NewzIntel.com

Category: Asia Pacific

  • MIL-OSI Australia: Applications open for industry PhDs

    Source: Australian Ministers for Education

    Applications under the fifth round of the National Industry PhD Program have opened for PhD candidates and businesses interested in turning their big ideas into new products and services, with scholarships set to build on $13.3 million of funding on 70 projects underway since the Program started.

    Assistant Minister for Education, Anthony Chisholm, said the program was part of a $296 million initiative creating powerful opportunities for developing a new workforce skilled in turning our world-class research into commercial outcomes.

    “Empowering our aspiring researchers through this program will make it easier for industry to tap into an inspiring talent pool of PhD candidates or for industry employees to undertake a PhD, helping to turn those ideas into Australian inventions that contribute to a stronger and more productive economy,” Assistant Minister Chisholm said. 

    “It’s been really encouraging to see how the previous four rounds of this program have supported innovators from academia and industry with a passion for big ideas, and who are contributing to the success of Australia.

    “Projects recently kick-started include improving the safety of self-driving vehicles through better driver interaction, improving the lives of people with dementia, and supporting the medical profession to predict a patient’s response to therapy.”

    Four PhD students at Griffith University have been some of the latest researchers to commence their study thanks to the support offered through the National Industry PhD Program. 

    Their work with cutting edge renewable energy start-up RedX aims to create world-leading expertise in energy storage and grid stability, with these four PhD students also being brought on board by RedX to integrate research findings into the start-up’s operations.

    “We are thrilled to embark on this promising collaboration with RedX. When academia and industry join forces, the pace of innovation accelerates, and this project is a testament to that potential,” Professor Alan Liew, Head of School, the School of Information and Communication Technology at Griffith University said.

    “The Industry PhD Program supports our employees to pursue a PhD with guidance from a world-leading university, allowing them to explore innovative ideas and create something beneficial for society,” RedX CEO Jonathan Chen said.

    PhD Student and Director of Software Engineering at RedX Chois Cai said: “The support and structure provided by the National Industry PhD Program has been instrumental in driving this research forward.”

    Applications for Round 5 close on 14 March 2025. Further information about the program and application process can be found here.
     

    MIL OSI News –

  • MIL-OSI Security: Indian Nationals Convicted of Money Laundering Conspiracy That Took Life Savings from Victims in Ohio, Michigan, Illinois, and Indiana

    Source: Office of United States Attorneys

    TOLEDO, Ohio – After a six-day trial, a federal jury convicted two men of participating in a vast money laundering conspiracy that robbed victims from across four states of their life savings. Pranay Kumar Mamidi, 27, and Kishan Vinayak Patel, 26, both nationals of the Republic of India, were found guilty of participating in a money laundering conspiracy, concealing the source of the money, and using the illegally gained money to further promote a criminal enterprise. 

    According to court documents, from about May to November 2023, Mamidi and Patel, along with other co-conspirators, engaged in a multi-layered scheme to launder proceeds derived from a fraud known as a phantom hacker scam. In this type of scam, a scammer, acting as a customer service representative for a store or bank, contacts a target victim and falsely informs them that their bank account has been hacked or compromised. Next, the victim is directed to a fake federal law enforcement agent for supposed assistance. The fake federal agent then proceeds to obtain the victim’s savings by deception, typically threatening imminent seizure or arrest.

    In one common example, elderly victims are contacted by someone pretending to be an Amazon, Inc. employee, who informs the victim of suspicious activity on their accounts. Next, the victim is contacted by another person who claims to be from the U.S. Federal Trade Commission (FTC) and informs the victim that their identity was stolen. The victim is then contacted by another individual who claims to be a Drug Enforcement Administration (DEA) special agent. The fake DEA special agent claims that the account in question is being investigated for facilitating fraud and has resulted in supposed arrest warrants for the victim. Fearing legal actions, the victim follows the scammer’s instructions to pull their savings from their bank account and convert funds into cash or gold bars. The victim is further instructed to give another supposed law enforcement official cash and/or gold bars at a designated drop-off point such as a gas station or fast food restaurant. After the drop, the victim is then sent a receipt which appears to be from the U.S. Department of the Treasury and completes the illusion of a legitimate transaction.

    According to court documents, the defendants in this case served as money launderers for other co-conspirators throughout the world who participated in phantom hacker schemes based out of India. The U.S. based money laundering infrastructure allowed funds illegally taken from victims to be distributed throughout the world. Investigators estimate that the total amount of money laundered is in the tens of millions of dollars.

    Sentencing has not yet been scheduled. Mamidi and Patel each face a maximum of 20 years in prison for each count of conviction.

    Six other defendants also named in the second superseding indictment filed in August 2024 were also charged. The following have pleaded guilty and are awaiting sentencing: Dileep Kumar Sakineni, age 26; Balaji Rakesh Mulpuri, age 26; Avi Jitendrakumar Patel, age 22; Sai Hruthik Thodeti, age 25; and Srinivas Ravi Valluru, age 31, all nationals of the Republic of India; and Hiren Jagdishbhai Patel, age 33, of Columbus, Ohio.

    The investigation was conducted by the FBI-Cleveland Field Office. This case was prosecuted by Assistant U.S. Attorneys Robert Melching and Dexter Phillips for the Northern District of Ohio.

    The investigation and prosecution of this case is in response to the Elder Justice Initiative Program originating from the Elder Abuse Prevention and Prosecution Act of 2017 (EAPPA). The mission of the EAPPA and Elder Justice Initiative is to support and coordinate the Department of Justice’s enforcement efforts to combat elder abuse, neglect, financial fraud, and scams that target the nation’s elderly population.

    If you suspect fraudulent conduct involving an older adult, please contact the dedicated National Elder Fraud Hotline at 1-833-FRAUD-11 or 1-833-372-8311 and visit the FBI’s IC3 Elder Fraud Complaint Center at IC3.gov to report it.

    MIL Security OSI –

  • MIL-OSI: Par Pacific Announces Fourth Quarter 2024 Earnings Release and Conference Call Schedule

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 04, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) today announced that it will release its fourth quarter 2024 results after the New York Stock Exchange closes on Tuesday, February 25, 2025. This release will be followed by a conference call for investors on Wednesday, February 26, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern). The full text of the release will be available on Par Pacific’s website at http://www.parpacific.com.

    Par Pacific Fourth Quarter 2024 Earnings Conference Call
    Wednesday, February 26, 2025
    9:00 a.m. Central time (10:00 a.m. Eastern)
    Dial-in number: 1-833-974-2377 (toll-free) or 1-412-317-5782 (toll)

    Individuals who would like to participate should dial the applicable dial-in number at least 10 minutes before the scheduled conference call time.

    To access the live audio webcast and related presentation materials, please visit the Investors section of Par Pacific’s website at http://www.parpacific.com.

    A replay will be available shortly after the call and can be accessed by dialing 1-877-344-7529 (toll-free) or 1-412-317-0088 (toll). The passcode for the replay is 2219355. The replay will be available until March 12, 2025.

    About Par Pacific

    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

    Investor Contact:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    (832) 916-3355
    apatel@parpacific.com

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces February 2025 Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of February 1, 2025 to February 28, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on February 28, 2025 to shareholders of record as of the close of business on February 14, 2025.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the February 2025 dividend to be paid to DIV’s shareholders; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 21, 2024 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that, among other things, DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-Evening Report: 24 years of life lost: people placed in state care have died earlier, more violent deaths – new study

    Source: The Conversation (Au and NZ) – By Belinda Borell, Kairangahau/Researcher, Te Kunenga ki Pūrehuroa – Massey University

    Lake Alice Hospital, one of many institutions investigated by the abuse-in-state-care inquiry. Wikimedia Commons, CC BY

    A new study using a large collection of demographic data has revealed the lasting and damaging consequences for children placed in state care between 1950 and 1999 – including huge disparities in life expectancy compared with the general population.

    The study utilised the Stats NZ Integrated Data Infrastructure – a large collection of linked data sets about people and households from across many government agencies, Stats NZ surveys, and non-government organisations.

    From a substantial sample of approximately 20,000 children placed in care between 1950–1999, the study also found about 11% of this group had subsequently died, on average much younger than the rest of the population.

    The causes of death were also generally more violent, though self-harm, motor vehicle accidents and assaults, at rates greater than the general population.

    These findings support the conclusions of the Royal Commission of Inquiry into Abuse in State Care, which exposed significant harms experienced by Māori tamariki (children) and whānau (families), revealing systemic failures and breaches of te Tiriti o Waitangi/Treaty of Waitangi.

    Inside the demographic data

    The Integrated Data Infrastructure (IDI) allows researchers to conduct cross-sector research, to track a broad range of outcomes, compare them with the general population, and potentially explore links across generations.

    We examined a range of social and health outcomes for a group of children in state care between 1950–1999. Information about these children was collected from handwritten records of state care institutions.

    These lists were matched by officials in the Ministry of Health and the Department of Corrections. All identifiable information (names, birth dates, addresses, etc.) were removed or encrypted and made available to our research team from Stats NZ.

    We linked this initial group to the IDI and retrieved records of available socio-demographic, health and life-event data. We were left with a list of just over 20,000 children, a substantial sample of the many hundreds of thousands of children placed in care during this time.

    Life expectancy and cause of death

    Basic demographic information reflects what is already widely known about children placed in state care: they are overwhelmingly male and Māori.

    The birth years of the children are also significant. We see an increase in placement into state care of children who were born between 1960 and 1989. The Royal Commission’s final report records that the disproportional representation of Māori children in state care begins at this point, as shown in the graph below.

    The government approach of the times, as espoused in the 1961 Hunn report into the Department of Māori Affairs, was to assimilate Māori into the European way of life. The effects of state action to deal with Māori perceived to have fallen short of these expectations can clearly be seen in these data.

    By 2018, the sample group of children in our study were in their late 40s. Using mortality data, we know that approximately 11% of this group have died. Astonishingly, they have an average age at death of 46 years, compared to an average age of 70 for people in the general population born at the same time.

    This corresponds to an average 24 years of life lost for those in state care. We can extrapolate this further when we examine the primary causes of death in this group and compare them with the general population.

    Cancer, heart disease and strokes are the primary causes in the general population. These causes tend to increase with age; you are more likely to be affected the longer you live. As those in state care are less likely to reach old age, they have lower rates of death from these conditions.

    Rather, we see they are subject to much more violent deaths through self-harm, motor vehicle accidents and assaults, at rates many times greater than the population at large.

    Historical context and modern policy

    As the Royal Commission of Inquiry documented so thoroughly, tamariki Māori were placed in environments where tikanga Māori was disregarded, their whakapapa and whenua were disconnected, and their identity as Māori denied.

    Many faced neglect, abuse, and the loss of connection to mātauranga and wairua, leaving trauma that continues to affect whānau today.

    The royal commission’s report coincided with the National-led government’s reintroduction of military-style youth training academies for young offenders, colloquially known as “boot camps”.

    In mid-2024, Prime Minister Christopher Luxton dismissed concerns from the chief commissioner for children about the policy:

    I don’t care what you say about whether it does or doesn’t work. We can have that intellectual conversation all day long, but we are […] going to try something different because we cannot carry on getting the results that we’ve been getting.

    Based on our research findings – together with the royal commission’s report and significant international and local evidence about the real risks of such policies – we would argue the current approach in New Zealand needs to be revisited.

    More broadly, extensive international scholarship demonstrates Indigenous people are particularly and uniquely affected by longstanding trauma through colonisation. Specific acts of oppression that remain unaddressed often result in the inter-generational transfer of trauma and trauma responses.

    In Aotearoa New Zealand, as with many other colonised Indigenous territories, the forced removal of Māori children from their families to be placed in a range of state and church institutions was a key plank of colonial policy and practice.

    We must accept that poor outcomes across a range of areas in health, welfare, education and justice exist within a historical and contemporary context. Those impacts are linked across generations and affect whānau to this day.

    A paper based on these findings will be submitted for publication shortly. Research is continuing to expand the analyses explored here and to link outcomes across affected generations.

    We would like to acknowledge Tui Barrett, Professor Tim McCreanor and Professor Helen Moewaka Barnes for their input and guidance.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 0800 543 354 (0800 LIFELINE) or free text 4357 (HELP)

    Belinda Borell receives funding from Nga Pae o Te Maramatanga, Centre for Research Excellence at the University of Auckland, and the Health Research Council of New Zealand.

    Jose S. Romeo receives funding from Nga Pae o Te Maramatanga, Centre for Research Excellence at the University of Auckland and the Health Research Council of New Zealand.

    – ref. 24 years of life lost: people placed in state care have died earlier, more violent deaths – new study – https://theconversation.com/24-years-of-life-lost-people-placed-in-state-care-have-died-earlier-more-violent-deaths-new-study-248540

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Stretch of SH3, Woodville to close during Te Ahu a Turanga roundabout work

    Source: New Zealand Transport Agency

    As the Te Ahu a Turanga: Manawatū-Tararua Highway project nears completion, sections of State Highway 3 through Woodville will be closed for up to 5 weeks to allow for the completion of the new roundabout.

