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  • MIL-OSI: Microchip Technology Announces Financial Results for Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    • Net sales of $1.164 billion, down 6.2% sequentially and down 48.4% from the year ago quarter. The midpoint of our guidance provided on August 1, 2024 was net sales of $1.150 billion.
    • Revenue, gross profit and non-GAAP gross profit were positively impacted by a $13.3 million legal settlement. This settlement also positively impacted GAAP and non-GAAP EPS by $0.02 per diluted share.
    • On a GAAP basis: gross profit of 57.4%; operating income of $146.6 million and 12.6% of net sales; net income of $78.4 million; and EPS of $0.14 per diluted share. Our guidance provided on August 1, 2024 was for GAAP EPS of $0.10 to $0.14 per diluted share.
    • On a Non-GAAP basis: gross profit of 59.5%; operating income of $340.8 million and 29.3% of net sales; net income of $250.2 million; and EPS of $0.46 per diluted share. Our guidance provided on August 1, 2024 was for Non-GAAP EPS of $0.40 to $0.46 per diluted share.
    • Returned approximately $261.0 million to stockholders in the September quarter through dividends of $243.7 million and the repurchase of $17.3 million, or 0.2 million shares of our common stock, at an average price of $76.86 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased $2.444 billion, or 31.4 million shares, over the last twelve quarters.
    • Record quarterly dividend declared today for the December quarter of 45.5 cents per share, an increase of 3.6% from the year ago quarter.

    CHANDLER, Ariz., Nov. 05, 2024 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months ended September 30, 2024, as summarized in the table below.

      Three Months Ended September 30, 2024(1)
    Net sales $1,163.8      
      GAAP % Non-GAAP(2) %
    Gross profit $668.5 57.4% $692.9 59.5%
    Operating income $146.6 12.6% $340.8 29.3%
    Other expense $(55.1)   $(53.3)  
    Income tax provision $13.1   $37.3  
    Net income $78.4 6.7% $250.2 21.5%
    Net income per diluted share $0.14   $0.46  
             

    (1) In millions, except per share amounts and percentages of net sales.
    (2) See the “Use of Non-GAAP Financial Measures” section of this release.

    Net sales for the second quarter of fiscal 2025 were $1.164 billion, down 48.4% from net sales of $2.254 billion in the prior year’s second fiscal quarter.

    GAAP net income for the second quarter of fiscal 2025 was $78.4 million, or $0.14 per diluted share, down from GAAP net income of $666.6 million, or $1.21 per diluted share, in the prior year’s second fiscal quarter. For the second quarters of fiscal 2025 and fiscal 2024, GAAP net income was adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions.

    Non-GAAP net income for the second quarter of fiscal 2025 was $250.2 million, or $0.46 per diluted share, down from non-GAAP net income of $889.3 million, or $1.62 per diluted share, in the prior year’s second fiscal quarter. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, cybersecurity incident expenses, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.

    Microchip announced today that its Board of Directors declared a record quarterly cash dividend on its common stock of 45.5 cents per share, up 3.6% from the year ago quarter. The quarterly dividend is payable on December 6, 2024 to stockholders of record on November 22, 2024.

    “Our September quarter results were consistent with our guidance, as we continued to navigate through an inventory correction that’s occurring in the midst of macro weakness for many manufacturing businesses, accentuated by heightened weakness in our European business which is concentrated with Industrial and Automotive customers,” said Ganesh Moorthy, President and Chief Executive Officer. “The ‘green shoots’ we saw in recent quarters have progressed unevenly with essentially flat sequential bookings, normalized cancellation rates and much higher expedite requests, which we believe are all positive signs for a potential bottom formation despite limited visibility.”

    Eric Bjornholt, Microchip’s Chief Financial Officer, said, “Our September quarter results reflect continued customer destocking efforts and sluggish end-market demand. We are maintaining strong cost discipline and balance sheet management while taking actions to ensure operational readiness for the anticipated market recovery.”

    Rich Simoncic, Microchip’s Chief Operating Officer, said, “Our Total System Solutions approach is driving strong execution and seeing growing adoption in AI-accelerated servers in the data center markets. Our PCIe switches, SSD controllers, CXL solutions, and associated power and timing products are key to continuing to strengthen our data center portfolio. With our expanding capabilities, we believe we are well-positioned to capitalize on opportunities in this growth market.”

    Mr. Moorthy concluded, “For the December quarter, we expect net sales between $1.025 billion and $1.095 billion. While substantial inventory destocking has occurred, we continue to face macro uncertainties in what is historically our seasonally weakest quarter. Our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends.”

    Third Quarter Fiscal Year 2025 Outlook:

    The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

      Microchip Consolidated Guidance
    Net Sales $1.025 to $1.095 billion    
      GAAP Non-GAAP Adjustments(1) Non-GAAP(1)
    Gross Profit 56.2% to 58.1% $8.4 to $9.4 million 57.0% to 59.0%
    Operating Expenses(2) 49.1% to 51.4% $170.0 to $174.0 million 33.2% to 34.8%
    Operating Income 4.8% to 9.1% $178.4 to $183.4 million 22.2% to 25.8%
    Other Expense, net $69.3 to $69.7 million ($0.2) to $0.2 million $69.5 million
    Income Tax Provision $1.0 to $13.0 million(3) $12.6 to $21.1 million $22.1 to $25.6 million(4)
    Net Income (loss) ($21.1) to $16.5 million $157.0 to $170.9 million $135.9 to $187.4 million
    Diluted Common Shares Outstanding Approximately 537.3 to 543.0 million shares   Approximately 543.0 million shares
    Earnings (Loss) per Diluted Share ($0.04) to $0.03 $0.29 to $0.32 $0.25 to $0.35
           
    (1)  See the “Use of Non-GAAP Financial Measures” section of this release for information regarding our non-GAAP guidance.
    (2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending December 31, 2024. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending December 31, 2024.
    (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
    (4) Represents the expected cash tax rate for fiscal 2025, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
       

    Capital expenditures for the quarter ending December 31, 2024 are expected to be about $20 million. Capital expenditures for all of fiscal 2025 are expected to be about $150 million. We are selectively adding capital equipment to maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business.

    Under the GAAP revenue recognition standard, we are required to recognize revenue when control of the product changes from us to a customer or distributor. We focus our sales and marketing efforts on creating demand for our products in the end markets we serve and not on moving inventory into our distribution network. We also manage our manufacturing and supply chain operations, including our distributor relationships, towards the goal of having our products available at the time and location the end customer desires.

    Use of Non-GAAP Financial Measures:  Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, cybersecurity incident expenses, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act.

    We are required to estimate the cost of certain forms of share-based compensation, including employee stock options, restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses, unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its internal operating forecasts and models.

    We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which exclude the items noted above, as applicable, to permit additional analysis of our performance.

    Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our historical financial performance and comparability between periods. Many of our investors have requested that we disclose this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures, including that they exclude financial information that some may consider important in evaluating our performance. Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and providing reconciliations of the GAAP and non-GAAP results.

    Generally, gross profit fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.

    Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Financial Information”), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the December 2024 quarter between $75 and $85 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter).

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (in millions, except per share amounts; unaudited)
     
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Net sales $ 1,163.8     $ 2,254.3     $ 2,405.1     $ 4,542.9  
    Cost of sales   495.3       726.9       999.7       1,457.1  
    Gross profit   668.5       1,527.4       1,405.4       3,085.8  
                   
    Research and development   240.7       292.6       482.4       591.1  
    Selling, general and administrative   157.0       196.6       307.5       400.2  
    Amortization of acquired intangible assets   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Operating expenses   521.9       642.4       1,039.7       1,297.7  
                   
    Operating income   146.6       885.0       365.7       1,788.1  
                   
    Other expense, net   (55.1 )     (51.4 )     (112.4 )     (106.2 )
    Income before income taxes   91.5       833.6       253.3       1,681.9  
    Income tax provision   13.1       167.0       45.6       348.9  
    Net income $ 78.4     $ 666.6     $ 207.7     $ 1,333.0  
                   
    Basic net income per common share $ 0.15     $ 1.23     $ 0.39     $ 2.45  
    Diluted net income per common share $ 0.14     $ 1.21     $ 0.38     $ 2.42  
                   
    Basic common shares outstanding   536.7       543.1       536.7       544.1  
    Diluted common shares outstanding   542.0       549.2       542.4       550.3  
                                   
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in millions; unaudited)
     
    ASSETS
      September 30,   March 31,
      2024   2024
    Cash and short-term investments $ 286.1   $ 319.7
    Accounts receivable, net   1,044.3     1,143.7
    Inventories   1,339.6     1,316.0
    Other current assets   235.5     233.6
    Total current assets   2,905.5     3,013.0
           
    Property, plant and equipment, net   1,171.2     1,194.6
    Other assets   11,545.6     11,665.6
    Total assets $ 15,622.3   $ 15,873.2
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
           
    Accounts payable and accrued liabilities $ 1,339.4   $ 1,520.0
    Current portion of long-term debt   1,946.3     999.4
    Total current liabilities   3,285.7     2,519.4
           
    Long-term debt   4,476.6     5,000.4
    Long-term income tax payable   590.4     649.2
    Long-term deferred tax liability   29.8     28.8
    Other long-term liabilities   963.9     1,017.6
           
    Stockholders’ equity   6,275.9     6,657.8
    Total liabilities and stockholders’ equity $ 15,622.3   $ 15,873.2
               
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (in millions, except per share amounts and percentages; unaudited)
     
    RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Gross profit, as reported $ 668.5     $ 1,527.4     $ 1,405.4     $ 3,085.8  
    Share-based compensation expense   4.3       7.4       10.9       14.2  
    Cybersecurity incident expenses   20.1       —       20.1       —  
    Non-GAAP gross profit $ 692.9     $ 1,534.8     $ 1,436.4     $ 3,100.0  
    GAAP gross profit percentage   57.4 %     67.8 %     58.4 %     67.9 %
    Non-GAAP gross profit percentage   59.5 %     68.1 %     59.7 %     68.2 %
                                   
    RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Research and development expenses, as reported $ 240.7     $ 292.6     $ 482.4     $ 591.1  
    Share-based compensation expense   (26.9 )     (23.7 )     (50.2 )     (46.6 )
    Other adjustments   —       (0.2 )     —       (0.4 )
    Non-GAAP research and development expenses $ 213.8     $ 268.7     $ 432.2     $ 544.1  
    GAAP research and development expenses as a percentage of net sales   20.7 %     13.0 %     20.1 %     13.0 %
    Non-GAAP research and development expenses as a percentage of net sales   18.4 %     11.9 %     18.0 %     12.0 %
                                   
    RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Selling, general and administrative expenses, as reported $ 157.0     $ 196.6     $ 307.5     $ 400.2  
    Share-based compensation expense   (15.1 )     (14.3 )     (29.2 )     (29.1 )
    Cybersecurity incident expenses   (1.3 )     —       (1.3 )     —  
    Other adjustments   (2.1 )     (0.6 )     (3.4 )     0.5  
    Professional services associated with certain legal matters   (0.2 )     (0.3 )     (0.7 )     (0.8 )
    Non-GAAP selling, general and administrative expenses $ 138.3     $ 181.4     $ 272.9     $ 370.8  
    GAAP selling, general and administrative expenses as a percentage of net sales   13.5 %     8.7 %     12.8 %     8.8 %
    Non-GAAP selling, general and administrative expenses as a percentage of net sales   11.9 %     8.0 %     11.3 %     8.2 %
                                   
    RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Operating expenses, as reported $ 521.9     $ 642.4     $ 1,039.7     $ 1,297.7  
    Share-based compensation expense   (42.0 )     (38.0 )     (79.4 )     (75.7 )
    Cybersecurity incident expenses   (1.3 )     —       (1.3 )     —  
    Other adjustments   (2.1 )     (0.8 )     (3.4 )     0.1  
    Professional services associated with certain legal matters   (0.2 )     (0.3 )     (0.7 )     (0.8 )
    Amortization of acquired intangible assets(1)   (122.7 )     (151.4 )     (245.7 )     (302.9 )
    Special charges and other, net   (1.5 )     (1.8 )     (4.1 )     (3.5 )
    Non-GAAP operating expenses $ 352.1     $ 450.1     $ 705.1     $ 914.9  
    GAAP operating expenses as a percentage of net sales   44.8 %     28.5 %     43.2 %     28.6 %
    Non-GAAP operating expenses as a percentage of net sales   30.3 %     20.0 %     29.3 %     20.1 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures.

    RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Operating income, as reported $ 146.6     $ 885.0     $ 365.7     $ 1,788.1  
    Share-based compensation expense   46.3       45.4       90.3       89.9  
    Cybersecurity incident expenses   21.4       —       21.4       —  
    Other adjustments   2.1       0.8       3.4       (0.1 )
    Professional services associated with certain legal matters   0.2       0.3       0.7       0.8  
    Amortization of acquired intangible assets(1)   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Non-GAAP operating income $ 340.8     $ 1,084.7     $ 731.3     $ 2,185.1  
    GAAP operating income as a percentage of net sales   12.6 %     39.3 %     15.2 %     39.4 %
    Non-GAAP operating income as a percentage of net sales   29.3 %     48.1 %     30.4 %     48.1 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures. The use of acquired intangible assets contributed to our revenues earned during the periods presented.

    RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Other expense, net, as reported $ (55.1 )   $ (51.4 )   $ (112.4 )   $ (106.2 )
    Loss on settlement of debt   —       3.1       —       12.2  
    Loss on available-for-sale investments   1.8       —       1.8       —  
    Non-GAAP other expense, net $ (53.3 )   $ (48.3 )   $ (110.6 )   $ (94.0 )
    GAAP other expense, net, as a percentage of net sales (4.7) %   (2.3) %   (4.7) %   (2.3) %
    Non-GAAP other expense, net, as a percentage of net sales (4.6) %   (2.1) %   (4.6) %   (2.1) %
                   
    RECONCILIATION OF GAAP INCOME TAX PROVISION TO NON-GAAP INCOME TAX PROVISION
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Income tax provision as reported $ 13.1     $ 167.0     $ 45.6     $ 348.9  
    Income tax rate, as reported   14.3 %     20.0 %     18.0 %     20.7 %
    Other non-GAAP tax adjustment   24.2       (19.9 )     35.0       (52.4 )
    Non-GAAP income tax provision $ 37.3     $ 147.1     $ 80.6     $ 296.5  
    Non-GAAP income tax rate   13.0 %     14.2 %     13.0 %     14.2 %
                                   
    RECONCILIATION OF GAAP NET INCOME AND GAAP DILUTED NET INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Net income, as reported $ 78.4     $ 666.6     $ 207.7     $ 1,333.0  
    Share-based compensation expense   46.3       45.4       90.3       89.9  
    Cybersecurity incident expenses   21.4       —       21.4       —  
    Other adjustments   2.1       0.8       3.4       (0.1 )
    Professional services associated with certain legal matters   0.2       0.3       0.7       0.8  
    Amortization of acquired intangible assets   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Loss on settlement of debt   —       3.1       —       12.2  
    Loss on available-for-sale investments   1.8       —       1.8       —  
    Other non-GAAP tax adjustment   (24.2 )     19.9       (35.0 )     52.4  
    Non-GAAP net income $ 250.2     $ 889.3     $ 540.1     $ 1,794.6  
    GAAP net income as a percentage of net sales   6.7 %     29.6 %     8.6 %     29.3 %
    Non-GAAP net income as a percentage of net sales   21.5 %     39.4 %     22.5 %     39.5 %
    Diluted net income per common share, as reported $ 0.14     $ 1.21     $ 0.38     $ 2.42  
    Non-GAAP diluted net income per common share $ 0.46     $ 1.62     $ 1.00     $ 3.26  
    Diluted common shares outstanding, as reported   542.0       549.2       542.4       550.3  
    Diluted common shares outstanding non-GAAP   542.0       549.2       542.4       550.3  
                                   
    RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    GAAP cash flow from operations, as reported $ 43.6     $ 616.2     $ 420.7     $ 1,609.4  
    Capital expenditures   (20.8 )     (74.4 )     (93.7 )     (185.5 )
    Free cash flow $ 22.8     $ 541.8     $ 327.0     $ 1,423.9  
    GAAP cash flow from operations as a percentage of net sales   3.7 %     27.3 %     17.5 %     35.4 %
    Free cash flow as a percentage of net sales   2.0 %     24.0 %     13.6 %     31.3 %
                                   

    Microchip will host a conference call today, November 5, 2024 at 5:00 p.m. (Eastern Time) to discuss this release. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until November 26, 2024.

