acquisition of the Freedom Mobile brand's entire wireless and Internet customer base, as well as its owned infrastructure, spectrum, and retail outlets. It also includes a long‑term undertaking by Shaw and Rogers to provide Videotron with transport services (including backhaul and backbone) and roaming services. Videotron has secured the committed debt financing required for this transaction. Comments by Pierre Karl Péladeau, President and CEO of Quebecor: "In what remains a highly competitive environment, Quebecor maintained its operational rigour and financial discipline in the second quarter of 2022, as evidenced by the 6.8% increase in adjusted cash flows from operations to a total of $361.0 million, despite increased strategic investments in unique, differentiated content for both the TVA Network and its Club illico and Vrai over‑the‑top video platforms. These investments caused a slight $10.0 million decrease in adjusted EBITDA to $491.4 million. Videotron generated adjusted cash flows of $369.4 million, an increase of $39.3 million or 11.9%. Our efforts to better position our illico and Helix brands and improve margins led to a slight decrease in wireline equipment revenues. Nevertheless, the operating cost reduction initiatives of the past year enabled Videotron to post adjusted EBITDA of $487.5 million, an increase of 1.2%, and a 53.4% margin, still the industry standard‑setter. Videotron also increased its revenues from mobile services and equipment by 11.4% in the second quarter of 2022. The number of connections to the mobile service grew by 34,600, or 27.2% more than in the same quarter of 2021. __________________________________1 See "Adjusted EBITDA" under "Definitions."2  See "Adjusted income from continuing operating activities" under "Definitions."3   See "Adjusted cash flows from operations" under "Definitions."   "Videotron continues to invest in high-value growth initiatives such as wireline network extensions across the province, including the Régions Branchées program, in order to expand coverage while maintaining performance and reliability. Also, our 5G network already covers the major urban centres and roll-out is continuing apace. "The results of TVA Group Inc. ('TVA Group') were significantly affected by lower profitability in the Broadcasting segment in the second quarter of 2022, due mainly to increased content investments at TVA Network, particularly in reality and variety programming. Delivering varied programming of high quality remains the cornerstone of our business strategy. It's how we attract a steadily growing number of viewers, as indicated by the 0.7‑point market share gain posted by TVA Network in the second quarter of 2022. Despite the soft advertising market due to the unfavourable business landscape and regulatory environment, our strong programming enabled us to stand out with advertisers and to limit the impact on our over‑the‑air network's advertising revenues. "We are more determined and motivated than ever to pursue our ambitious plans to grow across Canada as an agile, proven player that aims to disrupt the market and lower prices for Canadian consumers. The acquisition of Freedom Mobile will be a highly beneficial transaction for all parties. By investing in Canadian expansion with the goal of becoming the fourth national wireless carrier, we will foster healthy competition in the interests of Canadian consumers and position ourselves in a high‑growth market, in which we will be able to offer consumers in British Columbia, Alberta and Ontario multiservice bundles and innovative mobile and Internet products. We will leverage our strong operational and competitive expertise, significant financial resources and extensive spectrum assets to continue rapidly evolving to 5G technology and a world‑class network. In addition, the recent acquisition of VMedia Inc. will support our growth strategy outside Québec with advantageous multiservice bundles, giving Canadian consumers more choice at better prices. "We remain focused on our objectives of creating value for all our stakeholders through adroit execution of our strategies on a daily basis, coupled with the operational excellence and financial discipline that have been the hallmarks of our success in recent years." COVID‑19 pandemic Since March 2020, the COVID‑19 pandemic has had an impact on some of the Corporation's quarterly results, more particularly in the Media and the Sports and Entertainment segments. Given the uncertainty around the future evolution of the pandemic, including any major new waves, all future impacts of the health crisis on the results of operations cannot be determined with certainty. Non‑IFRS financial measures The Corporation uses financial measures not standardized under International Financial Reporting Standards ("IFRS"), such as adjusted EBITDA, adjusted income from continuing operating activities, adjusted cash flows from operations, free cash flows from continuing operating activities and consolidated net debt leverage ratio, and key performance indicators, including RGU. Definitions of the non‑IFRS measures and key performance indicator used by the Corporation are provided in the "Definitions" section. Financial table Table 1Consolidated summary of income, cash flows and balance sheet (in millions of Canadian dollars, except per basic share data) Three months ended June 30 Six months ended June 30  2022 2021 2022 2021 Income Revenues: Telecommunications $ 912.6 $ 928.4 $ 1,816.0 $ 1,842.4 Media 188.1 198.2 369.9 373.0 Sports and Entertainment 45.0 33.5 79.1 64.7 Inter-segment (30.5) (28.9) (61.8) (57.8) 1,115.2 1,131.2 2,203.2 2,222.3 Adjusted EBITDA (negative adjusted EBITDA): Telecommunications 487.5 481.5 947.5 932.4 Media 4.1 16.7 (7.8) 18.0 Sports and Entertainment 4.7 3.1 4.6 5.2 Head Office (4.9) 0.1 (10.8) (1.5) 491.4 501.4 933.5 954.1 Depreciation and amortization (191.6) (196.6) (386.3) (391.9) Financial expenses (82.0) (87.0) (159.5) (170.1) (Loss) gain on valuation and translation of financial    instruments (2.1) 7.0 (9.4) 1.2 Restructuring of operations and other items (3.5) 20.6 (4.4) 16.1 Loss on debt refinancing – (80.9) – (80.9) Income taxes (55.9) (39.8) (100.5) (83.8) Net income $ 156.3 $ 124.7 $ 273.4 $ 244.7   Net income attributable to shareholders 157.4 123.5 278.8 244.8 Adjusted income from continuing operating activities 161.7 158.3 290.4 288.2 Per basic share: Net income attributable to shareholders 0.66 0.50 1.17 1.00 Adjusted income from continuing operating activities 0.68 0.65 1.22 1.17   Table 1 (continued) Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Additions to property, plant and equipment and to intangible assets: Telecommunications $ 118.1 $ 151.4 $ 233.5 $ 289.4 Media 10.9 9.6 20.1 15.3 Sports and Entertainment 0.8 0.6 1.6 1.6 Head Office 0.6 1.7 1.2 2.1 130.4 163.3 256.4 308.4 Cash flows:   Adjusted cash flows from operations: Telecommunications 369.4 330.1 714.0 643.0 Media (6.8) 7.1 (27.9) 2.7 Sports and Entertainment 3.9 2.5 3.0 3.6 Head Office (5.5) (1.6) (12.0) (3.6) 361.0 338.1 677.1 645.7 Free cash flows from continuing operating activities1 117.8 76.8 221.8 167.9 Cash flows provided by operating activities 241.7 229.7 469.4 491.3 June 30, 2022 Dec. 31, 2021 Balance sheet   Cash and cash equivalents $ 9.1 $ 64.7   Working capital (735.7) 50.4   Net assets related to derivative financial instruments 406.0 382.3   Total assets 10,671.3 10,763.0   Total long‑term debt (including current portion) 6,603.4 6,554.0   Lease liabilities (current and long-term) 178.6 183.2   Convertible debentures, including embedded derivatives 150.7 141.6   Equity attributable to shareholders 1,403.2 1,255.6   Equity 1,527.5 1,378.8 Consolidated net debt leverage ratio1 3.27x 3.19x   _________________________________________1  See "Non‑IFRS financial measures."   2022/2021 second quarter comparison Revenues: $1.12 billion, a $16.0 million (‑1.4%) decrease. Revenues decreased in Telecommunications ($15.8 million or ‑1.7% of segment revenues) and in Media ($10.1 million or ‑5.1%). Revenues increased in Sports and Entertainment ($11.5 million or 34.3%). Adjusted EBITDA: $491.4 million, a $10.0 million (‑2.0%) decrease. Adjusted EBITDA decreased in Media ($12.6 million or ‑75.4% of segment adjusted EBITDA) and there was an unfavourable variance at Head Office ($5.0 million) due to a change in the allocation of corporate expenses. Adjusted EBITDA increased in Telecommunications ($6.0 million or 1.2%) and in Sports and Entertainment ($1.6 million or 51.6%). The change in the fair value of Quebecor stock options and stock‑price‑based share units resulted in a $1.8 million unfavourable variance in the Corporation's stock‑based compensation charge in the second quarter of 2022 compared with the same period of 2021.   Net income attributable to shareholders: $157.4 million ($0.66 per basic share) in the second quarter of 2022, compared with $123.5 million ($0.50 per basic share) in the same period of 2021, an increase of $33.9 million ($0.16 per basic share). The main favourable variances were: $80.9 million decrease in the loss on debt refinancing; $5.0 million decrease in the depreciation and amortization charge; $5.0 million decrease in financial expenses. The main unfavourable variances were: $24.1 million unfavourable variance in the charge for restructuring of operations and other items; $16.1 million increase in the income tax expense; $10.0 million decrease in adjusted EBITDA; $9.1 million unfavourable variance in losses on valuation and translation of financial instruments, including $9.4 million without any tax consequences. Adjusted income from continuing operating activities: $161.7 million ($0.68 per basic share) in the second quarter of 2022, compared with $158.3 million ($0.65 per basic share) in the same period of 2021, an increase of $3.4 million ($0.03 per basic share). Adjusted cash flows from operations: $361.0 million, a $22.9 million (6.8%) increase due to a $22.8 million decrease in additions to intangible assets and a $10.1 million decrease in additions to property, plant and equipment, partially offset by the $10.0 million decrease in adjusted EBITDA. Cash flows provided by operating activities: $241.7 million, a $12.0 million (5.2%) increase due primarily to the favourable net change in non‑cash balances related to operating activities and the decrease in the cash portion of financial expenses, partially offset by the decrease in adjusted EBITDA, the increase in current income taxes and the unfavourable variance in the cash portion related to restructuring of operations and other items. 2022/2021 year‑to‑date comparison Revenues: $2.20 billion, a $19.1 million (‑0.9%) decrease. Revenues decreased in Telecommunications ($26.4 million or ‑1.4% of segment revenues) and in Media ($3.1 million or ‑0.8%). Revenues increased in Sports and Entertainment ($14.4 million or 22.3%). Adjusted EBITDA: $933.5 million, a $20.6 million (‑2.2%) decrease. Adjusted EBITDA increased in Telecommunications ($15.1 million or 1.6% of segment adjusted EBITDA). There were unfavourable variances in Media ($25.8 million), Sports and Entertainment ($0.6 million or ‑11.5%) and Head Office ($9.3 million), due in the latter case to a change in the allocation of corporate expenses. The change in the fair value of Quebecor stock options and stock‑price‑based share units resulted in a $0.4 million unfavourable variance in the Corporation's stock‑based compensation charge in the first half of 2022 compared with the same period of 2021.   Net income attributable to shareholders: $278.8 million ($1.17 per basic share) in the first half of 2022, compared with $244.8 million ($1.00 per basic share) in the same period of 2021, an increase of $34.0 million ($0.17 per basic share). The main favourable variances were: $80.9 million decrease in the loss on debt refinancing; $10.6 million decrease in financial expenses; $5.6 million decrease in the depreciation and amortization charge; $5.3 million favourable variance in non‑controlling interest. The main unfavourable variances were: $20.5 million unfavourable variance in the charge for restructuring of operations and other items; $20.6 million decrease in adjusted EBITDA; $16.7 million increase in the income tax expense; $10.6 million unfavourable variance in losses on valuation and translation of financial instruments, including $10.9 million without any tax consequences. Adjusted income from continuing operating activities: $290.4 million ($1.22 per basic share) in the first half of 2022, compared with $288.2 million ($1.17 per basic share) in the same period of 2021, an increase of $2.2 million ($0.05 per basic share). Adjusted cash flows from operations: $677.1 million, a $31.4 million (4.9%) increase due to a $41.3 million decrease in additions to intangible assets and a $10.7 million decrease in additions to property, plant and equipment, partially offset by the $20.6 million decrease in adjusted EBITDA. Cash flows provided by operating activities: $469.4 million, a $21.9 million (‑4.5%) decrease due primarily to the decrease in adjusted EBITDA and the increase in current income taxes, partially offset by the favourable net change in non‑cash balances related to operating activities and the decrease in the cash portion of financial expenses. Financing operations On May 20, 2022, Videotron amended its $1.50 billion secured revolving credit facility to extend its term to July 2026 and Quebecor Media amended its $300.0 million secured revolving credit facility to extend its term to July 2025. Certain terms and conditions of the credit facilities were also amended. Normal course issuer bid On August 3, 2022, the Corporation authorized a normal course issuer bid for a maximum of 1,000,000 Class A Multiple Voting Shares ("Class A Shares"), representing approximately 1.3% of issued and outstanding Class A Shares, and for a maximum of 6,000,000 Class B Subordinate Voting Shares ("Class B Shares"), representing approximately 3.8% of issued and outstanding Class B Shares as of July 29, 2022. The purchases can be made from August 15, 2022 to August 14, 2023 at prevailing market prices on the open market through the facilities of the Toronto Stock Exchange or other alternative trading systems in Canada. All shares purchased under the bid will be cancelled. As of July 29, 2022, 76 984 034 Class A Shares and 157 170 556 Class B Shares were issued and outstanding. The average daily trading volume of the Class A Shares and Class B Shares of the Corporation between February 1, 2022 and July 31, 2022 on the TSX was 1 220 Class A Shares and 703 584 Class B Shares. Consequently, the Corporation will be authorized to purchase a maximum of 1,000 Class A Shares and 175 986 Class B Shares during the same trading day, pursuant to its normal course issuer bid. The Corporation believes that the repurchase of these shares under this normal course issuer bid is in the best interests of the Corporation and its shareholders. The Corporation also announced that on or around August 5, 2022 it will enter into an automatic securities purchase plan ("the plan") with a designated broker whereby shares may be repurchased under the plan at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self‑imposed blackout periods. The plan received prior approval from the Toronto Stock Exchange. It will come into effect on August 15, 2022 and terminate on the same date as the normal course issuer bid. Under the plan, before entering a self‑imposed blackout period, the Corporation may, but is not required to, ask the designated broker to make purchases under the normal course issuer bid. Such purchases shall be made at the discretion of the designated broker, within parameters established by the Corporation prior to the blackout periods. Outside the blackout periods, purchases will be made at the discretion of the Corporation's management. On April 27, 2022, the Corporation received approval from the Toronto Stock Exchange to amend its previous normal course issuer bid in order to increase the maximum number of Class B Shares that may be repurchased to 10,000,000 Class B Shares, representing approximately 6.8% of the Class B Shares public float as of July 30, 2021. No other terms of the normal course issuer bid have been amended. Between August 15, 2021 and July 31, 2022, of the 1,000,000 Class A Shares and 10,000,000 Class B Shares it was authorized to repurchase under this normal course issuer bid, the Corporation repurchased no Class A Shares and 8,978,851 Class B Shares at a weighted average price of $29.7984 per share on the open market through the facilities of the TSX and alternative trading systems in Canada. In the first half of 2022, the Corporation purchased and cancelled 4,202,951 Class B Shares for a total cash consideration of $123.1 million (4,073,200 Class B Shares for a total cash consideration of $131.5 million in the same period of 2021). The $98.3 million excess of the purchase price over the carrying value of the repurchased Class B Shares was recorded as a reduction in retained earnings ($107.5 million in the same period of 2021). Dividend On August 3, 2022, the Board of Directors of Quebecor declared a quarterly dividend of $0.30 per share on its Class A Shares and Class B Shares, payable on September 13, 2022 to shareholders of record as of the close of business on August 19, 2022. This dividend is designated an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart. Convertible debentures In accordance with the terms of the trust indenture governing the convertible debentures, the quarterly dividend declared on May 11, 2022 on Quebecor Class B Shares triggered an adjustment to the floor price and ceiling price then in effect. Accordingly, effective May 26, 2022, the conversion features of the convertible debentures are subject to an adjusted floor price of approximately $25.07 per share (that is, a maximum number of approximately 5,984,010 Class B Shares corresponding to a ratio of $150.0 million to the adjusted floor price) and an adjusted ceiling price of approximately $31.33 per share (that is, a minimum number of approximately 4,787,208 Class B Shares corresponding to a ratio of $150.0 million to the adjusted ceiling price). Detailed financial information For a detailed analysis of Quebecor's second quarter 2022 results, please refer to the Management Discussion and Analysis and condensed consolidated financial statements of Quebecor, available on the Corporation's website at www.quebecor.com/en/investors/financial documentation or from the SEDAR filing service at www.sedar.com. Conference call for investors and webcast Quebecor will hold a conference call to discuss its second quarter 2022 results on August 4, 2022, at 11:00 a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1‑877‑293‑8052, access code for participants 31698#. The conference call will also be broadcast live on Quebecor's website at www.quebecor.com/en/investors/conferences-and-annual-meeting. It is advisable to ensure the appropriate software is installed before accessing the call. Instructions and links to free player downloads are available at the Internet address shown above. Anyone unable to attend the conference call will be able to listen to a recording by dialing 1‑877‑293‑8133, access code 31698#, recording access code 0112465#. The recording will be available until November 11, 2022. Cautionary statement regarding forward‑looking statements The statements in this press release that are not historical facts are forward‑looking statements and are subject to significant known and unknown risks, uncertainties and assumptions that could cause the Corporation's actual results for future periods to differ materially from those set forth in the forward‑looking statements. Forward‑looking statements may be identified by the use of the conditional or by forward‑looking terminology such as the terms "plans," "expects," "may," "anticipates," "intends," "estimates," "projects," "seeks," "believes," or similar terms, variations of such terms or the negative of such terms. Certain factors that may cause actual results to differ from current expectations include seasonality (including seasonal fluctuations in customer orders), operating risk (including fluctuations in demand for Quebecor's products and pricing actions by competitors), new competition, and Quebecor's ability to retain its current customers and attract new ones, risks related to fragmentation of the advertising market, insurance risk, risks associated with capital investments (including risks related to technological development and equipment availability and breakdown), environmental risks, risks associated with cybersecurity and the protection of personal information, risks associated with service interruptions resulting from equipment breakdown, network failure, the threat of natural disaster, epidemics, pandemics or other public health crises, including the COVID‑19 pandemic, political instability is some countries, risks associated with emergency measures implemented by various governments, risks associated with labour agreements, credit risk, financial risks, debt risks, risks related to interest rate fluctuations, foreign exchange risks, risks associated with government acts and regulations, risks related to changes in tax legislation, and changes in the general political and economic environment. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward‑looking statements. For more information on the risks, uncertainties and assumptions that could cause Quebecor's actual results to differ from current expectations, please refer to Quebecor's public filings, available at www.sedar.com and www.quebecor.com, including, in particular, the "Risks and Uncertainties" section of Quebecor's Management Discussion and Analysis for the year ended December 31, 2021. The forward‑looking statements in this press release reflect Quebecor's expectations as of August 4, 2022 and are subject to change after that date. Quebecor expressly disclaims any obligation or intention to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. About Quebecor Quebecor, a Canadian leader in telecommunications, entertainment, news media and culture, is one of the best‑performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor's subsidiaries and brands are differentiated by their high‑quality, multiplatform, convergent products and services. Quebecor (TSX:QBR, QBR.B)) is headquartered in Québec and employs nearly 10,000 people in Canada.  A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400 organizations in the vital fields of culture, health, education, the environment, and entrepreneurship. Visit our website: www.quebecor.com Follow us on Twitter: www.twitter.com/Quebecor DEFINITIONS Adjusted EBITDA In its analysis of operating results, the Corporation defines adjusted EBITDA, as reconciled to net income under IFRS, as net income before depreciation and amortization, financial expenses, loss (gain) on valuation and translation of financial instruments, restructuring of operations and other items, loss on debt refinancing and income tax. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted EBITDA in order to assess the performance of its investment in Quebecor Media. The Corporation's management and Board of Directors use this measure in evaluating its consolidated results as well as the results of the Corporation's operating segments. This measure eliminates the significant level of impairment and depreciation/amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its business segments. Adjusted EBITDA is also relevant because it is a component of the Corporation's annual incentive compensation programs. A limitation of this measure, however, is that it does not reflect the periodic costs of tangible and intangible assets used in generating revenues in the Corporation's segments. The Corporation also uses other measures that do reflect such costs, such as adjusted cash flows from operations and free cash flows from continuing operating activities. The Corporation's definition of adjusted EBITDA may not be the same as similarly titled measures reported by other companies. Table 2 provides a reconciliation of adjusted EBITDA to net income as disclosed in Quebecor's condensed consolidated financial statements. Table 2Reconciliation of the adjusted EBITDA measure used in this press release to the net income measure used in the condensed consolidated financial statements(in millions of Canadian dollars) Three months endedJune 30 Six months endedJune 30 2022 2021 2022 2021 Adjusted EBITDA (negative adjusted EBITDA):   Telecommunications $ 487.5 $ 481.5 $ 947.5 $ 932.4   Media 4.1 16.7 (7.8) 18.0   Sports and Entertainment 4.7 3.1 4.6 5.2   Head Office (4.9) 0.1 (10.8) (1.5) 491.4 501.4 933.5 954.1 Depreciation and amortization (191.6) (196.6) (386.3) (391.9) Financial expenses (82.0) (87.0) (159.5) (170.1) (Loss) gain on valuation and translation of    financial instruments (2.1) 7.0 (9.4) 1.2 Restructuring of operations and other items (3.5) 20.6 (4.4) 16.1 Loss on debt refinancing – (80.9) – (80.9) Income taxes (55.9) (39.8) (100.5) (83.8) Net income $ 156.3 $ 124.7 $ 273.4 $ 244.7   Adjusted income from continuing operating activities The Corporation defines adjusted income from continuing operating activities, as reconciled to net income attributable to shareholders under IFRS, as net income attributable to shareholders before (loss) gain on valuation and translation of financial instruments, restructuring of operations and other items, and loss on debt refinancing, net of income tax related to adjustments and net income attributable to non‑controlling interest related to adjustments. Adjusted income from continuing operating activities, as defined above, is not a measure of results that is consistent with IFRS. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted income from continuing operating activities to analyze trends in the performance of its businesses. The above‑listed items are excluded from the calculation of this measure because they impair the comparability of financial results. Adjusted income from continuing operating activities is more representative for forecasting income. The Corporation's definition of adjusted income from continuing operating activities may not be identical to similarly titled measures reported by other companies.  Table 3 provides a reconciliation of adjusted income from continuing operating activities to the net income attributable to shareholders' measure used in Quebecor's condensed consolidated financial statements. Table 3Reconciliation of the adjusted income from continuing operating activities measure used in this press release to the net income attributable to shareholders' measure used in the condensed consolidated financial statements (in millions of Canadian dollars) Three months endedJune 30 Six months ended June 30 2022 2021 2022 2021 Adjusted income from continuing operating activities $ 161.7 $ 158.3 $ 290.4 $ 288.2 (Loss) gain on valuation and translation of financial    instruments (2.1) 7.0 (9.4) 1.2 Restructuring of operations and other items (3.5) 20.6 (4.4) 16.1 Loss on debt refinancing – (80.9) – (80.9) Income taxes related to adjustments1 1.3 18.5 2.2 20.2 Net income attributable to shareholders $ 157.4 $ 123.5 $ 278.8 $ 244.8 1    Includes impact of fluctuations in income tax applicable to adjusted items, either for statutory reasons or in connection with tax transactions.   Adjusted cash flows from operations and free cash flows from continuing operating activities Adjusted cash flows from operations Adjusted cash flows from operations represents adjusted EBITDA, less additions to property, plant and equipment and to intangible assets (excluding licence acquisitions and renewals). Adjusted cash flows from operations represents funds available for interest and income tax payments, expenditures related to restructuring programs, business acquisitions, licence acquisitions and renewals, payment of dividends, repayment of long‑term debt and lease liabilities, and share repurchases. Adjusted cash flows from operations is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. Adjusted cash flows from operations is used by the Corporation's management and Board of Directors to evaluate the cash flows generated by the operations of all of its segments, on a consolidated basis, in addition to the operating cash flows generated by each segment. Adjusted cash flows from operations is also relevant because it is a component of the Corporation's annual incentive compensation programs. The Corporation's definition of adjusted cash flows from operations may not be identical to similarly titled measures reported by other companies. Free cash flows from continuing operating activities Free cash flows from continuing operating activities represents cash flows provided by operating activities calculated in accordance with IFRS, less cash flows used for additions to property, plant and equipment and to intangible assets (excluding expenditures related to licence acquisitions and renewals), plus proceeds from disposal of assets. Free cash flows from continuing operating activities is used by the Corporation's management and Board of Directors to evaluate cash flows generated by the Corporation's operations. Free cash flows from continuing operating activities represents available funds for business acquisitions, licence acquisitions and renewals, payment of dividends, repayment of long‑term debt and lease liabilities, and share repurchases. Free cash flows from continuing operating activities is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. The Corporation's definition of free cash flows from continuing operating activities may not be identical to similarly titled measures reported by other companies. Tables 4 and 5 provide a reconciliation of adjusted cash flows from operations and free cash flows from continuing operating activities to cash flows provided by operating activities reported in the condensed consolidated financial statements. Table 4Adjusted cash flows from operations(in millions of Canadian dollars) Three months endedJune 30 Six months ended June 30 2022 2021 2022 2021 Adjusted EBITDA (negative adjusted EBITDA)   Telecommunications $ 487.5 $ 481.5 $ 947.5 $ 932.4   Media 4.1 16.7 (7.8) 18.0   Sports and Entertainment 4.7 3.1 4.6 5.2   Head Office (4.9) 0.1 (10.8) (1.5) 491.4 501.4 933.5 954.1 Minus Additions to property, plant and equipment:1.....»»