    SH3 at the Vogel Street / Woodlands Road bend will be closed 24/7 for 5 weeks from Monday 24 February.

    The work is expected to be completed by Sunday 30 March and the road reopened.

    Access to Woodville township and its businesses will remain open during the closure period. Residents in the construction area will continue to have access to and from their properties.

    Two detours will be in place – through Pinfold and Oxford Roads for light vehicles and through Pahiatua Track via Tay and Station streets in Woodville for heavy vehicles.

    The detours are expected to add less than 5 minutes to the journey times for light vehicles and up to 20 minutes for heavy vehicles.

    During the closure period, construction teams will connect the new roundabout to the existing roads, working onsite between the hours of 5am and 8pm.

    In addition to the roundabout work, we are planning to undertake some maintenance and resurfacing works on SH3 Napier Road near Ashhurst and SH3 Vogel St in Woodville. This will be undertaken during the same period to minimise overall disruption.

    NZ Transport Agency Waka Kotahi acknowledges this closure will cause frustration for some road users.

    “Once this work is finished, there’ll be a safe, reliable connection between Woodville and the new highway. It will also mark a major milestone as the whole project draws closer to completion,” says Project spokesperson Grant Kauri.

    “Thanks to all road users for their patience while these essential works are completed.”

    For more information about the Te Ahu a Turanga project, please head to :

    Te Ahu a Turanga project page

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: It’s business time for Golden Bay’s Birds Hill bump

    Source: New Zealand Transport Agency

    Golden Bay residents can expect to see contractors on site on State Highway 60 at Birds Hill next week with resilience work to start on the Birds Hill landslide.

    The slip reactivated  in 2017 and has continued to gradually move, creating  a large hump in what was the left-hand lane of the highway. While the highway is open to two lanes at the slip site, it has been under a long-term 50 km/h temporary speed limit.

    SH60 Birds Hill slip site.

    Rob Service, System Manager Nelson/Tasman, says work will begin next week (10 February) to repair the site and improve its stability.

    “Any future landslide movement poses a real risk to State Highway 60 in an area where there are no alternative detour routes. Maintaining and preserving access to Collingwood and western areas of Golden Bay is critical.”

    “To reduce the risk, contractors will carry out substantial drainage work at the slip site above the highway. This includes building horizontally drilled drains into the slip, constructing cut off drains above the hump, and redesigning and resurfacing the road to allow the current 50 km/h speed limit to be removed,” Mr Service says.

    However, he warns the work will not remove the current hump at the slip site.

    “The hump is at the toe of the slip and geotechnical assessments show it provides stabilisation, reducing ground movement. To remove it would likely increase slope instability and increase the risk of more movement, particularly after wet weather.”

    “In this case it is better to work with nature and leave it in place. Site studies have shown the slip’s stability is sensitive to groundwater. So, improving the drainage and removing water from the slope is the best and most cost-effective option,” Mr Service says.

    He says the work will affect traffic travelling between Tākaka and Collingwood.

    “For a project of this scale, it is unavoidable. The project site will be under stop/go during the day. Drivers will still be able to get through but can expect short delays. Outside of work hours, the highway will be open to two lanes.”

    “Weather permitting, we expect the project to be finished by late April. So, please bear with us while our contractors work hard to get this job finished,” Mr Service says.

    Works schedule

    • Monday, 10 February to Thursday, 24 April (Weather dependent). Monday to Saturday, 7 am – 7 pm
    • Stop go traffic management and  30/km/h temporary speed limit
    • Road open to two lanes and 50 km/h temporary speed limit outside work hours
    • No work will be done during the Easter Holidays

    More Information

    This project is funded out of the Crown Resilience Programme – a $419 million investment package of resilience improvement activities that will reduce the impact of severe weather events on our national roading networks. More information can be found on our website:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Dr Yang Jun,

    Source: Australian Government – Minister of Foreign Affairs

    Today marks one year since Australian citizen, Dr Yang Jun, received a suspended death sentence in Beijing.

    The past year, and the five years of detention before his sentencing, have been a difficult and dark time for Dr Yang. Throughout, he has demonstrated his inner strength and remarkable resilience.

    Today, my thoughts are with Dr Yang, his family and his many loved ones.

    The Australian Government has made clear to China that we remain appalled by Dr Yang’s suspended death sentence. We hold serious concerns about Dr Yang’s health and conditions. We continue to press to ensure his needs are met and he receives appropriate medical care.

    Dr Yang is entitled to basic standards of justice, procedural fairness and humane treatment, in accordance with international norms and China’s legal obligations.

    In his communication with the Government, Dr Yang has made clear he knows he has the support of his country. We want to see him reunited with his family. The Government will continue to advocate for Dr Yang at every opportunity.

    MIL OSI News –

  • MIL-OSI New Zealand: Name release: Fatal crash, Flaxmere

    Source: New Zealand Police (National News)

    Police are now in a position to release the name of the person who died following a crash on Chatham Road, Flaxmere on Thursday 30 January.

    She was 11-year-old Emma Jane Kupa of Flaxmere.

    Our thoughts are with her family and friends at this incredibly difficult time.

    A 34-year-old female is set to reappear in the Hastings District Court on 18 February, facing a charge of operating a vehicle carelessly and breath alcohol level over 400.

    Police are not ruling out further charges in relation to the crash.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI: ChampionX Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth-quarter revenue of $912.0 million
    • Fourth-quarter net income attributable to ChampionX of $82.8 million
    • Fourth-quarter adjusted EBITDA of $212.3 million
    • Fourth-quarter income before income taxes margin of 13.0%
    • Fourth quarter adjusted EBITDA margin of 23.3%
    • Fourth-quarter cash from operating activities of $207.3 million and free cash flow of $170.1 million
    • Full-year net income attributable to ChampionX of $320.3 million
    • Full-year adjusted EBITDA of $784.7 million
    • Full-year cash from operating activities of $589.7 million and free cash flow of $460.5 million

    THE WOODLANDS, Texas, Feb. 04, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced fourth quarter of 2024 and full year 2024 results. For the fourth quarter of 2024, revenue was $912.0 million, net income attributable to ChampionX was $82.8 million, and adjusted EBITDA was $212.3 million. Income before income taxes margin was 13.0%, and adjusted EBITDA margin was 23.3%. Cash provided by operating activities was $207.3 million, and free cash flow was $170.1 million.

    CEO Commentary

    “2024 was a year in which we continued to demonstrate the unique nature of ChampionX’s cash flow resiliency, driven by the strength of our high-margin operating model and capital-light portfolio of businesses. We delivered robust adjusted EBITDA margin expansion and generated strong free cash flow. Our differentiated performance is the direct result of our employees around the world remaining committed to serving our customers well and living our continuous improvement culture daily. I am thankful and humbled to lead such a remarkably dedicated team,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

    “During the fourth quarter of 2024, we generated revenue of $912 million, which increased 1% sequentially, driven by seasonal strength in our Production Chemical Technologies business. Sequential growth in Production Chemical Technologies was offset by typical seasonal declines in our Production & Automation Technologies business into the year-end holidays. For the full year 2024, we generated revenue of $3.6 billion, and we grew our North America revenue by 3% year-over-year, driven by particular strength in the Permian basin. We generated net income attributable to ChampionX of $83 million, income before income taxes margin of 13.0%, and delivered adjusted EBITDA of $212 million, representing a 23.3% adjusted EBITDA margin, our highest level as ChampionX, which speaks to the continued productivity and profitability focus of our team. For the full year 2024, we generated net income attributable to ChampionX of $320 million, income before income taxes margin of 12.2%, a 90 basis point increase over the prior year, and delivered adjusted EBITDA of $785 million, representing a 21.6% adjusted EBITDA margin, an increase of 107 basis points year-over-year.

    “We once again demonstrated our strong cash flow profile. Cash flow from operating activities was $207 million during the fourth quarter, which represented 250% of net income attributable to ChampionX, and includes a $48 million tax payment deferred from the fourth quarter of 2024 to the first quarter of 2025. We generated robust free cash flow of $170 million during the fourth quarter, converting 80% of our adjusted EBITDA for the period. Cash flow from operating activities was $590 million for the full year 2024, which represented 184% of net income attributable to ChampionX. For the full year 2024, we generated free cash flow of $460 million and achieved 59% adjusted EBITDA to free cash flow conversion. Our balance sheet and financial position remain strong, ending the year with approximately $1.2 billion of liquidity, including $508 million of cash and $675 million of available capacity on our revolving credit facility.

    “As we look ahead to 2025, we expect global oil production to grow, and given our differentiated and resilient production-oriented portfolio, we expect another year of positive performance relative to general oil and gas market activity.”

    Agreement to be Acquired by SLB

    On April 2, 2024, SLB (NYSE: SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the “Merger Agreement”) for SLB to purchase ChampionX in an all-stock transaction.   The transaction was unanimously approved by the ChampionX board of directors and the transaction received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024.   The transaction is subject to regulatory approvals and other customary closing conditions.

    ChampionX may continue to pay its regular quarterly cash dividends with customary record and payment dates, subject to certain limitations under the Merger Agreement.   Given the pending acquisition of ChampionX by SLB, ChampionX has discontinued providing quarterly guidance and will not host a conference call or webcast to discuss its fourth quarter and full year 2024 results.

    Production Chemical Technologies

    Production Chemical Technologies revenue in the fourth quarter of 2024 was $569.7 million, an increase of $10.1 million, or 2%, sequentially, due to seasonally higher volumes in certain international markets and higher volumes in North America.

    Segment operating profit was $103.6 million and adjusted segment EBITDA was $133.5 million. Segment operating profit margin was 18.2%, an increase of 259 basis points, sequentially, and adjusted segment EBITDA margin was 23.4%, an increase of 187 basis points, sequentially, in each case due to volumes and product mix.

    Production & Automation Technologies

    Production & Automation Technologies revenue in the fourth quarter of 2024 was $269.6 million, a decrease of $6.1 million, or 2%, sequentially, due primarily to seasonality in our North American businesses into the year-end holidays.

    Revenue from digital products was $62.3 million in the fourth quarter of 2024, an increase of $4.4 million, or 7.5%, compared to $57.9 million in the third quarter of 2024.

    Segment operating profit was $39.0 million, and adjusted segment EBITDA was $70.7 million. Segment operating profit margin was 14.5%, an increase of 210 basis points, sequentially, and adjusted segment EBITDA margin was 26.2%, an increase of 100 basis points, sequentially, in each case due to productivity improvements and product mix.

    Drilling Technologies

    Drilling Technologies revenue in the fourth quarter of 2024 was $51.9 million, an increase of $0.2 million, or flat, sequentially, in-line with flat sequential U.S. rig count activity.

    Segment operating profit was $10.7 million, and adjusted segment EBITDA was $12.3 million. Segment operating profit margin was 20.6%, a decrease of 160 basis points, sequentially, and adjusted segment EBITDA margin was 23.7%, a decrease of 112 basis points, sequentially, in each case due to slightly higher operating costs.

    Reservoir Chemical Technologies

    Reservoir Chemical Technologies revenue in the fourth quarter of 2024 was $21.9 million, an increase of $1.4 million, or 7%, sequentially, due primarily to higher product volumes.

    Segment operating profit was $2.3 million, and adjusted segment EBITDA was $3.8 million. Segment operating profit margin was 10.5%, as compared to 8.2% in the prior quarter, and adjusted segment EBITDA margin was 17.1%, an increase of 106 basis points, sequentially, in each case due to higher product volumes.

    Other Business Highlights: Production Chemical Technologies and Reservoir Chemical Technologies

    • Chosen by a Canadian operator to be their sole supply partner for production chemical programs to support longer asset life for the customer’s project.
    • Awarded SAGD accounts with a Canadian oil sands operator after a well-executed ChampionX pursuit, trial and transition. This success is expected to lead to additional growth opportunities with the customer in 2025.
    • Achieved growth with a national oil company in Central Asia through technology and alignment to the customer’s key business drivers. Organized technical workshops and reviews leading to the implementation of a paraffin treatment program with the customer.
    • Secured a new contract for the provision of chemical injection skids for Drag Reducing Agents (“DRA”) as part of a new development in Eastern Africa.
    • Executed a successful field trial for an innovative AAHI (hydrate inhibitor) with a major operator in Egypt. This strategic initiative is expected to assist the customer with significantly boosting production and enhancing operational efficiency.
    • Successfully qualified corrosion inhibitors for an existing gas field in Qatar. This achievement marks a significant step in supporting asset integrity assurance and commitment to delivering reliable solutions to the industry.
    • Qualified a new Kinetic Hydrate Inhibitor for a major gas field operated by a major national oil company in the Middle East region. This innovative solution delivers higher value, efficiency, and a lower total cost of operation.
    • Instituted notable customer-centric innovations, including the Right Products campaign which delivered 12 new chemistry innovations, the ParaClear(R) program for paraffin remediation, and the full-time Flowback Team with new product lines and digital tools.
    • Advanced digital capabilities, including MyAnalytics platform for sales representatives, the Sensor Team for equipment monitoring, and a trial of a Centralized Ordering system to streamline orders.
    • Delivered on our first RenewIQ+(R) opportunity, pumping a Reservoir Chemical Technologies chemistry in conjunction with our standard RenewIQ(R) offering.
    • Gained significant commercial traction among key customers with Reservoir Chemical Technologies’ new acidizing technology. This innovative system has been evaluated by a major Middle East operator and recognized as one of the top-performing solutions in the market. This milestone underscores our commitment to providing sustainable, high-performance solutions that align with the evolving needs of the industry.