    A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on November 5, 2024 and will remain available until 5:00 p.m. (Eastern Time) on November 26, 2024. Interested parties may listen to the replay by dialing 201-612-7415/877-660-6853 and entering access code 13747161.

    Cautionary Statement:

    The statements in this release relating to continuing to navigate through an inventory correction, macro weakness for many manufacturing businesses, heightened weakness in our European business, that the green shoots we saw in recent quarters have progressed unevenly, our belief that these are all positive signs for a potential bottom formation despite limited visibility, that we are maintaining strong cost discipline and balance sheet management while taking actions to ensure operational readiness for the anticipated market recovery, that our Total System Solutions approach is driving strong execution and seeing growing adoption in AI-accelerated servers in the data center markets, that our PCIe switches, SSD controllers, CXL solutions, and associated power and timing products are key to continuing to strengthen our data center portfolio, that we believe we are well-positioned to capitalize on opportunities in this growth market, that for the December quarter we expect net sales between $1.025 billion and $1.095 billion, that we continue to face macro uncertainties in what is historically our seasonally weakest quarter, that our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends, our third quarter fiscal 2025 guidance for net sales and GAAP and non-GAAP gross profit, operating expenses, operating income, other expense, net, income tax provision, net income, diluted common shares outstanding, earnings per diluted share, capital expenditures for the December 2024 quarter and for all of fiscal 2025, selectively adding capital equipment to maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business, our belief that non-GAAP measures are useful to investors and our assumed average stock price in the December 2024 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in interest rates, high inflation or the impact of the COVID-19 pandemic (including lock-downs in China), actions taken or which may be taken by the Biden administration or the U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East and the outcome of the U.S. elections in November), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017), foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

    For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this November 5, 2024 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 116,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    INVESTOR RELATIONS CONTACT:
    Sajid Daudi — Head of Investor Relations….. (480) 792-7385

    The MIL Network –

  • MIL-OSI: Runway Growth Finance Corp. Announces Fourth Quarter Regular Dividend of $0.40

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that its Board of Directors has declared a fourth quarter 2024 regular cash distribution of $0.40 per share.

    The following shows the key dates of the fourth quarter 2024 dividend:

    Declaration Date: November 5, 2024
    Record Date: November 18, 2024
    Payment Date: December 2, 2024

    Runway Growth generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, subject to the discretion of the Board of Directors. Any distribution by the Company will depend on the Company’s earnings, financial condition, maintenance of regulated investment company status for income tax purposes, compliance with applicable business development company regulations and such other factors as the Board of Directors may deem relevant from time to time. The Company also maintains an “opt out” dividend reinvestment plan, as amended, for its stockholders. As a result, if the Company declares a distribution, then stockholders who have not opted out of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s common stock.

    About Runway Growth Finance Corp.
    Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com

    Forward-Looking Statements
    Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, which change over time. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    IR Contacts:
    Taylor Donahue, Prosek Partners, tdonahue@prosek.com
    Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com

    The MIL Network –

  • MIL-OSI: Enstar Acquires Bermuda Reinsurer in its Second Property ILS Transaction

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (Nasdaq: ESGR) today announced that its wholly-owned subsidiary, Cavello Bay Reinsurance Limited (“Cavello Bay”), has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company (the “Reinsurer”).

    The Reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the risk through retrocession agreements with a fronting carrier. The Reinsurer had $66 million of shareholders’ equity at the end of July 2024.

    The Reinsurer will be merged into Cavello Bay and a consolidated and amended retrocession agreement between the fronting carrier and Cavello Bay will become effective.

    Dominic Silvester, Chief Executive Officer of Enstar, said: “This acquisition is our second transaction in the property ILS space in recent months, which we see as a growth market for legacy solutions. The deal structure eliminates collateral requirements, demonstrating the benefit of Cavello Bay’s strong balance sheet and financial strength rating.”

    About Enstar 

    Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 120 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com. 

    Cautionary Statement  

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘aim’, ‘ambition’, ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future events or performance. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading “Risk Factors” in Enstar’s Form 10-K for the year ended December 31, 2023 and Enstar’s Form 10-Q for the quarter ended June 30, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.

    Contact:

    For Enstar:
    For Investors: Matthew Kirk (investor.relations@enstargroup.com)
    For Media: Jenna Kerr (communications@enstargroup.com)

    The MIL Network –

  • MIL-OSI: Steven Crowder’s MugClub Community Joins Rumble Premium Ahead of the “Election Livestream of the Century: The Rumble on Rumble”

    Source: GlobeNewswire (MIL-OSI)

    LONGBOAT KEY, Fla., Nov. 05, 2024 (GLOBE NEWSWIRE) — Rumble (NASDAQ:RUM), the video-sharing platform and cloud services provider, today announced that the popular content creator Steven Crowder will host an Election Night livestream – titled the “The Election Livestream of the Century: The Rumble on Rumble” – beginning at 6:00 p.m. EST and will promote Rumble Premium, the platform’s ad-free subscription product, as his new home for exclusive content. Rumble users who are already subscribers to Crowder’s MugClub will receive access to Rumble Premium automatically. Crowder currently has over 1.6 million subscribers to his Rumble channel.

    “Rumble is the destination for millions of people who want unfiltered coverage of current events and breaking news, and Steven Crowder is one of the favorite content creators they’re looking for,” said Rumble Chairman and Chief Executive Officer Chris Pavlovski. “In addition to an improved ad-free experience, Rumble Premium will give subscribers access to exclusive content.”

    “The coverage of the 2024 United States presidential election promises to be the most watched in world history and people are eager to consume news and commentary free from the influence of corporate media and censors of all kinds. Rumble is the world’s leading free speech video-sharing platform providing access to the content that people seek,” Pavlovski added.

    ABOUT RUMBLE

    Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com.

    Contact: press@rumble.com

    The MIL Network –

  • MIL-OSI: iRhythm Technologies to Participate in the Wolfe Research 2024 Healthcare Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Nov. 05, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that the company will be participating in the upcoming Wolfe Research 2024 Healthcare Conference.

    iRhythm’s management is scheduled to participate in a fireside chat on Tuesday, November 19, at 9:50 am Eastern Time. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    The MIL Network –

  • MIL-OSI: Weatherford Announces Contract Awards with Kuwait Oil Company and NOC in Qatar

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Nov. 05, 2024 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced two contracts in the Middle East, with Kuwait Oil Company (“KOC”) and a National Oil Company (“NOC”) in Qatar.

    KOC awarded Weatherford a Managed Pressure Drilling (“MPD”) services contract, focusing on improving operational efficiency, enhancing safety, accelerating well-delivery timelines, and reducing costs by deploying Weatherford’s innovative Victus™ Intelligent MPD system. Known for its automation and precision, Victus™ enables safer and faster drilling by providing precise pressure control and real-time data integration to optimize well conditions in complex drilling environments. This advanced technology is set to support KOC’s goals for enhanced safety, speed, and cost efficiency in well delivery.

    In addition, Weatherford has secured a five-year contract with an NOC in Qatar to provide fishing and drilling tools, with a five-year extension option. This contract highlights Weatherford’s commitment to supporting the NOC’s operational resilience by offering advanced fishing and drilling solutions. These tools, combined with Weatherford’s technical expertise, will assist the operator in overcoming challenging fishing scenarios, ensuring continuity and efficiency in their drilling operations.

    Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “Weatherford is honored to partner with both KOC and an NOC in Qatar. These agreements underscore our commitment to delivering cutting-edge technologies and dependable service, reinforcing our position as a trusted partner in the Middle East and supporting regional operators in achieving their enhanced safety, efficiency, and resilience goals.”

    About Weatherford

    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

    For Media:
    Kelley Hughes
    Corporate Communications
    Media@weatherford.com

    The MIL Network –

  • MIL-OSI: ARB IOT Group Limited Signs a Memorandum of Understanding (MOU) To Accelerate Global AI Revolution with Advanced Server Solutions

    Source: GlobeNewswire (MIL-OSI)

    Kuala Lumpur, Malaysia, Nov. 05, 2024 (GLOBE NEWSWIRE) — – ARB IOT Group Limited (“AIGL” or the “Company”) (NASDAQ: ARBB) announced the signing of a Memorandum of Understanding (the “MOU”) between its indirect wholly owned subsidiary, ARBIOT Sdn Bhd, with ASUSTeK Computer Inc. (“ASUS”) and ServerSphere to collaborate on global artificial intelligence (AI) server solutions. This strategic partnership aims to combine each party’s expertise and resources to provide comprehensive AI server solutions, accelerating the global AI revolution.

    ASUS is a Taiwan-based multinational computer hardware and consumer electronics company established in 1989. ASUS is considered the world’s No. 1 motherboard and gaming brand, as well as a top-three consumer notebook vendor.

    ServerSphere is a Taiwanese AI server hardware company partnered with Phison Electronics Corporation, a leading Taiwanese company specializing in controllers for NAND flash memory chips.  This partnership enhances ServerSphere’s AI servers with advanced storage technologies, allowing it to effectively meet the evolving demands of the global market.

    The MOU signifies the establishment of a strategic global partnership focusing on developing and promoting AI server solutions worldwide. The cooperation includes hardware supply, software development, assembly, and sales, aiming to jointly expand the global AI market and enhance market competitiveness.

    AIGL’s turnkey AI server solutions arising from this partnership are designed to be user-friendly and accessible, allowing users worldwide to manage, configure, and monitor applications and resources with minimal technical knowledge. AIGL’s solutions offers cost-effective options to customers by optimising resources, reducing operational costs, and improving efficiency. With robust privacy and data protection features, AIGL’s AI servers ensure customer data security, making application development more affordable and secure for businesses globally by offering efficient, scalable, and cost-saving tools.

    The AI servers offer a balanced, cost-effective and flexible solution ideal for data centres, offering an alternative to the H100/200 solutions currently available in the market. By addressing the evolving needs of the global AI data centre market, this new strategic alliance aims to accelerate the adoption of AI technologies globally.

    The MOU not only emphasizes cooperation through the combination of expertise and resources to develop AI server solutions but also seeks to generate further synergies and new business opportunities. The Company will be responsible for assembling, testing, localization, and customization of the AI servers. Additionally, the Company will handle global market sales, promotion, and after-sales support services of the final product globally, and will propose improvement based on market demands to assist in the enhancement and evolution of these AI server products.

    This collaboration marks a significant milestone in the Company’s growth, leveraging combined expertise in AI computing technology and promoting sustainable advanced AI server solutions to accelerate the global AI revolution.

    About ARB IOT Group Limited

    ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment. We offer a wide range of IoT systems as well as provide customers a substantial range of services such as system integration and system support service. We deliver holistic solutions with full turnkey deployment from designing, installation, testing, pre-commissioning, and commissioning of various IoT systems and devices as well as integration of automated systems, including installation of wire and wireless and mechatronic works.

    Safe Harbor Statement

    This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

    For further information, please contact:

    ARB IOT Group Limited
    Investor Relations Department
    Email: contact@arbiotgroup.com

    The MIL Network –

  • MIL-OSI: Red River Bancshares, Inc. Announces Private Stock Repurchase

    Source: GlobeNewswire (MIL-OSI)

    ALEXANDRIA, La., Nov. 05, 2024 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (Nasdaq: RRBI) (the “Company”) announced today that, on November 5, 2024, the Company entered into a stock repurchase agreement with two shareholders for the repurchase by the Company of 50,000 shares of its common stock in a privately-negotiated transaction for a purchase price of $2.5 million. The purchase price reflects a discount to the 10-, 20-, and 30-day volume weighted average price on November 1, 2024. Blake Chatelain, the Company’s President and Chief Executive Officer, said, “We are pleased to complete this repurchase, which shows our continued commitment to increasing shareholder value.”

    About Red River Bancshares, Inc.
    The Company is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

    Forward-Looking Statements
    This press release may contain forward-looking statements that are based on various facts and derived using numerous assumptions that are subject to known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements include information about the expected benefits of the repurchase, information concerning the timing, manner, amount, and overall impact of future purchases under the repurchase program, as well as any other statement other than statements of historical fact. Words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words, or such other comparable words or phrases are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements are not historical facts, and are based on current expectations, estimates, and projections about the Company’s industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, you are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, assumptions, and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Unless required by law, the Company also disclaims any obligation to update any forward-looking statements. Interested parties should not place undue reliance on any forward-looking statement and should carefully consider the risks and other factors that the Company faces. For a discussion of these risks and other factors, please see the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the Securities and Exchange Commission from time to time.

    Contact:
    Julia Callis
    Senior Vice President, General Counsel, and Corporate Secretary
    318-561-4042
    julia.callis@redriverbank.net

    The MIL Network –

  • MIL-OSI: Enstar Group Limited Announces Quarterly Preference Share Dividends

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced that it will pay cash dividends on its Series D and Series E preference shares.

    Dividends on Enstar’s Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series D Preference Share) will be payable on December 1, 2024 to shareholders of record on November 15, 2024.

    Dividends on Enstar’s Series E 7.00% Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series E Preference Share) will be payable on December 1, 2024 to shareholders of record on November 15, 2024.

    About Enstar

    Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 120 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com.

    Cautionary Statement

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the interim period ended June 30, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.

    Contact: Enstar Communications
    Telephone: +1 (441) 292-3645

    The MIL Network –

  • MIL-OSI: Oak Valley Community Bank Receives Approval On $125,000 in Grants Submitted to Support Turlock Gospel Mission and Habitat for Humanity of Tuolumne County

    Source: GlobeNewswire (MIL-OSI)

    OAKDALE, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced they have received approval on two 2024 AHEAD grants which were submitted to the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) on behalf of Turlock Gospel Mission and Habitat for Humanity of Tuolumne County for $100,000 and $25,000, respectively.

    The communities in Stanislaus and Tuolumne counties are one step closer to getting a needed boost in affordable housing and job training. This highly impactful grant will support Turlock Gospel Mission to create new jobs and purchase equipment for their workforce development and job training program, Volente Coffee Roasters. The grant will support Habitat for Humanity’s digital reach and community engagement in Sonora, CA, by upgrading their communication infrastructure.

    As a sponsor of FHLBank San Francisco’s Community Investment Programs and advocate for the services Turlock Gospel Mission and Habitat for Humanity of Tuolumne County provide to our community, Oak Valley Community Bank authored and provided supplemental input for this grant. Jose Sabala, Oak Valley’s Community Reinvestment Officer, remarked, “We are deeply honored to facilitate these grants for Turlock Gospel Mission and Habitat for Humanity of Tuolumne County. As a community-driven bank, we are dedicated to forging partnerships that create meaningful, lasting change within our communities. The support from FHLBank San Francisco underscores a shared commitment to directing vital resources to the communities we proudly serve, and we are grateful for the chance to make a tangible impact together.”

    “These grants delivered in partnership with our member Oak Valley Community Bank will help boost economic opportunity and create access to vital services and support that can be life-changing for people engaged with these programs serving Stanislaus and Tuolumne counties,” said Eric Cicourel, community investment officer for FHLBank San Francisco. “We’re proud that for 20 years and counting, the AHEAD Program continues to make a positive impact throughout the communities we serve.”