Category: earningsSource: benzingaAug 4th, 2022

QUEBECOR INC. REPORTS CONSOLIDATED RESULTS FOR SECOND QUARTER 2022

MONTRÉAL, Aug. 4, 2022 /CNW Telbec/ - Quebecor Inc. ("Quebecor" or "the Corporation") today reported its consolidated financial results for the second quarter of 2022. Quebecor consolidates the financial results of its wholly owned Quebecor Media Inc. ("Quebecor Media") subsidiary. Second quarter 2022 highlights Revenues: $1.12 billion in the second quarter of 2022, down $16.0 million (‑1.4%) from the same period of 2021. The Telecommunications segment's adjusted cash flows from operations increased by $39.3 million (11.9%), its adjusted EBITDA increased by $6.0 million (1.2%) and its revenues decreased by $15.8 million (‑1.7%) in the second quarter of 2022. Videotron Ltd. ("Videotron") increased its revenues from mobile services and equipment by $27.0 million (11.4%) in the second quarter of 2022. Subscriber connections to the mobile telephony service increased by 34,600 (2.1%) in the second quarter of 2022. Consolidated Adjusted EBITDA:1 $491.4 million, a $10.0 million (‑2.0%) decrease. Net income attributable to shareholders: $157.4 million ($0.66 per basic share), an increase of $33.9 million ($0.16 per basic share). Adjusted income from continuing operating activities:2 $161.7 million ($0.68 per basic share), an increase of $3.4 million ($0.03 per basic share). Adjusted cash flows from operations:3 $361.0 million, a $22.9 million (6.8%) increase. On June 17, 2022, Videotron entered into an agreement with Rogers Communications Inc. ("Rogers") and Shaw Communications Inc. ("Shaw") to acquire Freedom Mobile Inc. ("Freedom Mobile") for $2.85 billion on a cash‑free and debt‑free basis. The agreement, which is conditional, among other things, on clearance under the Competition Act and the approval of Innovation, Science and Economic Development Canada, provides for the acquisition of the Freedom Mobile brand's entire wireless and Internet customer base, as well as its owned infrastructure, spectrum, and retail outlets. It also includes a long‑term undertaking by Shaw and Rogers to provide Videotron with transport services (including backhaul and backbone) and roaming services. Videotron has secured the committed debt financing required for this transaction. Comments by Pierre Karl Péladeau, President and CEO of Quebecor: "In what remains a highly competitive environment, Quebecor maintained its operational rigour and financial discipline in the second quarter of 2022, as evidenced by the 6.8% increase in adjusted cash flows from operations to a total of $361.0 million, despite increased strategic investments in unique, differentiated content for both the TVA Network and its Club illico and Vrai over‑the‑top video platforms. These investments caused a slight $10.0 million decrease in adjusted EBITDA to $491.4 million. Videotron generated adjusted cash flows of $369.4 million, an increase of $39.3 million or 11.9%. Our efforts to better position our illico and Helix brands and improve margins led to a slight decrease in wireline equipment revenues. Nevertheless, the operating cost reduction initiatives of the past year enabled Videotron to post adjusted EBITDA of $487.5 million, an increase of 1.2%, and a 53.4% margin, still the industry standard‑setter. Videotron also increased its revenues from mobile services and equipment by 11.4% in the second quarter of 2022. The number of connections to the mobile service grew by 34,600, or 27.2% more than in the same quarter of 2021. __________________________________1 See "Adjusted EBITDA" under "Definitions."2  See "Adjusted income from continuing operating activities" under "Definitions."3   See "Adjusted cash flows from operations" under "Definitions."   "Videotron continues to invest in high-value growth initiatives such as wireline network extensions across the province, including the Régions Branchées program, in order to expand coverage while maintaining performance and reliability. Also, our 5G network already covers the major urban centres and roll-out is continuing apace. "The results of TVA Group Inc. ('TVA Group') were significantly affected by lower profitability in the Broadcasting segment in the second quarter of 2022, due mainly to increased content investments at TVA Network, particularly in reality and variety programming. Delivering varied programming of high quality remains the cornerstone of our business strategy. It's how we attract a steadily growing number of viewers, as indicated by the 0.7‑point market share gain posted by TVA Network in the second quarter of 2022. Despite the soft advertising market due to the unfavourable business landscape and regulatory environment, our strong programming enabled us to stand out with advertisers and to limit the impact on our over‑the‑air network's advertising revenues. "We are more determined and motivated than ever to pursue our ambitious plans to grow across Canada as an agile, proven player that aims to disrupt the market and lower prices for Canadian consumers. The acquisition of Freedom Mobile will be a highly beneficial transaction for all parties. By investing in Canadian expansion with the goal of becoming the fourth national wireless carrier, we will foster healthy competition in the interests of Canadian consumers and position ourselves in a high‑growth market, in which we will be able to offer consumers in British Columbia, Alberta and Ontario multiservice bundles and innovative mobile and Internet products. We will leverage our strong operational and competitive expertise, significant financial resources and extensive spectrum assets to continue rapidly evolving to 5G technology and a world‑class network. In addition, the recent acquisition of VMedia Inc. will support our growth strategy outside Québec with advantageous multiservice bundles, giving Canadian consumers more choice at better prices. "We remain focused on our objectives of creating value for all our stakeholders through adroit execution of our strategies on a daily basis, coupled with the operational excellence and financial discipline that have been the hallmarks of our success in recent years." COVID‑19 pandemic Since March 2020, the COVID‑19 pandemic has had an impact on some of the Corporation's quarterly results, more particularly in the Media and the Sports and Entertainment segments. Given the uncertainty around the future evolution of the pandemic, including any major new waves, all future impacts of the health crisis on the results of operations cannot be determined with certainty. Non‑IFRS financial measures The Corporation uses financial measures not standardized under International Financial Reporting Standards ("IFRS"), such as adjusted EBITDA, adjusted income from continuing operating activities, adjusted cash flows from operations, free cash flows from continuing operating activities and consolidated net debt leverage ratio, and key performance indicators, including RGU. Definitions of the non‑IFRS measures and key performance indicator used by the Corporation are provided in the "Definitions" section. Financial table Table 1Consolidated summary of income, cash flows and balance sheet (in millions of Canadian dollars, except per basic share data) Three months ended June 30 Six months ended June 30  2022 2021 2022 2021 Income Revenues: Telecommunications $ 912.6 $ 928.4 $ 1,816.0 $ 1,842.4 Media 188.1 198.2 369.9 373.0 Sports and Entertainment 45.0 33.5 79.1 64.7 Inter-segment (30.5) (28.9) (61.8) (57.8) 1,115.2 1,131.2 2,203.2 2,222.3 Adjusted EBITDA (negative adjusted EBITDA): Telecommunications 487.5 481.5 947.5 932.4 Media 4.1 16.7 (7.8) 18.0 Sports and Entertainment 4.7 3.1 4.6 5.2 Head Office (4.9) 0.1 (10.8) (1.5) 491.4 501.4 933.5 954.1 Depreciation and amortization (191.6) (196.6) (386.3) (391.9) Financial expenses (82.0) (87.0) (159.5) (170.1) (Loss) gain on valuation and translation of financial    instruments (2.1) 7.0 (9.4) 1.2 Restructuring of operations and other items (3.5) 20.6 (4.4) 16.1 Loss on debt refinancing – (80.9) – (80.9) Income taxes (55.9) (39.8) (100.5) (83.8) Net income $ 156.3 $ 124.7 $ 273.4 $ 244.7   Net income attributable to shareholders 157.4 123.5 278.8 244.8 Adjusted income from continuing operating activities 161.7 158.3 290.4 288.2 Per basic share: Net income attributable to shareholders 0.66 0.50 1.17 1.00 Adjusted income from continuing operating activities 0.68 0.65 1.22 1.17   Table 1 (continued) Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Additions to property, plant and equipment and to intangible assets: Telecommunications $ 118.1 $ 151.4 $ 233.5 $ 289.4 Media 10.9 9.6 20.1 15.3 Sports and Entertainment 0.8 0.6 1.6 1.6 Head Office 0.6 1.7 1.2 2.1 130.4 163.3 256.4 308.4 Cash flows:   Adjusted cash flows from operations: Telecommunications 369.4 330.1 714.0 643.0 Media (6.8) 7.1 (27.9) 2.7 Sports and Entertainment 3.9 2.5 3.0 3.6 Head Office (5.5) (1.6) (12.0) (3.6) 361.0 338.1 677.1 645.7 Free cash flows from continuing operating activities1 117.8 76.8 221.8 167.9 Cash flows provided by operating activities 241.7 229.7 469.4 491.3 June 30, 2022 Dec. 31, 2021 Balance sheet   Cash and cash equivalents $ 9.1 $ 64.7   Working capital (735.7) 50.4   Net assets related to derivative financial instruments 406.0 382.3   Total assets 10,671.3 10,763.0   Total long‑term debt (including current portion) 6,603.4 6,554.0   Lease liabilities (current and long-term) 178.6 183.2   Convertible debentures, including embedded derivatives 150.7 141.6   Equity attributable to shareholders 1,403.2 1,255.6   Equity 1,527.5 1,378.8 Consolidated net debt leverage ratio1 3.27x 3.19x   _________________________________________1  See "Non‑IFRS financial measures."   2022/2021 second quarter comparison Revenues: $1.12 billion, a $16.0 million (‑1.4%) decrease. Revenues decreased in Telecommunications ($15.8 million or ‑1.7% of segment revenues) and in Media ($10.1 million or ‑5.1%). Revenues increased in Sports and Entertainment ($11.5 million or 34.3%). Adjusted EBITDA: $491.4 million, a $10.0 million (‑2.0%) decrease. Adjusted EBITDA decreased in Media ($12.6 million or ‑75.4% of segment adjusted EBITDA) and there was an unfavourable variance at Head Office ($5.0 million) due to a change in the allocation of corporate expenses. Adjusted EBITDA increased in Telecommunications ($6.0 million or 1.2%) and in Sports and Entertainment ($1.6 million or 51.6%). The change in the fair value of Quebecor stock options and stock‑price‑based share units resulted in a $1.8 million unfavourable variance in the Corporation's stock‑based compensation charge in the second quarter of 2022 compared with the same period of 2021.   Net income attributable to shareholders: $157.4 million ($0.66 per basic share) in the second quarter of 2022, compared with $123.5 million ($0.50 per basic share) in the same period of 2021, an increase of $33.9 million ($0.16 per basic share). The main favourable variances were: $80.9 million decrease in the loss on debt refinancing; $5.0 million decrease in the depreciation and amortization charge; $5.0 million decrease in financial expenses. The main unfavourable variances were: $24.1 million unfavourable variance in the charge for restructuring of operations and other items; $16.1 million increase in the income tax expense; $10.0 million decrease in adjusted EBITDA; $9.1 million unfavourable variance in losses on valuation and translation of financial instruments, including $9.4 million without any tax consequences. Adjusted income from continuing operating activities: $161.7 million ($0.68 per basic share) in the second quarter of 2022, compared with $158.3 million ($0.65 per basic share) in the same period of 2021, an increase of $3.4 million ($0.03 per basic share). Adjusted cash flows from operations: $361.0 million, a $22.9 million (6.8%) increase due to a $22.8 million decrease in additions to intangible assets and a $10.1 million decrease in additions to property, plant and equipment, partially offset by the $10.0 million decrease in adjusted EBITDA. Cash flows provided by operating activities: $241.7 million, a $12.0 million (5.2%) increase due primarily to the favourable net change in non‑cash balances related to operating activities and the decrease in the cash portion of financial expenses, partially offset by the decrease in adjusted EBITDA, the increase in current income taxes and the unfavourable variance in the cash portion related to restructuring of operations and other items. 2022/2021 year‑to‑date comparison Revenues: $2.20 billion, a $19.1 million (‑0.9%) decrease. Revenues decreased in Telecommunications ($26.4 million or ‑1.4% of segment revenues) and in Media ($3.1 million or ‑0.8%). Revenues increased in Sports and Entertainment ($14.4 million or 22.3%). Adjusted EBITDA: $933.5 million, a $20.6 million (‑2.2%) decrease. Adjusted EBITDA increased in Telecommunications ($15.1 million or 1.6% of segment adjusted EBITDA). There were unfavourable variances in Media ($25.8 million), Sports and Entertainment ($0.6 million or ‑11.5%) and Head Office ($9.3 million), due in the latter case to a change in the allocation of corporate expenses. The change in the fair value of Quebecor stock options and stock‑price‑based share units resulted in a $0.4 million unfavourable variance in the Corporation's stock‑based compensation charge in the first half of 2022 compared with the same period of 2021.   Net income attributable to shareholders: $278.8 million ($1.17 per basic share) in the first half of 2022, compared with $244.8 million ($1.00 per basic share) in the same period of 2021, an increase of $34.0 million ($0.17 per basic share). The main favourable variances were: $80.9 million decrease in the loss on debt refinancing; $10.6 million decrease in financial expenses; $5.6 million decrease in the depreciation and amortization charge; $5.3 million favourable variance in non‑controlling interest. The main unfavourable variances were: $20.5 million unfavourable variance in the charge for restructuring of operations and other items; $20.6 million decrease in adjusted EBITDA; $16.7 million increase in the income tax expense; $10.6 million unfavourable variance in losses on valuation and translation of financial instruments, including $10.9 million without any tax consequences. Adjusted income from continuing operating activities: $290.4 million ($1.22 per basic share) in the first half of 2022, compared with $288.2 million ($1.17 per basic share) in the same period of 2021, an increase of $2.2 million ($0.05 per basic share). Adjusted cash flows from operations: $677.1 million, a $31.4 million (4.9%) increase due to a $41.3 million decrease in additions to intangible assets and a $10.7 million decrease in additions to property, plant and equipment, partially offset by the $20.6 million decrease in adjusted EBITDA. Cash flows provided by operating activities: $469.4 million, a $21.9 million (‑4.5%) decrease due primarily to the decrease in adjusted EBITDA and the increase in current income taxes, partially offset by the favourable net change in non‑cash balances related to operating activities and the decrease in the cash portion of financial expenses. Financing operations On May 20, 2022, Videotron amended its $1.50 billion secured revolving credit facility to extend its term to July 2026 and Quebecor Media amended its $300.0 million secured revolving credit facility to extend its term to July 2025. Certain terms and conditions of the credit facilities were also amended. Normal course issuer bid On August 3, 2022, the Corporation authorized a normal course issuer bid for a maximum of 1,000,000 Class A Multiple Voting Shares ("Class A Shares"), representing approximately 1.3% of issued and outstanding Class A Shares, and for a maximum of 6,000,000 Class B Subordinate Voting Shares ("Class B Shares"), representing approximately 3.8% of issued and outstanding Class B Shares as of July 29, 2022. The purchases can be made from August 15, 2022 to August 14, 2023 at prevailing market prices on the open market through the facilities of the Toronto Stock Exchange or other alternative trading systems in Canada. All shares purchased under the bid