    Other Business Highlights: Production & Automation Technologies

    • Expanded the portfolio of recently acquired RMSpumptools into North America, delivering new solutions to a major oil company in the Permian basin using permanent magnet motor technology. Additional interest and growth with customers are building into 2025.
    • Introduced the SMARTEN™ Lite rod pump controller, which offers an economical automation solution for marginal, low-producing rod pump wells. This new technology was successfully operating on 60 new wells in Q4 2024, helping operators gain 24/7 surveillance and remote control of their rod pump assets with a low-cost edge computing device that requires minimal hardware and setup.
    • Continuing to see strong market penetration and interest in Artificial Lift Performance’s Pump Checker software offering. Software license counts have increased by more than 30% since the February 2024 acquisition, with a focused growth on gas lift/plunger lift well applications.
    • Successfully added well density to a performance-based integrated production optimization (“IPO”) project recently secured with a customer in the Permian basin, and extended the reach of this holistic solution with an additional customer in the Permian. The IPO solution combines artificial lift, chemicals and chemical injection systems with digital automation, controls, data management, and optimization services to drive incremental production with effective cost management for operators.
    • Deployed a large SOOFIE™ continuous emissions monitoring system for an operator in the Middle East. Based on initial results, the customer plans to deploy additional fixed emissions monitoring systems as well as incorporate the ChampionX Aura™ optical gas imaging camera in the field. Our technology was selected based on its proven capabilities and ChampionX collaboration with the field team to assure a steady stream of high-quality data. The SOOFIE continuous monitoring system provides real-time, 24/7 surveillance of methane and other greenhouse gases at oil and gas facilities and landfills.
    • Completed installations of ChampionX’s AnX™ coiled rod technology with a Middle East operator. Based on the excellent performance of this corrosion-resistant coiled rod, the customer has ordered product to install in additional wells in 2025. AnX recently won the Gulf Energy Excellence award for Best Production Technology and has demonstrated dramatic run life improvement in highly corrosive applications in multiple geographies around the world.
    • Successfully completed the initial installations of a full rod pumping solution on a very challenging application in Colombia. The solution brings together both the downhole rods and pump with ChampionX’s rod lift production optimization software. The customer reports that results are exceeding expectations, with production increasing by 35% while reducing operating costs through optimizing resources required to operate the wells.
    • Expanded production optimization software capabilities with customers in Peru and Argentina. Our XSPOC™ software has been implemented across more than 300 wells in Peru and additional licenses are planned in Q1 2025. In Argentina, a customer implemented the software across three fields. By delivering diagnostic insights and actionable recommendations, XSPOC software enables customers to enhance well performance, increase production, and reduce operating costs.

    About Non-GAAP Measures

    In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX’s overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables.

    About ChampionX

    ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.ChampionX.com. 

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future.   Such statements are based on management’s beliefs and assumptions made based on information currently available to management.   All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words.   These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements.   Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on January 24, 2024 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 6, 2024, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by ChampionX stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; the impact of shifts in prices or margins of the products that SLB or ChampionX sells or services that SLB or ChampionX provides, including due to a shift towards lower margin products or services; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

    These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction.   While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof.   Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

    Investor Contact: Byron Pope
    byron.pope@championx.com 
    281-602-0094

    Media Contact: John Breed
    john.breed@championx.com 
    281-403-5751

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands, except per share amounts)   2024       2024       2023       2024       2023  
    Revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
    Cost of goods and services   600,154       608,764       661,337       2,445,281       2,618,646  
    Gross profit   311,883       297,769       282,218       1,188,702       1,139,639  
    Selling, general and administrative expense   184,722       180,501       147,415       720,632       633,032  
    (Gain) loss on sale-leaseback transaction and disposal group   —       57       —       (29,826 )     12,965  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Foreign currency transaction losses (gains), net   1,697       3,505       14,651       2,490       36,334  
    Other income, net   (5,026 )     (2,176 )     (7,584 )     (3,337 )     (21,078 )
    Income before income taxes   118,115       101,745       113,928       442,875       423,824  
    Provision for income taxes   33,204       28,078       35,771       115,746       105,105  
    Net income   84,911       73,667       78,157       327,129       318,719  
    Net income attributable to noncontrolling interest   2,145       1,659       959       6,863       4,481  
    Net income attributable to ChampionX $ 82,766     $ 72,008     $ 77,198     $ 320,266     $ 314,238  
                       
    Earnings per share attributable to ChampionX:                  
    Basic $ 0.43     $ 0.38     $ 0.40     $ 1.68     $ 1.60  
    Diluted $ 0.43     $ 0.37     $ 0.39     $ 1.65     $ 1.57  
                       
    Weighted-average shares outstanding:                  
    Basic   190,586       190,496       193,191       190,578       196,083  
    Diluted   193,487       193,362       196,649       193,643       199,906  
                                           

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)

      December 31,
    (in thousands)   2024       2023  
    Assets      
    Current Assets:      
    Cash and cash equivalents $ 507,681     $ 288,557  
    Receivables, net   466,782       534,534  
    Inventories, net   496,831       521,549  
    Prepaid expenses and other current assets   92,603       80,777  
    Total current assets   1,563,897       1,425,417  
           
    Property, plant and equipment, net   755,422       773,552  
    Goodwill   718,944       669,064  
    Intangible assets, net   258,614       243,553  
    Other non-current assets   173,375       130,116  
    Total assets $ 3,470,252     $ 3,241,702  
           
    Liabilities      
    Current portion of long-term debt $ 6,203     $ 6,203  
    Accounts payable   455,531       451,680  
    Other current liabilities   324,138       324,866  
    Total current liabilities   785,872       782,749  
           
    Long-term debt   591,453       594,283  
    Other long-term liabilities   261,749       203,639  
    Stockholders’ equity:      
    ChampionX stockholders’ equity   1,846,437       1,676,622  
    Noncontrolling interest   (15,259 )     (15,591 )
    Total liabilities and equity $ 3,470,252     $ 3,241,702  
                   

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)

      Years Ended December 31,
    (in thousands)   2024       2023  
    Cash flows from operating activities:      
    Net income $ 327,129     $ 318,719  
    Depreciation and amortization   245,825       235,936  
    (Gain) loss on sale-leaseback transaction and disposal group   (29,826 )     12,965  
    Loss on Argentina Blue Chip Swap transaction   7,086       —  
    Deferred income taxes   (22,873 )     (22,272 )
    (Gain) on disposal of fixed assets   (443 )     (1,046 )
    Receivables   76,569       70,021  
    Inventories   (8,924 )     18,753  
    Accounts payable   (399 )     (53,891 )
    Other assets   (15,152 )     20,395  
    Leased assets   (33,767 )     (51,247 )
    Other operating items, net   44,456       (8,062 )
    Net cash provided by operating activities   589,681       540,271  
           
    Cash flows from investing activities:      
    Capital expenditures   (141,310 )     (142,324 )
    Proceeds from sale of fixed assets   12,113       14,545  
    Proceeds from sale-leaseback transaction   44,292       —  
    Purchase of investments   (31,526 )     —  
    Sale of investments   24,358       —  
    Acquisitions, net of cash acquired   (123,269 )     —  
    Net cash used for investing activities   (215,342 )     (127,779 )
           
    Cash flows from financing activities:      
    Proceeds from long-term debt   —       15,500  
    Repayment of long-term debt   (6,203 )     (45,176 )
    Repurchases of common stock   (49,399 )     (277,575 )
    Dividends paid   (70,531 )     (64,980 )
    Other   (24,324 )     (934 )
    Net cash used for financing activities   (150,457 )     (373,165 )
           
    Effect of exchange rate changes on cash and cash equivalents   (4,758 )     (957 )
           
    Net increase in cash and cash equivalents   219,124       38,370  
    Cash and cash equivalents at beginning of period   288,557       250,187  
    Cash and cash equivalents at end of period $ 507,681     $ 288,557  
                   

    CHAMPIONX CORPORATION
    BUSINESS SEGMENT DATA
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Segment revenue:                  
    Production Chemical Technologies $ 569,662     $ 559,539     $ 634,137     $ 2,288,886     $ 2,404,377  
    Production & Automation Technologies   269,568       275,700       241,294       1,042,369       1,003,146  
    Drilling Technologies   51,942       51,792       46,821       211,828       215,721  
    Reservoir Chemical Technologies   21,937       20,531       21,402       94,296       96,154  
    Corporate and other   (1,072 )     (1,029 )     (99 )     (3,396 )     38,887  
    Total revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
                       
    Income (loss) before income taxes:                
    Segment operating profit (loss):                  
    Production Chemical Technologies $ 103,567     $ 87,260     $ 102,179     $ 364,047     $ 350,216  
    Production & Automation Technologies   39,027       34,136       22,110       123,840       118,409  
    Drilling Technologies   10,703       11,501       8,679       78,469       45,481  
    Reservoir Chemical Technologies   2,294       1,675       3,907       12,078       10,541  
    Total segment operating profit   155,591       134,572       136,875       578,434       524,647  
    Corporate and other   25,101       18,690       9,139       79,691       46,261  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Income before income taxes $ 118,115     $ 101,745     $ 113,928     $ 442,875     $ 423,824  
                       
    Operating profit margin / income (loss) before income taxes margin:                  
    Production Chemical Technologies   18.2 %     15.6 %     16.1 %     15.9 %     14.6 %
    Production & Automation Technologies   14.5 %     12.4 %     9.2 %     11.9 %     11.8 %
    Drilling Technologies   20.6 %     22.2 %     18.5 %     37.0 %     21.1 %
    Reservoir Chemical Technologies   10.5 %     8.2 %     18.3 %     12.8 %     11.0 %
    ChampionX Consolidated   13.0 %     11.2 %     12.1 %     12.2 %     11.3 %
                       
    Adjusted EBITDA                  
    Production Chemical Technologies $ 133,475     $ 120,622     $ 139,107     $ 489,549     $ 506,991  
    Production & Automation Technologies   70,739       69,604       52,800       259,531       232,672  
    Drilling Technologies   12,321       12,867       10,361       54,411       51,986  
    Reservoir Chemical Technologies   3,751       3,292       5,501       18,343       18,498  
    Corporate and other   (8,021 )     (8,873 )     (9,624 )     (37,112 )     (38,926 )
    Adjusted EBITDA $ 212,265     $ 197,512     $ 198,145     $ 784,722     $ 771,221  
                       
    Adjusted EBITDA margin                  
    Production Chemical Technologies   23.4 %     21.6 %     21.9 %     21.4 %     21.1 %
    Production & Automation Technologies   26.2 %     25.2 %     21.9 %     24.9 %     23.2 %
    Drilling Technologies   23.7 %     24.8 %     22.1 %     25.7 %     24.1 %
    Reservoir Chemical Technologies   17.1 %     16.0 %     25.7 %     19.5 %     19.2 %
    ChampionX Consolidated   23.3 %     21.8 %     21.0 %     21.6 %     20.5 %
                                           

    CHAMPIONX CORPORATION
    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Net income attributable to ChampionX $ 82,766     $ 72,008     $ 77,198     $ 320,266     $ 314,238  
    Pre-tax adjustments:                  
    (Gain) loss on sale-leaseback transaction and disposal group(1)   —       57       —       (29,826 )     12,965  
    Russia sanctions compliance and impacts(2)   73       109       160       366       1,209  
    Restructuring and other related charges   2,704       5,317       2,407       17,657       13,387  
    Merger transaction costs(3)   14,434       8,312       —       37,805       245  
    Acquisition costs and related adjustments(4)   75       753       (6,817 )     2,634       (12,670 )
    Intellectual property defense   158       69       638       1,537       1,545  
    Merger-related indemnification responsibility(5)   100       —       —       100       722  
    Tulsa, Oklahoma storm damage   —       —       660       305       3,162  
    Foreign currency transaction losses, net   1,697       3,505       14,651       2,490       36,334  
    Loss on Argentina Blue Chip Swap transaction   —       —       —       7,086       —  
    Tax impact of adjustments   (5,565 )     (4,259 )     (2,600 )     (10,480 )     (12,650 )
    Adjusted net income attributable to ChampionX   96,442       85,871       86,297       349,940       358,487  
    Tax impact of adjustments   5,565       4,259       2,600       10,480       12,650  
    Net income attributable to noncontrolling interest   2,145       1,659       959       6,863       4,481  
    Depreciation and amortization   62,534       63,508       58,710       245,825       235,936  
    Provision for income taxes   33,204       28,078       35,771       115,746       105,105  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Adjusted EBITDA $ 212,265     $ 197,512     $ 198,145     $ 784,722     $ 771,221  

    _______________________

    (1) Amounts represents the and the gain on the sale and leaseback of certain buildings and land during 2024. For the year ended December 31, 2023, the loss recorded to properly adjust the carrying value of our Chemical Technologies operations in Russia to the lower of carrying value or fair value less costs to sell .
    (2) Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia.
    (3) Includes costs incurred during 2024 in relation to the Merger Agreement with Schlumberger Limited, including third party legal and professional fees.
    (4) Includes costs incurred for the acquisition of businesses and revenue associated with the amortization of a liability established as part of the merger transaction with Ecolab Inc. (“Ecolab”) to acquire the Chemical Technologies business, representing unfavorable terms under the Cross Supply Agreement, as well as costs incurred for the acquisition of businesses. During the fourth quarter of 2023, we recorded a fair value adjustment to contingent consideration on a prior acquisition as well as the settlement of an item pursuant to the tax matters agreement with Ecolab.
    (5) Expense related to the June 3, 2020 merger transaction with Ecolab in which we acquired the Chemical Technologies business.
       