    AHEAD economic development grants enable FHLBank San Francisco member financial institutions like Oak Valley Community Bank to fund economic development projects that target pressing community needs and bring greater opportunity to underserved populations. AHEAD grants support innovative, targeted initiatives that will create new economic opportunity by expanding proven development models or piloting new interventions. Grants are awarded annually to the Bank’s members partnering with local nonprofits to meet diverse local needs. The grant is part of a $7.3 million disbursement of AHEAD funds awarded to 84 innovative economic development projects in Arizona, California, and Nevada. A full list of 2024 AHEAD grants are available on the FHLBank San Francisco website.

    About Turlock Gospel Mission:

    Turlock Gospel Mission is a 501(c)(3) non-profit organization, founded in 2007. Turlock Gospel Mission offers three meals per day, emergency overnight shelter for men, women, and their children, both Men’s and Women’s Restoration Program, and guest services including case management, transportation, clothes closet, shelter from inclement weather, on-site pet kennels, pastoral counseling, and culinary job training. For more information, call (209) 656-1033 or visit turlockgospelmission.org.

    About Habitat for Humanity of Tuolumne County:

    Habitat for Humanity of Tuolumne is a 501(c)(3) non-profit organization, founded in 1999. They are dedicated to eliminating substandard housing through constructing homes, advocating for fair and just housing policies, and providing training and access to resources to help families become self-reliant and successful homeowners. For more information, call (209) 536-0970 or visit www.habitattuolumne.org.

    About Oak Valley Community Bank:

    Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. For more information, call 1-866-844-7500 or visit www.ovcb.com.

    Contact:      Chris Courtney/Rick McCarty
    Phone:   (209) 848-BANK (2265)
    Toll Free (866) 844–7500
    www.ovcb.com
         

    The MIL Network –

  • MIL-OSI: Fundamental Global Inc. Merchant Banking Client Aldel Financial II Inc. Announces Closing of $230 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Mooresville, NC, Nov. 05, 2024 (GLOBE NEWSWIRE) — Fundamental Global Inc. (Nasdaq: FGF, FGFPP) (“Fundamental Global” or the “Company”) is pleased to announce that Aldel Financial II Inc. (Aldel Financial II”), one of the Company’s merchant banking holdings, has successfully completed a $230 million initial public offering.

    Aldel Financial II is a newly organized special purpose acquisition company led by Chairman and CEO Robert Kauffman, former co-founder of Fortress Investment Group, LLC. Aldel Financial II intends to use the net proceeds to consummate its initial business combination.

    Following Aldel Financial II’s IPO, the Company’s holding position includes:

    • 203,571 Aldel Financial II Class B Ordinary Shares
    • 28,170 Aldel Financial II Private Units, consisting of:
      • 28,170 Class A common shares and
      • 14,085 $11.50 5-year warrants
    • 33,044 Aldel Financial II $15.00 10-year warrants

    About Fundamental Global Inc.

    Fundamental Global Inc. (Nasdaq: FGF, FGFPP) and its subsidiaries engage in diverse business activities including reinsurance, asset management, merchant banking, and managed services.

    The FG® logo and Fundamental Global® are registered trademarks of Fundamental Global LLC.

    Forward-Looking Statements

    In addition to the historical information included herein, this press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the SEC, our Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s other reports filed with the SEC. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.        

    Investor Relations Contacts:
    investors@fundamentalglobal.com

    The MIL Network –

  • MIL-OSI: Dave Announces Preliminary Financial Results for Third Quarter 2024 and Issues Statement Regarding FTC Matter

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Nov. 05, 2024 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced certain preliminary financial results for the quarter ended September 30, 2024.

    Preliminary Financial Results for Third Quarter 2024

    Management expects the Company to report the following preliminary, unaudited results in respect of its quarterly period ended September 30, 2024:

    • Revenue of $92.5 million, a 41% year-over-year increase
    • Net Income of $0.5 million, a $12.5 million year-over-year increase. Net income for the quarter includes a $7.0 million legal settlement and litigation reserve related to the FTC matter referenced further below
    • Adjusted EBITDA* of $24.7 million, a $27.2 million year-over-year increase

    * Non-GAAP measure. See reconciliation of this non-GAAP measure at the end of the press release.

    “In light of the recent FTC action, we wanted to share preliminary Q3 results and reiterate the positive outlook for our business,” said Jason Wilk, Founder and CEO of Dave. “We are pleased to report that we have delivered yet another record quarter of accelerating revenue growth and profitability, demonstrating the continued strength of our business. Given our strong year-to-date performance and continued positive outlook, we plan to raise our full-year 2024 Revenue and Adjusted EBITDA guidance in our upcoming earnings release on November 12.

    “It is worth emphasizing that the FTC’s action, for which we believe we have strong defenses, is related to consumer disclosures and consent, not our ability to charge subscription fees and optional tips and express fees moving forward. Accordingly, we have not contemplated any changes to our forecast as a result of the FTC’s action.

    “With strong profitability, we believe we are well-positioned to sustain a vigorous defense and bring this matter to resolution. Our commitment to transparency, compliance, and customer trust remains our highest priority as we continue to serve the needs of our members.”

    The financial information in this press release is preliminary, unaudited, based on currently available information, and subject to adjustment in the final financial statements to be filed with the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2024.

    Statement Regarding FTC Matter

    As we disclosed in the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2024, we have been cooperating with the FTC in response to a Civil Investigative Demand seeking information about our ExtraCash and other banking products. Following months of good-faith negotiations, we are disappointed the FTC has chosen to file suit against Dave, a company on a mission to level the financial playing field for the millions of Americans poorly served by the legacy financial system. The FTC asserts many incorrect claims regarding Dave’s disclosures and how the Company acquires consent for the fees associated with our products. For the avoidance of doubt, Dave’s ability to charge subscription fees and optional tips and express fees is not in question. We believe this case is another example of regulatory overreach by the FTC, and we intend to vigorously defend ourselves. We take compliance and customer transparency very seriously and believe that we have always acted within the law. We remain focused on serving our members who love and rely on our products.

    Full Earnings Release and Conference Call

    Dave management will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern time to discuss its full financial results for the third quarter ended September 30, 2024. The Company’s results will be reported in a press release prior to the call. The conference call details are as follows:

    Date: Tuesday, November 12, 2024
    Time: 5:00 p.m. Eastern time
    Dial-in registration link: Here
    Live webcast registration link: Here

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. Dave partners with Evolve Bank & Trust, a FDIC member. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotation of our Chief Executive Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2024 guidance, projected financial results for future periods, plans for marketing spend and the FTC’s lawsuit against us and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash advances; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; level of product service failures that could lead Dave Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the FTC’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including rising interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Preliminary Financial and Operating Results

    The preliminary financial results set forth above for the three months ended September 30, 2024, reflect preliminary, unaudited estimates with respect to such results based solely on currently available information, which is subject to change. Such preliminary results are subject to the finalization of quarter-end financial and accounting procedures. While carrying out such procedures, Dave may identify items that would require it to make adjustments to the preliminary estimates of financial results set forth herein. As a result, Dave’s actual financial results could differ than the information set forth herein and such differences could be material. Moreover, preliminary and estimated financial results should not be viewed as a substitute for Dave’s full quarterly financial statements for the three months ended September 30, 2024, which will be prepared in accordance with U.S. GAAP.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA (loss), which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA (loss) as GAAP net income (loss) attributable to Dave before the impact of interest income or expense, provision/(benefit) for income taxes, and depreciation and amortization, and adjusted to exclude legal settlement and litigation expenses, other non-recurring strategic financing and transaction expenses, stock-based compensation expense, and certain other non-core items.

    Adjusted EBITDA (loss) may be helpful to the user in assessing our operating performance and facilitates an alternative comparison among fiscal periods. The Company’s management team uses Adjusted EBITDA (loss), among other non-GAAP financial measures, in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute its non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and nine months ended September 30, 2024 and 2023.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
    (in millions)
    (unaudited)
                   
           
      For the Three Months Ended September 30,   For Nine Months Ended September 30,
      2024   2023   2024   2023
                   
    Net income (loss) $ 0.5   $ (12.1 )   $ 41.1     $ (48.7 )
    Interest expense, net   1.5     1.7       3.7       5.0  
    Provision for income taxes   0.4     —       1.8       —  
    Depreciation and amortization   1.7     1.4       5.2       3.7  
    Stock-based compensation   13.4     6.7       27.2       20.1  
    Gain on extinguishment of convertible debt   —     —       (33.4 )     —  
    Legal settlement and litigation expenses   7.0     —       7.0       —  
    Changes in fair value of earnout liabilities   —     —       0.1       —  
    Changes in fair value of public and private warrant liabilities   0.2     (0.2 )     0.4       (0.2 )
    Adjusted EBITDA (loss) $ 24.7   $ (2.5 )   $ 53.1     $ (20.1 )
                   

    The MIL Network –

  • MIL-OSI: DLC Releases Q3-2024 Results; Achieves $19.7 Billion in Funded Volumes for Q3-2024 (11% Increase over Prior Year)

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Nov. 05, 2024 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to report its financial results for the three (“Q3-2024”) and nine months ended September 30, 2024. For complete information, readers should refer to the interim financial statements and management discussion and analysis which are dated November 5, 2024 and are available on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.dlcg.ca. All amounts are presented in Canadian dollars unless otherwise stated.

    DLCG includes the Corporation and its three main subsidiaries: MCC Mortgage Centres Canada Inc. (“MCC”), MA Mortgage Architects Inc. (“MA”), and Newton Connectivity Systems Inc. (“Newton”). 

    Gary Mauris, Executive Chairman and CEO, commented, “The DLC Group maintained its strong momentum from the first half of the year, achieving an 11% increase in funded volumes and a 13% increase in revenues for Q3-2024 compared to Q3-2023. We are pleased that the adoption of our technology connectivity platform ‘Velocity’ continues to grow, increasing to 73% of DLCG-submitted volumes in Q3-2024.  As we look ahead, we are focused on our core objectives of recruitment and retention of franchises and brokers, and onboarding of brokers onto Velocity. The DLC Group, its franchisees, and its mortgage professionals have worked hard to achieve the continued success, and we feel well positioned to capitalize on market conditions as interest rates decline.” 

    Q3-2024 Summary:

    • Q3-2024 funded volumes of $19.7 billion, representing an 11% increase as compared to Q3-2023;
    • Q3-2024 revenue of $22.1 million, representing a 13% increase compared to Q3-2023;
    • Q3-2024 adjusted EBITDA of $12.2 million as compared to $10.1 million in Q3-2023;
    • The Corporation’s Q3-2024 net income of $5.3 million is consistent with Q3-2023, primarily from higher income from operations from increased funded volumes, and increased revenues offset by higher non-cash finance expense on the Preferred Share liability;
    • The Corporation declared a quarterly dividend of $0.03 per class A common share (“Common Share”), resulting in a dividend payment of $1.4 million in Q3-2024; and
    • On October 2, 2024, the Corporation entered into an acquisition agreement with KayMaur Holdings Ltd. and certain minority holders to acquire (“Proposed Acquisition”) all of the issued and outstanding Preferred Shares in exchange for $137 million payable as follows: 30,500,000 class “A” common shares (having a 20 day volume weighted average price of $4.00 per share on the date of announcement) and an aggregate cash payment of $15.0 million. The Proposed Acquisition is subject to a number of conditions, including approval by the Exchange.  If such conditions are met, the Corporation anticipates closing to occur at or near the end of 2024.       

    Selected Consolidated Financial Summary:
    Below is a summary of our financial results for the three and nine months ended September 30, 2024 and September 30, 2023.

      Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands, except per share and KPIs)   2024   2023 Change   2024   2023 Change
    Revenues $ 22,073 $ 19,578 13% $ 54,497 $ 46,759 17%
    Income from operations   10,215   8,879 15%   21,063   14,397 46%
    Adjusted EBITDA (1)   12,218   10,116 21%   25,746   17,913 44%
    Adjusted EBITDA margin   55%   52% 3%   47%   38% 9%
    Free cash flow attributable to common shareholders (1)   5,609   4,607 22%   10,529   5,424 94%
    Net income (2)   5,271   5,271 –   11,987   2,067 480%
    Adjusted net income (1)   3,754   3,115 21%   7,792   4,973 57%
    Diluted earnings per Common Share (2)   0.11   0.11 –   0.25   0.04 525%
    Adjusted diluted earnings
     per Common Share (1)    		   0.08   0.06 33%   0.16   0.10 60%
    Dividends declared per share $ 0.03 $ 0.03 – $ 0.09 $ 0.09 –
     
    Funded mortgage volumes (3)   19.7   17.7 11%   47.8   42.3 13%
    Number of franchises (4)   521   526 (1%)   521   526 (1%)
    Number of brokers (4)   8,784   8,081 9%   8,784   8,081 9%
    % of DLCG funded mortgage volumes submitted through Velocity   73%   64% 9%   72%   63% 9%
    (1) Please see the Non-IFRS Financial Performance Measures section of the accompanying MD&A for additional information.
    (2) Net income for the three and nine months ended September 30, 2024 includes $2.0 million and $4.5 million of non-cash finance expense on the Preferred Share liability (September 30, 2023 – $0.9 million and $8.0 million expense). The Preferred Share liability is revalued at the end of each reporting period to reflect our most recent outlook and forecast. Refer to the Preferred Shares section of the accompanying MD&A for additional information.
    (3) Funded mortgage volumes are presented in billions.
    (4) The number of franchises and brokers are as at the respective period end date (not in thousands).
       

    During the three and nine months ended September 30, 2024, the Corporation saw an increase in revenues over the three and nine months ended September 30, 2023 from higher Newton revenues primarily due to an increase in Velocity adoption and lender contract renewals. In addition, revenue increased from an increase in mortgage brokers under a DLC Corporate franchise contributing to higher revenues from the brokering of mortgages. Further, our funded mortgage volumes increased during the three and nine month periods when compared to 2023’s equivalent periods, which contributed to increased revenues during those periods.

    As the Corporation’s operating expenses are largely fixed in nature and are not necessarily proportionate to changes in revenues, changes in the Corporation’s revenues have a more pronounced impact on adjusted net income, adjusted EBITDA, and adjusted EBITDA margins. As such, these metrics have increased, with higher revenues during the three and nine months ended September 30, 2024 when compared to the three and nine months ended September 30, 2023.

    Income from operations increased from higher revenues but was partly offset by an increase in operating expenses during the three and nine months ended September 30, 2024 when compared to the three and nine months ended September 30, 2023. The increase in operating expenses is primarily from an increase in direct costs from higher franchise recruiting and support costs.

    Net income increased during the nine months ended September 30, 2024, and was consistent for the three months ended September 30, 2024 compared to the prior year periods. The increase during the nine-month period is primarily from higher revenue and lower other expenses. Other expenses decreased during the nine months ended September 30, 2024, primarily from period-over-period variances in finance expense on the Preferred Share liability (refer to Preferred Shares section the accompanying MD&A for additional information), finance expense, gain on disposal of an equity-accounted investment, and other income. During the three months ended September 30, 2024, higher revenue was partly offset by higher operating expenses and higher other expenses. Other expenses increased during the three months ended September 30, 2024, primarily from period-over-period variances in finance expense on the Preferred Share liability (refer to Preferred Shares section of the accompanying MD&A for additional information).

    On April 25, 2024, the Corporation disposed of its 52% interest in Cape Communications International Inc. (operating as “Impact”) for cash proceeds of $3.7 million which was used to fully repay the Junior Credit Facility. The $0.7 million gain on disposal of an equity-accounted investment for the nine months ended September 30, 2024 relates to cumulative amounts arising on foreign exchange translation of Impact that were previously recognized in other comprehensive income (loss) and were reclassified to income on the sale of Impact. Other income for the nine months ended September 30, 2024 includes $1.0 million related to reversal of the liquidation rights liability on the sale of Impact (refer to Related Party section of the accompanying MD&A for additional information).