will be cancelled. As of July 29, 2022, 76 984 034 Class A Shares and 157 170 556 Class B Shares were issued and outstanding. The average daily trading volume of the Class A Shares and Class B Shares of the Corporation between February 1, 2022 and July 31, 2022 on the TSX was 1 220 Class A Shares and 703 584 Class B Shares. Consequently, the Corporation will be authorized to purchase a maximum of 1,000 Class A Shares and 175 986 Class B Shares during the same trading day, pursuant to its normal course issuer bid. The Corporation believes that the repurchase of these shares under this normal course issuer bid is in the best interests of the Corporation and its shareholders. The Corporation also announced that on or around August 5, 2022 it will enter into an automatic securities purchase plan ("the plan") with a designated broker whereby shares may be repurchased under the plan at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self‑imposed blackout periods. The plan received prior approval from the Toronto Stock Exchange. It will come into effect on August 15, 2022 and terminate on the same date as the normal course issuer bid. Under the plan, before entering a self‑imposed blackout period, the Corporation may, but is not required to, ask the designated broker to make purchases under the normal course issuer bid. Such purchases shall be made at the discretion of the designated broker, within parameters established by the Corporation prior to the blackout periods. Outside the blackout periods, purchases will be made at the discretion of the Corporation's management. On April 27, 2022, the Corporation received approval from the Toronto Stock Exchange to amend its previous normal course issuer bid in order to increase the maximum number of Class B Shares that may be repurchased to 10,000,000 Class B Shares, representing approximately 6.8% of the Class B Shares public float as of July 30, 2021. No other terms of the normal course issuer bid have been amended. Between August 15, 2021 and July 31, 2022, of the 1,000,000 Class A Shares and 10,000,000 Class B Shares it was authorized to repurchase under this normal course issuer bid, the Corporation repurchased no Class A Shares and 8,978,851 Class B Shares at a weighted average price of $29.7984 per share on the open market through the facilities of the TSX and alternative trading systems in Canada. In the first half of 2022, the Corporation purchased and cancelled 4,202,951 Class B Shares for a total cash consideration of $123.1 million (4,073,200 Class B Shares for a total cash consideration of $131.5 million in the same period of 2021). The $98.3 million excess of the purchase price over the carrying value of the repurchased Class B Shares was recorded as a reduction in retained earnings ($107.5 million in the same period of 2021). Dividend On August 3, 2022, the Board of Directors of Quebecor declared a quarterly dividend of $0.30 per share on its Class A Shares and Class B Shares, payable on September 13, 2022 to shareholders of record as of the close of business on August 19, 2022. This dividend is designated an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart. Convertible debentures In accordance with the terms of the trust indenture governing the convertible debentures, the quarterly dividend declared on May 11, 2022 on Quebecor Class B Shares triggered an adjustment to the floor price and ceiling price then in effect. Accordingly, effective May 26, 2022, the conversion features of the convertible debentures are subject to an adjusted floor price of approximately $25.07 per share (that is, a maximum number of approximately 5,984,010 Class B Shares corresponding to a ratio of $150.0 million to the adjusted floor price) and an adjusted ceiling price of approximately $31.33 per share (that is, a minimum number of approximately 4,787,208 Class B Shares corresponding to a ratio of $150.0 million to the adjusted ceiling price). Detailed financial information For a detailed analysis of Quebecor's second quarter 2022 results, please refer to the Management Discussion and Analysis and condensed consolidated financial statements of Quebecor, available on the Corporation's website at www.quebecor.com/en/investors/financial documentation or from the SEDAR filing service at www.sedar.com. Conference call for investors and webcast Quebecor will hold a conference call to discuss its second quarter 2022 results on August 4, 2022, at 11:00 a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1‑877‑293‑8052, access code for participants 31698#. The conference call will also be broadcast live on Quebecor's website at www.quebecor.com/en/investors/conferences-and-annual-meeting. It is advisable to ensure the appropriate software is installed before accessing the call. Instructions and links to free player downloads are available at the Internet address shown above. Anyone unable to attend the conference call will be able to listen to a recording by dialing 1‑877‑293‑8133, access code 31698#, recording access code 0112465#. The recording will be available until November 11, 2022. Cautionary statement regarding forward‑looking statements The statements in this press release that are not historical facts are forward‑looking statements and are subject to significant known and unknown risks, uncertainties and assumptions that could cause the Corporation's actual results for future periods to differ materially from those set forth in the forward‑looking statements. Forward‑looking statements may be identified by the use of the conditional or by forward‑looking terminology such as the terms "plans," "expects," "may," "anticipates," "intends," "estimates," "projects," "seeks," "believes," or similar terms, variations of such terms or the negative of such terms. Certain factors that may cause actual results to differ from current expectations include seasonality (including seasonal fluctuations in customer orders), operating risk (including fluctuations in demand for Quebecor's products and pricing actions by competitors), new competition, and Quebecor's ability to retain its current customers and attract new ones, risks related to fragmentation of the advertising market, insurance risk, risks associated with capital investments (including risks related to technological development and equipment availability and breakdown), environmental risks, risks associated with cybersecurity and the protection of personal information, risks associated with service interruptions resulting from equipment breakdown, network failure, the threat of natural disaster, epidemics, pandemics or other public health crises, including the COVID‑19 pandemic, political instability is some countries, risks associated with emergency measures implemented by various governments, risks associated with labour agreements, credit risk, financial risks, debt risks, risks related to interest rate fluctuations, foreign exchange risks, risks associated with government acts and regulations, risks related to changes in tax legislation, and changes in the general political and economic environment. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward‑looking statements. For more information on the risks, uncertainties and assumptions that could cause Quebecor's actual results to differ from current expectations, please refer to Quebecor's public filings, available at www.sedar.com and www.quebecor.com, including, in particular, the "Risks and Uncertainties" section of Quebecor's Management Discussion and Analysis for the year ended December 31, 2021. The forward‑looking statements in this press release reflect Quebecor's expectations as of August 4, 2022 and are subject to change after that date. Quebecor expressly disclaims any obligation or intention to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. About Quebecor Quebecor, a Canadian leader in telecommunications, entertainment, news media and culture, is one of the best‑performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor's subsidiaries and brands are differentiated by their high‑quality, multiplatform, convergent products and services. Quebecor (TSX:QBR, QBR.B)) is headquartered in Québec and employs nearly 10,000 people in Canada.  A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400 organizations in the vital fields of culture, health, education, the environment, and entrepreneurship. Visit our website: www.quebecor.com Follow us on Twitter: www.twitter.com/Quebecor DEFINITIONS Adjusted EBITDA In its analysis of operating results, the Corporation defines adjusted EBITDA, as reconciled to net income under IFRS, as net income before depreciation and amortization, financial expenses, loss (gain) on valuation and translation of financial instruments, restructuring of operations and other items, loss on debt refinancing and income tax. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted EBITDA in order to assess the performance of its investment in Quebecor Media. The Corporation's management and Board of Directors use this measure in evaluating its consolidated results as well as the results of the Corporation's operating segments. This measure eliminates the significant level of impairment and depreciation/amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its business segments. Adjusted EBITDA is also relevant because it is a component of the Corporation's annual incentive compensation programs. A limitation of this measure, however, is that it does not reflect the periodic costs of tangible and intangible assets used in generating revenues in the Corporation's segments. The Corporation also uses other measures that do reflect such costs, such as adjusted cash flows from operations and free cash flows from continuing operating activities. The Corporation's definition of adjusted EBITDA may not be the same as similarly titled measures reported by other companies. Table 2 provides a reconciliation of adjusted EBITDA to net income as disclosed in Quebecor's condensed consolidated financial statements. Table 2Reconciliation of the adjusted EBITDA measure used in this press release to the net income measure used in the condensed consolidated financial statements(in millions of Canadian dollars) Three months endedJune 30 Six months endedJune 30 2022 2021 2022 2021 Adjusted EBITDA (negative adjusted EBITDA):   Telecommunications $ 487.5 $ 481.5 $ 947.5 $ 932.4   Media 4.1 16.7 (7.8) 18.0   Sports and Entertainment 4.7 3.1 4.6 5.2   Head Office (4.9) 0.1 (10.8) (1.5) 491.4 501.4 933.5 954.1 Depreciation and amortization (191.6) (196.6) (386.3) (391.9) Financial expenses (82.0) (87.0) (159.5) (170.1) (Loss) gain on valuation and translation of    financial instruments (2.1) 7.0 (9.4) 1.2 Restructuring of operations and other items (3.5) 20.6 (4.4) 16.1 Loss on debt refinancing – (80.9) – (80.9) Income taxes (55.9) (39.8) (100.5) (83.8) Net income $ 156.3 $ 124.7 $ 273.4 $ 244.7   Adjusted income from continuing operating activities The Corporation defines adjusted income from continuing operating activities, as reconciled to net income attributable to shareholders under IFRS, as net income attributable to shareholders before (loss) gain on valuation and translation of financial instruments, restructuring of operations and other items, and loss on debt refinancing, net of income tax related to adjustments and net income attributable to non‑controlling interest related to adjustments. Adjusted income from continuing operating activities, as defined above, is not a measure of results that is consistent with IFRS. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted income from continuing operating activities to analyze trends in the performance of its businesses. The above‑listed items are excluded from the calculation of this measure because they impair the comparability of financial results. Adjusted income from continuing operating activities is more representative for forecasting income. The Corporation's definition of adjusted income from continuing operating activities may not be identical to similarly titled measures reported by other companies.  Table 3 provides a reconciliation of adjusted income from continuing operating activities to the net income attributable to shareholders' measure used in Quebecor's condensed consolidated financial statements. Table 3Reconciliation of the adjusted income from continuing operating activities measure used in this press release to the net income attributable to shareholders' measure used in the condensed consolidated financial statements (in millions of Canadian dollars) Three months endedJune 30 Six months ended June 30 2022 2021 2022 2021 Adjusted income from continuing operating activities $ 161.7 $ 158.3 $ 290.4 $ 288.2 (Loss) gain on valuation and translation of financial    instruments (2.1) 7.0 (9.4) 1.2 Restructuring of operations and other items (3.5) 20.6 (4.4) 16.1 Loss on debt refinancing – (80.9) – (80.9) Income taxes related to adjustments1 1.3 18.5 2.2 20.2 Net income attributable to shareholders $ 157.4 $ 123.5 $ 278.8 $ 244.8 1    Includes impact of fluctuations in income tax applicable to adjusted items, either for statutory reasons or in connection with tax transactions.   Adjusted cash flows from operations and free cash flows from continuing operating activities Adjusted cash flows from operations Adjusted cash flows from operations represents adjusted EBITDA, less additions to property, plant and equipment and to intangible assets (excluding licence acquisitions and renewals). Adjusted cash flows from operations represents funds available for interest and income tax payments, expenditures related to restructuring programs, business acquisitions, licence acquisitions and renewals, payment of dividends, repayment of long‑term debt and lease liabilities, and share repurchases. Adjusted cash flows from operations is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. Adjusted cash flows from operations is used by the Corporation's management and Board of Directors to evaluate the cash flows generated by the operations of all of its segments, on a consolidated basis, in addition to the operating cash flows generated by each segment. Adjusted cash flows from operations is also relevant because it is a component of the Corporation's annual incentive compensation programs. The Corporation's definition of adjusted cash flows from operations may not be identical to similarly titled measures reported by other companies. Free cash flows from continuing operating activities Free cash flows from continuing operating activities represents cash flows provided by operating activities calculated in accordance with IFRS, less cash flows used for additions to property, plant and equipment and to intangible assets (excluding expenditures related to licence acquisitions and renewals), plus proceeds from disposal of assets. Free cash flows from continuing operating activities is used by the Corporation's management and Board of Directors to evaluate cash flows generated by the Corporation's operations. Free cash flows from continuing operating activities represents available funds for business acquisitions, licence acquisitions and renewals, payment of dividends, repayment of long‑term debt and lease liabilities, and share repurchases. Free cash flows from continuing operating activities is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. The Corporation's definition of free cash flows from continuing operating activities may not be identical to similarly titled measures reported by other companies. Tables 4 and 5 provide a reconciliation of adjusted cash flows from operations and free cash flows from continuing operating activities to cash flows provided by operating activities reported in the condensed consolidated financial statements. Table 4Adjusted cash flows from operations(in millions of Canadian dollars) Three months endedJune 30 Six months ended June 30 2022 2021 2022 2021 Adjusted EBITDA (negative adjusted EBITDA)   Telecommunications $ 487.5 $ 481.5 $ 947.5 $ 932.4   Media 4.1 16.7 (7.8) 18.0   Sports and Entertainment 4.7 3.1 4.6 5.2   Head Office (4.9) 0.1 (10.8) (1.5) 491.4 501.4 933.5 954.1 Minus Additions to property, plant and equipment:1.....»»