      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Diluted earnings per share attributable to ChampionX $ 0.43     $ 0.37     $ 0.39     $ 1.65     $ 1.57  
    Per share adjustments:                  
    (Gain) loss on sale-leaseback transaction and disposal group   —       —       —       (0.15 )     0.06  
    Russia sanctions compliance and impacts   —       —       —           —  
    Restructuring and other related charges   0.01       0.03       0.01       0.09       0.07  
    Merger transaction costs   0.07       0.04       —       0.20       —  
    Acquisition costs and related adjustments   —       —       (0.03 )     0.01       (0.06 )
    Intellectual property defense   —       —       —       0.01       0.01  
    Merger-related indemnification responsibility   —       —       —       —       —  
    Tulsa, Oklahoma storm damage   —       —       0.01       —       0.02  
    Foreign currency transaction losses   0.01       0.02       0.07       0.01       0.18  
    Loss on Argentina Blue Chip Swap transaction   —       —       —       0.04       —  
    Tax impact of adjustments   (0.02 )     (0.02 )     (0.01 )     (0.05 )     (0.06 )
    Adjusted diluted earnings per share attributable to ChampionX $ 0.50     $ 0.44     $ 0.44     $ 1.81     $ 1.79  
                                           

    CHAMPIONX CORPORATION
    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Production Chemical Technologies                  
    Segment operating profit $ 103,567     $ 87,260     $ 102,179     $ 364,047     $ 350,216  
    Non-GAAP adjustments   2,251       7,073       11,194       19,108       51,717  
    Depreciation and amortization   27,657       26,289       25,734       106,394       105,058  
    Segment adjusted EBITDA $ 133,475     $ 120,622     $ 139,107     $ 489,549     $ 506,991  
                       
    Production & Automation Technologies                  
    Segment operating profit $ 39,027     $ 34,136     $ 22,110     $ 123,840     $ 118,409  
    Non-GAAP adjustments   75       1,656       1,231       9,807       5,246  
    Depreciation and amortization   31,637       33,812       29,459       125,884       109,017  
    Segment adjusted EBITDA $ 70,739     $ 69,604     $ 52,800     $ 259,531     $ 232,672  
                       
    Drilling Technologies                  
    Segment operating profit $ 10,703     $ 11,501     $ 8,679     $ 78,469     $ 45,481  
    Non-GAAP adjustments   306       54       109       (29,523 )     313  
    Depreciation and amortization   1,312       1,312       1,573       5,465       6,192  
    Segment adjusted EBITDA $ 12,321     $ 12,867     $ 10,361     $ 54,411     $ 51,986  
                       
    Reservoir Chemical Technologies                  
    Segment operating profit $ 2,294     $ 1,675     $ 3,907     $ 12,078     $ 10,541  
    Non-GAAP adjustments   39       3       4       69       1,486  
    Depreciation and amortization   1,418       1,614       1,590       6,196       6,471  
    Segment adjusted EBITDA $ 3,751     $ 3,292     $ 5,501     $ 18,343     $ 18,498  
                       
    Corporate and other                  
    Segment operating profit $ (37,476 )   $ (32,827 )   $ (22,947 )   $ (135,559 )   $ (100,823 )
    Non-GAAP adjustments   16,570       9,336       (839 )     40,693       (1,863 )
    Depreciation and amortization   510       481       354       1,886       9,198  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Segment adjusted EBITDA $ (8,021 )   $ (8,873 )   $ (9,624 )   $ (37,112 )   $ (38,926 )
                                           

    Free Cash Flow

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Free Cash Flow                  
    Cash provided by operating activities $ 207,250     $ 141,298     $ 168,953     $ 589,681     $ 540,271  
    Less: Capital expenditures, net of proceeds from sale of fixed assets   (37,117 )     (33,248 )     (29,142 )     (129,197 )     (127,779 )
    Free cash flow $ 170,133     $ 108,050     $ 139,811     $ 460,484     $ 412,492  
                       
    Cash From Operating Activities to Revenue Ratio                  
    Cash provided by operating activities $ 207,250     $ 141,298     $ 168,953     $ 589,681     $ 540,271  
    Revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
                       
    Cash from operating activities to revenue ratio   23 %     16 %     18 %     16 %     14 %
                       
    Free Cash Flow to Revenue Ratio                  
    Free cash flow $ 170,133     $ 108,050     $ 139,811     $ 460,484     $ 412,492  
    Revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
                       
    Free cash flow to revenue ratio   19 %     12 %     15 %     13 %     11 %
                       
    Free Cash Flow to Adjusted EBITDA Ratio                  
    Free cash flow $ 170,133     $ 108,050     $ 139,811     $ 460,484     $ 412,492  
    Adjusted EBITDA $ 212,265     $ 197,512     $ 198,145     $ 784,722     $ 771,221  
                       
    Free cash flow to adjusted EBITDA ratio   80 %     55 %     71 %     59 %     53 %

    The MIL Network –

  • MIL-OSI USA: Padilla Introduces Bicameral Legislation to Ensure Access to Legal Counsel When Entering the United States

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Introduces Bicameral Legislation to Ensure Access to Legal Counsel When Entering the United States

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, introduced the Access to Counsel Act to ensure that U.S. citizens, green card holders, and other individuals with legal status can consult with an attorney, relative, or other interested parties to seek assistance if they are detained by Customs and Border Protection (CBP) for more than an hour at ports of entry, including airports. U.S. Representative Pramila Jayapal (D-Wash.-07) is leading companion legislation in the House of Representatives.

    The bill was introduced in conjunction with the NO BAN Act, legislation to prevent another Muslim Ban, which is led by Senator Chris Coons (D-Del.) and Representative Judy Chu (D-Calif.-28). Senator Padilla is cosponsoring the NO BAN Act.

    “In his first term, President Trump’s cruel and unlawful travel ban led to the detention of countless legally present noncitizens at airports and ports of entry while denying them their basic legal rights,” said Senator Padilla. “Now, with another executive order setting the stage for a new travel ban, the Access to Counsel Act is more important than ever. These important guardrails would prevent CBP from blocking noncitizens it has detained with lawful permission to be in the United States from calling a lawyer or a trusted contact.”

    “It was incredibly clear how critical this legislation was under the first Trump Administration, as he stripped basic civil rights away from individuals for reasons ranging from the color of their skin to the country of their origin. I remember rushing to my local airport and found a U.S. citizen woman waiting to welcome her husband who had been put on a plane back without being allowed to see an attorney, despite traveling on a valid visa,” said Representative Jayapal. “It is more important now than ever, under a second Trump Administration, that we codify the right to access counsel for detained persons who are legally allowed access to the United States. As we continue to see him scapegoat immigrants, we must protect people from unjust detention.”

    The previous Muslim Ban in Trump’s first term unleashed chaos at airports and ports of entry across the country. People from Muslim-majority countries, with lawful permission to enter, were detained for hours without food or water before being deported. These individuals were often pressured to sign documents that amounted to them giving up their legal status. In many cases, these individuals had no opportunity to see an attorney or call anyone for legal guidance. Since then, there have been numerous instances of individuals in California and across the country being denied access to legal counsel while detained for long periods despite having valid visas.

    Specifically, the Access to Counsel Act would:

    • Require the Department of Homeland Security to ensure that people with valid travel documents who present themselves at the border, airports, or other points of interaction can communicate with counsel and other interested parties if they are subjected to prolonged inspection by CBP. 
    • Allow counsel or a covered interested party the ability to advocate on behalf of the individual by providing information or documentation in support of the individual.
    • Invalidate any effort by CBP to persuade someone to relinquish their legal status if that person has been denied access to counsel.

    In the Senate, the legislation is cosponsored by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Edward J. Markey (D-Mass.), Patty Murray (D-Wash.), Jacky Rosen (D-Nev.), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.).

    The bill is also endorsed by American Immigration Lawyers Association, Asian Americans Advancing Justice | AAJC, Asian Pacific Institute on Gender-Based Violence, Center for Gender & Refugee Studies, Coalition for Humane Immigrant Rights (CHIRLA), Council on American-Islamic Relations (CAIR), Illinois Coalition for Immigrant and Refugee Rights, Immigration Equality Action Fund, Kids in Need of Defense, National Immigrant Justice Center, National Partnership for New Americans, OneAmerica, Sikh American Legal Defense and Education Fund (SALDEF), Southeast Asia Resource Action Center (SEARAC), and UnidosUS.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Health – ProCare Foundation announces recipients of more than $200,000 of funding

    Source: ProCare Foundation

    Six Auckland organisations tackling health inequity and poverty have received a major boost, with the ProCare Charitable Foundation announcing $210,000 in grants to support initiatives that promote community health and wellbeing.


    This year’s recipients are:

    1. Auckland Women’s Centre Inc
    2. BabyStart Charitable Trust
    3. Dance & Arts Therapy NZ
    4. Garden to Table Trust
    5. Orange Sky NZ Ltd
    6. Warriors Community Foundation.

     

    ProCare Foundation Chair, Peter Didsbury, says: “Every dollar granted reflects our commitment to addressing health inequities and empowering organisations working on the frontlines of our communities. This funding is an investment in healthier futures for all Aucklanders.”

    “It’s inspiring to see the creativity and dedication these organisations bring to tackling some of our toughest social and health challenges. Their mahi aligns perfectly with the Foundation’s mission – to support the health and well-being of disadvantaged communities by delivering health-related activities that improve a community’s wellbeing, or reduce health inequalities and alleviate poverty and deprivation in the Auckland region,” concludes Didsbury.

    The Foundation was established by the shareholders of ProCare Health Limited in 2013 with Trustee and Administration services being provided by Public Trust.

    Glenys Talivai, CEO of Public Trust, says: “Empowering local organisations with targeted funding creates ripple effects and positive outcomes for the larger community. Our work with the ProCare Charitable Foundation is a powerful way to uplift organisations that provide care and protection for society’s most vulnerable. We are proud to be the trustee and manage the granting programme and congratulate the six organisations receiving funding.”

    Since the establishment of the ProCare Charitable Foundation, it has granted more than $2 million in funding to increase community health and wellbeing in the Greater Auckland Region.

    Recipients of the ProCare Charitable Foundation funding, as selected at the end of 2024 are:

    Organisation: Auckland Women’s Centre Inc

    Project: Supporting no/low-cost counselling: supervision, triage, referrals, and client-counsellor matching.

    The centre facilitates empowerment and wellbeing for all women in Tāmaki Makaurau via education, counselling, brief crisis support, peer support, advice and referral, community kōrero, advocacy, and safe space. In 2025, they will offer five student counsellors, up from 3.5 in 2024 and two in 2023. Their counsellors are of different ethnicities, ages and interests who meet the needs of diverse women.

    Organisation: BabyStart Charitable Trust

    Project: Supporting infant and maternal care packages for Auckland families.

    BabyStart’s purpose is to alleviate poverty, encourage positive parenting and safe sleep practices, and encourage engagement with maternal health services through the provision of high-quality infant care packages. This funding will go towards baby boxes with baby clothing and care items for high needs whānau based on need and availability.