    Free cash flow increased during the three months ended September 30, 2024, primarily from higher adjusted cash flows from operations (in turn from higher income from operations), and partly offset by higher maintenance CAPEX. Free cash flow increased during the nine ended September 30, 2024, primarily from higher adjusted cash flows from operations (in turn from higher income from operations), and lower maintenance CAPEX.

    Non-IFRS Financial Performance Measures
    Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. These non-IFRS measures do not have any standardized meaning, and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are defined and reconciled to the most directly-comparable IFRS measure. Non-IFRS financial performance measures include adjusted EBITDA, adjusted net income, adjusted earnings per share, and free cash flow. Please see the Non-IFRS Financial Performance Measures section of the Corporation’s MD&A dated November 5, 2024 for further information on key performance indicators. The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

    The following table reconciles adjusted EBITDA from income before income tax, which is the most directly-comparable measure calculated in accordance with IFRS:

       Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands)   2024   2023   2024   2023
    Income before income tax $ 7,926 $ 7,445 $ 17,013 $ 5,033
    Add back:                
    Depreciation and amortization   1,117   939   2,994   2,848
    Finance expense   605   832   2,072   2,329
    Finance expense on the Preferred Share liability   2,025   880   4,539   7,991
        11,673   10,096   26,618   18,201
    Adjustments:                
    Share-based payments expense (recovery)   453   (12)   531   (333)
    Promissory note income   (21)   (40)   (78)   (116)
    Foreign exchange loss    3   6   26   26
    Loss on contract settlement   16   (10)   36   58
    Gain on disposal of equity-accounted investment   –   –   (681)   –
    Non-cash impairment of equity-accounted investments   –   –   198   –
    Other expense (income) (1)   94   76   (904)   77
    Adjusted EBITDA (2) $ 12,218 $ 10,116 $ 25,746 $ 17,913
    (1) Other expense (income) for the three and nine months ended September 30, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A) and costs associated with the Proposed Acquisition. Other expense (income) for the three and nine months ended September 30, 2023 relates to a loss on the disposal of an intangible asset.
    (2) Amortization of franchise rights and relationships of $1.3 million and $3.9 million for the three and nine months ended September 30, 2024, respectively (September 30, 2023 – $1.1 million and $3.7 million) is classified as a charge against revenue and has not been added back for adjusted EBITDA.
       

    The following table reconciles free cash flow from cash flow from operating activities, which is the most directly-comparable measure calculated in accordance with IFRS:

       Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands)   2024   2023   2024   2023
    Cash flow from operating activities $ 11,289 $ 9,243 $ 26,929 $ 13,653
    Changes in non-cash working capital and other non-cash items   (620)   (382)   (2,929)   2,952
    Cash provided from operations excluding changes in non-cash working capital and other non-cash items   10,669   8,861   24,000   16,605
    Adjustments:                
    Distributions from equity-accounted investees   –   125   285   275
    Maintenance CAPEX   (886)   (630)   (4,349)   (6,039)
    Lease payments   (117)   (160)   (343)   (476)
    Loss on contract settlement   16   (10)   36   58
    Share-based payments   68   –   68   –
    NCI portion of cash provided from operations excluding changes in non-cash working capital   (242)   –   (311)   –
    Other non-cash items (1)   76   –   (956)   1
        9,584   8,186   18,430   10,424
    Free cash flow attributable to Preferred Shareholders (2)   (3,975)   (3,579)   (7,901)   (5,000)
    Free cash flow attributable to common shareholders $ 5,609 $ 4,607 $ 10,529 $ 5,424
    (1) Other non-cash items for the three and nine months ended September 30, 2024 represents foreign exchange losses and promissory note income. The three and nine months ended September 30, 2023 includes losses on disposal of an intangible asset.
    (2) Free cash flow attributable to the Preferred Shareholders is determined based on free cash flow of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).
       

    The following table reconciles adjusted net income from net income, which is the most directly-comparable measure calculated in accordance with IFRS:

       Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands)   2024   2023   2024   2023
    Net income $ 5,271 $ 5,271 $ 11,987 $ 2,067
    Adjustments:                
    Gain on sale of an equity-accounted investment   –   –   (681)   –
    Non-cash impairment of equity-accounted investments   –   –   198   –
    Foreign exchange loss    3   6   26   26
    Finance expense on the Preferred Share liability (1)   2,025   880   4,539   7,991
    Loss on contract settlement   16   (10)   36   58
    Promissory note interest income   (21)   (40)   (78)   (116)
    Other expense (income) (2)   94   76   (904)   77
    Income tax effects of adjusting items   (25)   (1)   (29)   (4)
        7,363   6,182   15,094   10,099
    Income attributable to Preferred Shareholders (3)   (3,609)   (3,067)   (7,302)   (5,126)
    Adjusted net income   3,754   3,115   7,792   4,973
    Adjusted net income attributable to common shareholders   3,673   3,113   7,655   4,957
    Adjusted net income attributable to non-controlling interest   81   2   137   16
    Diluted adjusted earnings per Common Share $ 0.08 $ 0.06 $ 0.16 $ 0.10
    (1) The Preferred Share liability is revalued at the end of each reporting period to reflect our most recent outlook and forecast. Refer to the Preferred Shares section of the accompanying MD&A.
    (2) Other expense (income) for the three and nine months ended September 30, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A) and costs associated with the Proposed Acquisition. Other expense (income) for the three and nine months ended September 30, 2023 relates to a loss on the disposal of intangible assets.
    (3) Adjusted net income attributable to the Preferred Shareholders is determined based on adjusted net income of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).
       

    Forward-Looking Information
    Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “estimate,” “will,” “expect,” “plan,” or similar words suggesting future outcomes or outlooks. Forward-looking information in this document includes, but is not limited to, our anticipation of further interest rate reductions.

    Such forward-looking information is based on many estimates and assumptions, including material estimates and assumptions, related to the following factors below that, while considered reasonable by the Corporation as at the date of this press release considering management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to:

    • Changes in interest rates;
    • The DLC Group’s ability to maintain its existing number of franchisees and add additional franchisees;
    • Changes in overall demand for Canadian real estate (via factors such as immigration);
    • Changes in overall supply for Canadian real estate (via factors such as new housing-start levels);
    • At what period in time the Canadian real estate market stabilizes;
    • Changes in Canadian mortgage lending and mortgage brokerage laws and regulations;
    • Changes in the Canadian mortgage lending marketplace;
    • Changes in the fees paid for mortgage brokerage services in Canada; and
    • Demand for the Corporation’s products remaining consistent with historical demand.

    Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this document are qualified by these cautionary statements. The foregoing list of risks is not exhaustive. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities laws, we undertake no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise.

    About Dominion Lending Centres Inc.
    Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,500 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

    DLCG can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca. 

    Contact information for the Corporation is as follows:

    Eddy Cocciollo
    President
    647-403-7320
    eddy@dlc.ca     		 James Bell
    EVP, Corporate and Chief Legal Officer
    403-560-0821
    jbell@dlcg.ca
       

    NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    The MIL Network –

  • MIL-OSI: FLINT Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX: FLNT) today announced its results for the three and nine months ended September 30, 2024. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted.

    “EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.

    “In the third quarter, we reached record levels of activity with $211.6 million in revenue and successfully executed 13 turnarounds. Adjusted EBITDAS rose by 24.4% year over year. Our dedication to client-centric service and on-time, on-budget contract execution will continue to drive our growth” said Barry Card, Chief Executive Officer.

    “We successfully onboarded over 850 new employees in the third quarter, reaching a workforce high of 4,450 in September. Over 2 million exposure hours were worked throughout the quarter without a single recordable incident, showcasing our commitment to safety as it is an integral part of how we deliver services to our clients daily,” added Mr. Card.

    THIRD QUARTER HIGHLIGHTS

    • Revenue for the three months ended September 30, 2024 was $211.6 million, representing an increase of $24.6 million or 13.1% from the same period in 2023 and an increase of $46.7 million or 28.3% from the second quarter of 2024.
    • Gross profit for the three months ended September 30, 2024 was $23.8 million, representing an increase of $4.0 million or 20.3% from the same period in 2023 and an increase of $5.8 million or 32.1% from the second quarter of 2024.
    • Gross profit margin for the three months ended September 30, 2024 was 11.2%, as compared to 10.6% in the same period in 2023 and 10.9% in the second quarter of 2024.
    • Adjusted EBITDAS for the three months ended September 30, 2024 was $13.4 million, representing an increase of $2.6 million or 24.4% from the same period in 2023 and an increase of $5.1 million or 61.7% from the second quarter of 2024.
    • Adjusted EBITDAS margin was 6.3% for the three months ended September 30, 2024 representing an increase of 0.5% from the same period in 2023 and an increase of 1.3% from the second quarter of 2024.
    • Selling, general and administrative (“SG&A”) expenses for the three months ended September 30, 2024 were $10.9 million, representing an increase of $1.9 million or 20.9% from the same period in 2023 and an increase of $0.8 million or 7.4% from the second quarter of 2024. As a percentage of revenue, SG&A expenses for the three months ended September 30, 2024 was 5.2%, as compared to 4.8% in the same period in 2023 and 6.2% in the second quarter of 2024.
    • Liquidity, including cash and available credit facilities, was $48.6 million at September 30, 2024, as compared to $34.4 million at September 30, 2023.
    • New contract awards and renewals totaled approximately $67.4 million for the three months ended September 30, 2024 and $18.3 million for the month of October. Approximately 85% of the work is expected to be completed in 2024.

    THIRD QUARTER FINANCIAL RESULTS

    ($ thousands, except per share amounts) Three months ended September 30, Nine months ended September 30,
    2024 2023 % Change 2024 2023 % Change
                 
    Revenue ($) 211,594 187,017 13.1 522,779 506,063 3.3
                 
    Gross Profit ($) 23,757 19,740 20.3 54,745 50,368 8.7
    Gross Profit Margin (%) 11.2 10.6 0.6 10.5 10.0 0.5
                 
    Adjusted EBITDAS(1) 13,433 10,796 24.4 24,926 24,134 3.3
    Adjusted EBITDAS Margin (%) 6.3 5.8 0.5 4.8 4.8 —
                 
    SG&A ($) 10,934 9,045 20.9 31,171 26,785 16.4
    SG&A Margin (%) 5.2 4.8 0.4 6.0 5.3 0.7
                 
    Net income (loss) from continuing operations ($) 5,305 2,789 90.2 (69) (12,639) (99.5)
    Net income (loss) ($) 5,233 2,786 87.8 (385) (12,646) (97.0)
                 
    Basic and Diluted:            
    Net income (loss) per share from continuing operations ($) 0.05 0.03 66.7 — (0.11) (100.0)
    Net income (loss) per share ($) 0.05 0.03 66.7 — (0.11) (100.0)
                 

    (1) EBITDAS and Adjusted EBITDAS are not standard measures under IFRS and they are defined in the section “Advisory regarding Non-GAAP Financial Measures”

    Revenue for the three and nine months ended September 30, 2024 was $211,594 and $522,779 compared to $187,017 and $506,063 for the same periods in 2023, representing an increase of 13.1% and 3.3%. The increase in revenue was primarily due to the 13 turnarounds that were performed in the third quarter this year, compared to 6 turnarounds that were performed in the same period of 2023.

    Gross profit for the three and nine months ended September 30, 2024 was $23,757 and $54,745 compared to $19,740 and $50,368 for the same periods in 2023, representing an increase of 20.3% and 8.7%. Gross profit margin for three and nine months ended September 30, 2024 was 11.2% and 10.5%, compared to 10.6% and 10.0% to for the same periods in 2023. The increase in gross profit margin was primarily due to the mix of work compared to the same period of 2023.

    SG&A expenses for the three and nine months ended September 30, 2024 were $10,934 and $31,171, in comparison to $9,045 and $26,785 for the same periods in 2023, representing an increase of 20.9% and 16.4%. As a percentage of revenue, SG&A expenses for the three and nine months ended September 30, 2024 were 5.2% and 6.0% compared to 4.8% and 5.3% for the same periods in 2023. The increase in SG&A expenses, both on an absolute basis and as a percentage of revenue, is primarily due to higher personnel costs to support the Company’s organic growth strategy and increased professional fees to assist in the ongoing continuous improvements in the business post the implementation of the Company’s enterprise resource planning system.

    For the three and nine months ended September 30, 2024, Adjusted EBITDAS was $13,433 and $24,926 compared to $10,796 and $24,134 for the same periods in 2023. As a percentage of revenue, Adjusted EBITDAS was 6.3% and 4.8% for the three and nine months ended September 30, 2024 compared to 5.8% and 4.8% for the same periods in 2023.

    Income from continuing operations for the three months ended September 30, 2024 was $5,305 compared to $2,789 for the same period in 2023. The income variance was primarily driven by the increase in turnaround activity partially offset by higher SG&A expenses. Loss from continuing operations for the nine months ended September 30, 2024 was $69 compared to $12,639 for the same period in 2023. The loss variance was driven by the impairment of intangible assets, goodwill and PP&E recognized in the second quarter of 2023.

    LIQUIDITY AND CAPITAL RESOURCES

    FLINT has an asset-based revolving credit facility (the “ABL Facility”) providing for maximum borrowings of up to $50.0 million with a Canadian chartered bank. The amount available under the ABL Facility will vary from time to time based on the borrowing base determined with reference to the accounts receivable of FLINT and certain of its subsidiaries. The maturity date of the ABL Facility is April 14, 2027.

    The Company anticipates that its liquidity (cash on hand and available credit facilities) and cash flow from operations will be sufficient to meet its short-term contractual obligations. To maintain compliance with its financial covenants through September 30, 2025, the Company has the ability to pay interest on the Senior Secured Debentures in kind, which requires approval by the holder of the Senior Secured Debentures at its sole discretion

    As at September 30, 2024, the issued and outstanding share capital included 110,001,239 Common Shares, 127,732 Series 1 Preferred Shares, and 40,111 Series 2 Preferred Shares.

    The Series 1 Preferred Shares (having an aggregate value of $127.732 million) are convertible at the option of the holder into Common Shares at a price of $0.35/share and the Series 2 Preferred Shares (having an aggregate value of $40.111 million) are convertible into Common Shares at a price of $0.10/share.

    The Series 1 and Series 2 Preferred Shares have a 10% fixed cumulative preferential cash dividend payable when the Company has sufficient monies to be able to do so, including under the provisions of applicable law and contracts affecting the Company. The Board of Directors of the Company does not intend to declare or pay any cash dividends until the Company’s balance sheet and liquidity position supports the payment. As at September 30, 2024, the accrued and unpaid dividends on the Series 1 and Series 2 shares totaled $106.0 million. Any accrued and unpaid dividends are convertible in certain circumstances at the option of the holder into additional Series 1 and Series 2 Preferred Shares.

    On June 30, 2024, Canso, in its capacity as portfolio manager for and on behalf of certain accounts that it manages and sole holder of the Senior Secured Debentures, agreed to accept the issuance of Senior Secured Debentures on June 30, 2024 with a principal amount of $5,205 in order to satisfy the interest that would otherwise become due and payable on such date.

    ADDITIONAL INFORMATION

    Our unaudited condensed interim financial statements for the three and nine months ended September 30, 2024 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at www.flintcorp.com and will be available shortly through SEDAR at www.sedarplus.ca.

    About FLINT Corp.