Category: earningsSource: benzingaAug 4th, 2022

CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS NET EARNINGS OF $4.7 MILLION OR $0.72 PER SHARE FOR THE 2nd QUARTER OF 2022.

COLUMBUS, Ohio, Aug. 3, 2022 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ:CFBK) (the "Company"), the parent of CFBank, today announced financial results for the second quarter ended June 30, 2022. Second Quarter and First Half 2022 Highlights Net Income of $4.7 million for the second quarter and $9.2 million YTD and Earnings Per Share (EPS) of $0.72 for Q2 and $1.41 YTD. Return on Average Assets (ROA) and Return on Average Equity (ROE) were 1.18% and 14.61%, respectively for the second quarter. For the first six months of 2022, ROA was 1.21% and ROE was 14.47%. Net interest income expanded $771,000, or 7.2%, during the second quarter, when compared to the quarter ended March 31, 2022. Book value per share increased to $20.25 at June 30, 2022. Net loans and leases grew by $97 million, or 7.6%, during the quarter. Net loans and leases totaled $1.4 billion at June 30, 2022. Credit quality remains strong with loans more than 30 days past due at 0.05% of total loans and classified and criticized loans were further reduced during the quarter to 0.23% of total loans at June 30, 2022. Recent Developments On July 5, 2022, the Company's Board of Directors declared a Cash Dividend of $0.05 per share payable on July 26, 2022 to shareholders of record as of the close of business on July 15, 2022. This represented a 25% increase in our quarterly cash dividend. In June 2022, CFBank opened a full-service Retail branch and Commercial Banking presence in Indianapolis, Indiana. CEO and Board Chair Commentary Timothy T. O'Dell, President and CEO, commented, "Our strong growth trajectory continued during the second quarter, with loans increasing by nearly $100 million. Our ongoing acquisition of banking talent is translating into increasing business opportunities and growing pipelines. Commercial Banking is leading our growth, with Retail Mortgage Lending volumes also performing well. Our ongoing investments in proven performers and expanding our market presence is setting the table for both future growth and business diversification through adding and/or expanding business niches.  Included in these specialty business niches targeted are Practice Finance, Equipment Financing and working with Non-Profit and Public Fund entities. We are having good success attracting top talent to our Commercial Banking and other teams. Seasoned performers are attracted by the relative sophistication of CFBank as compared to larger regionals, along with our entrepreneurial business approach and team focused environment. Our ongoing business investments include adding Banking talent, along with upgrading our operating platforms, extending product offerings, increasing business niches, and expanding our geographic footprint, are being balanced while sustaining earnings performance. Credit quality remains strong and stable, as evidenced by further reductions of criticized and classified loans during the second quarter, along with zero commercial delinquencies as of June 30, 2022. We remain highly disciplined in our underwriting as well as diligent in monitoring the performance of our loan portfolios against an uncertain economic backdrop.  If needed moving forward, the Holding Company has capital available through a credit facility that could be utilized to downstream additional capital to the Bank.  Until we gain greater clarity on the underlying economic strength, we have temporarily suspended share repurchases to preserve capital.  Because we remain confident in our earnings and performance, our dividend was recently increased.  We feel extremely well positioned moving forward, given our strong capital and credit quality, along with having access to additional capital from our holding company, to continue to prudently grow market share." Robert E. Hoeweler, Chairman of the Board, added: "CF Bankshares is uniquely positioned through its exceptional management team and leadership to be able to cope with the pending economic problems of our day. This is not the first time we have been through challenging periods, nor will it be the last cycle. CFBank is in a strong position, well prepared to protect our depositors, serve our customers and communities, along with rewarding the interests of our shareholders. We are committed to doing these things to the very best of our abilities." We are just Revving Up! Overview of Results  Net income for the three months ended June 30, 2022 totaled $4.7 million (or $0.72 per diluted common share) compared to net income of $4.5 million (or $0.69 per diluted common share) for the three months ended March 31, 2022 and net income of $3.5 million (or $0.52 per diluted common share) for the three months ended June 30, 2021. Net income for the six months ended June 30, 2022 totaled $9.2 million (or $1.41 per diluted common share) compared to net income of $9.9 million (or $1.48 per diluted common share) for the six months ended June 30, 2021. The decrease in net income for six months ended June 30, 2022 when compared to June 30, 2021 was primarily the result of decreased volumes on Direct to Consumer (DTC) residential mortgage loans, partially offset by an increase in net interest income and a decrease in other noninterest expense. During the second quarter of 2022, as a result of declining mortgage margins, we exited the saleable-to-investors mortgage business in favor of portfolio lending with servicing retained. Net Interest Income and Net Interest Margin Net interest income totaled $11.5 million for the quarter ended June 30, 2022 and increased $771,000, or 7.2%, compared to $10.8 million in the prior quarter, and increased $505,000, or 4.6%, compared to $11.0 million in the second quarter of 2021.  The increase in net interest income compared to the prior quarter was primarily due to a $1.6 million, or 11.8%, increase in interest income, partially offset by a $782,000, or 32.9%, increase in interest expense.  The increase in interest income was primarily attributed to a $136.9 million, or 9.9%, increase in average interest-earning assets outstanding, coupled with a 6bps increase in average yield on interest-earning assets.  The increase in interest expense when compared to the prior quarter was attributed to a $141.3 million, or 13.3%, increase in average interest-bearing liabilities, coupled with a 15bps increase in the average cost of funds on interest-bearing liabilities. The net interest margin of 3.04% for the quarter ended June 30, 2022 decreased 9bps compared to the net interest margin of 3.13% for the prior quarter.  The net interest margin was impacted by higher levels of cash during the second quarter, which has a lower yield. The increase in net interest income compared to the second quarter of 2021 was primarily due to an $1.0 million, or 7.6%, increase in interest income, partially offset by a $539,000, or 20.6%, increase in interest expense.  The increase in interest income was primarily attributed to a 23bps increase in the average yield on interest-earning assets, coupled with a $19.5 million, or 1.3%, increase in average interest-earning assets outstanding.  The increase in interest expense was attributed to an 18bps increase in the average cost of funds on interest-bearing liabilities, partially offset by a $9.1 million, or 0.8%, decrease in average interest-bearing liabilities. The net interest margin of 3.04% for the quarter ended June 30, 2022 increased 9bps compared to the net interest margin of 2.95% for the second quarter of 2021. Noninterest Income Noninterest income for the quarter ended June 30, 2022 totaled $808,000 and decreased $238,000, or 22.8%, compared to $1.0 million for the prior quarter.  The decrease was primarily due to a $436,000 decrease in the net gain on sales of residential mortgage loans, partially offset by a $143,000 increase in gain on sales of SBA loans.  Noninterest income for the quarter ended June 30, 2022 decreased $143,000, or 15.0%, compared to $951,000 for the quarter ended June 30, 2021.  The decrease was primarily due to a $1.0 million decrease in net gain on sales of SBA loans, partially offset by an $865,000 increase in net gain on sales of residential mortgage loans.  During the second quarter 2022, we exited the saleable-to-investors mortgage business in favor of portfolio lending with servicing retained. The following table represents the notional amount of loans sold during the three months ended June 30, 2022, March 31, 2022, and June 30, 2021.  Three Months ended June 30, 2022 March 31, 2022 June 30, 2021 Notional amount of loans sold $ 9,368 $ 85,180 $ 972,250   The following table represents the revenue recognized on mortgage activities for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021 (in thousands) Three Months ended June 30, 2022 March 31, 2022 June 30, 2021 Gain (loss) on loans sold $ (103) $ 61 $ 2,289 Gain (loss) from change in fair value of loans held-for-sale 92 (448) 1,012 Gain (loss) from change in fair value of derivatives 132 944 (4,045) $ 121 $ 557 $ (744)   Noninterest Expense Noninterest expense for the quarter ended June 30, 2022 totaled $6.5 million and increased $195,000, or 3.1%, compared to $6.3 million for the prior quarter.  The increase in noninterest expense was primarily due to a $89,000 increase in advertising and marketing expense, a $76,000 increase in FDIC premiums and a $38,000 increase in professional fees, partially offset by a $43,000 decrease in salaries and employee benefits expense.   Noninterest expense for the quarter ended June 30, 2022 decreased $2.8 million, or 30.2%, compared to $9.3 million for the quarter ended June 30, 2021.  The decrease in noninterest expense was primarily due to a $1.1 million decrease in advertising and marketing expense, a $973,000 decrease in salaries and employee benefits, and a $736,000 decrease in professional fees. The decreases in advertising and marketing expense, salaries and employee benefits expense, and professional fees were primarily the result of our scale down and exit of the saleable-to-investor mortgage business in favor of portfolio lending with servicing retained. During the 3rd quarter of 2022, we will be converting our core processing platform.  We estimate these one-time conversion costs will impact the 3rd quarter by approximately $450,000 and the 4th quarter by approximately $50,000. Income Tax Expense Income tax expense was $1.2 million for the quarter ended June 30, 2022 (effective tax rate of 19.6%), compared to $1.0 million for the prior quarter (effective tax rate of 18.5%) and $835,000 for the quarter ended June 30, 2021 (effective tax rate of 19.3%). Loans and Loans Held For Sale Net loans and leases totaled $1.4 billion at June 30, 2022 and increased $96.9 million, or 7.6%, from the prior quarter and increased $164.1 million, or 13.5%, from December 31, 2021.  The increase in net loans during the quarter was primarily due to a $37.0 million increase in commercial loan balances, a $31.6 million increase in single-family residential loan balances, a $28.7 million increase in construction loan balances, a $3.9 million increase in multi-family loan balances, and a $2.6 million increase in home equity lines of credit, partially offset by a $7.0 decrease in commercial real estate loan balances.  The increases in the aforementioned loan balances were related to increased sales activity and new relationships. The increase in net loans from December 31, 2021 was primarily due to a $63.0 million increase in commercial loan balances, a $61.2 million increase in single-family residential loan balances, a $40.5 million increase in construction loan balances, a $2.8 million increase in home equity lines of credit, and a $1.2 million increase in multi-family loan balances, partially offset by a $4.7 decrease in commercial real estate loan balances.  The increases in the aforementioned loan balances were related to increased sales activity and new relationships. The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types ($ in thousands). June 30, 2022 March 31, 2022 Construction - 1-4 family $ 42,281 $ 34,386 Construction - Multi-family 56,071 57,363 Construction - Non-residential 30,220 35,381 Hotel/Motel 17,023 17,078 Industrial / Warehouse 26,362 27,902 Land/Land Development 27,895 29,315 Medical/Healthcare/Senior Housing 3,253 3,297 Multi-family 84,580 60,990 Office 40,526 41,254 Retail 26,631 30,630 Other $ 61,089 $ 57,186 Asset Quality Nonaccrual loans were $921,000, or 0.07%, of total loans at June 30, 2022, a decrease of $85,000 from nonaccrual loans at March 31, 2022 and a decrease of $76,000 from nonaccrual loans at December 31, 2021.  Loans past due more than 30 days totaled $716,000 at June 30, 2022 compared to $946,000 at March 31, 2022 and $3.6 million at December 31, 2021. The allowance for loan and lease losses totaled $15.5 million at June 30, 2022 compared to $15.5 million at March 31, 2022 and December 31, 2021.  The ratio of the ALLL to total loans was 1.11% at June 30, 2022 compared to 1.20% at March 31, 2022 and 1.26% at December 31, 2020. There was no provision for loan and lease losses expense for the quarters ended June 30, 2022 and March 31, 2022.  There was negative provision expense of $1.6 million during the quarter ended June 30, 2021.  Net recoveries for the quarter ended June 30, 2022 totaled $12,000 compared to net recoveries of $12,000 for the prior quarter and net recoveries of $9,000 for the quarter ended June 30, 2021. Deposits Deposits totaled $1.4 billion at June 30, 2022, an increase of $78.7 million, or 6.1%, when compared to $1.3 billion at March 31, 2022, and an increase of $131.1 million, or 10.5%, when compared to $1.2 billion at December 31, 2021.  The increase when compared to the prior quarter end is primarily due to a $67.7 million increase in money market account balances and a $32.0 million increase in certificate of deposit account balances, partially offset by a $20.3 million decrease in checking account balances.  The increase when compared to December 31, 2021 is primarily due to a $138.2 million increase in money market account balances and a $45.6 million increase in certificate of deposit account balances, partially offset by a $51.9 million decrease in checking account balances. Noninterest-bearing deposit accounts decreased $9.3 million to $244.5 million from $253.8 million at March 31, 2022, and decreased $40.4 million from $284.9 million at December 31, 2021. Borrowings FHLB advances and other debt totaled $75.6 million at June 30, 2022, a decrease of $7.6 million when compared to $83.2 million at March 31, 2022 and a decrease of $14.1 million when compared to $89.7 million at December 31, 2021. The decrease when compared to the prior quarter was due to net reductions of $3.7 million on the Company's line of credit with a third party financial institution and repayments of $3.5 million in FHLB advances.  The decrease when compared to December 31, 2021 was due to net reductions of $3.7 million on the Company's line of credit with a third party financial institution and repayments of $10.0 million in FHLB advances. Capital Stockholders' equity totaled $132.7 million at June 30, 2022, an increase of $4.4 million, or 3.4%, from $128.3 million at March 31, 2022.  Stockholders' equity increased $7.4 million, or 5.9%, from $125.3 million at December 31, 2021.  The increase in total stockholders' equity during the three months ended June 30, 2022 was primarily attributed to net income, partially offset by a $217,000 other comprehensive loss and share repurchases of $257,000.  The increase in total stockholders' equity during the six months ended June 30, 2022 was primarily attributed to net income, partially offset by a $1.3 million other comprehensive loss and share repurchases of $588,000.  The other comprehensive loss was the result of the mark-to-market adjustment of our investment portfolio. During the second quarter of 2022, CFBank paid a dividend of $5 million to the Holding Company.  The proceeds of this dividend were used to pay down the Holding Company line of credit, resulting in interest savings.  At June 30, 2022, the Company has $14.4 million available on its Holding Company line of credit, which could be utilized to provide additional capital to the bank. About CF Bankshares Inc. and CFBank CF Bankshares Inc. (the Company) is a holding company that owns 100% of the stock of CFBank, National Association (CFBank). CFBank is a nationally chartered boutique Commercial bank operating primarily in Four (4) Major Metro Markets: Columbus, Cleveland, and Cincinnati, Ohio, and Indianapolis, Indiana. The current Leadership Team and Board recapitalized the Company and CFBank in 2012 during the financial crisis, repositioning CFBank as a full-service Commercial Bank model. Since the 2012 recapitalization, CFBank has achieved a CAGR of nearly 25%. CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing comprehensive Commercial, Retail, and Mortgage Lending services presence. In all regional markets, CFBank provides commercial loans and equipment leases, commercial and residential real estate loans and treasury management depository services, residential mortgage lending, and full-service commercial and retail banking services and products.  CFBank is differentiated by our penchant for individualized service coupled with direct customer access to decision-makers, and ease of doing business. CFBank matches the sophistication of much larger banks, without the bureaucracy. CFBank ranked #7 on American Banker's listing of Top 200 Publicly Traded Community Banks based on 3-year average return on equity as of December 31, 2021 and has been recognized as a Small Cap All-Star performer by Piper Sandler in 2021, 2020, and 2019. CFBank is the only Ohio-based bank and one of only four banks in the country that have achieved this award for the past three consecutive years (2019, 2020 and 2021). In addition, CFBank was ranked #4 in Performance and #2 in Growth Strategy by Bank Director magazine based on 2020 performance and growth. Additional information about the Company and CFBank is available at www.CF.Bank FORWARD LOOKING STATEMENTS This press release and other materials we have filed or may file with the Securities and Exchange Commission ("SEC") contain or may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Reform Act of 1995, which are made in good faith by us.  Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of CF Bankshares Inc. or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements.  Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.  Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements, including, without limitation, impacts from the ongoing COVID-19 pandemic on local, national and global economic conditions in general and on our industry and business in particular, including adverse impacts on our customer's operations, financial condition and ability to repay loans, changes in interest rates or disruptions in the mortgage market, and the effects of various governmental responses to the pandemic, including stimulus packages and programs, and those additional risks detailed from time to time in our reports filed with the SEC, including those risk factors identified in "Item 1A.  Risk Factors" of Part I of our Annual Report on Form 10-K filed with SEC for the year ended December 31, 2021, as supplemented by the risk factors identified in "Item 1A. Risk Factors" of Part II of our Quarterly Reports on Form 10-Q filed with the SEC for the quarter ended March 31, 2022. Forward-looking statements are not guarantees of performance or results.  A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement.  We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.  We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material.  The forward-looking statements included in this press release speak only as of the date hereof.  We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.   Consolidated Statements of Income ($ in thousands, except share data) (unaudited) Three months ended Six months ended June 30, June 30, 2022 2021 % change 2022 2021 % change Total interest income $ 14,705 $ 13,661 8 % $ 27,857 $ 26,518 5 % Total interest expense 3,160 2,621 21 % 5,538 5,861 -6 %       Net interest income 11,545 11,040 5 % 22,319 20,657 8 % Provision for loan and lease losses - (1,600) n/m - (1,600) n/m Net interest income after provision for loan and lease losses 11,545 12,640 -9 % 22,319 22,257 0 % Noninterest income    Service charges on deposit accounts 289 206 40 % 555 399 39 %    Net gain on sales of residential mortgage loans 121 (744) -116 % 678 5,616 -88 %    Net gain on sale of SBA loans 143 1,159 -88 % 143 1,159 -88 %    Swap fee income 5 - n/m 18 182 -90 %    Gain on redemption of life insurance - 3 n/m - 383 n/m    Other 250 327 -24 % 460 442 4 %       Noninterest income 808 951 -15 % 1,854 8,181 -77 % Noninterest expense    Salaries and employee benefits 3,578 4,551 -21 % 7,199 9,160 -21 %    Occupancy and equipment 312 259 20 % 631 581 9 %    Data processing 529 524 1 % 1,049 1,060 -1 %    Franchise and other taxes 338 243 39 % 661 482 37 %    Professional fees 645 1,381 -53 % 1,252 2,596 -52 %    Director fees 153 158 -3 % 294 310 -5 %    Postage, printing, and supplies 38 47 -19 % 81 86 -6 %    Advertising and marketing 134 1,283 -90 % 179 2,527 -93 %    Telephone 61 67 -9 % 114 126 -10 %    Loan expenses 106 31 242 % 206 88 134 %    Depreciation 126 106 19 % 241 203 19 %    FDIC premiums 227 380 -40 % 378 619 -39 %    Regulatory assessment 65 65 0 % 131 130 1 %    Other insurance 46.....»»

Category: earningsSource: benzingaAug 3rd, 2022

Patrick Industries, Inc. Reports Second Quarter 2022 Financial Results

Second Quarter 2022 Highlights (compared to Second Quarter 2021 unless otherwise noted) Net sales of $1.5 billion increased 45%, reflecting contributions from all end markets and from 2021 and 2022 acquisitions Gross profit of $327 million increased 60% Gross margin of 22.2% increased 220 basis points Operating income of $174 million increased 83% Operating margin of 11.8% increased 250 basis points Net income of $117 million increased 98% Diluted earnings per share of $4.79 increased 90%, and includes a reduction for the impact of the accounting treatment for convertible notes and purchase accounting inventory step-up adjustments totaling $0.52 per share Operating cash flows of $97 million increased 242% Acquired Diamondback Towers ELKHART, Ind., July 28, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK), a leading component solutions provider for the Leisure Lifestyle and Housing markets today reported financial results for the second quarter ended June 26, 2022. Net sales in the second quarter of 2022 increased $456 million, or 45%, to $1.5 billion from $1.0 billion in the second quarter of 2021. The increase reflects continued strong performance in our Leisure Lifestyle markets and our Housing end markets, market share gains, and the contribution of acquisitions completed in 2021 and 2022. Operating income of $174 million increased $79 million, or 83%, from $95 million in the second quarter of 2021. Operating margin of 11.8% in the second quarter of 2022 increased 250 basis points compared to 9.3% in the same period a year ago. The operating margin improvement was driven principally by the realization of productivity improvements and labor efficiencies, increased throughput, leveraging certain fixed costs, the accretive margin profile of recent acquisitions, and returns from investments in human capital and innovation. Net income increased 98% to $117 million, from $59 million in the second quarter of 2021. Diluted earnings per share of $4.79 increased 90%, compared to $2.52 for the second quarter of 2021. Second quarter 2022 diluted earnings per share includes $0.41 for the accounting treatment of convertible notes discussed below and an $0.11 reduction from purchase accounting inventory step-up adjustments. In the first quarter of 2022, the Company adopted a new accounting standard that requires its 1.00% convertible notes due 2023 to be presented on an "if converted" basis in the calculation of diluted earnings per share. As a result of the adoption of this standard, the Company's second quarter 2022 diluted earnings per share was reduced by $0.41. Prior year results do not reflect the adoption of the new accounting standard. The Company does not intend to issue shares in settlement of 1.00% convertible notes due 2023 that may be converted by their holders. "We are pleased with our second quarter performance as our team continued to work closely with our customers across all end markets to support their production requirements and align with their schedules," said Andy Nemeth, Chief Executive Officer. "We continued to leverage our investments in technology, automation, and human capital to meet customer needs while maintaining a nimble posture that supports our ability to flex rapidly with changing customer demand. While we have seen subsiding pressures in the supply chain, our team continues to work tirelessly to ensure that we continue to be a priority option as a first-choice scalable solutions provider for our customers while maintaining our capacity and maneuverability." Jeff Rodino, President, said, "In May, we welcomed Diamondback Towers into the Patrick family, which represents our continued strategic investment into the marine end market and related aftermarket and further solidifies our presence as the leading provider of ski and wake towers. Additionally, during the quarter, we saw the benefits of our investment of over $100 million in capital expenditures over the last 18 months, as our automation and technology initiatives are helping us leverage our labor resources to allow us to drive continued production efficiencies and strong returns." Second Quarter 2022 Revenue by Market Sector(compared to Second Quarter 2021 unless otherwise noted) RV (57% of Revenue) Revenue of $837 million increased 41% while wholesale RV industry unit shipments remained relatively flat Content per wholesale RV unit (on a trailing twelve-month basis) increased 34% to $4,754 Marine (20% of Revenue) Revenue of $290 million increased 74% while estimated wholesale powerboat industry unit shipments increased 10% Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) increased 66% to $4,699 Manufactured Housing ("MH") (13% of Revenue) Revenue of $200 million increased 44% while estimated wholesale MH industry unit shipments increased 14% Estimated content per wholesale MH unit (on a trailing twelve-month basis) increased 22% to $5,851 Industrial (10% of Revenue) Revenue of $148 million increased 24% while housing starts increased 3% Balance Sheet, Cash Flow and Capital Allocation Cash provided by operations for the second quarter of 2022 of $97 million increased 242% compared to $28 million in the second quarter of 2021, reflecting improved performance in all four end markets, partially offset by continued investment in working capital as we partnered with our customers to ensure that we met their requirements. Cash used in business acquisitions in the second quarter of 2022 totaled $19 million, primarily related to our acquisition of Diamondback Towers. Capital expenditures in the second quarter of 2022 totaled $26 million, compared to $12 million in the second quarter of 2021, reflecting continued investments in infrastructure and automation initiatives to better align resources for increased scalability and to support customer growth. In alignment with our capital allocation strategy, we returned $24 million to shareholders in the second quarter of 2022, including $17 million through opportunistic repurchases of approximately 288,600 shares and $7 million of dividends. Our total debt at the end of the quarter was approximately $1.5 billion, resulting in a total net leverage ratio of 1.9x (as calculated in accordance with our credit agreement). Available liquidity, comprised of borrowing availability under our credit facility and cash on hand, was approximately $346 million. Business Outlook and Summary "Late in the second quarter we began to see a meaningful reduction in RV OEM wholesale unit production, signaling the start of a calibration of wholesale and retail RV unit shipments, which we believe reflects thoughtful discipline," continued Mr. Nemeth. "Our other markets, which represent 43% of our business, appear to have runway for continued strong results, supported by continued lean marine, MH, and housing inventories. We believe Patrick's diversified end markets, combined with our flexible and nimble operating model and highly variable cost structure, well position us to navigate through an uncertain macroeconomic environment. Additionally, our diligent focus on innovation, investments in infrastructure, and our disciplined capital allocation strategy are expected to continue to support our goal of delivering long-term value for our shareholders, team members, partners, and communities." Conference Call Webcast As previously announced, Patrick Industries will host an online webcast of its second quarter 2022 earnings conference call that can be accessed on the Company's website, www.patrickind.com, under "For Investors," on Thursday, July 28, 2022 at 10:00 a.m. Eastern time. In addition, a supplemental earnings presentation can be accessed on the Company's website, www.patrickind.com under "For Investors." About Patrick Industries, Inc. Patrick Industries (NASDAQ:PATK) is a leading component solutions provider for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, Patrick is based in Elkhart, Indiana, with over 12,000 employees across the United States. Use of Financial Metrics In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides financial metrics, such as net leverage ratio, content per unit, net debt and available liquidity, which we believe are important measures of the Company's business performance. These metrics should not be considered alternatives to U.S. GAAP. Our computations of net leverage ratio, content per unit, net debt and available liquidity may differ from similarly titled measures used by others. We calculate net debt by subtracting cash and cash equivalents from the gross value of debt outstanding. RV wholesale unit shipments are provided by the RV Industry Association. Marine wholesale unit shipments are provided by the National Marine Manufacturers Association. MH wholesale unit shipments are provided by the Manufactured Housing Institute. Housing starts are provided by the U.S. Census Bureau. You should not consider these metrics in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP.  Cautionary Statement Regarding Forward-Looking Statements This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: the impact of the continuing financial and operational uncertainty due to the COVID-19 pandemic, including its impact on the overall economy, our sales, customers, operations, team members, suppliers, and the countries where we have operations or from which we source products and raw materials, such as China; adverse economic and business conditions, including cyclicality and seasonality in the industries we sell our products; the deterioration of the financial condition of our customers or suppliers; the ability to adjust our production schedules up or down quickly in response to rapid changes in demand; the loss of a significant customer; changes in consumer preferences; pricing pressures due to competition; conditions in the credit market limiting the ability of consumers and wholesale customers to obtain retail and wholesale financing for RVs, manufactured homes, and marine products; the imposition of restrictions and taxes on imports of raw materials and components used in our products; information technology performance and security; any increased cost or limited availability of certain raw materials; the impact of governmental and environmental regulations, and our inability to comply with them; our level of indebtedness; the ability to remain in compliance with our credit agreement covenants; the availability and costs of labor and production facilities and the impact of labor shortages; inventory levels of retailers and manufacturers; the ability to generate cash flow or obtain financing to fund growth; future growth rates in the Company's core businesses; realization and impact of efficiency improvements and cost reductions; the successful integration of acquisitions and other growth initiatives; increases in interest rates and oil and gasoline prices; the ability to retain key executive and management personnel; the disruption of business resulting from natural disasters or other unforeseen events, and adverse weather conditions impacting retail sales. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov.  Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaJul 28th, 2022