    Organisation: Dance & Arts Therapy NZ

    Project: Dance movement and arts therapy for 80+ vulnerable children

    Their mission is to provide unwavering support to the mental health and disability sectors through dance movement and arts therapy. They serve individuals of all backgrounds, including those with disabilities, mental health challenges, low-income children and survivors of abuse. The funding will cover facilitation, materials, coordination, venue hire, and administration, delivering 108 sessions for at-risk children and 128 sessions for children with disabilities.

    Organisation: Garden to Table Trust

    Project: Supporting salary for programme coordinators – Auckland.

    The Garden to Table programme is currently running in 85 schools and ECEs in Greater Auckland (excluding South Auckland). The programme is typically run as a regular session in school where tamariki learn the skills they need to grow fresh produce, harvest it, prepare and cook it. Children do everything for themselves and are encouraged to take their learning home to share with family and whānau.

    Organisation: Orange Sky NZ Ltd

    Project: Laundry & shower service for those experiencing homelessness and hardship.

    In Auckland, they operate two vans, an internal laundry at HomeGround (Auckland City Mission), and a pod in South Auckland. Through these services, they aim to raise dignity and mana for individuals experiencing homelessness and hardship, supporting their health and wellbeing. By offering clean clothes and access to showers, they foster a sense of self-worth and community connection, addressing both immediate needs and the long-term goal of improving lives in the wider Auckland region.

    Organisation: Warriors Community Foundation

    Project: Supporting health-focused programmes promoting physical, mental well-being, and inclusivity.

    The Tupu Maia programme is dedicated to promoting the health and wellbeing of intermediate-aged girls by advancing education on physical and mental wellness. The programme focuses on building confidence, self-esteem, and physical activity through structured lessons on nutrition, hydration, sleep, and mental resilience. By fostering a supportive environment, Tupu Maia encourages participants to develop lifelong habits that improve both their physical and mental health.

     About the ProCare Foundation

    The ProCare Foundation was established by the shareholders of ProCare who gifted more than 90% of their shares to the Foundation in 2013. The purpose of the Foundation is to help promote the health and wellbeing of disadvantaged communities, deliver health-related activities that improve a community’s wellbeing, or reduce health inequalities and alleviate poverty and deprivation in the Auckland region. For more information about the Foundation and previous grant recipients, click here or visit www.procare.co.nz  

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Palestine Forum of New Zealand Condemns Trump’s Remarks and Calls for Immediate Action to Protect Palestinian Rights

    Source: Palestine Forum of New Zealand

    The Palestine Forum of New Zealand strongly condemns the recent statements made by U.S. President Donald Trump regarding the forced displacement of Palestinians from Gaza. Such rhetoric is not only inflammatory but also deeply harmful, as it undermines the fundamental rights of the Palestinian people and perpetuates a cycle of violence and injustice.

    The Palestine Forum of New Zealand firmly believes that the Palestinian people have the right to live in dignity, safety, and peace within their homeland. Forced displacement is a violation of international law and human rights principles, and it must be unequivocally rejected by the global community. The suggestion that Palestinians have “no alternative” but to leave Gaza is both false and dangerous, as it ignores the root causes of the ongoing crisis and the need for a just and lasting resolution.

    The Palestine Forum of New Zealand stands in solidarity with the Palestinian people and reaffirms its commitment to justice, equity, and the protection of human rights. We urge the international community to take immediate and meaningful action to prevent further suffering and to work toward a future where all people can live in peace and dignity.

    Maher Nazzal
    Palestine Forum of New Zealand

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Free short course for teaching phonics in the classroom

    Source: Australian Executive Government Ministers

    Teachers will be able to upskill for free with a new microcredential course focused on teaching phonics, launched by the University of Adelaide.

    The Teaching Phonics microcredential will help primary and secondary teachers learn how to teach synthetic phonics in a systematic and explicit way using contemporary, evidence-based practices. 

    The evidence shows explicit instruction is a very efficient strategy for helping students learn by breaking down new information into smaller learning outcomes and modelling each step.

    Students are more likely to progress in their reading skills from the explicit teaching of phonics, especially for children at risk of reading difficulties.

    It is a focus of many reforms, including the Better and Fairer Schools Agreement and changes being made to strengthen initial teacher education.

    The Albanese Government is investing more than $3 million in funding to the University of Adelaide to design and deliver microcredentials courses for teachers.

    The Teaching Phonics microcredential is the third free course for teachers funded by the Albanese Government and developed by the University of Adelaide. 

    It adds to the Explicit Teaching microcredential and Classroom Management microcredential released in 2024. 

    As of January 2025:

    • More than 1,800 educators have enrolled in the classroom management microcredential (5 months after launch)
    • More than 900 educators have enrolled in the explicit teaching microcredential (1.5 months after launch)
    • More than 750 educators have begun one of the four-module courses and completed at least one assessment task, and
    • 95 educators have completed an entire microcredential – a total of 48 hours of learning.

    More than 4,300 teachers across the country have registered interest in the phonics microcredential program.

    The free courses will provide vital professional development opportunities for teachers, school leaders and other school staff.

    The qualifications will offer teachers a potential credit pathway towards post-graduate study with the School of Education at the University of Adelaide.

    This investment is part of the National Teacher Workforce Action Plan and builds on the Government’s Engaged Classrooms initiative, which is developing free classroom management resources for teachers.

    The self-paced online course can be completed in the teacher’s own time, at their own pace, to fit in around their other commitments.

    For more information visit Microcredentials for Classroom Confidence on the University of Adelaide website.

    Quotes attributable to Minister for Education Jason Clare:

    “The reading wars are over. We know evidence-based teaching methods work and this free short course will help teachers in the classroom.

    “This will support teachers and help to improve how students learn how to read and write.”

    MIL OSI News –

  • MIL-OSI Europe: Answer to a written question – Recent developments regarding methane emissions possibly not complying with EU-New Zealand free trade agreement – E-002719/2024(ASW)

    Source: European Parliament

    The Free Trade Agreement (FTA) between the European Union and New Zealand establishes the structures and procedures to analyse, discuss and address any matters which arise in relation to the FTA, including issues related to the Paris Agreement[1] on climate change.

    The Commission services are in contact with their New Zealand counterparts to prepare the first meetings of the committees established under the FTA, which are foreseen to take place in the first half of 2025. In these bilateral exchanges, various matters of interest and concern are being anticipated and discussed, including with regard to greenhouse gases such as methane.

    Independently from the FTA, the Commission is engaged with New Zealand in high level dialogues on climate change to intensify bilateral and multilateral climate cooperation, including on methane emissions. The first such dialogue took place in 2023, while the second one is expected to be held this year .

    If a potential matter of concern with regard to the commitments agreed in an FTA is identified, the Commission can formally engage with New Zealand with an aim to resolve the issue. In particular, the matter can be followed-up in the relevant committee of the FTA. If no solution were to be found with respect to a potential breach, the FTA foresees the possibility to resort to dispute settlement proceedings.

    The Paris Agreement is an essential element of the FTA and the Commission is committed to ensuring that its objective and purpose is respected, including in our relations with our closest partners.

    • [1] Key aspects of the Paris Agreement: https://unfccc.int/most-requested/key-aspects-of-the-paris-agreement
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI: Onity Group Schedules Conference Call – Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that it will hold a conference call on Thursday, February 13, 2025 at 8:30 a.m. (ET) to review the Company’s fourth quarter and full-year 2024 operating results.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 274-8461 or (203) 518-9814 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through February 27, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157783.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Investors:
    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:
    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI New Zealand: Public Health Surveillance Strategy 2025–2030

    Source: New Zealand Ministry of Health

    The Public Health Surveillance Strategy 2025-2030 is designed to strengthen our public health surveillance system to better support increased life expectancy with quality of life for New Zealanders.

    The strategy was a collaboration between the Public Health Agency with the wider Ministry, Health New Zealand, and ESR. Extensive consultation with the wider surveillance sector informed its development.

    Public health surveillance is the collection and dissemination of health or health-related information to plan and implement initiatives to help keep people healthy, and protect them from new health threats, such as disease outbreaks.

    Sources of information for public health surveillance can be drawn from across the health system, government, and wider society. They include laboratory test results, mortality data, wastewater testing, global health data, mosquito surveillance, health surveys, clinician reporting, and even retail spending. 

    The health system has an obligation to protect and improve the health of New Zealanders. This cannot be achieved without the well-coordinated and systematic collection of public health information. The strategy outlines an approach to public health surveillance based on ensuring the confidentiality, privacy and protection of people’s personal health data. It supports using information only to support protecting and improving the health of New Zealanders.

    The strategy identifies four strategic directions. These include:

    • strengthening governance, leadership, and coordination
    • focussing on the things that matter
    • responding to emerging challenges and opportunities
    • continuously improving.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Transport – Desert Road closure costing freight businesses an estimated $100,000 per day

    Source: Ia Ara Aotearoa Transporting New Zealand

    National road freight association Transporting New Zealand has emphasised the importance of getting the Desert Road on State Highway 1 reopened as soon as possible, estimating that the closure is increasing freight costs for businesses and consumers by $100,000 per day.
    Chief executive Dom Kalasih says that while using block road closures allows NZTA to work more efficiently and safely on roading projects, it is essential that these are well managed and keep to schedule.
    “Transporting New Zealand supported the block road closure approach for the Desert Road project, rather than operating stop-go for months and years on end. However, taking this approach means that NZTA needs to be providing regular comms updates and completing these works on time.
    “If there are any delays with the Desert Road opening, it is critical that NZTA provides notice well in advance so that transport companies can readjust their plans to manage the extra demands.”
    Kalasih says that having the closure extended would be bad news for businesses and consumers across the country.
    “Based on NZTA information about the additional detour time and traffic data, we estimate the additional freight cost is in the order of $100,000 per day, due to approximately 800 trucks per day having to travel for an additional 35-40 minutes. Our members have no choice but to pass those costs on to their customers, and that shows up as higher prices for consumers.
    “There’s also the loss in labour productivity and the significant impact on local businesses in the affected area to consider.
    “The closure also increases risk to the resilience of the network. If SH4 between National Park and Tohunga Junction was to become blocked for any significant period, then inter-regional travel across the Central Plateau would be severely impacted.”
    Transporting New Zealand sought an update from NZTA on how the project was tracking to schedule on Monday, and will be keeping their members regularly updated. 
    About Ia Ara Aotearoa Transporting New Zealand 
    Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter-regional commercial freight transport services throughout the country.
    Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4700 businesses, with an annual turnover of $6 billion. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Housing Market – First home buyers well placed for 2025 – CoreLogic

    Source: CoreLogic – Commentary from Kelvin Davidson, CoreLogic NZ Chief Property Economist

    In today’s Pulse, CoreLogic NZ’s Chief Property Economist Kelvin Davidson looks at the conditions facing first home buyers (FHBs) in 2025, with the data pointing to favourable market conditions – although their percentage share of activity may not hold at recent record highs.

    Even if mortgaged investors and movers do take a greater proportion of activity in 2025, FHBs are still likely to buy a higher number of properties than they did last year.
    Put simply, a larger overall number of transactions in 2025 should ‘float all boats’.

    A look back at 2024The full-year CoreLogic Buyer Classification data for 2024 showed another strong performance from first home buyers (FHBs), making up 26.1% of property purchases. That was a new record high, surpassing the previous mark of 25.7% set the previous year. Granted, at around 20,850, the number of FHB purchases had been beaten on seven previous occasions since 2005 (including each year from 2019 to 2021), but it was still a solid year on that measure too.