    With a legacy of excellence and experience stretching back more than 100 years, FLINT provides solutions for the Energy and Industrial markets including: Oil & Gas (upstream, midstream and downstream), Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that help our customers bring their resources to our world. For more information about FLINT, please visit www.flintcorp.com or contact:

    Barry Card Jennifer Stubbs
    Chief Executive Officer Chief Financial Officer
    FLINT Corp. FLINT Corp.
    (587) 318-0997  
    investorrelations@flintcorp.com  
       

    Advisory regarding Forward-Looking Information

    Certain information included in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specifically, this press release contains forward-looking information relating to: our business plans, strategies and objectives; the sufficiency of our liquidity and cash flow from operations to meet our short-term contractual obligations and maintain compliance with our financial covenants through to September 30, 2025; the payment of interest owing on the Senior Secured Debentures in kind; the Company’s approach to dividends; our view that dedication to client-centric service and on-time, on-budget contract execution will continue to drive our growth; and the amount of work that is expected to be completed in 2024.

    Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure needs, availability of labour, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory change, weather and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties about FLINT’s business are more fully discussed in FLINT’s disclosure materials, including its annual information form and management’s discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available on SEDAR+ at www.sedarplus.ca. In formulating the forward-looking information, management has assumed that business and economic conditions affecting FLINT will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of FLINT consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.

    This forward-looking information is made as of the date of this press release, and FLINT does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

    Advisory regarding Non-GAAP Financial Measures

    The terms ‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively, the ‘‘Non-GAAP Financial Measures’’) are financial measures used in this press release that are not standard measures under IFRS. FLINT’s method of calculating the Non-GAAP Financial Measures may differ from the methods used by other issuers. Therefore, the Non-GAAP Financial Measures, as presented, may not be comparable to similar measures presented by other issuers.

    EBITDAS refers to income (loss) from continuing operations in accordance with IFRS, before depreciation and amortization, interest expense, income tax expense (recovery) and long-term incentive plan expenses. EBITDAS is used by management and the directors of FLINT as well as many investors to determine the ability of an issuer to generate cash from operations. Management believes that in addition to income (loss) from continuing operations and cash provided by operating activities, EBITDAS is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures and income taxes. FLINT has provided a reconciliation of income (loss) from continuing operations to EBITDAS below.

    Adjusted EBITDAS refers to EBITDAS excluding impairment of assets, restructuring expense, gain on sale of property, plant and equipment, other income and one time incurred expenses. FLINT has used Adjusted EBITDAS as the basis for the analysis of its past operating financial performance. Adjusted EBITDAS is a measure that management believes (i) is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures, and income taxes, and (ii) facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors. FLINT has provided a reconciliation of income (loss) from continuing operations to Adjusted EBITDAS below.

    Investors are cautioned that the Non-GAAP Financial Measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-GAAP Financial Measures should only be used with reference to FLINT’s consolidated interim and annual financial statements, which are available on SEDAR+ at www.sedarplus.ca or on FLINT’s website at www.flintcorp.com.

    (In thousands of Canadian dollars) Three months ended September 30, Nine months ended September 30,
    2024 2023 2024 2023
             
    Income (loss) from continuing operations 5,305 2,789 (69) (12,639)
    Add:        
    Amortization of intangible assets 66 70 201 332
    Depreciation expense 2,671 2,434 8,003 7,610
    Long-term incentive plan expense 850 625 2,225 2,670
    Interest expense 4,718 4,670 14,033 13,680
    EBITDAS 13,610 10,588 24,393 11,653
    Add (deduct):        
    Gain on sale of property, plant and equipment (810) (133) (1,253) (323)
    Impairment of goodwill and intangible assets — — — 7,289
    Impairment of property, plant and equipment — — — 4,173
    Restructuring expenses 334 327 1,310 1,105
    Other income (47) (32) (468) (142)
    One-time incurred expenses 346 46 944 379
    Adjusted EBITDAS 13,433 10,796 24,926 24,134

    The MIL Network –

  • MIL-OSI: AGF Reports October 2024 Assets Under Management and Fee-Earning Assets

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) — AGF Management Limited reported total assets under management (AUM) and fee-earning assets1 of $51.5 billion as at October 31, 2024.

    AUM
    ($ billions)    		 October 31, 
    2024     		 September 30, 
    2024     		 % Change 
    Month-Over-Month     		 October 31, 
    2023     		 % Change 
    Year-Over- 
    Year  
    Total Mutual Fund $29.2  $28.7    $23.2   
    Exchange-traded funds
    + Separately managed
    accounts    		 $2.5  $2.4    $1.5   
    Segregated accounts
    and Sub-advisory    		 $6.6  $6.6    $6.5   
    AGF Private Wealth $8.3  $8.3    $7.0   
    Subtotal
    (before AGF Capital
    Partners AUM and fee-
    earning assets    1)    		 $46.6  $46.0    $38.2   
    AGF Capital Partners $2.8  $2.8    $0.1   
    Total AUM $49.4  $48.8  1.2 % $38.3  29.0 %
    AGF Capital Partners
    fee-earning assets1    		 $2.1  $2.1    $2.0   
    Total AUM and fee-
    earning assets    1    		 $51.5  $50.9  1.2 % $40.3  27.8 %
               
    Average Daily Mutual
    Fund AUM    		 $29.2  $28.2    $23.3   

    1 Fee-earning assets represent assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    Mutual Fund AUM by Category

    ($ billions)

    		 October 31, 
    2024     		 September 30, 
    2024     		 October 31, 
    2023 
    Domestic Equity Funds $4.4  $4.4  $3.7 
    U.S. and International Equity Funds $17.8  $17.3  $12.9 
    Domestic Balanced Funds $0.1  $0.1  $0.1 
    U.S. and International Balanced Funds $1.6  $1.6  $1.6 
    Domestic Fixed Income Funds $1.8  $1.8  $1.5 
    U.S. and International Fixed Income
    Funds    		 $3.2  $3.2  $3.1 
    Domestic Money Market $0.3  $0.3  $0.3 
    Total Mutual Fund AUM $29.2  $28.7  $23.2 
    AGF Capital Partners AUM and fee-
    earning assets

    ($ billions)

    		 October 31, 
    2024     		 September 30, 
    2024     		 October 31, 
    2023 
    AGF Capital Partners AUM $2.8  $2.8  $0.1 
    AGF Capital Partners fee-earning
    assets    		 $2.1  $2.1  $2.0 
    Total AGF Capital Partners AUM and
    fee-earning assets    		 $4.9  $4.9  $2.1 


    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $51 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Ken Tsang
    Chief Financial Officer
    416-865-4338, InvestorRelations@agf.com

    The MIL Network –

  • MIL-OSI Global: No, America’s battery plant boom isn’t going bust – construction is on track for the biggest factories, with thousands of jobs planned

    Source: The Conversation – USA – By James Morton Turner, Professor of Environmental Studies, Wellesley College

    Workers install battery packs in a BMW X5 in South Carolina. A new battery plant under construction nearby will supply BMW factories. BMW

    The United States is in the midst of the biggest boom in clean energy manufacturing investments in history, spurred by laws like the bipartisan Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

    These laws have leveraged billions of dollars in government support to drive private sector investments in clean energy supply chains across the country.

    For several years, one of us, Jay Turner, and his students at Wellesley College have been tracking clean energy investments in the U.S. and sharing the data at The Big Green Machine website. That research shows that companies have announced 225 projects, totaling US$127 billion in investment, and more than 131,000 new jobs since the Inflation Reduction Act became law in 2022.

    You may have seen news stories that said these projects are at risk of failure or significant delays. In August 2024, the Financial Times reported that 40% of more than 100 projects it evaluated were delayed. These included battery manufacturing, renewable energy projects and metals and hydrogen projects, as well as semiconductor manufacturing plants. More recently, The Information, which covers the technology industry, warned that 1 in 4 companies were walking away from government-supported grants for battery investments.

    Workers assemble battery packs for electric vehicles in Spartanburg, S.C. New battery plants in the state will help move the supply chain closer to U.S. EV factories.
    BMW

    We checked up on all 23 battery cell factories announced or expanded since the Inflation Reduction Act was signed – almost all of them gigafactories, which are designed to produce over 1 gigawatt-hour of battery cell capacity. These factories have some of the largest employment potential of any project supported by the act.

    We wanted to find out if the boom in U.S.-based clean energy manufacturing is about to go bust. What we have learned is mostly reassuring.

    The biggest battery factories are on track

    While the exact investment totals are challenging to pin down, our research shows that planned capital expenditures add up to $52 billion, which would support 490 gigawatt-hours of battery manufacturing capacity per year – enough to put roughly 5 million new electric vehicles on the road.

    While not all 23 companies have announced their hiring plans, these facilities are expected to support nearly 30,000 new jobs, with projects mostly in the U.S. Southeast, Midwest and Southwest.

    We wanted to know if these projects are on track or experiencing delays or problems.

    To do that, we first reached out to local and state economic development agencies. In many instances, local and state tax incentives are supporting these projects. Where possible, we sought to confirm the project’s status through public data or formal announcements. In other instances, we looked for news stories to see if there is evidence of construction or hiring.

    Of the 23 projects, our research shows that 13 appear to be on track, with total planned capital investments in excess of $40 billion and nearly 352 gigawatt-hours per year of capacity. Importantly, these include most of the biggest projects with the largest investments and projected production.

    By our count, 77% of the total planned capital investment, 79% of the proposed jobs and 72% of the planned battery production are on track, which means that a project is likely to happen, roughly on time, and generally with their expected level of investment and employment.

    Three projects are on the bubble. These have shown progress but experienced delays in construction or financing.

    Five others show deeper signs of distress. We don’t yet have enough information to draw a conclusion on two projects.

    An example of a project that is on track is Envision AESC’s battery factory in Florence, South Carolina. Its scale has been expanded twice since it was first announced in December 2022. It is now a $3 billion investment intended to manufacture 30 gigawatt-hours of batteries annually to supply BMW’s factory in Woodruff, South Carolina.

    In early October 2024, South Carolina Secretary of Commerce Harry Lightsey conducted a tour of the Envision site and posted a video. Construction on the plant started in February 2024, and 850 workers are working six days a week to finish the 1.4 million-square-foot facility by August 2025. Once it goes into full production, the project is expected to employ 2,700 people.

    2024 election could end or accelerate the boom

    But a lot hinges on what happens in the upcoming elections.

    Our data suggests the real risk that these projects and projects like them face isn’t slow demand for electric vehicles, as some people have suggested – in fact, demand continues to climb. Nor is it local opposition, which has slowed only a few projects.

    The biggest risk is policy change. Many of these projects are counting on Advanced Manufacturing Tax Credits authorized by the Inflation Reduction Act through 2032.

    On the campaign trail, Republicans up and down the ticket are promising to repeal key Biden-led legislation, including the Inflation Reduction Act, which includes grant funding and loans to support clean energy as well as tax incentives to support domestic manufacturing.

    While full repeal of the act may be unlikely, an administration hostile to clean energy could divert its unspent funds to other purposes, slow the pace of grants or loans by slow-walking project approvals, or find other ways to make the tax incentives harder to get. While our research has focused on the battery industry, this concern extends to investments in wind and solar power too.

    So, is the big boom in U.S.-based clean energy manufacturing about to go bust? Our data is optimistic, but the politics is uncertain.

    Joshua Busby receives funding from the U.S. Department of Defense. He is affiliated with the Center for Climate and Security and the Chicago Council on Global Affairs.

    James Morton Turner and Nathan Jensen do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. No, America’s battery plant boom isn’t going bust – construction is on track for the biggest factories, with thousands of jobs planned – https://theconversation.com/no-americas-battery-plant-boom-isnt-going-bust-construction-is-on-track-for-the-biggest-factories-with-thousands-of-jobs-planned-242567

    MIL OSI – Global Reports –

  • MIL-OSI Australia: $8 million mobile coverage boost for regional Victoria

    Source: Australian Ministers 1

    The Albanese Government has announced $8 million in funding to deliver better mobile coverage along highways and major roads for people who live, work and holiday in regional Victoria.
     
    The funding – set to be delivered as part of the Albanese Government’s $50 million Regional Roads Australia Mobile Program (RRAMP) – is supporting pilot programs across Australia.
     
    In Victoria, the pilot projects cover parts of the Great Alpine Road, Great Ocean Road and Monaro Highway, with a focus on boosting resilience and connectivity during emergencies and natural disasters.
     
    The Albanese Government is providing $8 million with the Victorian Government to design and deliver the pilot through a competitive grants program.
     
    Once delivered, the pilot programs will improve road safety, strengthen economic growth, improve social connectivity, and support regional development – including throughout Victoria.
     
    Outcomes from the RRAMP will inform the design of a national program to be announced in 2025.

    Applications for the Victorian pilot programs are planned to open in 2025.
     
    Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:
     
    “The Albanese Government is narrowing the digital divide in rural and regional Australia.
     
    “This important pilot program is just another way we’re delivering significant connectivity and safety improvements for communities across Victoria, and nationally, as the remainder of the program is rolled out.
     
    “The RRAMP pilot programs are being delivered under the Albanese Government’s $1.1 billion Better Connectivity Plan for Regional and Rural Australia, which is funding initiatives to improve connectivity for regional and rural communities right across the country.”
     
    Quotes attributable to Libby Coker MP, Federal Member for Corangamite:
     
    “The Albanese Government understands access to mobile coverage across the electorate of Corangamite is essential.

    “Boosting coverage along the Great Ocean Road will empower locals and visitors to stay safe and connected.

    “This program compliments communication upgrades across Corangamite, demonstrating Labor’s commitment to regional connectivity and development.” 
     
    Quote attributable to Victorian Minister for Government Services, Gabrielle Williams: 
     
    “The Allan Labor Government is delivering more than 1,200 mobile projects and 150 broadband projects across the state, ensuring Victorians can connect with loved ones, the community and essential services – especially during emergencies.

    “This new pilot program will deliver fast, reliable mobile services in regional Victoria – improving connectivity for communities, tourists and businesses.”
     

    MIL OSI News –

  • MIL-OSI USA: Savencia Cheese USA Announces an Expanded Voluntary Recall of Select Soft Ripened Cheeses

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Food & Beverages
    Reason for Announcement:

    Recall Reason Description

    Potential Foodborne Illness – Listeria monocytogens

    Company Name:
    Savencia Cheese USA
    Brand Name:

    Brand Name(s)

    Aldi, La Bonne Vie and others

    Product Description:

    Product Description

    Soft ripened cheeses

    Company Announcement

    NEW HOLLAND, Pa. (Nov. 4, 2024) – Savencia Cheese USA is recalling select soft ripened cheeses manufactured in our Lena manufacturing facility because it has the potential to be contaminated with Listeria monocytogenes, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women.

    The following products are affected by this recall:

    Description Best Buy Date Case GTIN Product UPC Mfg Date
    Aldi Emporium Selection Brie, 12/8oz Brie 12/24/2024   4099100084016 9/30/2024
    Supreme Oval 7oz, 6/7oz 12/24/2024 10071448504211 071448504214 9/30/2024
    La Bonne Vie Brie, 6/8oz 12/24/2024 10820581678538   9/30/2024
    La Bonne Vie Camember, 6/8oz 12/24/2024 10820581678613   9/30/2024
    12/8oz Industrial Brie 12/24/2024 10077901005226 077901005229 9/30/2024
    Market Basket Brie 6/8oz 12/24/2024 10049705666309 049705666302 9/30/2024
    Glenview Farms Spreadable Brie, 2/3lb 1/13/2025 50758108712312   10/15/2024

    The only products being recalled are those in the table above. You can identify these products by reviewing the UPC and the best buy date on the product labels. These products had limited regional distribution in the United States. The few retailers that received the product have been informed of this possible contamination and are in the process of removing products from shelves. Consumers that have any of the recalled products listed in the table above should refrain from consuming them and return them to their place of purchase for a full refund.

    At this time, there have been no confirmed reports of adverse health events due to consumption of these products.

    Through routine testing, it was identified that processing equipment at the site may have been contaminated with Listeria monocytogenes. While finished product testing has not identified contaminated product, we have initiated a voluntary recall to retrieve the potentially affected product.

    This voluntary recall is being conducted in coordination with the U.S. Food and Drug Administration.