The 20 best books by John Grisham, the bestselling author of legal thrillers like "A Time to Kill" and "The Pelican Brief"

From the Jake Brigance books to "The Firm," these are John Grishman's best courtroom thrillers, according to Goodreads. When you buy through our links, Insider may earn an affiliate commission. Learn more.From the Jake Brigance books to "The Firm," these are John Grishman's best courtroom thrillers, according to Goodreads.Amazon/Insider John Grisham is the master of the courtroom thriller. He's written 28 number-one bestselling novels. You'll find his 20 best books below, according to their Goodreads ratings. Read more: The best new beach reads for 2022 If you think of a heart-pumping legal thriller, you probably picture John Grisham, one of the most successful authors in modern history.Since his debut novel, "A Time to Kill," earned him mainstream popularity, Grisham has written dozens of courtroom thrillers  — including 28 consecutive number-one fiction bestsellers. "The Firm," Grisham's second book, once spent 47 weeks on The New York Times best-seller list. And, for the next two decades, he was the author of one of the 10 bestselling novels of the year. Below, you'll find Grisham's 20 most unmissable books, ranked by Goodreads readers. It's worth noting that this list is ranked by rating, so sequels may be out of chronological order. Beware of unwanted spoilers, and if you're looking for the most recent book, check out Grisham's 2022 novel, "Sparring Partners."The 20 best John Grisham books, ranked by their Goodreads ratings: Descriptions provided by Amazon and lightly edited for clarity and length.20. "The Reckoning"Amazon"The Reckoning," available on Amazon and Bookshop, from $9.29October 1946, Clanton, Mississippi.Pete Banning was Clanton, Mississippi's favorite son — a decorated World War II hero, the patriarch of a prominent family, a farmer, father, neighbor, and a faithful member of the Methodist church. Then one cool October morning he rose early, drove into town, and committed a shocking crime. Pete's only statement about it — to the sheriff, to his lawyers, to the judge, to the jury, and to his family — was: "I have nothing to say." He was not afraid of death and was willing to take his motive to the grave.John Grisham takes us on an incredible journey, from the Jim Crow South to the jungles of the Philippines during World War II; from an insane asylum filled with secrets to the Clanton courtroom where Pete's defense attorney tries desperately to save him. 19. "A Painted House"Amazon"A Painted House," available on Amazon and Bookshop, from $9.29Until that September of 1952, Luke Chandler had never kept a secret or told a single lie. But in the long, hot summer of his seventh year, two groups of migrant workers — and two very dangerous men — came through the Arkansas Delta to work the Chandler cotton farm. And suddenly mysteries are flooding Luke's world.A brutal murder leaves the town seething in gossip and suspicion. A beautiful young woman ignites forbidden passions. A fatherless baby is born... and someone has begun furtively painting the bare clapboards of the Chandler farmhouse, slowly, painstakingly, bathing the run-down structure in gleaming white. And as young Luke watches the world around him, he unravels secrets that could shatter lives — and change his family and his town forever....18. "The Brethren"Amazon"The Brethren," available on Amazon and Bookshop, from $9.29They call themselves the Brethren: three disgraced former judges doing time in a Florida federal prison. One was sent up for tax evasion. Another, for skimming bingo profits. The third for a career-ending drunken joyride.Meeting daily in the prison law library, taking exercise walks in their boxer shorts, these judges-turned-felons can reminisce about old court cases, dispense a little jailhouse justice, and contemplate where their lives went wrong. Or they can use their time in prison to get very rich — very fast.And so they sit, sprawled in the prison library, furiously writing letters, fine-tuning a wickedly brilliant extortion scam — while events outside their prison walls begin to erupt. A bizarre presidential election is holding the nation in its grips, and a powerful government figure is pulling some very hidden strings. For the Brethren, the timing couldn't be better. Because they've just found the perfect victim.17. "Rogue Lawyer"Amazon"Rogue Lawyer," available on Amazon and Bookshop, from $9.29On the right side of the law — sort of — Sebastian Rudd is not your typical street lawyer. His office is a customized bulletproof van, complete with Wi-Fi, a bar, a small fridge, and fine leather chairs. He has no firm, no partners, and only one employee: his heavily armed driver, who also so happens to be his bodyguard, law clerk, confidant, and golf caddie. Sebastian drinks small-batch bourbon and carries a gun. He defends people other lawyers won't go near: a drug-addled, tattooed kid rumored to be in a satanic cult; a vicious crime lord on death row; a homeowner arrested for shooting at a SWAT team that mistakenly invaded his house. Why these clients? Because Sebastian believes everyone is entitled to a fair trial — even if he has to bend the law to secure one.16. "Camino Island"Amazon"Camino Island," available on Amazon and Bookshop, from $9.29A gang of thieves stage a daring heist from a vault deep below Princeton University's Firestone Library. Their loot is priceless, impossible to resist.Bruce Cable owns a popular bookstore in the sleepy resort town of Santa Rosa on Camino Island in Florida. He makes his real money, though, as a prominent dealer in rare books. Very few people know that he occasionally dabbles in unsavory ventures.Mercer Mann is a young novelist with a severe case of writer's block who has recently been laid off from her teaching position. She is approached by an elegant, mysterious woman working for an even more mysterious company. A generous monetary offer convinces Mercer to go undercover and infiltrate Cable's circle of literary friends, to get close to the ringleader, to discover his secrets.But soon Mercer learns far too much, and there's trouble in paradise.15. "The Chamber"Amazon"The Chamber," available on Amazon and Bookshop, from $9.99In the corridors of Chicago's top law firm: 26-year-old Adam Hall stands on the brink of a brilliant legal career. Now he is risking it all for a death-row killer and an impossible case.Maximum Security Unit, Mississippi State Prison: Sam Cayhall is a former Klansman and unrepentant racist now facing the death penalty for a fatal bombing in 1967. He has run out of chances — except for one: the young, liberal Chicago lawyer who just happens to be his grandson.While the executioners prepare the gas chamber, while the protesters gather and the TV cameras wait, Adam has only days, hours, minutes to save his client. For between the two men is a chasm of shame, family lies, and secrets — including the one secret that could save Sam Cayhall's life... or cost Adam his.14. "The Racketeer"Amazon"The Racketeer," available on Amazon and Bookshop, from $9.29In the history of the United States, only four active federal judges have been murdered. Judge Raymond Fawcett has just become number five.His body is found in his remote lakeside cabin. There is no sign of forced entry or struggle. Just two dead bodies: Judge Fawcett and his young secretary. And one large, state-of-the-art, extremely secure safe — opened and emptied.Who is the Racketeer? And what does he have to do with the judge's untimely demise? His name, for the moment, is Malcolm Bannister. Job status? Former attorney. Current residence? The Federal Prison Camp near Frostburg, Maryland.On paper, Malcolm's situation isn't looking too good these days, but he's got an ace up his sleeve. He knows who killed Judge Fawcett, and he knows why. The FBI would love to know. And Malcolm Bannister would love to tell them. But everything has a price — especially information as explosive as the sequence of events that led to Judge Fawcett's death. And the Racketeer wasn't born yesterday.13. "The Street Lawyer"Amazon"The Street Lawyer," available on Amazon and Bookshop, from $9.29Michael Brock is billing the hours, making the money, rushing relentlessly to the top of Drake & Sweeney, a giant DC law firm. One step away from partnership, Michael has it all. Then, in an instant, it all comes undone.A homeless man takes nine lawyers hostage in the firm's plush offices. When it is all over, the man's blood is splattered on Michael's face — and suddenly Michael is willing to do the unthinkable. Rediscovering a conscience he lost long ago, Michael is leaving the big time for the streets where his attacker once lived — and where society's powerless need an advocate for justice.But there's one break Michael can't make: from a secret that has floated up from the depths of Drake & Sweeney, from a confidential file that is now in Michael's hands, and from a conspiracy that has already taken lives. Now Michael's former partners are about to become his bitter enemies. Because to them, Michael Brock is the most dangerous man on the streets.12. "The Confession"Amazon"The Confession," available on Amazon and Bookshop, from $9.29An innocent man is about to be executed. Only a guilty man can save him.In 1998, in the small East Texas city of Sloan, Travis Boyette abducted, raped, and strangled a popular high school cheerleader. He buried her body so that it would never be found, then watched in amazement as police and prosecutors arrested and convicted Donté Drumm, a local football star, and marched him off to death row.Now nine years have passed. Travis has just been paroled in Kansas for a different crime; Donté is four days away from his execution. Travis suffers from an inoperable brain tumor. For the first time in his miserable life, he decides to do what's right and confess. But how can a guilty man convince lawyers, judges, and politicians that they're about to execute an innocent man?11. "The Testament"Amazon"The Testament," available on Amazon and Bookshop, from $9.29In a plush Virginia office, a rich, angry old man is furiously rewriting his will. With his death just hours away, Troy Phelan wants to send a message to his children, his ex-wives, and his minions — a message that will touch off a vicious legal battle and transform dozens of lives.Because Troy Phelan's new will names a sole surprise heir to his 11-billion-dollar fortune: a mysterious woman named Rachel Lane, a missionary living deep in the jungles of Brazil.Enter the lawyers. Nate O'Riley is fresh out of rehab, a disgraced corporate attorney handpicked for his last job: to find Rachel Lane at any cost. As Phelan's family circles like vultures in D.C., Nate goes crashing through the Brazilian jungle, entering a world where money means nothing, where death is just one misstep away, and where a woman — pursued by enemies and friends alike — holds a stunning surprise of her own.10. "The Rainmaker"Amazon"The Rainmaker," available on Amazon and Bookshop, from $4 In a courtroom thriller, John Grisham tells the story of a young man barely out of law school who finds himself taking on one of the most powerful, corrupt, and ruthless companies in America — and exposing a complex, multibillion-dollar insurance scam. In his final semester of law school, Rudy Baylor is required to provide free legal advice to a group of senior citizens, and it is there that he meets his first "clients," Dot and Buddy Black.Their son, Donny Ray, is dying of leukemia, and their insurance company has flatly refused to pay for his medical treatments. While Rudy is at first skeptical, he soon realizes that the Blacks really have been shockingly mistreated by the huge company, and he just may have stumbled upon one of the largest insurance frauds anyone's ever seen — and one of the most lucrative and important cases in the history of civil litigation. The problem is, Rudy's flat broke, has no job, hasn't even passed the bar, and is about to go head-to-head with one of the best defense attorneys — and powerful industries — in America.9. "The Runaway Jury"Amazon"The Runaway Jury," available on Amazon and Bookshop, from $7.46They are at the center of a multimillion-dollar legal hurricane: 12 men and women who have been investigated, watched, manipulated, and harassed by high-priced lawyers and consultants who will stop at nothing to secure a verdict. Now the jury must make a decision in the most explosive civil trial of the century, a precedent-setting lawsuit against a giant tobacco company. But only a handful of people know the truth: that this jury has a leader, and the verdict belongs to him.He is known only as Juror #2. But he has a name, a past, and he has planned his every move with the help of a beautiful woman on the outside. Now, while a corporate empire hangs in the balance, while a grieving family waits, and while lawyers are plunged into a battle for their careers, the truth about Juror #2 is about to explode in a crossfire of greed and corruption — and with justice fighting for its life.8. "The Pelican Brief"Amazon"The Pelican Brief," available on Amazon and Bookshop, from $9.29To Darby Shaw, it was no more than a legal shot in the dark — a brilliant guess. To the Washington establishment, it was political dynamite. Suddenly Darby is witness to a murder — a murder intended for her. Going underground, she finds there is only one person she can trust — an ambitious reporter after a newsbreak hotter than Watergate — to help her piece together the deadly puzzle.Somewhere between the bayous of Louisiana and the White House's inner sanctums, a violent cover-up is being engineered. For someone has read Darby's brief. Someone who will stop at nothing to destroy the evidence of an unthinkable crime.7. "The Client"Amazon"The Client," available on Amazon and Bookshop, from $9.2911-year-old Mark Sway and his younger brother were sharing a forbidden cigarette when a chance encounter with a suicidal lawyer left Mark with knowledge of a bloody and explosive secret: the whereabouts of the most sought-after dead body in America.Now Mark is caught between a legal system gone mad and a mob killer desperate to cover up his crime. And his only ally is a woman named Reggie Love, who has been a lawyer for all of four years. Prosecutors are willing to break all the rules to make Mark talk. The mob will stop at nothing to keep him quiet. And Reggie will do anything to protect her client — even take a last, desperate gamble that could win Mark his freedom... or cost them both their lives.6. "Sycamore Row" (Jake Brigance, #2)Amazon"Sycamore Row," available on Amazon and Bookshop, from $9.29"A Time to Kill" is one of the most popular novels of our time. Now we return to that famous courthouse in Clanton as Jake Brigance once again finds himself embroiled in a fiercely controversial trial — a trial that will expose old racial tensions and force Ford County to confront its tortured history.Seth Hubbard is a wealthy man dying of lung cancer. He trusts no one. Before he hangs himself from a sycamore tree, Hubbard leaves a new, handwritten will. It is an act that drags his adult children, a Black maid, and Jake into a conflict as riveting and dramatic as the murder trial that made Brigance one of Ford County's most notorious citizens, just three years earlier.The second will raises far more questions than it answers. Why would Hubbard leave nearly all of his fortune to his maid? Had chemotherapy and painkillers affected his ability to think clearly? And what does it all have to do with a piece of land once known as Sycamore Row?5. "A Time to Kill" (Jake Brigance, #1)Amazon"A Time to Kill," available on Amazon and Bookshop, from $9.29The life of a 10-year-old Black girl is shattered by two drunken and remorseless white men. The mostly white town of Clanton in Ford County, Mississippi, reacts with shock and horror at the inhuman crime — until the girl's father acquires an assault rifle and takes justice into his own hands.For 10 days, as burning crosses and the crack of sniper fire spread through the streets of Clanton, the nation sits spellbound as defense attorney Jake Brigance struggles to save his client's life — and then his own.4. "The Guardians"Amazon"The Guardians," available on Amazon and Bookshop, from $9.27In the small Florida town of Seabrook, a young lawyer named Keith Russo was shot dead at his desk as he worked late one night. The killer left no clues. There were no witnesses, no one with a motive. But the police soon came to suspect Quincy Miller, a young Black man who was once a client of Russo's. Quincy was tried, convicted, and sent to prison for life. For 22 years he languished in prison, maintaining his innocence. But no one was listening. He had no lawyer, no advocate on the outside. In desperation, he writes a letter to Guardian Ministries, a small nonprofit run by Cullen Post, a lawyer who is also an Episcopal minister.Guardian accepts only a few innocence cases at a time. Cullen Post travels the country fighting wrongful convictions and taking on clients forgotten by the system. With Quincy Miller, though, he gets far more than he bargained for. Powerful, ruthless people murdered Keith Russo, and they do not want Quincy Miller exonerated.3. "The Firm"Amazon "The Firm," available on Amazon and Bookshop, from $7.45When Mitch McDeere signed on with Bendini, Lambert & Locke of Memphis, he thought he and his beautiful wife, Abby, were on their way. The firm leased him a BMW, paid off his school loans, arranged a mortgage, and hired him a decorator. Mitch McDeere should have remembered what his brother Ray — doing 15 years in a Tennessee jail — already knew. You never get anything for nothing.Now the FBI has the lowdown on Mitch's firm and needs his help. Mitch is caught between a rock and a hard place, with no choice — if he wants to live.2. "The Judge's List" (The Whistler #2)Amazon "The Judge's List," available on Amazon and Bookshop, from $13.80In "The Whistler," Lacy Stoltz investigated a corrupt judge who was taking millions in bribes from a crime syndicate. She put the criminals away, but only after being attacked and nearly killed. Three years later, and approaching forty, she is tired of her work for the Florida Board on Judicial Conduct and ready for a change.Then she meets a mysterious woman who is so frightened she uses a number of aliases. Jeri Crosby's father was murdered 20 years earlier in a case that remains unsolved and that has grown stone cold. But Jeri has a suspect whom she has become obsessed with and has stalked for two decades. Along the way, she has discovered other victims.Suspicions are easy enough, but proof seems impossible. The man is brilliant, patient, and always one step ahead of law enforcement. He is the most cunning of all serial killers. He knows forensics, police procedure, and most important: he knows the law.He is a judge, in Florida — under Lacy's jurisdiction.He has a list, with the names of his victims and targets, all unsuspecting people unlucky enough to have crossed his path and wronged him in some way. How can Lacy pursue him, without becoming the next name on his list?1. "A Time for Mercy" (Jake Brigance, #3)Amazon"A Time for Mercy," available on Amazon and Bookshop, from $9Clanton, Mississippi. 1990. Jake Brigance finds himself embroiled in a deeply divisive trial when the court appoints him as the attorney for Drew Gamble, a timid 16-year-old boy accused of murdering a local deputy. Many in Clanton want a swift trial and the death penalty, but Brigance digs in and discovers that there is more to the story than meets the eye. Jake's fierce commitment to saving Drew from the gas chamber puts his career, his financial security, and the safety of his family on the line.In what may be the most personal and accomplished legal thriller of John Grisham's storied career, we deepen our acquaintance with the iconic Southern town of Clanton and the vivid cast of characters that so many readers know and cherish. The result is a richly rewarding novel that is both timely and timeless, full of wit, drama, and — most of all — heart.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 27th, 2022

Commercial And Multifamily Construction Starts Post Impressive Gains During First Half 2022