    Why have FHBs proven successful? Access to KiwiSaver for at least part of the deposit is one factor, while they have also been making full use of the low-deposit lending allowances at the banks. Getting around the loan to value ratio rules by purchasing new-build properties is another popular option at present, and we estimate that FHBs accounted for about 27% of new-build buying activity in 2024.
    FHBs have also been taking advantage of plenty of choice (total available listings are high) and the soft market – their median price paid in 2024 was $698,000 (down from $719,000 in 2022). 
    They are also benefiting from reduced competition. For example, ‘movers’ or relocating owner-occupiers ‘only’ accounted for 26.5% of activity last year, which is about 2%-points below their average.
    At the same time, mortgaged multiple property owners (MPOs including investors) have had a tricky few years too, with their share of activity at 21.7% in 2024, versus the average since 2005 of around 24.5%.
    That’s not too surprising, given that typical mortgage rates were above 7% for at least the first half of 2024, meaning that significant top-ups out of other income were required to sustain a standard new rental purchase. Interest deductibility was back to 80% for most of the 2024 calendar year, but the Brightline Test only came down on 1st July 2024 while the deposit rules were eased from 35% to 30% on the same day.
    2025 outlook
    Looking ahead, our expectation is that overall property sales volumes will rise from around 80,000 in 2024 to 90,000 in 2025, reflecting the lagged effects of lower mortgage rates and the anticipation of a growing economy again, albeit slowly. 
    That being said, further job losses in the near term are unfortunately looking likely, and debt to income ratio limits will also become a consideration, although the ‘generous’ 20% speed limit and the new-build exemption should mean they don’t put a hard stop on activity.
    In this environment, it would not be a surprise to see a higher number of deals from all buyer groups, especially the three main cohorts of FHBs, mortgaged investors, and movers.
    Anecdotally, we have seen evidence that movers are starting to become more active again as housing chains free up, especially in the ‘next home’ segment (i.e. previous FHBs who are now looking to trade up), while mortgaged investors have also shown clear signs of a comeback.
    Although mortgaged investors’ calendar-year market share in 2024 was still quite low, the quarter-by-quarter figures had turned up by the end of year, hitting 22.6% in Q4 – their strongest result since the middle of 2022. Our more granular analysis shows that this was driven primarily by smaller/new investors (those who now own two properties in total after their latest purchase), or the cliched ‘Mums and Dads’.
    To illustrate the impact of lower mortgage rates on those top-ups: If you plug in a purchase price of $780,000 (the median paid by mortgaged MPOs in 2024), assume 30% deposit, 4% gross rental yield, interest-only mortgage (and 100% deductibility), a drop in mortgage rates from around 7% to about 5.5% broadly cuts the weekly cash requirement from $350 to $200. That’s still significant for a new investor, but much less of a hurdle than before.
    A story of many buyers
    Looking ahead, 2025 looks set to be busier year for the property market in general and across the various buyer groups. However, market share must always equal 100%, and even though FHBs will likely buy more properties this year than last, it is still conceivable that their percentage share of activity will drop back from recent record highs, as mortgaged investors and movers return closer to their normal positions.
    In turn, that may well prompt fears or headlines that first home buyers are being shut out again. But as an example, they could see their market share drop to 24% this year and still purchase about 1,000 more properties than in 2024. In other words, a lower market share doesn’t mean the demise of FHBs.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Op-Ed – Everyone has a plan until they get punched in the face – OPED Conor English

    Opinion – by Conor English
     
    5 February 2025 – Everyone has a plan until they get punched in the face – Boxer Mike Tyson famously said, “Everyone has a plan until they get punched in the face”.  He was simply pointing out in his own unique direct way, that sometimes things don’t go the way you think. There can be unintended consequences. Your opponent can counter punch, so a “plan b” can be useful!
     
    The new USA government has a plan to use tariffs as a way of incentivising other countries to do things that are helpful to the USA. Things like curtail immigrants or drugs travelling over the border, or to shift their manufacturing jobs to America.  The President has described the word “tariffs” as “the most beautiful word in the dictionary” so its clear he likes the idea of using tariffs. It does have some logic. Maybe this plan will work?
     
    So, using emergency powers that enable quick action, rather than long winded trade negotiation processes, this plan is being implemented this week.  First up, 10% tariff on goods from China, and energy products from Canada. Tariffs will be set at 25% for most other goods from Canada and Mexico. If these countries change their drug, migration and manufacturing policies, the USA will look to review the tariff levels.  That’s the new deal.
     
    New Zealand had its own tariffs for many years as was fashionable. But now we seek fair trade, with no tariffs or quotas, or other non-tariff trade barriers in our trading relationships. It matters to us as a small trading country at the bottom of the world. Multilateral co-operation and enforcement frameworks such as the World Trade Organisation are vital.   
     
    America, like many countries, has a long history of using tariffs. An excellent example of how things can end up like a punch in the face, as Mike Tyson would put it, is the passing of what was known as the “Smoot Hawley” Tariff Act on June 17, 1930. This raised tariffs on over 20,000 imported goods, despite a petition signed by 1,028 economists asking President Hoover to veto the legislation. He didn’t. The theory was it would save jobs in America and protect local producers from international competition following the “Black Thursday” share market crash on October 24, 1929.
     
    But it didn’t make things better, it made things worse.
     
    Americas trading partners punched back. They didn’t do nothing. They retaliated, just as Canada and Mexico now have. The world economy and geopolitics has evolved significantly since the great depression and what happened then may not happen now. However, history can perhaps provide some small insight as to how this might play out.
     
    Wikipedia tells us that after the Smoot- Hawley passed – yes – USA imports did decrease by 66% from $4.4 billion  in 1929, to $1.5 billion in 1933. So that must be good for domestic jobs and industries? Well no, because other countries punched back with their own tariffs, as well as sourcing their own imports from other countries rather than America.
     
    As a result, USA exports also decreased 61% from $5.4 billion to $2.1 billion. GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931, bottoming out at $55.6 billion in 1933, a drop of around 50% over four years. 
     
    So rather than create jobs, jobs were lost, and plenty of them. Unemployment was at 8% in 1930 when the Smoot–Hawley Tariff Act was passed, but the new law failed to lower it. The unemployment rate jumped to 16% in 1931, and 25% in 1932–33. The factories that produced those export goods couldn’t sell their products, so staff lost their jobs.
     
    Unemployment didn’t fall below early 1930s levels until the massive economic stimulus of World War 2.
     
    As with any economy, there is always more than just one thing happening, but at that time, that is what happened in the USA. So how does this current fast changing situation effect New Zealand?
     
    Unlike 100 years ago, we get impacted very quickly by the transmission of changes in our exchange rate, interest rates, commodity prices, share markets and trade flows. This then flows through our economy.
     
    For example, if inflation goes up in America because of the new tariffs, international interest rates may go up, thus reducing the speed of any reductions on our mortgage rates. Dairy commodity prices might rise, but so too might international oil prices, pushing up our fuel prices and inflation. Our dollar may fall, making it cheaper for tourists to visit, but the cost of servicing our increasing national debt more expensive.  Chinese built EVs may be more available and cheaper here as cars are diverted from the USA market.
     
    There will be all sorts of positive and negative impacts, unintended consequences and unforeseen outcomes. It could be overall positive or overall negative for both America and New Zealand, but we just don’t know. We do know though that it creates more uncertainty, and that’s not helpful to anyone.     
     
    So will it be a punch in the face, as Mike Tyson suggests, or a pat on the back?  Either way, we need to be fleet of foot and have a “Plan B”.
     
    Conor English is a Director of Silvereye – a Wellington based Government relations firm, a former exporter, CEO of Federated Farmers, and Independent Advisor to the Reserve Bank of New Zealand. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Events – Mark your calendars for the best night of the year when Australia’s most famous girls night out hits Auckland on March 1st

    Source: AO Communications

    Lise & Sarah’s DISCO CLUB will turn up the volume again in 2025 with its Australian and New Zealand tour, with  general release tickets on sale now.

    In 2025, 20,000 women* will have the chance to dance at the sell-out phenomenon that is Lise & Sarah’s DISCO  CLUB. And for the first time an international trip across the ditch to Auckland, NZ.

    Founded two years ago by best friends and podcasters, Lise Carlaw and Sarah Wills, DISCO CLUB continues to grow  and establish itself as the ultimate night out for women, delivering an electric night of dancing and singing with  friends.

    “DISCO CLUB is designed by women for women: everything we miss about clubbing and nothing we don’t,” said Lise.

    “While it all started with a simple conversation between us about how much we missed nights out dancing with our  girlfriends, we have seen first hand – over and again – the incredible collective joy shared on a judgement-free night of  much-needed fun,” said Sarah.

    “There’s an undeniable energy – the power of song and movement, of freedom, that comes with feeling safe,  comfortable and welcome – the scene is set to feel the emotion and revel in nostalgia.”

    “But it’s not just about the music – it’s about connection – connection between both friends and strangers and across  generations, and that’s why it’s booming,” said Lise. “Women continually tell us it’s dancefloor therapy.”

    Another essential element is the early start and finish time, with arrivals from 6pm for a 7pm start and 10pm finish. “We simply wanted a great night out and a chance to press pause on real life, but we also wanted to be in our PJs by  11pm, and it turns out we’re not alone!” said Sarah.

    Lise & Sarah’s DISCO CLUB Tour is Australia’s largest event series for women borne from a podcast (The Lise and  Sarah Show).

    MIL OSI New Zealand News –

  • MIL-OSI: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman.

    We reported quarterly revenue of $382.7 million in the fourth quarter of 2024, along with 53.2% for non-GAAP gross margin. We shipped approximately 2.01 million microinverters, or 878.0 megawatts DC, and 152.4 megawatt hours of IQ® Batteries.

    Financial highlights for the fourth quarter of 2024 are listed below:

    • Strong U.S. manufacturing: shipped 1.69 million microinverters and 6.7 megawatt hours of IQ Batteries
    • Quarterly revenue of $382.7 million
    • GAAP gross margin of 51.8%; non-GAAP gross margin of 53.2% with net IRA benefit
    • Non-GAAP gross margin of 39.7%, excluding net IRA benefit of 13.5%
    • GAAP operating income of $54.8 million; non-GAAP operating income of $120.4 million
    • GAAP net income of $62.2 million; non-GAAP net income of $125.9 million
    • GAAP diluted earnings per share of $0.45; non-GAAP diluted earnings per share of $0.94
    • Free cash flow of $159.2 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.72 billion

    Our revenue and earnings for the fourth quarter of 2024 are provided below, compared with the prior quarter:

    (In thousands, except per share and percentage data)

      GAAP   Non-GAAP
      Q4 2024   Q3 2024   Q4 2023   Q4 2024   Q3 2024   Q4 2023
    Revenue $ 382,713     $ 380,873     $ 302,570     $ 382,713     $ 380,873     $ 302,570  
    Gross margin   51.8 %     46.8 %     48.5 %     53.2 %     48.1 %     50.3 %
    Operating expenses $ 143,489     $ 128,383     $ 156,893     $ 83,322     $ 81,612     $ 86,551  
    Operating income (loss) $ 54,804     $ 49,788     $ (10,231 )   $ 120,434     $ 101,411     $ 65,587  
    Net income $ 62,160     $ 45,762     $ 20,919     $ 125,862     $ 88,402     $ 73,474  
    Basic EPS $ 0.46     $ 0.34     $ 0.15     $ 0.94     $ 0.65     $ 0.54  
    Diluted EPS $ 0.45     $ 0.33     $ 0.15     $ 0.94     $ 0.65     $ 0.54  
                                                   

    Our revenue and earnings for the fiscal year 2024 are provided below, compared with the prior year:

    (In thousands, except per share and percentage data)

      GAAP   Non-GAAP
      FY 2024   FY 2023   FY 2024   FY 2023
    Revenue $ 1,330,383     $ 2,290,786     $ 1,330,383     $ 2,290,786  
    Gross margin   47.3 %     46.2 %     48.9 %     47.1 %
    Operating expenses $ 551,846     $ 612,647     $ 329,227     $ 382,115  
    Operating income $ 77,292     $ 445,741     $ 321,919     $ 697,210  
    Net income $ 102,658     $ 438,936     $ 321,044     $ 613,241  
    Basic EPS $ 0.76     $ 3.22     $ 2.37     $ 4.50  
    Diluted EPS $ 0.75     $ 3.08     $ 2.37     $ 4.41  
                                   

    Total revenue for the fourth quarter of 2024 was $382.7 million, compared to $380.9 million in the third quarter of 2024. Our revenue in the United States for the fourth quarter of 2024 increased approximately 6%, compared to the third quarter. The increase in revenue was due to higher microinverter sales. Our revenue in Europe decreased approximately 25% for the fourth quarter of 2024, compared to the third quarter. The decline in revenue was the result of a further softening in European demand.

    Our non-GAAP gross margin was 53.2% in the fourth quarter of 2024, compared to 48.1% in the third quarter. Our non-GAAP gross margin, excluding net IRA benefit, was 39.7% in the fourth quarter of 2024, compared to 38.9% in the third quarter.

    Our non-GAAP operating expenses were $83.3 million in the fourth quarter of 2024, compared to $81.6 million in the third quarter. The increase was driven by higher R&D expense on new products. Our non-GAAP operating income was $120.4 million in the fourth quarter of 2024, compared to $101.4 million in the third quarter.

    We exited the fourth quarter of 2024 with $1.72 billion in cash, cash equivalents, restricted cash and marketable securities and generated $167.3 million in cash flow from operations in the fourth quarter. Our capital expenditures were $8.1 million in the fourth quarter of 2024, compared to $8.5 million in the third quarter of 2024.

    In the fourth quarter of 2024, we repurchased 2,883,438 shares of our common stock at an average price of $69.25 per share for a total of approximately $199.7 million. We also spent approximately $5.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 68,532 shares.

    We shipped 152.4 megawatt hours of IQ Batteries in the fourth quarter of 2024, compared to 172.9 megawatt hours in the third quarter. More than 10,300 installers worldwide are certified to install our IQ Batteries, compared to more than 9,000 installers worldwide in the third quarter of 2024.