    Consumers with questions regarding the recall can contact Consumer Relations at (800)-322-2743 or email sc.customer.service@savencia.com.

    *UPC was stated incorrectly in original release. Updated to reflect correct UPC.

    Media Contact:
    Kriston Ohm
    kriston.ohm@savencia.com

    Labels for Identification Purposes:

    Product Name UPC -A UPC – B Label
    Aldi Emporium Selection Brie, 12/8oz Brie 4099100084016   See image below
    La Bonne Vie Brie, 6/8oz     See image below
    La Bonne Vie Camembert, 6/8oz     See image below
    12/8oz Industrial Brie   077901005229 See image below
    Market Basket Brie 6/8oz 004970566630 049705666302 See image below
    Supreme Oval 7oz, 6/7oz 007144850421 071448504214 See image below
    Glenview Farms Spreadable Brie, 2/3lb 50758108712312   See image below

    Initial Press

    Company Contact Information

    Product Photos

    MIL OSI USA News –

  • MIL-OSI Security: Domestic Violence Offender Indicted For Illegally Trying To Buy Firearms

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Jacksonville, FL – United States Attorney Roger B. Handberg announces the return of an indictment charging Vance Perry (67, Palatka) with making a false statement to a federally licensed firearms dealer during the attempted purchase of a firearm on two separate occasions. If convicted, Perry faces up to five years in federal prison. 

    According to the indictment, on February 18, 2023, Perry completed an ATF Form 4473 during the attempted purchase of a firearm from a federally licensed firearms dealer. On March 25, 2024, Perry tried to buy a different gun from another federally licensed firearms dealer. Perry indicated on the required paperwork that he was not convicted of a domestic violence offense. The indictment alleges that this was a false statement, and that Perry was previously convicted of domestic battery on December 28, 2021.

    An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This is another case uncovered through the FBI’s National Instant Criminal Background Check System (NICS). All NICS denials are reported to federal law enforcement and are reviewed daily for potential criminal prosecution. Federal law makes it a felony offense to make a false statement to a firearms dealer when trying to buy a gun.   

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives. It is being prosecuted by Assistant United States Attorney Frank Talbot. 

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI Canada: Government launches consultations on National Bank’s proposed acquisition of Canadian Western Bank

    Source: Government of Canada News (2)

    Today, the Department of Finance is launching consultations to help inform the Minister of Finance’s decision regarding National Bank of Canada’s proposed acquisition of Canadian Western Bank, which was first announced on June 11, 2024.

    November 5, 2024 – Ottawa, Ontario – Department of Finance Canada

    Today, the Department of Finance is launching consultations to help inform the Minister of Finance’s decision regarding National Bank of Canada’s proposed acquisition of Canadian Western Bank, which was first announced on June 11, 2024.

    As stipulated in the Bank Act, all acquisitions and amalgamations in Canada’s banking sector are subject to the approval of the Minister of Finance, who must take into account all matters she considers relevant. These may include:

    • The rights and interests of consumers, business customers, and employees;
    • The impact of the transaction on the level of competition in the sector;
    • The consequences of the stability and integrity of the financial sector and public confidence in it;
    • Whether the acquisition is in the best interests of the financial system; and,
    • Whether the acquisition is in the best interests of those living in an affected region.

    The proposed acquisition would require an additional approval from the Minister of Finance to recategorize Canadian Western Bank and exempt it from the requirement that its shares be widely held. In addition to the regulatory review by the Office of the Superintendent of Financial Institutions and by the Competition Bureau, which concluded in September 2024, comments received during this consultation process will help inform the Minister of Finance’s decision, and can be submitted to transactions@fin.gc.ca by November 19, 2024, with “NBC/CWB” in the subject line.

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Base Woodbourne resolution with Kurahaupō Iwi

    Source: New Zealand Government

    The Government and three Kurahaupō Iwi have signed a $25.2million agreement to resolve the post-Treaty settlement issue of contaminated land at RNZAF Base Woodbourne. 

    Ngāti Apa ki te Rā Tō Trust, Rangitāne o Wairau Settlement Trust, and Te Rūnanga o Ngāti Kuia each received $8.4 million after contaminated soil at Base Woodbourne near Blenheim prevented the three Iwi from purchasing a substantial part of the site as originally intended in their Treaty settlement redress.

    The NZDF as the landholding agency and Te Arawhiti, as the responsible agency to ensure the durability of Treaty settlements, worked together to resolve the issue and an agreement was signed with Iwi on 14 October 2024.

    Māori Crown Relations Minister Tama Potaka praised the three Iwi for their ongoing commitment to resolving the issue.

    “I know this mahi has presented everyone involved with challenges, and I particularly want to acknowledge and thank the Iwi for their resolution to move forward.

    “Upholding Treaty settlement commitments is a priority for this government. In this case, the negotiated settlement redress could not be delivered as intended and it was incumbent on us to work with Iwi to find a mutually agreeable solution.”

    Contamination from per- and poly-fluoroalkyl substances (PFAS) contained in firefighting foams, was found in the soil at Woodbourne as part of the Crown’s ‘due diligence’ phase of engagement between the Iwi and the New Zealand Defence Force in 2019.

    PFAS can accumulate in the human body and does not break down in the environment, posing potential health and environmental risks.

    “The $25.2m confirmed in Budget 2024 compensates the Iwi for being unable to purchase the remainder of the site due to the extent of the contamination, which includes the operational land and housing block as intended,” Mr Potaka says.

    “National has a proud history of delivering settlements with Iwi and we will continue to build on that legacy.”

    Kua ea te take e pā ana ki te whenua o Base Woodbourne ki te taha o ngā iwi o Kurahaupō

    Kua hainatia e te Kāwanatanga me ngā iwi e toru o te waka o Kurahaupō tētahi whakaaetanga e $25.2 miriona te nui o te pūtea, hei whakaea i tētahi take e pā ana ki ngā matū kino kei te whenua o RNZAF Base Woodbourne.

    E $8.4 miriona te nui o te pūtea i whakawhiwhia ki ia iwi, arā, ki a Ngāti Apa ki te Rā Tō Trust, ki a Rangitāne o Wairau Settlement Trust, ki Te Rūnanga o Ngāti Kuia hoki i te mea kāore rātou i āhei ki te hoko i tētahi wāhi nui o ngā whenua i tāpuia mā ngā iwi e toru nei i raro i tō rātou whakataunga Tiriti nā te whakakinotanga o te one ki Base Woodbourne e pātata ana ki Te Waiharakeke.

    I mahitahi Te Ope Kātua o Aotearoa i raro i tōna tūranga hei kaipupuri whenua me Te Arawhiti hei kaiwhakapūmau o ngā whakataunga Tiriti ki te whakatutuki i te kaupapa, ā, ka hainatia tētahi whakaaetanga ki te taha o ngā iwi i te 14 o Oketopa i te tau 2024.

    Ka mihia ngā iwi e toru e te Minita o Te Arawhiti, e Tama Potaka i tō rātou manawanui ki te whakatutuki i tēnei take.

    “Kei te mōhio au ki ngā uauatanga i tau atu ki runga i ngā tāngata katoa i whai wāhi mai ki tēnei mahi, ā, kei te mihi atu au ki ngā iwi i tō rātou whakaae ki te ahu whakamua.

    “Ko te whakamanatanga o ngā whakataunga Tiriti tētahi o ngā whāinga matua a tēnei kāwanatanga. Kāore mātou i āhei ki te hoatu i te paremata i whiriwhiringia i roto i te whakataunga, nō reira nō mātou anō te haepapa ki te mahi ngātahi ki ngā iwi ki te kimi i tētahi whakautu e pai ana ki ngā rōpū e rua.”

    I kitea ngā paitini nā ngā matū kino o te pāhuka patu ahi, e kīia ana ko te PFAS, ki roto i te one ki Woodbourne i te Karauna e takatū ana mō ngā whakawhitinga kōrero i waenga i ngā iwi me Te Ope Kātua o Aotearoa i te tau 2019.

    Ka noho tonu te PFAS ki roto i te tinana, ā, e kore hoki e popo i te au tūroa, nā reira he matū mōrearea rawa tēnei ki te tangata me te taiao.

    “I tohua te $25.2m i te Tahua Pūtea o te tau 2024 hei utu paremata ki te iwi i te mea kāore rātou i āhei ki te hoko i te toenga o te whenua nā te nui o ngā matū kino ki reira, arā, e kapi katoa ana tērā i te whenua e whakamahia ana e Te Ope Kātua me tētahi huinga whare i tāpaea i mua,” te kī a Mr Potaka.

    “E tū whakahīhī ana a Nāhinara i te whakatutukinga o te huhua o ngā whakataunga ki te taha o ngā iwi i roto i ngā tau, ā, ka haere tonu tērā mahi.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: City seeks community feedback on Immunisation Services

    Source: State of Victoria Local Government 2

    The City of Greater Bendigo is undertaking a review of its Immunisation Services to ensure the service is meeting the needs of the community.

    Residents can have input into the review by completing a short online survey on the City’s community engagement website Let’s Talk Greater Bendigo by Wednesday December 4, 2024.

    City of Greater Bendigo Acting Manager Community and Environmental Health, Sue Harrison said in the last financial year the City provided a total of 10,504 immunisations at community sessions (6,725), school sessions (3,333) and 446 influenza vaccinations for City staff.

    “The City’s free immunisation services are accessed by a large number of people and by undertaking a review we want to find out residents experiences and satisfaction with the current service,” said Ms Harrison.

    “This is an important project because we want to gain an understanding of the challenges and barriers residents may face when accessing the service and identify what’s working well and the areas where improvements could be made,

    “The information provided by residents through the survey will help us to determine how often, and where, public immunisation clinics are held, if we need to provide better access to the clinics and if services are being delivered in the best possible way.

    “The review is about building community trust and knowledge and we really want to hear the thoughts of residents about the services they use so we can ensure they can access the services they want and need.”

    The survey opens on Wednesday November 6 and will close on Wednesday December 4, 2024.

    MIL OSI News –

  • MIL-OSI Canada: Canada and African Union Commission to host High-Level and Trade Policy dialogues

    Source: Government of Canada News

    The Honourable Mélanie Joly, Minister of Foreign Affairs, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, and the Honourable Ahmed Hussen, Minister of International Development, will meet African Union Commission (AUC) leadership for the second annual Canada-AUC High-Level Dialogue on November 7, 2024. On November 6, Minister Ng will attend a high-level event at the Canada-AUC Trade Policy Dialogue. The events will take place in Toronto, Ontario.

    November 5, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Honourable Mélanie Joly, Minister of Foreign Affairs, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, and the Honourable Ahmed Hussen, Minister of International Development, will meet African Union Commission (AUC) leadership for the second annual Canada-AUC High-Level Dialogue on November 7, 2024. On November 6, Minister Ng will attend a high-level event at the Canada-AUC Trade Policy Dialogue. The events will take place in Toronto, Ontario.

    During the High-Level Dialogue events, the ministers will reaffirm Canada’s commitment to deepening its engagement across the African continent. They will meet with representatives of the AUC and the African Union (AU), senior officials, stakeholders from civil society and diasporas and youths to strengthen ties and create opportunities across the African continent. They will also discuss shared priorities, such as promoting peace and security, democracy and human rights, trade diversification and gender equality and tackling food security.

    On November 7, Minister Joly will participate in meetings to discuss how Canada and the AUC can work together within multilateral institutions on shared objectives. She will also highlight Canada’s desire to build further upon the 70 years of its relations with African countries as a reliable and trusted partner in advancing shared priorities and fostering mutual prosperity with African countries. She will also underscore the important role of Canada’s Ambassador for Women, Peace and Security in supporting and fostering the role of young women in civil society.

    Minister Ng will co-chair an economic cooperation session with Albert Muchanga, the AUC’s Commissioner for Trade and Industry, to advance Canada-AUC trade policy collaboration and promote 2-way trade and investment diversification. She will take the opportunity to strengthen cooperation between Canada and Africa and chart a path forward to shared economic prosperity and resilience. Minister Ng will also explore ways to expand and diversify Canada-Africa trade and investment partnerships that will benefit businesses, economies and people in Canada and Africa.

    Minister Hussen will emphasize Canada’s commitment to fostering development partnerships, grounded in its Feminist International Assistance Policy, that benefit both Canada and Africa. He will lead discussions with AUC representatives that focus on Canada and Africa working closely together on trade, gender equality and skills development for youth. Minister Hussen will also underscore Canada’s collaborative approach to maternal health, child nutrition, climate resilience and sustainable agriculture, reinforcing Canada’s dedication to supporting resilient African communities and inclusive economic growth across the continent.

    Throughout the High-Level Dialogue, the 3 ministers will leverage the talented and energetic African youth population, which is playing an important leadership role across the continent.

    The long-standing relationship between Canada and the AUC will be -enhanced with the signing of a memorandum of understanding. A solid partnership between Canada and Africa is fundamental to advancing shared priorities and fostering the mutual prosperity of Canadians and Africans alike.

    MIL OSI Canada News –

  • MIL-OSI Canada: Minister Champagne participating in armchair discussion at the Canadian Aerospace Summit

    Source: Government of Canada News

    Media advisory

    November 6, 2024 – Ottawa, Ontario

    The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry will participate in an armchair discussion with Mike Mueller, President and CEO of the Aerospace Industries Association of Canada.  The event will take place at the Leadership Luncheon during the 2024 Canadian Aerospace Summit.

    Date: Wednesday, November 6, 2024

    Time: 12:40 ET

    Location:

    Rogers Centre (formerly the Shaw Centre)
    55 Colonel By Drive
    Ottawa, ON
    K1N 9J2

    Members of the media are asked to contact ISED Media Relations at media@ised-isde.gc.ca if they would like to have an interview with Minister Champagne.[DC2]

    Contacts

    Audrey Milette
    Press Secretary
    Office of the Minister of Innovation, Science and Industry
    audrey.champoux@ised-isde.gc.ca

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    Stay connected

    Find more services and information at Canada.ca/ISED.

    Follow Innovation, Science and Economic Development Canada on social media.
    X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada

    MIL OSI Canada News –

  • MIL-OSI Canada: Ensuring fair electoral representation for Albertans

    Source: Government of Canada regional news

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    The Justice Statutes Amendment Act, 2024, would amend several pieces of legislation, including the Electoral Boundaries Commission Act, the Public’s Right to Know Act, the Critical Infrastructure Defence Act and the Alberta Evidence Act. Proposed amendments would increase access to justice and address the current needs of Albertans.  

    Electoral Boundaries Commission Act

    If passed, amendments to the Electoral Boundaries Commission Act would direct the commission to increase the number of electoral divisions in Alberta from 87 to 89 and clarify the list of factors the commission may consider when drawing up the new electoral boundaries.

    Under the Electoral Boundaries Commission Act, the population of each electoral division in Alberta must not be more than 25 per cent above or more than 25 per cent below the average population of all the proposed electoral divisions. Currently, the populations of nine electoral divisions in Alberta are greater than 25 per cent of the average electoral division population. 

    Proposed amendments would help address the significant increase in Alberta’s population since the most recent provincial election, and ensure Albertans have effective representation in the legislature.

    “The amendments we are proposing are essential to keeping up with Alberta’s significant population growth and ensuring fair, effective representation for all Albertans in the legislature. By increasing the number of electoral divisions, we demonstrate our commitment to balanced and equitable representation for all Albertans.”

    Mickey Amery, Minister of Justice and Attorney General

    Public’s Right to Know Act

    The Public’s Right to Know Act legislates public reporting of crime data to make it easier for Albertans to know what’s happening in their community. Proposed amendments would allow the minister of justice to require government departments, municipalities and police services to provide up-to-date data, which will foster greater sharing of information and a better understanding of the criminal justice system.