Twelve of the top 20 metro areas posted gains during 2022’s first six months Rise In Commercial And Multifamily Construction Starts HAMILTON, New Jersey — July 27, 2022 — During the first six months of the year, the value of commercial and multifamily construction starts in the top 20 metropolitan areas of the U.S. increased […] Twelve of the top 20 metro areas posted gains during 2022’s first six months Rise In Commercial And Multifamily Construction Starts HAMILTON, New Jersey — July 27, 2022 — During the first six months of the year, the value of commercial and multifamily construction starts in the top 20 metropolitan areas of the U.S. increased 24% from 2021, according to Dodge Construction Network. Nationally, commercial and multifamily construction starts increased 18% year-to-date. In the top 10 metro areas, commercial and multifamily starts rose 28% in the first six months of 2022 compared to that of 2021. Three metro areas (Seattle, WA, Los Angeles, CA, and Philadelphia, PA) posted a decline. In metro areas ranked 11 through 20, commercial and multifamily starts rose 16% on year-to-date through six months, although five metro areas (Boston, MA, Chicago, IL, Nashville, TN, Minneapolis, MN, and Kansas City, MO) slipped from the first half of 2021. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Commercial and multifamily construction has made impressive gains in 2022 largely driven by rising demand for apartments and condos. A nascent recovery in the commercial sector, however, has created more broad-based improvements across the country. These increases are even more considerable as the sector continues to combat rising prices, shortages of key materials and labor, and higher interest rates. The New York metropolitan area was the top market for commercial and multifamily starts during the first half of 2022 at $15.3 billion, an increase of 20% from the first half of 2021. The Dallas, TX, metropolitan area was in second place, totaling $8.1 billion in the first six months of 2022, a 72% year-to-date gain. The Washington, D.C., metro area ranked third during the first half of 2022 with $5.5 billion in starts, a 35% gain over 2021. The remaining top 10 metropolitan areas through the first half of 2022 were: Miami, FL, up 31% ($4.5 billion) Austin, TX, up 70% ($4.3 billion) Phoenix, AZ, up 53% ($4.2 billion) Atlanta, GA, up 68% ($4.2 billion) Seattle, WA, down 10% ($3.5 billion) Los Angeles, CA, down 14% ($3.4 billion) Philadelphia, PA, down 3% ($3.2 billion). During the first half of 2022, the top 10 metropolitan areas accounted for 40% of all commercial and multifamily starts in the United States, up from 37% during the first six months of 2021. The second-largest group included: Houston, TX, up 20% ($3.2 billion) Boston, MA, down 25% ($3.2 billion) Denver, CO, up 29% ($2.8 billion) Orlando, FL, up 66% ($2.6 billion) Tampa, FL, up 83% ($2.5 billion) Chicago, IL, down 1% ($2.4 billion) San Jose, CA, up 186% ($2.1 billion) Nashville, TN, down 2% ($1.9 billion) Minneapolis, MN-WI, down 10% ($1.8 billion) Kansas City, MO-KS, down 1% ($1.7 billion) This second group of metro areas accounted for 16% of all commercial and multifamily starts in the United States during the first six months of 2022, down from 18% in the first half of 2021. Commercial and multifamily starts are comprised of office buildings, stores, hotels, warehouses, commercial garages and multifamily housing. Not included in this ranking are institutional projects (e.g., educational facilities, hospitals, convention centers, casinos, transportation terminals), manufacturing buildings, single family housing, public works and electric utilities/gas plants. In the first half of 2022, total U.S. commercial and multifamily building starts rose 18% from the first half of 2021 to $139.5 billion. Nationally, commercial starts climbed 14% year-to-date through six months to $70.0 billion, and multifamily starts gained 24% to $69.6 billion. Within the top 10 metro areas, commercial building starts rose 19% to $24.8 billion in the first six months of 2022, and multifamily starts gained 36% to $31.4 billion. Within the second-largest group of metropolitan areas, commercial building starts moved 19% higher through six months of 2022, and multifamily starts improved 13%. A Look At The Construction Sector “The construction sector is at a cross-roads,” stated Richard Branch, Chief Economist for Dodge Construction Network. “The recovery from the pandemic morphed in 2022 by encompassing more sectors than just warehouses and single family housing despite rampant inflation in construction materials, a lack of key goods, and a stark shortage of skilled construction labor. Even though the level of projects currently in planning portends a bright second half to the year, the Federal Reserve’s fight against inflation has taken a toll on the economy and raised concerns that a recession could occur. As a result, construction starts are likely to move sideways over the second half of the year and potentially stall as the calendar shifts into 2023.” In the New York, NY, metropolitan area, commercial and multifamily construction starts rose 20% during the first half of 2022 compared to the same time frame in 2021. Multifamily starts were up an impressive 51% year-to-date. The largest multifamily projects to break ground during the first half of the year were the $800 million Two Bridges mixed-use complex, the $450 million Neptune/Sixth mixed-use building, and the $425 million 250 Water Street apartments. Year-to-date, commercial starts were down 22% through the first six months of 2022, with retail as the only sector to show growth. The largest commercial projects to get underway in the first half of 2022 were the $540 million 520 5th Avenue office building, the $200 million Belmont Park Retail Village, and the $76 million Facebook office renovation at 50 Hudson Yards. Commercial and multifamily starts in the Dallas, TX, metro area soared 72% to $8.1 billion year-to-date through the first six months of 2022. Commercial starts increased 81% through the same six months due to large gains in the office and warehouse sectors. The largest commercial projects to get underway in the first six months were two Walmart distribution centers valued at $206 million and $155 million, respectively, and the $115 million Ryan Office Tower. Through the first six months of 2022, multifamily starts were 60% higher than in 2021. The largest multifamily projects to start were the $117 million third phase of the Trinity Green apartments, the $85 million Langdon North and South apartments, and the $70 million Enclave Frankford apartments. In the Washington, D.C., metropolitan area, commercial and multifamily construction starts rose 35% in the first half of 2022 to $5.5 billion. On a year-to-date basis, multifamily starts gained 14% through six months. The largest multifamily projects to break ground during the first six months were the $329 million Reston Next Block D mixed-use project, the $125 million Atworth College Park affordable housing project, and the $95 million Pooks Hill Road apartments. Through six months of 2022, commercial starts sped ahead 57%, with retail as the only sector to post a decline. The largest commercial projects to get started through the first six months were $940 million Digital Dulles Buildings 7 and 8 data center project, the $400 million The Rose Gaming Resort, and the $208 million Equinix data center. The Miami, FL, commercial and multifamily building starts rose 31% through the first six months of 2022 to $4.5 billion. Commercial starts in Miami were up a scant 2% year-to-date through those six months as gains in office and retail starts were mostly offset by declines in parking, hotel and warehouse. The largest commercial projects to break ground during the first half of 2022 were the $300 million Royal Caribbean headquarters building, the $27 million Publix Supermarket and the $25 million Las Olas Hotel. Miami’s multifamily housing starts rose a more solid 51% during the first half. The largest multifamily buildings to break ground were the $188 million Alina 210 and 220 residences, the $165 million first phase of the Nema Miami apartments, and the $150 million Selene Oceanfront Residences. Commercial and multifamily starts in the Austin, TX, metropolitan area swelled 70% during the first half of 2022 to $4.3 billion. Year-to-date through six months, multifamily construction rose 25%. The largest multifamily structures to break ground during the first half were the $369 million 5th & Colorado mixed-use tower, the $200 million Union on San Antonio apartments, and the $66 million Parkside village apartments. Through the first six months of 2022, commercial starts have more than doubled relative to the first six months of 2021 due to groundbreakings for several large office projects; parking, hotel, and retail starts were also higher. The largest commercial projects to get started through the six month mark of 2022 were the $520 million Waller Creek office and mixed-use building, the $375 million Republic office tower and the $180 million Springdale Green office building. In Phoenix, AZ, commercial and multifamily starts were up 53% through the first six months of 2022 to $4.2 billion. Multifamily starts were up 8% year-to-date through June. The largest multifamily projects to break ground during the first half of the year were the $231 million Central Transit State mixed-use building, $150 million Palm Court Tower, and the $88 million Copa Flats apartment complex. Through June 2022, total commercial starts rose 88% compared to the first six months of 2021. Much of this growth was due to a sharp increase in warehouse starts, although other commercial sectors also contributed. The largest commercial projects to get underway were the $460 million Park 303 warehouse building, the $180 million first phase of the CapRock West 202 warehouse, and the $125 million second phase of the Iron Mountain data center. Atlanta, GA, commercial and multifamily starts were 68% higher at $4.2 billion on a year-to-date basis through the first six months of 2022. Commercial starts in Atlanta were up 45% led by gains in parking, office, retail and warehouse construction. The largest commercial projects to get started during the first half of 2022 were the $150 million Interlock II office building, the $80 million South Highway 41 warehouse building, and the $45 million Gardner Logistics Park warehouse. During the first half of 2022, multifamily construction doubled from the same period of 2021. The largest multifamily buildings to get started were the $120 million Rhapsody apartments, the $110 million The Dillion condominium tower, and the $91 million Averly East Village apartments. Seattle, WA, commercial and multifamily construction starts were down 10% to $3.5 billion during the first six months of 2022. Commercial starts lost 34% year-to-date due to a pullback in office and warehouse starts. Retail and hotel starts advanced. The largest commercial projects to break ground were the $265 million Washington 1000 office tower, the $137 million first phase of the Four106 office building, and the $60 million fifth phase of the Spring District office project. Multifamily starts during the first half of 2022 rose 25% over the first half of 2021. The largest multifamily structures to break ground during the first six months of the year were the $400 million Civic Square condominiums, the $371 million Seattle House mixed-use building, and the $125 million The Victor mixed-use building. In Los Angeles, CA, commercial and multifamily starts were down 14% to $3.4 billion year-to-date through the first six months of 2022. Through the first half of 2022, multifamily starts were 7% lower than in the first six months of 2021. The largest multifamily projects to get underway so far this year were the $250 million Olympic & Hill mixed-use building, the $177 million phase B of the Metro Heights at Montebello Hills, and the $173 million 2143 Violet Street mixed-use building. Commercial starts were down 25% during the first half of the year, with offices the only sector able to grow. The largest commercial projects to break ground in the first six months of 2022 were the $80 million LA Chargers Team Headquarters office, the $66 million NBC Universal Campus Office, and a $54 million parking facility. Commercial and multifamily building starts in Philadelphia, PA, slipped 3% during the first half of 2022 to $3.2 billion. Commercial starts were 24% lower at the halfway mark of the year with retail and parking the only sectors to show growth. The largest commercial projects to break ground at the six month mark were a $90 million warehouse on Churchmans Road in Newark, DE, the $74 million first phase of the Keystone Trade Center building, and the $60 million 2020 Logistics Center @ Mansfield warehouse. In the first half of 2022, multifamily starts rose 14% with the largest projects to break ground including the $320 million Broad & Washington mixed-use development, the $125 million Vine Street development, and the $112 million 204 S. 12th street mixed-use building. About Dodge Construction Network Dodge Construction Network leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial construction industry. Updated on Jul 27, 2022, 1:49 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJul 27th, 2022

Volkswagen (VWAGY) ID.4 SUV Production in US to Create 1K+ Jobs

Volkswagen (VWAGY) begins producing ID.4 SUV at its Tennessee plant and hopes to generate more than 1K jobs. It is the first time the crossover SUV is assembled on US soil instead of Europe. Volkswagen AG VWAGY recently announced that it has started production of its all-electric ID.4 SUV at its manufacturing facility in Chattanooga, TN. This makes the ID.4 the first Volkswagen EV to be built and sold in the United States. Chattanooga now becomes part of Volkswagen’s five other sites around the globe that currently manufacture EVs. Deliveries of ID.4s are likely to commence in early October.Volkswagen had first begun production of the ID.4 in late 2020 as the company’s first all-electric crossover SUV. The vehicle has been known to be the EV that caters to the masses instead of the high-end customers and it has garnered the attention of several consumers throughout Europe, North America and China. To date, its deliveries have reached 190,000 units globally.The vehicle first went on sale in the United States for the 2021 model year. However, it had remained an import vehicle for people in North America as Volkswagen previously did not manufacture any EVs in the United States despite possessing a sprawling manufacturing facility in Tennessee. The U.S.-built 2023 ID.4 model will be slightly different from its European counterpart. There will be a revision in the center console, and the battery and certain materials will be procured from U.S.-based suppliers.During the first half of 2022, VWAGY sold just 4415 ID.4s in the country. But it envisions upscaling production to a whopping 7000 cars per month by the end of the year. Volkswagen currently employs more than 4,000 people in Chattanooga. With production having already started, it is in the process of hiring more than 1,000 new personnel this year, thereby contributing to the economic development of the nation.Plans are also underway to launch an entry-level model by the end of the year with a lower base price. Pricing for the 2023 ID.4 models will be released next week.The Chattanooga plant already has an existing electrification factory with an investment of $800 million to aid electrification and battery pack production. The recent development will push the plant to prominence. Moreover, recently, Volkswagen of America opened its Battery Engineering Lab in Chattanooga to test batteries for EVs in the American marketplace. The company has invested $22 million in the sprawling facility, which will give it an edge in the electric mobility space.Also, Volkswagen has pledged $7.1 billion investment to boost its product portfolio, R&D and manufacturing capabilities in the North American region. The latest announcement marks a notable milestone for the company’s enterprising vision of electrification in the said region.Volkswagen’s global ID. family of EVs continues to expand, and the vehicles are part of the company’s ACCELERATE strategy to reinforce EV adoption and aim for net-zero emissions and climate neutrality by 2050.The auto magnate has been plagued by chip shortage and tight market conditions. Many of its electric vehicles have been challenged with software issues. Nonetheless, its bold electrification strides are likely to prepare the company for long-term momentum.Shares of Volkswagen have declined 44.1% over the past year compared with its industry’s 27.8% fall.Image Source: Zacks Investment ResearchZacks Rank & Key PicksVWAGY carries a Zacks Rank #3 (Hold), currently.Better-ranked players in the auto space include BRP Inc. DOOO, LCI Industries LCII and Standard Motor Products SMP, each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.BRP has an expected earnings growth rate of 11.36% for 2023. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.BRP’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 56.81%, on average. The stock has declined 13.5% over the past year.LCI Industries has an expected earnings growth rate of 65.8% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.LCI Industries’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. LCII pulled off a trailing four-quarter earnings surprise of 21.81%, on average. The stock has declined 10.1% in the past year.Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has risen 6.6% over the past year. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks 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 Standard Motor Products, Inc. (SMP): Free Stock Analysis Report LCI Industries (LCII): Free Stock Analysis Report BRP Inc. (DOOO): Free Stock Analysis Report Volkswagen AG Unsponsored ADR (VWAGY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJul 27th, 2022

Daybase Opens First Hybrid Work Location in Westchester

Daybase, the hybrid work company, has launched its first Westchester location in Harrison, NY, bringing a new neighborhood-based work experience to local residents and businesses. The founders of Daybase were joined on July 25 by Harrison Mayor Richard Dionisio, along with members of the Harrison Town Council, Harrison Planning Board... The post Daybase Opens First Hybrid Work Location in Westchester appeared first on Real Estate Weekly. Daybase, the hybrid work company, has launched its first Westchester location in Harrison, NY, bringing a new neighborhood-based work experience to local residents and businesses. The founders of Daybase were joined on July 25 by Harrison Mayor Richard Dionisio, along with members of the Harrison Town Council, Harrison Planning Board as well as County Executive George Latimer and Deputy County Executive Ken Jenkins for the opening ceremony and tour of the new space, located at 326 Halstead Avenue on the ground level of the AvalonBay apartment complex. The 5,000-square-foot street-level retail space offers members a variety of space types, both bookable and unassigned, designed for individual and group work activities. The spaces are available completely on-demand, with bookable spaces reservable by the hour through the Daybase mobile app. The company, launched by a team of former WeWork executives, is developing a network of its on-demand workspots in neighborhoods and communities across the country, to create a purpose-built third space, between home and the office, for the post-pandemic hybrid or remote worker. “We created Daybase for the times when your office is too far, but home is too close,” said Daybase CEO Joel Steinhaus. “Not only does Westchester County have a vibrant economy in its own right, it is also home to thousands of Manhattan office workers who used to commute into New York City five days a week. Now fewer than 10% of Manhattan office workers are commuting all five days of the workweek, but that group needs a more conveniently located, professional-grade place to get work done. We loved Harrison because it is centrally located among the Westchester towns and communities.”” “To have Daybase, a hybrid working facility, available in Harrison will be a great opportunity for our residents and those who work remotely to connect and network with their neighbors, colleagues, local business people and entrepreneurs. We are thrilled to have a designated co-working space in Town and this will be a great addition to downtown Harrison and local businesses alike,” said Harrison Supervisor/Mayor Richard Dionisio. Partnering with AvalonBay Communities on the new location, Daybase is responding to the growing demand for flexible work space within multi-family, mixed-use, and retail developments across Westchester and the country.  “We are excited to welcome Daybase to Avalon Harrison,” said Jeff Topchik, Vice President of Retail for AvalonBay Communities. “Daybase’s model of creating a localized option of high-quality, professional-grade coworking space aligns with our vision of providing an amenity-rich environment for our residents to work, live, and experience. Daybase is a fantastic addition to our community.”  “Daybase and AvalonBay are a perfect match for each other,” said Ken Biberaj, Corporate Managing Director of Savills North America and Daybase real estate advisor. “Given the growth of hybrid and remote work as well as the need for quality housing across the country, this first engagement opens the door to an obvious broader strategic partnership nationwide. We are proud to have helped bring these two great players together.” Daybase offers members unlimited access to the Daylounge, with additional credits available for bookable spaces. The Daylounge has open, unassigned seating for quick tasks and casual conversations, while bookable spaces serve a set of activities that have proliferated during the pandemic — quiet study space for focus work, private space for video conferencing, and larger configurations for group collaborations. Non-members can also book time at Daybase through the app. The post Daybase Opens First Hybrid Work Location in Westchester appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJul 26th, 2022