    During the fourth quarter of 2024, we shipped approximately 1.69 million microinverters from our contract manufacturing facilities in the United States that we booked for 45X production tax credits. We also expanded our higher domestic content product offerings, and shipped our IQ8HC™ Microinverters, IQ8X™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps, all with higher domestic content than previous models and produced at our contract manufacturing facilities in the United States.

    During the fourth quarter of 2024, we made great strides with the IQ® Meter Collar, fourth-generation IQ Battery, and new IQ® Combiner products. We launched the IQ® PowerPack 1500, a 1.5 kWh smart, portable energy system for home, work, and on-the-go use. In Europe, we introduced the IQ® EV Charger 2, a next-generation smart charger that integrates with our solar and battery systems seamlessly or works as a standalone. In January 2025, we began shipping the IQ® Battery 5P™ with FlexPhase to Germany, Austria, and Switzerland, delivering reliable backup power for both single- and three-phase installations.

    BUSINESS HIGHLIGHTS

    On Jan. 30, 2025, Enphase Energy announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia with IQ8P™ Microinverters.

    On Jan. 27, 2025, Enphase Energy announced integration with Octopus Energy’s smart tariffs in the UK, such as “Intelligent Octopus Flux” (IO Flux), which can help customers save money on electricity bills.

    On Jan. 23, 2025, Enphase Energy announced that its IQ8™ Microinverters for residential and commercial applications, are now in compliance with the Build America, Buy America (BABA) Act.

    On Jan. 13, 2025, Enphase Energy announced shipments of its most powerful and versatile battery yet, the IQ Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. With reliable backup power and support for single- and three-phase systems, it offers unmatched flexibility for home energy needs.

    On Jan. 9, 2025, Enphase Energy announced that it is expanding into Latin America with IQ8P Microinverters, bringing solar solutions to Colombia, Panama, and Costa Rica for residential and commercial use. 

    On Jan. 7, 2025, Enphase Energy announced that IQ8 Microinverters were selected for a 2.2 MW solar project at the Belgoprocess radioactive waste facility in Dessel, Belgium. 

    On Dec. 17, 2024, Enphase Energy announced initial shipments of its most powerful home battery to-date, the IQ Battery 5P, for customers in India. 

    On Dec. 5 and Dec. 9, 2024, Enphase Energy announced collaborations with two energy providers in the Netherlands, Frank Energie and NextEnergy, to enable participation in the grid imbalance energy marketplace.

    On Dec. 3, 2024, Enphase Energy announced the launch of Busbar Power Control software that empowers homeowners to install larger solar and battery systems without costly main electrical panel upgrades.

    On Nov. 11, 2024, Enphase Energy announced an AI-powered do-it-yourself (DIY) permitting feature on Solargraf®, to automate the complex solar permitting process for installers in the USA.

    On Nov. 4, 2024, Enphase Energy announced the launch of its most powerful Enphase Energy System to-date, featuring the IQ Battery 5P and IQ8 Microinverters, for customers in Romania.

    FIRST QUARTER 2025 FINANCIAL OUTLOOK

    For the first quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

    • Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 150 to 170 megawatt hours of IQ Batteries. The first quarter of 2025 financial outlook includes approximately $50.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
    • GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit
    • Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit and 38.0% to 41.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
    • Net IRA benefit to be within a range of $36.0 million to $39.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters
    • GAAP operating expenses to be within a range of $143.0 million to $147.0 million
    • Non-GAAP operating expenses to be within a range of $81.0 million to $85.0 million, excluding $62.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges

    For 2025, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.

    Follow Enphase Online

    Use of non-GAAP Financial Measures

    Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

    These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

    As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

    Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

    Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

    Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

    Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

    Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

    Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

    Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

    Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

    Conference Call Information

    Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2024 results and first quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 3831590, beginning approximately one hour after the call.

    Forward-Looking Statements

    This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its first quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by megawatt hours, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Meter Collar, fourth-generation IQ Battery, and new IQ Combiner products; its expectations regarding higher domestic content product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines   are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Contact:

    Zach Freedman
    Enphase Energy, Inc.
    Investor Relations
    ir@enphaseenergy.com

    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended Year Ended
      December 31, 
    2024    		   September 30, 
    2024    		   December 31, 
    2023    		   December 31, 
    2024    		   December 31, 
    2023
    Net revenues $ 382,713     $ 380,873     $ 302,570     $ 1,330,383     $ 2,290,786  
    Cost of revenues   184,420       202,702       155,908       701,245       1,232,398  
    Gross profit   198,293       178,171       146,662       629,138       1,058,388  
    Operating expenses:                  
    Research and development   50,390       47,843       55,291       201,315       227,336  
    Sales and marketing   51,799       49,671       53,409       206,552       231,792  
    General and administrative   31,901       30,192       33,379       130,825       137,835  
    Restructuring and asset impairment charges   9,399       677       14,814       13,154       15,684  
    Total operating expenses   143,489       128,383       156,893       551,846       612,647  
    Income (loss) from operations   54,804       49,788       (10,231 )     77,292       445,741  
    Other income, net                  
    Interest income   18,417       19,977       20,493       77,306       69,728  
    Interest expense   (2,252 )     (2,237 )     (2,268 )     (8,905 )     (8,839 )
    Other income (expense), net   (1,270 )     (16,785 )     4,233       (25,534 )     6,509  
    Total other income, net   14,895       955       22,458       42,867       67,398  
    Income before income taxes   69,699       50,743       12,227       120,159       513,139  
    Income tax (provision) benefit   (7,539 )     (4,981 )     8,692       (17,501 )     (74,203 )
    Net income $ 62,160     $ 45,762     $ 20,919     $ 102,658     $ 438,936  
    Net income per share:                  
    Basic $ 0.46     $ 0.34     $ 0.15     $ 0.76     $ 3.22  
    Diluted $ 0.45     $ 0.33     $ 0.15     $ 0.75     $ 3.08  
    Shares used in per share calculation:                  
    Basic   133,815       135,329       136,092       135,167       136,376  
    Diluted   138,128       139,914       139,205       140,004       143,290  
                                           
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      December 31,
    2024    		   December 31,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 369,110   $ 288,748
    Restricted cash   95,006     —
    Marketable securities   1,253,480     1,406,286
    Accounts receivable, net   223,749     445,959
    Inventory   165,004     213,595
    Prepaid expenses and other assets   220,735     88,930
    Total current assets   2,327,084     2,443,518
    Property and equipment, net   147,514     168,244
    Operating lease, right of use asset, net   24,617     19,887
    Intangible assets, net   42,398     68,536
    Goodwill   211,571     214,562
    Other assets   180,925     215,895
    Deferred tax assets, net   315,567     252,370
    Total assets $ 3,249,676   $ 3,383,012
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 90,032   $ 116,164
    Accrued liabilities   196,887     261,919
    Deferred revenues, current   237,225     118,300
    Warranty obligations, current   34,656     36,066
    Debt, current   101,291     —
    Total current liabilities   660,091     532,449
    Long-term liabilities:      
    Deferred revenues, non-current   341,982     369,172
    Warranty obligations, non-current   158,233     153,021
    Other liabilities   55,265     51,008
    Debt, non-current   1,201,089     1,293,738
    Total liabilities   2,416,660     2,399,388
    Total stockholders’ equity   833,016     983,624
    Total liabilities and stockholders’ equity $ 3,249,676   $ 3,383,012
               
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Three Months Ended   Year Ended
      December 31, 
    2024    		   September 30, 
    2024    		   December 31, 
    2023    		   December 31, 
    2024    		   December 31, 
    2023
    Cash flows from operating activities:                  
    Net income $ 62,160     $ 45,762     $ 20,919     $ 102,658     $ 438,936  
    Adjustments to reconcile net income to net cash provided by operating activities:                  
    Depreciation and amortization   20,665       20,103       20,841       81,389       74,708  
    Net accretion of discount on marketable securities   (7,490 )     (2,904 )     (2,950 )     (8,599 )     (15,561 )
    Provision for doubtful accounts   2,206       2,704       (129 )     6,677       1,153  
    Asset impairment   4,702       17,568       9,700       28,843       10,603  
    Non-cash interest expense   2,188       2,173       2,126       8,650       8,380  
    Net loss (gain) from change in fair value of debt securities   (3,697 )     741       (2,670 )     (1,967 )     (8,078 )
    Stock-based compensation   51,830       45,940       55,222       211,360       212,857  
    Deferred income taxes   (30,675 )     (5,276 )     (5,053 )     (58,319 )     (43,348 )
    Changes in operating assets and liabilities:                  
    Accounts receivable   2,684       49,414       105,771       211,640       (12,478 )
    Inventory   (6,167 )     17,231       (39,481 )     48,591       (63,887 )
    Prepaid expenses and other assets   (16,487 )     (64,149 )     (2,401 )     (134,343 )     (59,777 )
    Accounts payable, accrued and other liabilities   (27,396 )     32,088       (139,277 )     (85,536 )     (22,149 )
    Warranty obligations   8,657       7,053       221       3,802       57,641  
    Deferred revenues   104,112       1,690       12,611       98,847       117,780  
    Net cash provided by operating activities   167,292       170,138       35,450       513,693       696,780  
    Cash flows from investing activities:                  
    Purchases of property and equipment   (8,064 )     (8,533 )     (20,075 )     (33,604 )     (110,401 )
    Purchases of marketable securities   (93,138 )     (319,190 )     (337,757 )     (1,184,649 )     (2,081,431 )
    Maturities and sale of marketable securities   351,843       215,241       433,869       1,346,520       1,840,477  
    Investments in private companies   —       —       —       —       (15,000 )
    Net cash provided by (used in) investing activities   250,641       (112,482 )     76,037       128,267       (366,355 )
    Cash flows from financing activities:                  
    Partial settlement of convertible notes   —       (5 )     —       (7 )     —  
    Repurchase of common stock   (199,666 )     (49,794 )     (99,998 )     (391,364 )     (409,998 )
    Payment of excise tax on net stock repurchases   (2,773 )     —       —       (2,773 )     —  
    Proceeds from issuance of common stock under employee equity plans   4,719       14       12,555       12,688       13,870  
    Payment of withholding taxes related to net share settlement of equity awards   (5,012 )     (6,286 )     (27,546 )     (78,813 )     (120,646 )
    Net cash used in financing activities   (202,732 )     (56,071 )     (114,989 )     (460,269 )     (516,774 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (7,410 )     2,638       2,175       (6,323 )     1,853  
    Net increase (decrease) in cash and cash equivalents and restricted cash   207,791       4,223       (1,327 )     175,368       (184,496 )
    Cash and cash equivalents—Beginning of period   256,325       252,102       290,075       288,748       473,244  
    Cash, cash equivalents and restricted cash—End of period $ 464,116     $ 256,325     $ 288,748     $ 464,116     $ 288,748  
                                           
    ENPHASE ENERGY, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data and percentages)
    (Unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Gross profit (GAAP) $ 198,293     $ 178,171     $ 146,662     $ 629,138     $ 1,058,388  
    Stock-based compensation   3,678       2,948       3,582       14,538       13,357  
    Acquisition related amortization   1,784       1,904       1,894       7,469       7,580  
    Gross profit (Non-GAAP) $ 203,755     $ 183,023     $ 152,138     $ 651,145     $ 1,079,325  
                       
    Gross margin (GAAP)   51.8 %     46.8 %     48.5 %     47.3 %     46.2 %
    Stock-based compensation   0.9       0.8       1.2       1.0       0.6  
    Acquisition related amortization   0.5       0.5       0.6       0.6       0.3  
    Gross margin (Non-GAAP)   53.2 %     48.1 %     50.3 %     48.9 %     47.1 %
                       
    Operating expenses (GAAP) $ 143,489     $ 128,383     $ 156,893     $ 551,846     $ 612,647  
    Stock-based compensation (1)   (47,884 )     (42,992 )     (51,640 )     (196,554 )     (199,500 )
    Acquisition related expenses and amortization   (2,884 )     (3,102 )     (3,888 )     (12,911 )     (15,317 )
    Restructuring and asset impairment charges (1)   (9,399 )     (677 )     (14,814 )     (13,154 )     (15,715 )
    Operating expenses (Non-GAAP) $ 83,322     $ 81,612     $ 86,551     $ 329,227     $ 382,115  
                       
    (1) Includes stock-based compensation as follows:                  
    Research and development $ 20,951     $ 19,790     $ 23,839     $ 85,501     $ 88,367  
    Sales and marketing   15,893       14,237       16,472       65,092       65,703  
    General and administrative   11,041       8,965       11,329       45,962       45,430  
    Restructuring and asset impairment charges   267       —       —       267       —  
    Total $ 48,152     $ 42,992     $ 51,640     $ 196,822     $ 199,500  
                       