    Critical Infrastructure Defence Act

    The Critical Infrastructure Defence Act protects essential infrastructure by creating offences for trespassing, interfering with operations or causing damage. Proposed amendments would incorporate the health care facilities currently identified in the regulation into the act, ensuring the definition of essential infrastructure is contained in one place. The definition of essential infrastructure is currently contained in both the act and the Critical Infrastructure Defence Regulation. With this amendment, the Critical Infrastructure Defence Regulation, which initially added “prescribed health care facilities” into the definition of essential infrastructure, will no longer be needed and will be repealed.  

    Alberta Evidence Act

    The Alberta Evidence Act sets out a process for individuals to give evidence to the court either orally or in writing. Proposed amendments would give Albertans simpler and more modern processes for confirming the truth of the information they provide to the courts. These amendments would save Albertans time and money by allowing them to certify information electronically rather than visiting a courthouse or paying to swear or affirm an oath in person. Processes will still be available for those who prefer in-person and paper-based execution of documents. 

    Quick facts

    • Between July 1, 2023 and July 1, 2024, Alberta’s population grew by around 204,000 people or 4.4 per cent. This is the highest annual growth rate since 1981 and the highest among all provinces.
    • The populations of nine electoral divisions currently exceed 25 per cent of the average population of each electoral division, which is the maximum deviation allowed under the legislation. 
    • An Electoral Boundaries Commission reviews existing electoral boundaries and makes proposals to the legislative assembly about area, boundaries and names of the electoral divisions.
    • A new Electoral Boundaries Commission is appointed eight to ten years after the appointment of the previous commission.
    • When drawing up the new electoral boundaries, the commission must consider the requirement for effective representation for all Albertans. In addition, the commission may consider:
      • The sparsity and density of population.
      • Communities of interest, including municipalities, regional and rural communities, Indian reserves and Metis settlements.
      • Geographical features, including the availability and means of communication and transportation between various parts of Alberta.
      • The desirability of understandable and clear boundaries.
      • The rate of population growth.
      • Any other factors the commission considers appropriate.

    Related information

    • Ensuring fair electoral representation
    • Bill 31: Justice Statutes Amendment Act, 2024

    Multimedia

    • Watch the news conference
    • Listen to the news conference


    MIL OSI Canada News –

  • MIL-OSI New Zealand: FAQs – Unified Funding System

    Source: Tertiary Education Commission

    What are performance element incentive payments? When will they be implemented?
    The learner component has an incentive payment element which will be paid to each TEO on achieving the performance expectations set by TEC. This will be part of TEOs’ annual investment plan process within TEOs’ learner success plan, where appropriate.
    TEC is taking a phased approach to implementing these incentive payments. In 2023, this payment will be required of a small number of TEOs (but those with significant levels of learner component funding), then rolling out to cover all TEOs in 2024.  
    For more information, please see the Learner Component section of our website.
    How do TEOs apply for learner component funding?
    TEOs will not need to apply for learner component funding. It will be allocated as part of TEOs’ overall funding for VET.
    Can PTEs apply for more transitions funding?  How do they do this?
    No. TEC will allocate transition funding to eligible TEOs based on the published criteria and allocation methodology.
    There are no additional reporting requirements.
    What is the definition of ‘low prior achievement’ (LPA)?
    In 2022, this is a learner under the age of 25 as at the date of enrolment who has not previously achieved a qualification on the NZQF at level 3 or above.
    From 2023, it will apply to all learners as at the date of enrolment who has not previously achieved a qualification on the NZQF at level 3 or above, not just those under 25.
    How are learners with LPA identified by the TEC?
    SDR, ITR and NZQA data are used to determine LPA.  If prior education records are not available for a learner, they are deemed to be LPA.
    Does the LPA include equivalent qualifications achieved overseas?
    Where overseas qualifications are recorded in the data, they are taken into account in the LPA analysis.
    Will a student out of high school into tertiary education be considered someone with LPA?
    Students that have not achieved NCEA level 3 are considered having LPA.
    Will a PTE lose their learner component funding if an LPA learner achieves at level 3 and transitions to a level 4 course, unless the student qualifies under a different component?
    The learner attributes are proxies for distributing funding. The learner component is not intended to be targeted at specific learners with these characteristics – the funding is a contribution for the support of all learners.  It is expected that each TEO will determine the actual support each learner requires, whether or not the learner has any of the characteristics used for the funding proxy.
    Can learner component funding be recovered through the wash-up process?
    No, there are no recoveries of the learner component.
    Can a TEO update the Disability Status and Disability Support Needs fields after enrolment?
    Yes, if a learner’s disability status has changed since their enrolment, and the TEO has also obtained the learner’s answers to the Disability Support Needs questions, TEOs can amend the record in the next learner file submission.
    How were the four learner groups that are linked to the learner component chosen?
    We undertook extensive analysis of data on the performance of the Vocational Education and Training (VET)  system to understand more about those learners who, on average, have been not well served by the education system in the past. This analysis showed that there were four groups of learners most at risk of not completing VET qualifications and/or face a range of disadvantages in the VET system: learners with low prior achievement, disabled learners, Māori learners and Pacific learners.
    Why are only four learner groups linked to funding?
    Accurately identifying each individual learner’s needs is challenging. We needed a way to approximate the level of need among each TEO’s learner population. We did this by using relatively large learner groups that are more likely to face disadvantages in the VET system. Our analysis shows that these four groups of learners are good proxies of need among each TEO’s learner population, that is, they approximate the level of need in a straightforward way.
    What about learners who don’t fall into the four groups linked to funding? How will they get support?
    TEOs should use learner component funding for all learners who need additional support, not just for learners in the four identified groups. The four groups serve as a proxy for learners who need additional support to be successful in VET. Providers are expected to identify the unique needs of all their learners (including through engagement with learners and their communities), decide how best to support them, and allocate funding accordingly. All learners should therefore receive the support they need to be successful in VET.
    Why is there a difference in rates for Māori and Pacific learners compared to learners with low prior achievement and disabled learners?
    Data is mixed on how the system performs for Māori and Pacific learners. For example, while Māori learners are more likely than New Zealand European learners to participate in VET, they experience poorer employment outcomes from their study. This means that tying funding to a participation measure alone is unlikely to have the results we want to see. We have therefore developed a performance incentive payment that can more directly incentivise the outcomes we want. Māori will be involved in developing the indicators for this.
    Importantly, for Māori and Pacific learners who also have low prior achievement and/or are disabled, providers will receive both funding rates. Māori and Pacific learners who have low prior achievement and/or are disabled will attract the highest level of funding. It recognises that these learners have compounding levels of disadvantage.
    Will the incentive payments be the same as the previous performance-linked funding?
    No. We are still developing the details of how they will work but they are not intended to be the same as performance-linked funding. Further information will be available in 2022.
    How will performance expectations for each TEO be set?
    We are still developing the details of how these will be set along with related incentive payments. We will work with stakeholders to finalise the details of the performance part of the learner component. Further information will be available in 2022.
    What happens to existing equity funding for VET?
    The learner component replaces equity funding for VET. From 2023, equity funding will not apply to VET but will continue for non-UFS provision.
    Why doesn’t the learner component apply to the assessment and verification mode?
    The assessment and verification mode will support learners who are employed and receive support for their learning and wellbeing directly from their employer. Providers will have a limited role focused on quality assurance of the assessment that underpins learners’ qualifications. This means providers will have little direct contact with learners and limited scope to engage with and support learners.
    How will the funding be calculated with learners with more than one eligible characteristic?
    We will calculate funding by allocating:

    the relevant rate where a learner is identified in the data as disabled and/or having low prior achievement
    the relevant rate where a learner is identified in the data as Māori and/or Pacific
    both relevant rates where a learner is identified in the data as disabled and/or having low prior achievement and as Māori and/or Pacific (both rates apply).

    How are learners with low prior achievement identified?
    Learners with low prior achievement are those who have not achieved a prior qualification at level 3 or above on the New Zealand Qualifications Framework (NZQF) as at the learner’s enrolment start date.
    How will support for learners change?
    Over time, all VET learners can expect learning and wellbeing support that is tailored to their specific needs. This will take time but we expect providers to more proactively identify learners who may need support and for providers to be more focused on meeting learners’ needs.
    Who receives the funding? And who decides how it is spent?
    Learner component funding will be allocated to TEOs. They will decide how to spend this funding in a way that supports all of their learners’ needs.
    How will this improve the way the VET system performs for Māori learners?
    Māori learners can expect to have increased opportunities to enrol in and complete VET qualifications that have strong employment outcomes including apprenticeships. Providers and employers will be encouraged to work together to increase hiring, training and support for Māori learners. Labour market underutilisation rates could drop, and median salaries could rise. Māori learners will be able to consistently expect culturally affirming learning environments.
    How will this improve the way the VET system performs for Pacific learners?
    As for Māori, Pacific learners can expect to have increased opportunities to enrol in and complete VET qualifications that have strong employment outcomes, including apprenticeships. Providers and employers will be encouraged to work together to increase hiring, training and support for Pacific learners. Labour market underutilisation rates could drop, and median salaries could rise. Pacific learners will be able to consistently expect culturally affirming learning environments
    How will this improve the way the VET system performs for disabled learners?
    Providers will have increased capability and capacity to understand, identify and support disabled learners’ needs. Providers and employers will be encouraged to work together to improve hiring and training rates and support for disabled employees. Disabled learners could increasingly enrol in, and complete, VET qualifications that have strong employment outcomes, including work-based training. The very high labour market underutilisation rates for disabled people could drop.
    How will this improve the way the VET system performs for learners with low prior achievement?
    Learners with low prior educational achievement can expect more support to complete their qualifications. We are seeking a significant improvement in qualification completion rates for these learners compared to other learner groups.
    How are disabled learners identified?
    Disabled learners are learners who identify as disabled on enrolment forms and learners who access disability support from providers. TEC is working with providers and the wider sector to improve data collection on disabled learners.

    MIL OSI New Zealand News –

  • MIL-OSI USA: FDA Roundup: November 5, 2024

    Source: US Department of Health and Human Services – 3

    For Immediate Release:

    Today, the U.S. Food and Drug Administration is providing an at-a-glance summary of news from around the agency: 

    • Today, the FDA published “Catching Up with Califf: One Health – Optimal Public Health Outcomes for Humans and Animals in Our Shared Environment,” by FDA Commissioner Robert M. Califf, M.D. Dr. Califf discusses One Health and the FDA’s mission to collaborate across disciplines and sectors to promote the health of humans and animals; and taking into account agricultural and environmental issues, using science, technology, and innovation to better understand and define policies that involve these intersections. The blog also provides details on FDA Center for Veterinary Medicine’s upcoming Symposium: “Paws, Claws, Hooves, Fins, and Feet—Advancements through a One Health Approach.”
    • On Monday, the FDA published the Supplement to the 2022 Food Code. The Supplement updates the 2022 Food Code with recommendations made by regulatory officials, industry, academia, and consumers at the 2023 Biennial Meeting of the Conference for Food Protection. The Food Code and its Supplement provide government and industry with practical, science-based controls for reducing the risk of foodborne illness in retail and foodservice establishments of all types. The Food Code and the Supplement are joint projects by the FDA, the Centers for Disease Control and Prevention, and the United States Department of Agriculture – Food Safety and Inspection Service.
    • On Monday, the FDA, in collaboration with the Environmental Protection Agency (EPA), announced the registration of the first antimicrobial treatment for pathogen reduction in pre-harvest agricultural water—a landmark achievement in enhancing food safety. This product effectively combats foodborne pathogens such as E. coli and Salmonella in water used to grow crops. It is the first label amendment approved under a revised efficacy protocol–designed by the FDA and EPA–to ensure robust treatment options are available for agricultural use. 
    • On Monday, the FDA authorized marketing of LumiThera, Inc.’s Valeda Light Delivery System to help improve vision in certain dry age-related macular degeneration (AMD) patients. According to data on AMD prevalence estimates analyzed by the CDC, in 2019 an estimated 19.8 million Americans aged 40 years and older were living with some type (dry or wet) of AMD.

      “Today’s action brings to market the first therapeutic option for adult patients with dry AMD,” said Malvina Eydelman, M.D., director of the Office of Ophthalmic, Anesthesia, Respiratory, ENT and Dental Devices at the FDA’s Center for Devices and Radiological Health. “This authorization reinforces FDA’s commitment to assuring access to innovative, safe and effective medical devices to treat high-prevalence, degenerative conditions.”

      The Valeda Light Delivery System uses three light emitting diodes that generate light at different wavelengths to provide treatment to the patient’s eye. Treatment with the device after approximately two years can provide an average improvement in vision equivalent to around one line on an eye chart. 

    • On Friday, the FDA Office of Criminal Investigations arrested a Massachusetts spa owner, Rebecca Fadanelli, for allegedly performing thousands of illegal injections of counterfeit Botox, Sculptra and Juvederm on clients for over three years. If you or a family member believe you received services involving a counterfeit drug or counterfeit device from Fadanelli and/or Skin Beaute Med Spa in Randolph and South Easton, Mass. between 2021 through and including to the present date, please complete the questionnaire located on the FDA’s website here. 

    Related Information

    Related Information

    ###

    Boilerplate

    The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

    Inquiries

    Consumer:
    888-INFO-FDA

    MIL OSI USA News –

  • MIL-OSI: Main Street Financial Services Corp. Announces Earnings for Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • Financial results reflect a full quarter following the completed merger of Main Street Financial Services Corp. (Main Street) and Wayne Savings Bancshares, Inc. (Wayne) on May 31, 2024.
    • Net income for the third quarter of 2024 totaled $3.4 million, or $0.44 per common share
    • Annualized deposit growth of 7.8% for the quarter ended September 30, 2024
    • Annualized loan growth of 4.6% for the quarter ended September 30, 2024
    • Announced implementation of Dividend Reinvestment Plan for shareholders on October 3, 2024
    • Declared cash dividend of $0.14 per share on October 11, 2024

    WOOSTER, Ohio, Nov. 05, 2024 (GLOBE NEWSWIRE) — Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of $3.4 million, or $0.44 per common share, for the three months ended September 30, 2024. Excluding the merger-related expenses (non-GAAP) for the three months ended September 30, 2024, net income was $3.6 million, or $0.46 per share. Merger-related expenses totaled $0.2 million for the quarter, consisting of legal and professional services.

    The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of $1.4 billion. On the Merger Date, Legacy Wayne merged with and into Main Street, with Main Street surviving the merger (the “Merger”). Immediately following the Merger, Main Street’s wholly owned bank subsidiary, Main Street Bank Corp., merged with and into Wayne Savings Community Bank, with Wayne Savings Community Bank surviving the merger. Upon completion of the Merger, Wayne Savings Community Bank was renamed Main Street Bank Corp.

    The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024 and September 30, 2024, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended September 30, 2024, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.

    The return on average equity and return on average assets for the third quarter of 2024 was 12.58% and 1.00%, compared to 14.41% and 0.91%, for the third quarter of 2023. Excluding merger-related expenses (non-GAAP), return on average equity and return on average assets for the quarter ended September 30, 2024, was 13.21% and 1.05%, respectively.

    President and CEO James R. VanSickle commented “2024 has been the most transformational year in the 125-year history of our bank. The successful merger of Main Street and Wayne has provided long-term value for our shareholders and benefits for our customers, communities and employees. We are pleased with our growth in loans and deposits and our solid earnings during our first full quarter of operations ended on September 30, 2024. We remain optimistic about the increased capabilities, scale and profitability of our combined organization.”