Best Gold Investment Companies: Top 4 Gold IRA Custodians

Best Gold Investment Companies Overview Gold IRA may be one of the best ways of preserving your retirement money from market volatility and inflation. So to help you make an informed decision, we evaluated the best gold investment companies based on various characteristics such as ratings, fee structures, and other key considerations. Top 4 Gold […] Best Gold Investment Companies Overview Gold IRA may be one of the best ways of preserving your retirement money from market volatility and inflation. So to help you make an informed decision, we evaluated the best gold investment companies based on various characteristics such as ratings, fee structures, and other key considerations. Top 4 Gold Investment Companies At A Glance: American Hartford Gold: Best Gold IRA Company Overall Augusta Precious Metals: Runner Up Birch Gold: Top Choice For Beginners Goldco: Great Minimal Prices if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   #1 American Hartford Gold - Best Gold IRA Company Overall Individuals and families may invest in gold bullion with the aid of American Hartford Gold. If you're new to gold and metals investment, American Hartford Gold is an excellent place to start because of its extensive procedure and knowledgeable personnel. They provide options in gold, silver, platinum bars, coins, and other precious metals. The firm can also purchase other diverse assets, including the American eagle, Canadian Buffalo, Australian Wildlife, and South African Krugerrand coins. When purchasing assets, you can have them delivered to your home or sent to a retirement account such as an IRA, 401K, or TSP. Moreover, you do not need to liquidate when picking American Hartford Gold. The selling point of the company is its high ratings. The distinguished Inc. 5000 list of America's fastest-growing private enterprises has named American Hartford Gold the number 1 gold company. Moreover, American Hartford Gold maintains near-perfect client satisfaction ratings on BBB, Trustpilot, and Google, among other third-party review platforms. The minimum rollover cost at American Hartford Gold is $1500. The company charges a yearly custodian fee worth $150, charged by the custodian. Investors can enjoy silver freebies and free storage for up to three years. Pros: knowledgeable personnel available to assist and guide the investors through all stages The customer gets to enjoy freebies worth $1,500 in silver The company offers free storage for up to three years The minimum rollover is $1,500 Yearly custodian fees are $150 (charged by the custodian) The company offers guaranteed price match when buying or selling precious metals They provide options in gold, silver, platinum bars, coins, and other precious metals. Other diverse assets can also be purchased, including the American eagle, Canadian Buffalo, Australian Wildlife, and South African Krugerrand coins. The distinguished Inc. 5000 list of America's fastest-growing private enterprises has named American Hartford Gold the #1 gold company. When purchasing assets, you can have them delivered to your home or sent to a retirement account such as an IRA, 401K, or TSP. No need to liquidate when you pick American Hartford Gold. Have your purchase delivered directly to your house or deposited into IRA, 401K, or TSP. They maintain near-perfect client satisfaction ratings on BBB, Trustpilot, and Google, among other third-party review platforms. Cons: No yearly price is indicated on their website No annual price is displayed on their website It doesn't ship to countries other than the United States Has an extensive procedure Click Here For Free Gold Kit # 2 Augusta Precious Metals - Runner Up The company's ratings are almost entirely geared at consumers looking to hedge against inflation by investing in gold and silver. The firm works with various insured depositories around the United States. As a result, you'll be able to select the most convenient hold based on your location. Augusta has a well-trained and polite staff that will assist you in completing 95 percent of the paperwork. The ease Augusta Precious Metals provides to its customers in terms of secure investment is one of the company's best features. Gold or silver Canadian Maple Leafs, Silver or gold American eagle proof coins, Canadian Silver Eagles with Nest, Silver or gold American eagle, Gold American Buffalos, Canadian Silver Soaring Eagles, and Australian Striped Marlins are just a few of the quality coins available via Augusta. The fee structure at the company is a setup fee worth $50,000. Alongside this annual, custodians are expected to pay fees worth $80,000 annually. The company also expects you to pay annual storage fees of $100; however, Augusta's customers have no shipping costs. Bullion custodians only have to pay a markup of 5 percent on bullion products. Augusta offers to cover the storage and custodial fees for the first few years. The company also enjoys Joe Montana's support, a loyal customer of the firm. Pros: Zero customer problems since the company's beginning A one-on-one online conference with Harvard-trained Devlyn Steele allows you to know exactly what you're getting into right away Enterprise Consumer Alliance AAA rating The firm works with various insured depositories around the United States. As a result, you'll be able to select the most convenient hold based on your location. Augusta has a well-trained staff that will assist you in completing 95 percent of the paperwork. Gold or silver Canadian Maple Leafs, Silver or gold American eagle proof coins, Canadian Silver Eagles with Nest, Silver or gold American eagle, Gold American Buffalos, Canadian Silver Soaring Eagles, and Australian Striped Marlins are just a few of the quality coins available via Augusta. The fees are: Setup Fees of $50,000, Annual Custodian Fees of $80,000, Annual Storage Fees of $100 No shipping costs for the customers Augusta offers to cover the storage and custodial fees for the first few years. Zero customer problems since the company's beginning The company enjoy’s Joe Montana's support Cons: The onboarding procedure is quite extensive. The minimum investment at Augusta is a little higher in comparison to other companies ($50,000) A markup of five percent on bullion products Click Here For Free Gold Kit #3 Birch Gold - Top Choice For Beginners Birch Gold is a bullion IRA firm that sells gold, silver, palladium, and other precious metals. You may take advantage of all the tax benefits of an IRA while also diversifying your retirement assets beyond equities and bonds by purchasing precious metals via a gold IRA. Other IRA companies do not allow you to take actual ownership of precious metals, which Birch Gold does. Birch Gold permits you to buy gold, platinum, and palladium and store them in your retirement account as IRA-eligible assets. Popular investments at the firm include gold, silver, and platinum American eagle coins, gold, silver, and platinum Canadian maple leaves, American gold buffalo coins, Australian kangaroo nugget coins, etc. The company has a history of maintaining its thousands of 5-star reviews all over the internet. Moreover, it offers a free information bundle of valuable statistics and data to its investors, so the process of investing becomes hassle-free and easy. Birch Gold has teamed up with Ben Shapiro, a long-time customer, which has helped mount their market further in the industry. The fee structure at Birch Gold includes a $50 one-time setup cost, a $30 wire transfer fee, a $100 yearly admin fee, a $100 segregated storage price, a $150 non-segregated storage fee, and the annual total fee of $280-330. However, the firm waives first-year fees on IRAs worth $50,000. The minimum purchase amount IRA and cash are both worth $10,000 at Birch Gold. From the outset, Birch Gold links you to a precious metals expert, making the entire precious metal experience worthwhile for the investors of Birch Gold. Pros: Birch Gold's staff includes former gold IRA managers and specialists with decades of combined expertise in numerous fields. Birch Gold has teamed up with Ben Shapiro, a long-time customer. Their staff of professionals can assist you with the precious metal and IRA registration procedure, financing and rollover, and other chores to make the process as simple as possible. From the outset, Birch Gold links you to a precious metals expert. Unlike other organizations, they promise never to sell client information to a third party for profit. Thousands of 5-star reviews can be found all over the internet for Birch Gold. Birch Gold offers a free information bundle of valuable statistics and data. Birch Gold permits you to buy gold, platinum, and palladium and store them in your retirement account as IRA-eligible assets. Popular investments include gold, silver, and platinum American eagle coins, gold, silver, and platinum Canadian maple leaves, American gold buffalo coins, Australian kangaroo nugget coins, etc. A+ rating on Better Business Bureau AAA rating with BCA Fees: $50 one-time setup cost, $30 wire transfer fee, $100 yearly admin fee, $100 segregated storage price, $150 non-segregated storage fee, and the annual total fee of $280-330 First-year fees waived on IRAs worth $50,000 Up to $10,000 on free precious metals available only on eligible purchases Free delivery on orders over $10,000 Minimum purchase amount IRA and cash, both = $10,000 Cons: The website does not include complete information One requires a heavy minimum investment Information regarding the annual or setup fees is not available, hinting at a chance of hidden fees. Click Here For Free Gold Kit #4 Goldco - Great Minimal Prices Goldco assists in the conversion of standard retirement accounts to future commodities and provides brokerage services for fine metals-funded IRAs. The main features Goldco offers include secure and straightforward investing options when you open a new account. Moreover, a Goldco specialist gives you personalized recommendations so you may make the best investment option for your unique situation. In addition, Goldco offers a wide range of services, including Non-IRA Precious Metals, Precious Metal IRAs, and Cryptocurrency IRAs. Metals that are available are Goldo include Gold, Silver, Platinum, and Palladium. Bullion products at Goldco include bars, coins, ingots, and other premium bullion products. Goldco also offers various eligible IRA accounts, such as 401(k), 403(b), 457, Pensions, and other qualifying retirement accounts. Precious metal services available at Goldco include Gold American Eagle (type 1 and 2), Gold American Eagle Proof, Gold Liberty coin, Silver American Bald Eagle, Gold Australian Striped Marlin, Gold freedom coin, Gold Lucky Dragon, Gold British Lunar Series, Silver and Gold Bars, Silver coins. The best part is that GoldCo buys back everything it sells at the most excellent price; therefore, you can expect the highest buyback prices. As far as the ratings are concerned, the firm has a good reputation among its customers, with A+ Better Business Bureau (BBB) ratings. The firm charges a Minimum Investment of $50,000 and has annual fee/charges worth $180. Custodians will pay extra storage expenses as well. Pros: A specialized customer care facility with phone and text help is available. A Goldco specialist gives you personalized recommendations so you may make the best investment option for your unique situation. Goldco's fees are lower than the national average. New clients may take advantage of special deals to help them secure retirement investments. Educational resources are supplied to both existing and new clients. Precious metals that aren't part of an IRA can be stored for free. The organization's history is entirely transparent. Goldco's professionals have a wealth of long-term investment expertise. Precious metal services: Gold American Eagle (type 1 and 2), Gold American Eagle Proof, Gold Liberty coin, Silver American Bald Eagle, Gold Australian Striped Marlin, Gold freedom coin, Gold Lucky Dragon, Gold British Lunar Series, Silver and Gold Bars, Silver coins. Eligible IRA Accounts: 401(k), 403(b), 457, Pensions, and other qualifying retirement accounts. Annual fee/charges: $180 plus storage expenses Bullion products include bars, coins, ingots, and other premium bullion products. Cons: At GoldCo, platinum and palladium are not accessible. The fees levied by Goldco are not transparent. Adding a new precious metal to a precious metal that already exists is impossible. Minimum Investment: $50,000 The website does not list coins or bars. There is no way to create an account online; instead, obtain a freebie IRA handbook. Click Here For Free Gold Kit Why You Should Invest In A Gold Investment Company Ever wondered what makes gold an excellent retirement investment? The fact that there is zero inflation effect on gold makes it an ideal investment option. Gold's value is not just preserved but also prone to increase with time. Moreover, although a currency's price fluctuates, gold's cost hardly ever reduces. This makes gold an excellently secure future investment. Contributions up to $6,000 can be made to your IRA annually. These contributions can also include money from other sources or accounts. The donations can be unlimited. There is no limit to the funds you can utilize in buying an IRA. Today, gold is an extremely popular asset for the right reasons. Gold is easily storable, making it safer than all other alternatives. The handling of gold is also relatively easy as it can be transferred from one location to another or even gifted or given to family members for safekeeping. However, if you wish to enjoy the custody of gold, you must obey all IRS regulations. Benefits of a Gold Investment There are numerous reasons why a gold IRA should be your number one priority when considering investment options. This is due to a variety of reasons, some of which include, but are not limited to: The Rising Price of Gold In today's rampant world, many people plan to save for retirement. We see gold as a safe investment option and are utilizing it. If you plan to wisely invest your money to benefit you in the long run, you should consider saving gold following your retirement. Evaluating your investment firm will make your IRA safe and completely secure. But, before investing in any company, make sure you are entirely familiar with it. The firm you will invest in should, more than anything, be respectable and renowned. It should also offer great monetary packages, benefits, and reasonable gold pricing if you sell them the gold again. The firm should keep your gold ultimately IRS approved, so any future inconveniences are avoided. Long-term Safeguard and Protection Most individuals believe that by seeking gold, they seek long-term security. The value of currency depreciates over time due to its increased distribution. However, people expect the value of gold to increase over time. IRA is a sensible and worthwhile decision in today's rampant world with decreasing worth of paper money. IRA provides its users with numerous benefits in the future. It doesn't matter if you invested a small amount of money into your IRA account, as in the future, you can expect that money to be of an increased value than what you bought it at. Diversification Choosing gold as your investment option doesn't limit you to just opting to purchase gold. There are many diversified options you can invest in if you want to invest in gold, such as the investment in mining equities. However, be careful as each of these changes brings the dangers of losing all of its value in any event concerning some economic collapse. If one of your investments fails, you will have other backup options to compensate for your loss. Other diversified investment options include treasury bonds and federal bills. These options provide a reasonably low-risk investment. The best part is that these safe options are usually expected to preserve their value even during adversity or economic collapses. Tax Benefits One of the best parts of investing in gold is that it can mostly be tax-free. You are not expected to pay taxes in the short or long term, saving you extra. If you have cash or any cash savings, you are most likely to be shedding a part of them in taxes; however, choosing the right sort of IRA can save you from paying any taxes while you can still earn money from your invested gold. Like any other investment account, an IRA requires you to adhere to all the requirements, which can sometimes be strict. One such limitation includes not exceeding the limit available for contributions. Therefore, the best gold provider is needed to have the best custodian. However, the correct investment firm will assist you with a custodian who will help you comply with every sort of restriction and procedure. Things to Be Aware of Before Opening a Gold Investment Fees and Expenses Before setting up an IRA, you must look into the Fees and Expenses you will have to bear in the process. It is imperative to know the cost of a gold IRA. The price for the gold IRA should be competitive in the market if you want to earn in the long run. Opting for a low-priced IRA will not benefit you as much as investing in a high-priced IRA will. You should always bear in mind the long-term goal while considering this. Through investment in gold, you must ensure that your money is in safe hands and will be wonderfully coming back to you with profits in the future. This investment has been proven highly sensible and profitable in retrospect, so we recommend it. No Yield, No Dividends, No Interest Another crucial thing to remember when investing in an IRA is that gold is a tangible asset but will not certainly produce any income. But with time, the value of the gold you invested in is prone to increase. So if you bought gold worth $100, you could expect it to be $150 in the future. This is why people prefer to invest in gold, which helps increase their savings. $100 kept in the bank will remain $100 after even ten years, but if correctly invested in IRA, IRA will earn you the desired profits as gold, being scarce, is what adds value to the stone, making it the most viable option for investment. Fraud and Theft We urge people to be extremely careful when purchasing or investing in valuable assets such as metals or gold, to be specific, as there is a high risk of fraud and theft in the process. This risk can be easily avoided if you know you are dealing with reputable companies, following all procedures lawfully, and keeping a record of all your payments and purchases. Even if anything goes wrong, you will have your statistics and documents to back you up and save your investments. Buyer’s Guide to Investing in a Gold Investment We have already established how profitable investing in precious metals like silver and gold can be due to their inherent worth, rarity, tax-free nature, and zero chance of cost depreciation. Investment options that include these precious metals, such as safekeeping and safeguarding them in retirement accounts, helps in saving you after retirement accounts from the global market's volatility. Further in the article, we will guide you regarding the basics of setting up a gold investment account if you are interested in setting one up. Before choosing the right firm, you want to join hands with when considering gold investment options through an IRA; you must understand a few essentials that must be included within the services your firm promises to provide you. Speak with a Financial Advisor or Lawyer The first step is to figure out the possibilities and scopes of where you are. For example, you must check and confirm the diverse investment vehicles provided before searching for opportunities. Checking retirement account specifications is crucial in figuring out the correct options. Some retirement accounts offer more limitations in comparison to other accounts. To correctly follow the law to avoid future troubles, you must be aware of such restrictions. For this purpose, you must refer to someone rightfully aware of all the laws concerning your investment options. This can be a financial advisor whom you trust or even a lawyer. It would be best if you made a consultation with your advisor or lawyer before you set up a retirement account. This ensures that the IRA you set up is lawful and legal. Not just this, but also going through the limitations of your IRA and all the relevant procedures, including the tax implications and guidelines, must be well understood and explicitly communicated to you such that nothing is vivid at the time of your account setup. This will help you avoid confusion and penalties. Review Current News for Fraud Alerts In today's rampant world, the internet is mighty and has all the information one needs to grasp about almost everything. Staying active on the internet will help you compare a lot of options. Moreover, checking the news regularly will aid you in staying up to date with all sorts of thefts and frauds in the finance world. You will also be aware of all the activities of the finance world, including several agencies that rate and report on such frauds as the BBB, BCA, or even the FBI's ICCC. You will have to have regular updates of the following sites if you want to stay up to date and mindful of the various organizations that offer you the option to open an IRA in case you look forward to investing in precious metals. This research should not be limited to only when you open an IRA or invest in buying some metal, but you should also keep yourself up to date with them when selling your previously purchased metals. It would be best if you were watchful of any signs resulting in possible frauds or scams. An example of this can be a local person you find on the internet or a local firm paying you more than what your bought metal is worth for that, too, in a short time. This can be a possible scam, and it is best to stay away from such options. Find a Gold Investment Custodian and Establish the IRA As mentioned earlier, if you aim to invest in an IRA, you need to search for a firm that can help you do that. Every company is likely to operate through certain strict and specific laws that control how an individual can set up an IRA. You need to find a company whose procedures, guidelines, and terms and conditions are primarily parallel to yours, so they work the best for you. Step by step, you must follow all these guidelines after your smooth affiliation with the company you chose. If you aim to invest your money in a precious metals IRA, there will be a lot of information the company will need from you for all the right reasons. As soon as you choose a firm to join hands with, there will be some paperwork that you will have to fill out and then send back to the firm. This will more or less act as a contract between the customers (you) and the firm. This information will include some basis as your name, the address, social security number, and the information on all assets you currently own so that an amount of money can be established, which you will be able to place in your IRA. Of course, the more monetarily the assets, the better scope you have to garner profits through your IRA, but with less, you can seek more. Establish and Fund the IRA When setting up your IRA, you must include all your savings for greater profits, but even a portion of your saved money can be transformed into a precious metals IRA. There are two ways through which you can fund the precious metal IRA. The first way is to invest in a lump sum and make one payment. You can opt for this method if you have assets worth a lot of monetary value or want to avoid the hassle of making regular donations and completely trust the firm you are opening an IRA in. Otherwise, the option is to contribute regularly by making monthly payments. Some firms limit how you can donate; others let you do both. You need to be fully aware of how your investment in the IRA will work. This will help you gain a better understanding of how IRA works but also help you make sense of what ways to opt-in to make money from it. Invest in Precious Metals via the IRA Several companies let you open IRAs, and they all have their unique process; however, they all guide you on the process, which follows through guidelines and instructions provided to situations and cases special to your lawsuit. You should be prepared and ready to invest in a precious metal IRA through the above guide. These precious metals include silver, gold, platinum, etc. Next in line is the need to contact a dealer who will help you put money into precious metals. The dealer will place an order unique to your case to invest your money with your permission. The precious metals you make a purchase order for will then be stored and saved in your IRA. Now to earn from these metals, you will have to stay up to date and track the worth of the metals you invested in regularly. Gold Investment Rollovers Before we proceed further in the article, another aspect of your retirement investment process through precious metals, which you must know about, is the gold investment rollovers. This is a fundamental concept that comes under alternative investment options. You can transfer value from your ordinary retirement account into your precious metals IRA through a rollover. And this value exchange from a traditional account to a gold IRA or from a gold IRA to a precious metal IRA (platinum) can be achieved without tax or money penalties. As the funds will have to be transferred from one account to another, and you physically never possessed them as substantial funds, this rollover will happen directly from your existing account to your new gold retirement account. All you need to do for this sort of rollover investment is that you choose a company for your gold IRA and fill out the application form alongside the transfer request form. The entire process of filling out the forms and giving the request can take up to two weeks but not more. Once the transfer occurs, you can seek help from your guide or representative to buy the best-suited precious metals for your unique case. 401k gold Investment Rollovers You must also note that you can do the 401k gold investment rollover. This can be done when you aren't a working employee of any firm which once provided you with an account. This way, even federal employees can benefit from 401k gold investment rollovers. If you are an employee of a specific firm, you can only do partial rollovers if you fulfill all the age restrictions. The process of the 401k gold investment rollover will be more or less identical to the gold investment rollovers, where a direct transfer from a traditional account will be made into the new gold IRA only once your custodian sends a check to your gold IRA company, such that the gold IRA company can assist you in the entire process of your precious metal purchase. Another possible cause is an indirect transfer. You will receive a check under your name if this is the case. You will be given 60 days to forward these funds to your gold IRA company after depositing the funds. As easy as it may sound, the process comes with specific penalties if the procedure is not followed correctly. These penalties include a 10% withdrawal penalty if your age is under 59.5 and if you somehow withdraw the money from your gold IRA account before the 60 days deadline. 5 Things To Look For When Choosing A Gold Investment Company Ratings It won't be wrong to say that the internet forms a large part of our world today. Everything can be searched for in seconds. The internet helps inform us about specific products but also helps us eliminate all the risk factors we might face; therefore, ignoring the internet can be a huge mistake when investing in an IRA. There exist numerous websites, official and unofficial, both of which can assist you in researching operating companies that help you open an IRA. They can also help you in providing specifics. For example, they can help you identify the problematic parts of any company you choose to join hands with and thus take preventive measures to avoid those problems. What you can do is search for websites that serve as customer watchdogs. These can also include blogs, reviews, and other internet forums. These forums help you go through multiple reviews of various people worldwide. These reviews can be both negative and positive, providing you with a detailed overview of the company you are planning to invest in. You can find detailed accounts of all services your company offers. You should not be just limited to these but also look for business reviews on other websites. In this matter, there is the BBB (Better Business Bureau). On this website, you will find people sharing their company experiences worldwide. This helps you get a holistic idea of the company and its services and enables you to invest wisely. Going through the reviews, you can most probably detect a pattern of whether the customers or users are satisfied with the company, whether they have had good experiences or not, and if they rate the company thoroughly. One important thing to note is that several companies associate themselves with big names. These names can either be people from the celebrity industry or people from the finance world. Such celebrity endorsements catch everyone’s eyes but don't get easily fooled. You must also know the experiences of local customers to have a complete picture of the gold IRA industry. Some fundamental questions to consider when researching online can be: If the company representatives appear to be very eager to gain some bucks quickly or if they are concerned and helping you throughout the process, giving you the time you require as someone concerned? Are the representatives taking a hard-sell approach? Are they making you a priority? Are they assisting you throughout? Do they explain the complexities of taxes, transactions, etc.? Or are they skipping over stuff and being shady? In case of any problems, are they taking a positive approach towards solving them? All four gold IRA companies we mentioned earlier featured starred ratings from ordinary people. These also consist of numerous testimonials from prior glowing clients. The BBB showcases evidently from the A+ rating of all four websites that these sites can be fully trusted. These gold companies have had a strong reputation maintained for years in the gold IRA industry. IRA Fee Structure Of course, nothing is free, and therefore there will be certain payments you will make to the company you choose for the services they offer you. These payments are divided into different categories such as the transaction fee, the management fee, yearly maintenance fee, annual fee, etc. Some of these fees will be paid every time you sell or buy precious metals; however, some will be paid just once. It would be best if you had a clear idea about all the fees you will be expected to provide your IRA Company before selecting it. Comparing the fee structures of different IRA companies before you sign up is better. We suggest you always sign up with a company with low fee structures, as it can help you save bucks in the long run. This category can be one of the most problematic when searching for the features of gold IRA companies to deal with. Primarily, gold IRA firms do not hide anything, but as the prices in the precious metal world keep changing earlier than you expect them to, the firms consider it a better choice to provide you with all the cost details when you reach out to them. However, you may sometimes find these different from those mentioned on the internet. Don't be frightened of the outdated figures- this is just how the gold IRA world works. While listing the few best options for you, we had immense trouble searching for the latest prices each company offers, so you might as well experience the same but remember that it's part of the process. Efficiency & Delivery Time One essential thing when looking for the best firm you want to invest in is their efficiency in terms of the deliveries. The precious metal firm you choose must be able to send you your bought precious metals as soon as possible. In making timely deliveries, you must also ensure that the process is efficient overall. Any problems, accidents, or mishaps don't occur, saving you from wasting your time uselessly and receiving your precious metals safely and promptly. There exist a few options when you want to get your metals transported. These options include vehicles or hand-picking the precious metals from a nearby outlet. You have the liberty to choose at your convenience. Your retirement savings are critical, keeping in mind your future life aspects. When choosing the firm, ensure that once you pay them for their services, you are left with almost no tension and enjoy the process with comfort and ease. You really wouldn't want this to be stressful and time-consuming. Pushy Salesmen or Unfriendly Customer Support You need to assess if your salesman is being forceful critically. If the workers of your firm are forcefully getting you to buy more than what you need, there's a high chance that they are being paid on commissions. The more money you invest, the more they will earn. Also, if the salesman is rude or uncooperative, the entire process will be painful. Since your communication with them will be regular, ensure they are easy to talk to. Also, ensure that there is no language barrier and that you are comfortable asking as many questions as possible to clear out any confusion. Other Alternative Investment Options Available There are many diversified options you can invest in if you want to invest in gold, such as the investment in mining equities. Other diversified investment options include treasury bonds and federal bills. These options provide a reasonably low-risk investment. The best part is that these safe options are usually expected to preserve their value even during adversity or economic collapses. If one of your investments fails, you will have other backup options to compensate for your loss. Final Thought - Best Gold Investment Companies We have provided you with a detailed account of everything you must know when investing in a Gold IRA company. Gold having a zero-inflation effect makes it an ideal retirement investment option. Currently, you are most likely to be shedding a part of your cash savings in taxes; however, choosing a gold IRA can save you from paying taxes while still earning money from your invested gold in the future. Your future retirement funds are a matter of crucial importance; therefore, approaching solutions with diligence and relevant research will result in secure and hassle-free investment outcomes. We evaluated four companies for you: the Augusta Precious Metals, Birch Gold Group, Goldco, and American Hartford Gold. There is no second thought about all these companies being meritorious and outstanding. However, if we had to pick, we recommend Goldco due to its straightforward investment options, AAA ratings, humble facilitation staff, transparent fee structures, and easy gold-selling options. Goldco is basically the future of the gold IRA. Updated on Jul 26, 2022, 3:04 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJul 26th, 2022

SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FOURTH QUARTER OF FISCAL 2022; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JULY 26, AT 9:30AM CENTRAL TIME

Poplar Bluff, Missouri, July 25, 2022 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. ("Company") (NASDAQ:SMBC), the parent corporation of Southern Bank ("Bank"), today announced preliminary net income for the fourth quarter of fiscal 2022 of $13.1 million, a decrease of $603,000, or 4.4%, as compared to the same period of the prior fiscal year. The decrease was attributable to an increase in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income. Preliminary net income was $1.41 per fully diluted common share for the fourth quarter of fiscal 2022, a decrease of $.12 as compared to the $1.53 per fully diluted common share reported for the same period of the prior fiscal year. For the full fiscal year 2022, preliminary net income of $47.2 million was little changed from fiscal 2021, while diluted earnings per share were $5.21, a decrease of $.01 as compared to the $5.22 per fully diluted common share for fiscal 2021. Highlights for the fourth quarter of fiscal 2022: Earnings per common share (diluted) were $1.41, down $.12, or 7.8%, as compared to the same quarter a year ago, and up $.38, or 36.9%, from the third quarter of fiscal 2022, the linked quarter. Annualized return on average assets was 1.62%, while annualized return on average common equity was 16.2%, as compared to 2.01% and 19.8%, respectively, in the same quarter a year ago, and 1.22% and 11.9%, respectively, in the third quarter of fiscal 2022, the linked quarter. Net interest margin for the quarter was 3.66%, as compared to 3.74% reported for the year ago period, and 3.48% reported for the third quarter of fiscal 2022, the linked quarter. Net interest income resulting from accelerated accretion of deferred origination fees on PPP loans was significantly reduced as compared to the year-ago period, as SBA forgiveness (and remaining loans outstanding) reached immaterial levels. Average interest-earning cash and cash equivalent balances decreased 35.5% compared to the year-ago period, and decreased 49.0% as compared to the linked quarter. The provision for credit losses (PCL) was $240,000 in the quarter, an increase of $2.9 million as compared to a PCL recovery of $2.6 million in the same period of the prior fiscal year. In the third quarter of fiscal 2022, the linked quarter, the Company recorded a PCL of $1.6 million, and would have recorded a negative PCL of approximately $468,000 outside the PCL effects of the merger with Fortune Financial Corporation and its wholly-owned subsidiary, FortuneBank (collectively, "Fortune") which closed in that quarter. Noninterest income was up 33.8% for the quarter, as compared to the year ago period, and up 32.5% as compared to the third quarter of fiscal 2022, the linked quarter. Deposit service charge income, loan fees, nondeposit investment products, and gains on the sale of the guaranty portion of newly originated government-guaranteed loans contributed to the year-over year increase, offset by a decrease in gains on sale of residential loans originated into the secondary market. Noninterest expense was up 22.0% for the quarter, as compared to the year ago period, and up 3.4% from the third quarter of fiscal 2022, the linked quarter. The current quarter included $117,000 in charges attributable to merger and acquisition activity, as compared to $1.1 million in the linked quarter. Other increases as compared to the linked quarter were primarily attributable to the full-quarter impact of the Fortune merger, which closed in late February 2022. Nonperforming assets were $6.3 million, or 0.20% of total assets, at June 30, 2022, as compared to $8.1 million, or 0.30% of total assets, at June 30, 2021, and $7.1 million, or 0.22% of total assets, at March 31, 2022. Gross loan balances increased $106.6 million during the fourth quarter, and $485.9 million during fiscal 2022, which included a $202.1 million increase attributable to the Fortune merger during the linked quarter. Deposit balances decreased by $39.8 million in the fourth quarter and increased by $484.3 million during fiscal 2022, which included a $218.3 million increase attributable to the Fortune merger. Dividend Declared: The Board of Directors, on July 19, 2022, increased its quarterly cash dividend on common stock by 5%, to $0.21, payable August 31, 2022, to stockholders of record at the close of business on August 15, 2022, marking the 113th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects. Conference Call: The Company will host a conference call to review the information provided in this press release on Tuesday, July 26, 2022, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-844-200-6205 in the United States (Canada: 1-833-950-0062; all other locations: 1-929-526-1599). Participants should use participant access code 311429. Telephone playback will be available beginning one hour following the conclusion of the call through July 30, 2022. The playback may be accessed in the United States by dialing 1-866-813-9403 (Canada: 1-226-828-7578, UK local: 0204-525-0658, and all other locations: +44-204-525-0658), and using the conference passcode 032897. Balance Sheet Summary: The Company experienced balance sheet growth in fiscal 2022, with total assets of $3.2 billion at June 30, 2022, reflecting an increase of $514.3 million, or 19.0%, as compared to June 30, 2021. Growth primarily reflected an increase in net loans receivable. A significant portion of the Company's balance sheet growth was a result of the Fortune merger. Cash equivalents and time deposits were a combined $91.6 million at June 30, 2022, a decrease of $33.0 million, or 26.5%, as compared to June 30, 2021. The decrease was primarily a result of loan growth outpacing deposit growth during the period. AFS securities were $235.4 million at June 30, 2022, an increase of $28.4 million, or 13.7%, as compared to June 30, 2021, as the Company deployed some excess liquidity into higher-yielding assets over the course of the fiscal year. Loans, net of the allowance for credit losses (ACL), were $2.7 billion at June 30, 2022, an increase of $486.0 million, or 22.1%, as compared to June 30, 2021. Gross loans increased by $485.9 million, while the ACL attributable to outstanding loan balances remained relatively unchanged compared to June 30, 2021. The increase in loan balances was attributable to organic growth and the February 2022 Fortune merger, which included loan balances recorded at a fair value of $202.1 million. Inclusive of the acquisition, the loan portfolio showed fiscal year-to-date increases in commercial and residential real estate loans, along with modest contributions from commercial and consumer loans. Residential real estate loan balances increased due to growth in single- and multi-family loans. Commercial real estate balances increased primarily from loans secured by nonresidential structures, along with growth in loans secured by farmland. Company-originated PPP loan balances declined by $59.9 million during the fiscal year to date, while $2.4 million was acquired in the Fortune merger. Total remaining PPP balances at June 30, 2022, were $3.1 million, while unrecognized deferred fee income on these loans was immaterial. Loans anticipated to fund in the next 90 days totaled $235.0 million at June 30, 2022, as compared to $181.9 million at March 31, 2022, and $141.5 million at June 30, 2021. Nonperforming loans were $4.1 million, or 0.15% of gross loans, at June 30, 2022, as compared to $5.9 million, or 0.26% of gross loans at June 30, 2021. The reduction in nonperforming loans was attributable primarily to the return to accrual status of one relationship secured by single-family residential rental properties, partially offset by an increase of $654,000 relating to the Fortune merger. Nonperforming assets were $6.3 million, or 0.20% of total assets, at June 30, 2022, as compared to $8.1 million, or 0.30% of total assets, at June 30, 2021. The reduction in nonperforming assets was attributable primarily to the reduction in nonperforming loans and the sale of one significant parcel held in other real estate owned, offset by $1.6 million in assets acquired in the Fortune merger. Our ACL at June 30, 2022, totaled $33.2 million, representing 1.22% of gross loans and 806% of nonperforming loans, as compared to an ACL of $33.2 million, representing 1.49% of gross loans and 566% of nonperforming loans at June 30, 2021. The ACL at June 30, 2022 also represented 1.22% of gross loans excluding PPP loans. The ACL required for purchased credit deteriorated (PCD) loans acquired in the Fortune merger was $120,000, and was funded through purchase accounting adjustments, while the ACL required for non-PCD loans acquired in the Fortune merger was $1.9 million, and was funded through a charge to PCL. The Company has estimated its expected credit losses as of June 30, 2022, under ASC 326-20, and management believes the ACL as of that date is adequate based on that estimate. There remains, however, significant uncertainty as economic activity recovers from the COVID-19 pandemic and the Federal Reserve withdraws accommodative monetary policy that was put into effect to respond to the pandemic and its economic impact. Management continues to consider the potential impact of the lengthy pandemic on borrowers most affected by mitigation efforts, most notably including our borrowers in the hotel industry. Provisions of the CARES Act and subsequent legislation allowed financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to troubled debt restructurings (TDRs) through December 31, 2021, for certain loans that were otherwise current and performing prior to the COVID-19 pandemic, but for which borrowers experienced or expected difficulties due to the impact of the pandemic. As of December 31, 2021, there were four loans, with balances totaling approximately $23.7 million, remaining on interest-only payment modifications, and not reported as TDRs based on this temporary option provided under the legislation. For these borrowers, the Company had classified the credits as a "special mention" status credit as of December 31, 2021. One of these loans, totaling $9.3 million, remains a "special mention" credit at June 30, 2022, while the other three loans, totaling $14.9 million, have been adversely classified as ‘substandard" credits. All four loans are scheduled to transition to principal and interest payments in the first quarter of fiscal 2023. Total liabilities were $2.9 billion at June 30, 2022, an increase of $476.9 million, or 19.7%, as compared to June 30, 2021. Deposits were $2.8 billion at June 30, 2022, an increase of $484.3 million, or 20.8%, as compared to June 30, 2021. This increase was attributable in part to the February 2022 Fortune merger, providing $218.3 million in deposits at fair value, including $13.6 million in brokered time deposits and $10.9 million in public unit deposits. Additionally, we closed a branch acquisition in December 2021, through which the Company acquired the former Cairo, Illinois, location of the First National Bank (Fulda, SD), and its related deposits of $28.5 million at fair value, including $15.4 million in public unit deposits. Inclusive of the merger and acquisition, the deposit portfolio saw fiscal year-to-date increases in interest-bearing transaction accounts, non-interest bearing transaction accounts, certificates of deposit, money market deposit accounts, and savings accounts. The increase was inclusive of a $146.8 million increase in public unit funds, and net of a $2.2 million decrease in brokered deposits. Public unit funds totaled $473.3 million at June 30, 2022, primarily in nonmaturity deposits, while brokered deposits totaled $22.9 million, roughly split between nonmaturity and time deposits. The Company's customers have held unusually high balances on deposit during recent periods. The Company expects that higher-than-normal balances may dissipate over the course of calendar year 2022, but public unit balances, which historically have seen seasonal declines in the June and September quarters, are expected to continue to increase in the current calendar year. The average loan-to-deposit ratio for the fourth quarter of fiscal 2022 was 94.3%, as compared to 93.0% for the same period of the prior fiscal year. FHLB advances were $38.0 million at June 30, 2022, a decrease of $19.6 million, or 34.0%, as compared to June 30, 2021, as the Company utilized cash to repay maturing term advances, partially offset by the assumption, at fair value, of $9.7 million in term advances in the Fortune merger. The Company's stockholders' equity was $320.8 million at June 30, 2022, an increase of $37.3 million, or 13.2%, as compared to June 30, 2021. The increase was attributable primarily to $22.9 million in equity issued to Fortune shareholders, as well as earnings retained after cash dividends paid, partially offset by a $20.4 million reduction in accumulated other comprehensive income as the market value of the Company's investments declined due to increases in market interest rates, and by $5.8 million utilized for repurchases of 132,194 shares of the Company's common stock during the fiscal year, at an average price of $44.17. Quarterly Income Statement Summary: The Company's net interest income for the three-month period ended June 30, 2022, was $27.8 million, an increase of $3.8 million, or 15.9%, as compared to the same period of the prior fiscal year. The increase was attributable to an 18.4% increase in the average balance of interest-earning assets, partially offset by a decrease in net interest margin to 3.66% in the current three-month period, from 3.74% in the same period a year ago. As PPP loan forgiveness declined, the Company's accretion of interest income from deferred origination fees on these loans was reduced to $72,000 in the current quarter, which added one basis point to the net interest margin, as compared to $1.3 million in the same quarter a year ago, which added 20 basis points to the net interest margin in that period. In the linked quarter, ended March 31, 2022, accelerated recognition of deferred PPP origination fees totaled $180,000, adding two basis points to the net interest margin. The remaining balance of deferred origination fees is significantly less than the amount accreted in recent quarters. Loan discount accretion and deposit premium amortization related to the Company's August 2014 acquisition of Peoples Bank of the Ozarks, the June 2017 acquisition of Capaha Bank, the February 2018 acquisition of Southern Missouri Bank of Marshfield, the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, and the February 2022 merger of Fortune with the Company resulted in $606,000 in net interest income for the three-month period ended June 30, 2022, as compared to $470,000 in net interest income for the same period a year ago. The Company generally expects this component of net interest income to decline over time, although volatility may occur to the extent we have periodic resolutions of specific loans. Combined, this component of net interest income contributed eight basis points to net interest margin in the three-month period ended June 30, 2022, as compared to a contribution of seven basis points in the same period of the prior fiscal year, and a six basis point contribution in the linked quarter, ended March 31, 2022, when net interest margin was 3.48%. The Company recorded a PCL of $240,000 in the three-month period ended June 30, 2022, as compared to a negative PCL of $2.6 million in the same period of the prior fiscal year. The Company assesses that the economic outlook has generally improved as compared to the assessment as of June 30, 2021, especially with regard to the outlook for measures of unemployment, which are a key driver in the Company's ACL model, though uncertainty remains as noted in our discussion of the ACL, above. As a percentage of average loans outstanding, the Company recorded net charge offs of less than one basis point (annualized) during the current period, while the PCL represented a charge of 0.04%. During the same period of the prior fiscal year, the Company recorded net charge offs of less than one basis point (annualized), while the negative PCL represented a recovery of 0.48% (annualized). The Company's noninterest income for the three-month period ended June 30, 2022, was $6.5 million, an increase of $1.6 million, or 33.8%, as compared to the same period of the prior fiscal year. In the current period, increases in other noninterest income, other loan fees, and deposit account service charges were partially offset by reduced gains realized on the sale of residential real estate loans originated for that purpose and loan servicing fees. Other noninterest income improved primarily from benefits realized on new renewable energy tax credits and revenues from nondeposit investment products (wealth management and insurance services), up 36.4%, as compared to the year ago period, due in part to the addition of teams from the Fortune merger. Other loan fees increased as a result of prepayment and application fees. Deposit and service charge income increased 9.4% for the quarter, as compared to the year ago period, primarily due to an increase in NSF activity. Gains on sale of residential loans originated for sale into the secondary market were down as a result of reduced originations as compared to the year ago quarter, but offsetting the decrease was $416,000 in gains recognized on the sale of the guaranty portion of new originations of government guaranteed loans. Noninterest expense for the three-month period ended June 30, 2022, was $17.3 million, an increase of $3.1 million, or 22.0%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to compensation and benefits, occupancy expenses, advertising, data processing expenses, and other noninterest expenses. Charges related to merger and acquisition activities totaled $117,000 in the current period, reflected in data processing and other noninterest expense. The increase in compensation and benefits as compared to the prior year period primarily reflected increases in salaries and wages over the prior year, increased headcount resulting from the merger, and a modest trend increase in legacy employee headcount. Occupancy expenses increased due to remodeled and relocated facilities, facilities added through the Fortune merger, a de novo facility, new ATM and ITM installations and other equipment purchases, and charges for utilities and maintenance. Marketing expenses increased due to timing and emphasis of certain customer outreach and branding efforts following a slower period in the prior fiscal year. Data processing expenses increased primarily as a result of increased volumes associated with the Fortune merger and year-over-year contractual pricing adjustments. Other noninterest expenses increased due to miscellaneous merger-related expenses, expenses related to loan originations, deposit operations, and expenses related to employee travel and training. The efficiency ratio for the three-month period ended June 30, 2022, was 50.6%, as compared to 49.3% in the same period of the prior fiscal year, with the change attributable primarily to the current period's increase in noninterest expense, partially offset by increases in net interest income and noninterest income. The income tax provision for the three-month period ended June 30, 2022, was $3.6 million, an increase of $73,000, or 2.1% as compared to the same period of the prior fiscal year. While pre-tax income decreased modestly, the effective tax rate increased to 21.6%, as compared to 20.5% in the same period of the prior fiscal year. Forward-Looking Information: Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company's local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, generally, resulting from the ongoing COVID-19 pandemic and any governmental or societal responses thereto; expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and in real estate values; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; fluctuations in real estate values and both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for loan losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management's beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements. Southern Missouri Bancorp, Inc.UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION                                   Summary Balance Sheet Data as of:      June 30,      Mar. 31,      Dec. 31,      Sep. 30,      June 30,   (dollars in thousands, except per share data)   2022   2022   2021   2021   2021                                     Cash equivalents and time deposits   $ 91,577   $ 253,412   $ 185,483   $ 112,382   $ 124,571   Available for sale (AFS) securities     235,377     226,391     206,583     209,409     207,020   FHLB/FRB membership stock     11,683     11,116     10,152     10,456     10,904   Loans receivable, gross     2,719,391     2,612,747     2,391,114     2,282,021     2,233,466   Allowance for credit losses     33,193     33,641     32,529     32,543     33,222   Loans receivable, net     2,686,198     2,579,106     2,358,585     2,249,478     2,200,244   Bank-owned life insurance     48,705     48,387     44,382     44,099     43,817   Intangible assets     35,463     35,568     21,157     20,868     21,218   Premises and equipment     71,347     72,253     65,074     65,253     64,077   Other assets     34,432     37,785     27,647     26,596     28,679   Total assets   $ 3,214,782   $ 3,264,018   $ 2,919,063   $ 2,738,541   $ 2,700,530                                     Interest-bearing deposits   $ 2,388,145   $ 2,407,462   $ 2,147,842   $ 1,985,316   $ 1,972,384   Noninterest-bearing deposits     426,930     447,444     404,410     386,379     358,419   FHLB advances     37,957     42,941     36,512     46,522     57,529   Other liabilities     17,923     17,971     13,394     11,796     13,532   Subordinated debt     23,055     23,043     15,294     15,268     15,243   Total liabilities     2,894,010     2,938,861    .....»»

Category: earningsSource: benzingaJul 25th, 2022