    Third Quarter 2024 Financial Results

    Net interest income was $10.7 million for the quarter ended September 30, 2024, an increase of 97.6% from $5.4 million for the quarter ended September 30, 2023. The net interest margin of 3.28% for the third quarter of 2024 increased 40 basis points from 2.88% for the third quarter of 2023. Loan yields were 6.17% for the quarter ended September 30, 2024, an increase of 99 basis points when compared to 5.18% for the quarter ended September 30, 2023. Investment yields increased 111 basis points to 3.45% as of September 30, 2024 when compared to the quarter ended September 30, 2023. The cost of funds for the third quarter of 2024, was 2.64%, an increase of 102 basis points when compared to the third quarter of 2023. The cost of funds increase is largely due to utilizing higher-cost wholesale funding, such as FHLB advances, and shifting deposit composition to higher-yielding product offerings. The cost of total deposits was 2.29% for the quarter ended September 30, 2024, a 90 basis point increase when compared to 1.39% for the quarter ended September 30, 2023. The cost of borrowings for the quarter ended September 30, 2024 totaled 5.45%, an increase of 25 basis points when compared to the quarter ended September 30, 2023.

    A provision for credit losses and unfunded commitments of $109,000 was recorded for the quarter ended September 30, 2024. During the quarter, the Company recognized 86,000 in charge-offs and $36,000 in recoveries, reflecting relatively stable asset quality.

    Noninterest income totaled $1.6 million for the quarter ended September 30, 2024. The Company elected to sell approximately $15 million of the acquired securities portfolio during the quarter, recognizing a gain on sale of investments totaling $702,000.

    Noninterest expense totaled $7.9 million for the quarter ended September 30, 2024, an increase of $4.1 million when compared to the quarter ended September 30, 2023. The increase reflects a full quarter of combined expenses after completion of the merger. Merger-related noninterest expenses (non-GAAP) totaled $0.2 million for the quarter, consisting of legal and professional services. Excluding merger-related expenses (non-GAAP), the Company’s efficiency ratio was 62.9% for the quarter ended September 30, 2024, compared to 58.2% for the quarter ended September 30, 2023.

    September 30, 2024 Financial Condition

    At September 30, 2024, the Company had total assets of $1.39 billion with net loan balances totaling $1.11 billion. Net loans receivable increased by $12.6 million during the third quarter of 2024, or 4.6% annualized, primarily in the commercial loan portfolio. As part of the merger, the Company acquired $430.8 million in loans.

    The allowance for credit losses was $11.8 million at September 30, 2024, compared to $7.3 million at December 31, 2023. The increase is a result of establishing an allowance for credit losses on the acquired non-PCD loan portfolio during the second quarter of 2024. The allowance for credit losses as a percent of total loans was 1.04%, compared to 1.09% as of December 31, 2023. The allowance for credit losses and the related provision for credit losses is based on management’s judgment and evaluation of the loan portfolio. Management believes the current allowance for credit losses is adequate, however, changing economic and other conditions may require future adjustments to the allowance for credit losses.

    Total nonperforming loans (NPLs) was $5.4 million at September 30, 2024, an increase from $0.4 million at December 31, 2023. The NPL to net loan receivable ratio was 0.48% as of September 30, 2024. Past due loan balances of 30 days and more increased from $2.8 million at December 31, 2023, to $13.2 million, or 1.18% of net loans outstanding, at September 30, 2024. The increase in nonperforming and past due loans is due to the impact of the acquired loan portfolio.

    Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans and loans past due 30 or more days was $24.4 million and $19.1 as of December 31, 2022. Since the merger announcement on February 23, 2023, the management teams of both Main Street and Wayne invested a great deal of time ensuring our combined organization utilizes strong underwriting standards and proactively monitors credit quality. Main Street sold approximately $15.2 million of loans in August 2023 and April 2024, of which approximately $12.7 million were classified loans. As of September 30, 2024, the resultant Company has $14.6 of classified loans and $13.2 of loans past due 30 or more days.

    Total liabilities increased to $1.28 billion at September 30, 2024 with deposits totaling $1.10 billion and FHLB advances totaling $140.0 million. Deposits grew by $21.2 million, or 7.8% annualized, during the third quarter of 2024. As part of the merger, the Company acquired $487.4 million in deposits. As of September 30, 2024, the Company held no brokered deposits compared to $116.7 million at December 31, 2024. The Company leverages FHLB advances for short-term funding needs due to their accessibility and alignment with prevailing market rates. As of September 30, 2024, the Company held $140.0 million in FHLB advances.

    Total stockholders’ equity was $111.3 million at September 30, 2024, an increase of $58.4 million when compared to the December 31, 2023 balance. The increase was primarily driven by the merger between Main Street and Wayne. Total stockholders’ equity increased during the third quarter of 2024 by $5.3 million, primarily from net income of $3.4 million and an increase in accumulated other comprehensive income benefit of $2.8 million, partially offset by dividends of $1.1 million.

    Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.

    Non-GAAP Disclosure
    This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which are excluding costs related to merger activities which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.

    Forward-Looking–Statements
    This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact Information:
    Matthew Hartzler
    Senior Vice President, Chief Financial Officer
    (330) 264-5767

     
    MAIN STREET FINANCIAL SERVICES CORP.
    Condensed Consolidated Balance Sheets
    (Dollars in thousands, except share data – unaudited)
      September 30, 2024   December 31, 2023
    ASSETS      
           
    Cash and cash equivalents $ 40,654     $ 20,884  
    Securities, net (1)   152,915       86,405  
    Loans held for sale   –       –  
    Loans receivable, net   1,118,781       669,603  
    Federal Home Loan Bank stock   7,420       3,959  
    Premises & equipment, net   11,119       4,904  
    Bank-owned life insurance   22,013       11,706  
    Other assets   40,351       12,486  
    TOTAL ASSETS $ 1,393,252     $ 809,947  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
           
    Deposit accounts $ 1,101,999     $ 693,126  
    Other short-term borrowings   25,715       8,743  
    Federal Home Loan Bank advances   140,000       47,000  
    Accrued interest payable and other liabilities   14,218       8,111  
    TOTAL LIABILITIES   1,281,932       756,980  
           
           
    Common stock (7,801,011 shares of $1.00 par value issued)   7,801       398  
    Additional paid-in capital   55,640       36,715  
    Retained earnings   54,133       55,342  
    Treasury Stock, at cost – 0 shares and 1,777,824 shares at      
    September 30, 2024 and December 31, 2023, respectively.   –       (30,330 )
    Accumulated other comprehensive loss   (6,254 )     (9,158 )
    TOTAL STOCKHOLDERS’ EQUITY   111,320       52,967  
           
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,393,252     $ 809,947  
           
    (1) Includes available-for-sale and held-to-maturity classifications.
    Note: The December 31, 2023 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.
           
     
    MAIN STREET FINANCIAL SERVICES CORP.
    Condensed Consolidated Statements of Income
    (Dollars in thousands, except share data – unaudited)
                   
                   
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024     2023     2024     2023
                   
    Interest income $ 18,930   $ 9,078   $ 41,196   $ 25,550
    Interest expense   8,308     3,673     19,134     8,590
    Net interest income   10,622     5,405     22,062     16,960
    Provision for credit losses   109     138     4,703     526
    Net interest income after provision for credit losses   10,513     5,267     17,359     16,434
    Non-interest income   1,600     691     2,994     2,000
    Non-interest expense              
    Salaries and employee benefits   3,799     2,049     8,688     5,949
    Net occupancy and equipment expense   1,465     629     2,970     1,806
    Federal deposit insurance premiums   118     117     440     374
    Franchise taxes   51     98     358     299
    Advertising and marketing   190     49     408     179
    Legal   195     11     508     362
    Professional fees   371     54     1,664     270
    ATM network   79     121     474     320
    Auditing and accounting   193     60     386     180
    Other   1,403     545     2,625     1,337
    Total non-interest expense   7,863     3,733     18,520     11,076
    Income before federal income taxes   4,251     2,225     1,833     7,358
    Provision for federal income taxes   804     452     315     1,562
    Net income $ 3,446   $ 1,773   $ 1,517   $ 5,796
                   
    Earnings per share              
    Basic $ 0.44   $ 0.46   $ 0.27   $ 1.51
    Diluted $ 0.44   $ 0.46   $ 0.27   $ 1.50
                   
     
    MAIN STREET FINANCIAL SERVICES CORP.
    Selected Condensed Consolidated Financial Data
    (Dollars in thousands, except share data – unaudited)
                     
                     
        September   June   March   December
          2024       2024       2024       2023  
                     
    Interest and dividend income   $ 18,930     $ 12,572     $ 9,694     $ 9,545  
    Interest expense     8,308       6,185       4,641       4,330  
    Net interest income     10,622       6,387       5,053       5,215  
    Provision for credit losses     109       4,720       (126 )     4  
    Net interest income after                
    provision for credit losses     10,513       1,666       5,179       5,211  
    Non-interest income     1,600       716       678       1,017  
    Non-interest expense     7,863       6,723       3,934       3,748  
    Income before federal income taxes     4,251       (4,341 )     1,923       2,480  
    Provision for federal income taxes     804       (873 )     384       443  
    Net income   $ 3,446     $ (3,468 )   $ 1,539     $ 2,037  
                     
    Earnings per share – basic   $ 0.44     $ (0.68 )   $ 0.40     $ 0.53  
    Earnings per share – diluted   $ 0.44     $ (0.67 )   $ 0.40     $ 0.53  
    Dividends per share   $ 0.14     $ 0.14     $ 0.14     $ 0.14  
    Return on average assets     1.00 %     -1.38 %     0.76 %     1.02 %
    Return on average equity     12.58 %     -17.16 %     11.63 %     16.90 %
    Shares outstanding at quarter end     7,801,011       7,787,055       3,840,575       3,839,702  
    Book value per share   $ 14.27     $ 13.60     $ 13.81     $ 13.80  
    Tangible equity per share   $ 12.15     $ 11.49     $ 13.36     $ 13.35  
                     
                     
        September   June   March   December
          2023       2023       2023       2022  
                     
    Interest and dividend income   $ 9,078     $ 8,571     $ 7,901     $ 7,518  
    Interest expense     3,673       2,867       2,050       1,248  
    Net interest income     5,405       5,704       5,851       6,270  
    Provision for credit losses     138       170       218       381  
    Net interest income after                
    provision for credit losses     5,267       5,534       5,633       5,889  
    Non-interest income     691       706       603       631  
    Non-interest expense     3,733       3,949       3,394       3,508  
    Income before federal income taxes     2,225       2,291       2,842       3,012  
    Provision for federal income taxes     452       547       563       603  
    Net income   $ 1,773     $ 1,744     $ 2,279     $ 2,409  
                     
    Earnings per share – basic   $ 0.46     $ 0.46     $ 0.60     $ 0.62  
    Earnings per share – diluted   $ 0.46     $ 0.45     $ 0.59     $ 0.63  
    Dividends per share   $ 0.14     $ 0.14     $ 0.14     $ 0.14  
    Return on average assets     0.91 %     0.92 %     1.23 %     1.36 %
    Return on average equity     14.41 %     14.36 %     19.58 %     22.87 %
    Shares outstanding at quarter end     3,837,609       3,837,085       3,831,939       3,825,451  
    Book value per share   $ 12.40     $ 12.64     $ 12.51     $ 11.69  
    Tangible equity per share   $ 11.95     $ 12.20     $ 12.06     $ 11.24  
                     
     
    MAIN STREET FINANCIAL SERVICES CORP.
    Non-GAAP reconciliation
    (Dollars in thousands, except per share data – unaudited)
         
      For three months ended   For the nine months ended
      September 30,   September 30,
          2024       2023       2024       2023  
                   
    Net Income as reported – GAAP   $ 3,446     $ 1,773     $ 1,518     $ 5,796  
    Effect of merger related expenses (net of tax benefit)     170       160       5,743       597  
    Net Income non-GAAP   $ 3,616     $ 1,933     $ 7,261     $ 6,393  
                     
    Earnings per share – GAAP   $ 0.44     $ 0.46     $ 0.27     $ 1.51  
    Effect of merger related expenses     0.02       0.04       1.03       0.16  
    Earnings per share non-GAAP   $ 0.46     $ 0.50     $ 1.30     $ 1.67  
                     
    Return on average assets – GAAP     1.00 %     0.91 %     0.19 %     1.02 %
    Effect of merger related expenses     0.05 %     0.08 %     0.72 %     0.10 %
    Return on average assets non-GAAP     1.05 %     0.99 %     0.91 %     1.12 %
                     
    Return on average equity – GAAP     12.58 %     14.41 %     2.66 %     16.06 %
    Effect of merger related expenses     0.62 %     1.29 %     10.06 %     1.65 %
    Return on average equity non-GAAP     13.20 %     15.70 %     12.72 %     17.71 %
                     
    Efficiency Ratio – GAAP     64.34 %     61.24 %     73.92 %     58.42 %
    Effect of merger related expenses     -1.39 %     -3.07 %     -9.90 %     -3.29 %
    Efficiency Ratio non-GAAP     62.9 %     58.17 %     64.02 %     55.13 %
                     

    The MIL Network –

  • MIL-OSI New Zealand: Coalition Govt’s expensive tunnel vision for Wellington comes at the expense of the regions

    Source: Green Party

    A second Mount Victoria tunnel, a duplicate Terrace tunnel alongside highway widening will dump more traffic in the centre of Wellington and result in more pollution. 

    “We know urban highway widening does not solve the problem. It’s a 1950s-style solution that makes traffic and pollution worse,” says the Green Party’s spokesperson for Transport, Julie Anne Genter. 

    “The only way to ensure more people can move easily around Wellington in the future is to substantially invest in rail, public transport, and active transport. If the Government eventually brings in congestion pricing, people will want and need those alternatives – so logically, they should be the priority.

    “If the Government is going to spend a few billion dollars on a road, it would be better spent in the regions where it will actually make a difference – not just a few kilometres of an extra lane in the centre of Wellington.

    “The cost of these projects has not yet been publicly disclosed, but it will easily be more than the $3 billion deemed ‘unaffordable’ for the crucial inter-island ferries project, or the Dunedin hospital. 

    “It’s outrageous that the Coalition Government is prioritising billions of dollars for a few kilometres of an extra car lane in Wellington, while cutting rail and public transport improvements that would deliver more for our people and our climate.

    “The most concerning aspect is the use of the Fast Track Bill, which means local government, communities and the environment will not be considered in the least. This is a classic example of the Government dodging democracy to implement policies and projects that are bad for both people and planet. 

    “Wellingtonians deserve to have a say on a project that will have such a monumental impact on the outlook of our city and its future,” says Julie Anne Genter.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Not too late to abandon the Bill, Christopher

    Source: Green Party

    The Green Party is urgently calling on Prime Minister Christopher Luxon to abandon the Treaty Principles Bill following reports it will be introduced on Thursday. 

    “It’s not too late to do the right thing, Christopher. It’s time to abandon this Bill and honour Te Tiriti,” says the Green Party’s spokesperson for Justice, Tamatha Paul.  

    “Te Tiriti forms the founding agreement Aotearoa was built upon. It provides the foundations for an enduring relationship between tangata whenua and tangata Tiriti that ensures everybody is looked after and nobody is left behind.

    “Te Tiriti is permanent, Governments are temporary. Honouring the Treaty has to come before the honouring of coalition agreements. 

    “At Waitangi, Christopher Luxon told Māori that Te Tiriti was our past, present and future. At the tangi of Kiingi Tuuhetia, he spoke to the importance of kotahitanga and the need to honour the legacy of the late Kiingi. If his words are actually worth anything, he would not allow legislation that aims to completely corrupt and defile the defining essence of our nation anywhere near our Parliament. 

    “It is high time that his rhetoric matched the reality of his actions when it comes to Te Tiriti. He has stood by and watched as Treaty protections were removed from state care, as the Māori Health Authority was scrapped and as Māori wards were essentially erased. 

    “The Prime Minister has two choices: abandon the Bill and honour our founding agreement or unleash a level of division and disharmony that will cut to the very core of our country.

    “We call on the Prime Minister to do the right thing and uphold the dignity, meaning and integrity of our founding agreement,” says Tamatha Paul. 

    MIL OSI New Zealand News –