    Income (loss) from operations (GAAP) $ 54,804     $ 49,788     $ (10,231 )   $ 77,292     $ 445,741  
    Stock-based compensation   51,563       45,940       55,222       211,093       212,857  
    Acquisition related expenses and amortization   4,668       5,006       5,782       20,380       22,897  
    Restructuring and asset impairment charges   9,399       677       14,814       13,154       15,715  
    Income from operations (Non-GAAP) $ 120,434     $ 101,411     $ 65,587     $ 321,919     $ 697,210  
                       
    Net income (GAAP) $ 62,160     $ 45,762     $ 20,919     $ 102,658     $ 438,936  
    Stock-based compensation   51,563       45,940       55,222       211,093       212,857  
    Acquisition related expenses and amortization   4,668       5,006       5,782       20,380       22,897  
    Restructuring and asset impairment charges   9,399       677       14,814       13,154       15,715  
    Non-cash interest expense   2,188       2,173       2,126       8,650       8,380  
    Non-GAAP income tax adjustment   (4,116 )     (11,156 )     (25,389 )     (34,891 )     (85,544 )
    Net income (Non-GAAP) $ 125,862     $ 88,402     $ 73,474     $ 321,044     $ 613,241  
                       
    Net income per share, basic (GAAP) $ 0.46     $ 0.34     $ 0.15     $ 0.76     $ 3.22  
    Stock-based compensation   0.39       0.34       0.40       1.56       1.56  
    Acquisition related expenses and amortization   0.03       0.04       0.08       0.15       0.17  
    Restructuring and asset impairment charges   0.07       0.01       0.11       0.10       0.12  
    Non-cash interest expense   0.02       0.02       0.02       0.06       0.06  
    Non-GAAP income tax adjustment   (0.03 )     (0.10 )     (0.22 )     (0.26 )     (0.63 )
    Net income per share, basic (Non-GAAP) $ 0.94     $ 0.65     $ 0.54     $ 2.37     $ 4.50  
                       
    Shares used in basic per share calculation GAAP and Non-GAAP   133,815       135,329       136,092       135,167       136,376  
                       
    Net income per share, diluted (GAAP) $ 0.45     $ 0.33     $ 0.15     $ 0.75     $ 3.08  
    Stock-based compensation   0.39       0.33       0.39       1.56       1.57  
    Acquisition related expenses and amortization   0.04       0.04       0.08       0.15       0.16  
    Restructuring and asset impairment charges   0.07       0.01       0.10       0.10       0.11  
    Non-cash interest expense   0.02       0.02       0.01       0.06       0.06  
    Non-GAAP income tax adjustment   (0.03 )     (0.08 )     (0.19 )     (0.26 )     (0.57 )
    Net income per share, diluted (Non-GAAP) (2) $ 0.94     $ 0.65     $ 0.54     $ 2.37     $ 4.41  
                       
    Shares used in diluted per share calculation GAAP   138,128       139,914       139,205       140,004       143,290  
    Shares used in diluted per share calculation Non-GAAP   134,053       135,839       137,187       135,641       139,214  
                       
    Income-based government grants (GAAP) $ 68,040     $ 46,552     $ 32,887     $ 157,538     $ 53,470  
    Incremental cost for manufacturing in U.S.   (16,123 )     (11,396 )     (7,112 )     (38,351 )     (11,603 )
    Net IRA benefit (Non-GAAP) $ 51,917     $ 35,156     $ 25,775     $ 119,187     $ 41,867  
                       
    Net cash provided by operating activities (GAAP) $ 167,292     $ 170,138     $ 35,450     $ 513,693     $ 696,780  
    Purchases of property and equipment   (8,064 )     (8,533 )     (20,075 )     (33,604 )     (110,401 )
    Free cash flow (Non-GAAP) $ 159,228     $ 161,605     $ 15,375     $ 480,089     $ 586,379  
                                           
    (2)  Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 excludes convertible Notes due 2023 interest expense, net of tax of less than $0.1 million from non-GAAP net income.

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Results For the Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Feb. 04, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended December 28, 2024. These results are in line with the updated guidance provided on January 24, 2025.

    For the second quarter of fiscal year 2025, Key Tronic reported total revenue of $113.9 million, compared to $147.8 million in the same period of fiscal year 2024. The lower than anticipated revenue and earnings for the second quarter of fiscal year 2025 are primarily due to unexpected shortages for specific components managed by a large customer, lower-than-expected production during the holiday season, and reduced demand from certain customers which together lowered revenue by approximately $15 million from initial guidance for the quarter. For the first six months of fiscal year 2025, total revenue was $245.4 million, compared to $298.0 million in the same period of fiscal year 2024.

    Gross margins were 6.8% and operating margins were (1.0)% in the second quarter of fiscal year 2025, compared to 8.0% and 2.7%, respectively, in the same period of fiscal year 2024. The decline in margins for the second quarter of fiscal year 2025 primarily reflects the reduction of revenue. As previously announced, interest expense also included approximately $1.0 million in write-offs of unamortized loan fees related to refinancing the Company’s debt with a new lender.

    The net loss was $(4.9) million or $(0.46) per share for the second quarter of fiscal year 2025, compared to net income of $1.1 million or $0.10 per share for the same period of fiscal year 2024. For the first six months of fiscal year 2025, the net loss was $(3.8) million or $(0.35) per share, compared to net income of $1.4 million or $0.13 per share for the same period of fiscal year 2024.

    The adjusted net loss was $(4.1) million or $(0.38) per share for the second quarter of fiscal year 2025, compared to adjusted net income of $1.1 million or $0.10 per share for the same period of fiscal year 2024. The adjusted net loss was $(2.9) million or $(0.27) per share for first six months of fiscal year 2025, compared to adjusted net income of $1.2 million or $0.11 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

    “As we announced today, we’re planning to significantly increase production capacity in Arkansas and Vietnam in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing. We believe these initiatives should help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico,” said Brett Larsen, President and CEO.

    “We are disappointed with the unexpected decline in revenue in the second quarter of fiscal 2025, however, we expect our revenue and earnings to improve in the third quarter of fiscal year 2025 as strategic initiatives undertaken in previous quarters come to fruition. We’re actively streamlining our international and domestic operations, with further headcount reductions to enhance efficiency, building on similar actions a year ago. We’re also pleased to see our inventory levels being more in line with current revenue levels and expect that these strategic changes will improve our overall profitability in the longer term.”  

    “At the same time, we continued to win new programs, such as aerospace systems and an energy resiliency technology program, which was recently announced. Once fully ramped, the latter program could generate annual revenue for us in excess of $60 million. We also closed on a long-term debt refinancing agreement during the quarter that expands available capital for growth. We believe Key Tronic remains well positioned for increased growth and profitability in coming periods.”

    The financial data presented for the second quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their review procedures.

    Business Outlook

    Due to uncertainty in the economic and political environments related to the impact of recently announced potential tariffs, Key Tronic will not be issuing revenue or earnings guidance for the third quarter of fiscal year 2025.

    Conference Call

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2254355). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com 

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies, including reductions in inventories. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the success and timing of our expansion plans; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled “Reconciliation of GAAP to non-GAAP measures” for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.

             
    CONTACTS:   Tony Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509)-927-5345   (206) 729-3625
             

    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended   Six Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Net sales $ 113,853     $ 147,847     $ 245,411     $ 297,959  
    Cost of sales   106,147       136,084       224,402       275,334  
    Gross profit   7,706       11,763       21,009       22,625  
    Research, development and engineering expenses   2,320       1,758       4,609       3,999  
    Selling, general and administrative expenses   6,507       6,057       13,077       11,841  
    Gain on insurance proceeds, net of losses   —       —       —       (431 )
    Total operating expenses   8,827       7,815       17,686       15,409  
    Operating income (loss)   (1,121 )     3,948       3,323       7,216  
    Interest expense, net   3,904       2,961       7,167       5,972  
    Income (loss) before income taxes   (5,025 )     987       (3,844 )     1,244  
    Income tax benefit   (111 )     (97 )     (54 )     (175 )
    Net income (loss) $ (4,914 )   $ 1,084     $ (3,790 )   $ 1,419  
    Net income (loss) per share — Basic $ (0.46 )   $ 0.10     $ (0.35 )   $ 0.13  
    Weighted average shares outstanding — Basic   10,762       10,762       10,762       10,762  
    Net income (loss) per share — Diluted $ (0.46 )   $ 0.10     $ (0.35 )   $ 0.13  
    Weighted average shares outstanding — Diluted   10,762       10,889       10,762       10,889  
                                   

    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)

        December 28, 2024   June 29, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 4,244     $ 4,752  
    Trade receivables, net of credit losses of $2,931 and $2,918     113,132       132,559  
    Contract assets     18,892       21,250  
    Inventories, net     100,709       105,099  
    Other, net of credit losses of $1,496 and $1,679     24,159       24,739  
    Total current assets     261,136       288,399  
    Property, plant and equipment, net     27,123       28,806  
    Operating lease right-of-use assets, net     13,829       15,416  
    Other assets:        
    Deferred income tax asset     19,287       17,376  
    Other     6,454       5,346  
    Total other assets     25,741       22,722  
    Total assets   $ 327,829     $ 355,343  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable   $ 63,585     $ 79,394  
    Accrued compensation and vacation     6,218       6,510  
    Current portion of long-term debt     5,063       3,123  
    Other     18,904       15,149  
    Total current liabilities     93,770       104,176  
    Long-term liabilities:        
    Long-term debt, net     106,020       116,383  
    Operating lease liabilities     8,429       10,312  
    Deferred income tax liability     9       263  
    Other long-term obligations     114       219  
    Total long-term liabilities     114,572       127,177  
    Total liabilities     208,342       231,353  
    Shareholders’ equity:        
    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively     47,367       47,284  
    Retained earnings     73,131       76,921  
    Accumulated other comprehensive loss     (1,011 )     (215 )
    Total shareholders’ equity     119,487       123,990  
    Total liabilities and shareholders’ equity   $ 327,829     $ 355,343  
             

    KEY TRONIC CORPORATION AND SUBSIDIARIES
    Reconciliation of GAAP to non-GAAP measures
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended   Six Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    GAAP net income (loss) $ (4,914 )   $ 1,084     $ (3,790 )   $ 1,419  
    Gain on insurance proceeds (net of losses)   —       —       —       (431 )
    Stock-based compensation expense   16       53       83       112  
    Write-off of unamortized loan fees   1,012       —       1,012       —  
    Income tax effect of non-GAAP adjustments (1)   (206 )     (11 )     (219 )     64  
    Adjusted net income (loss): $ (4,092 )   $ 1,126     $ (2,914 )   $ 1,164  
                   
    Adjusted net income (loss) per share — non-GAAP Diluted $ (0.38 )   $ 0.10     $ (0.27 )   $ 0.11  
    Weighted average shares outstanding — Diluted   10,762       10,889       10,762       10,889  
                   
    (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.        

    The MIL Network –

  • MIL-OSI: Uni-Fuels Holdings Limited Announces Underwriters’ Full Exercise of Over-allotment Option

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Uni-Fuels Holdings Limited (NASDAQ: UFG) (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions for shipping companies headquartered in Singapore, announced today that on February 4, 2025, the underwriter of its previously announced initial public offering (the “Offering”) has exercised its over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 315,000 Class A Ordinary Shares of the Company at the public offering price of $4.00 per share, resulting in additional gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.

    The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025 under the ticker symbol “UFG.”

    Uni-Fuels intends to use the proceeds from the Offering for scaling up its reselling activities to gain market share from existing and new markets; for strengthening its workforce and expanding its market presence in new geographical locations; and as cash reserve and general corporate purposes.

    The Offering was conducted on a firm commitment basis. R. F. Lafferty & Co., Inc. acted as the sole book-running manager for the Offering.

    A registration statement on Form F-1 relating to the shares being sold in the Offering was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 28, 2024; and was declared effective by the SEC on January 10, 2025. This Offering was made only by means of a prospectus. A copy of the final prospectus relating to the Offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov, or alternatively, from: R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005; (212) 293-9090.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Uni-Fuels Holdings Limited

    Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

    For more information, visit www.uni-fuels.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the intended use of the proceeds. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    Contact Information

    For Investor Relations:

    Uni-Fuels Holdings Ltd
    Email: investors@uni-fuels.com

    Skyline Corporate Communications Group, LLC
    Email: info@skylineccg.com

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Plans to Expand Operations in Arkansas and Vietnam

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Feb. 04, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it plans to significantly increase production capacity in Arkansas and Vietnam in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing. This expansion is also expected to help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico.

    In Arkansas, the Company has signed a new lease to significantly increase the size of its current manufacturing footprint by June 2025. In Vietnam, Key Tronic has ample space in its current facility and plans to double its manufacturing capacity by September 2025 with a significant investment in capital equipment.

    “Our customers are very excited about our plans to increase our production capacity capabilities in the US and in Vietnam,” said Brett Larsen, President and CEO of Key Tronic Corporation. “These initiatives reflect the longstanding trend to nearshore production away from China, and may also help address the potential adverse impact of tariff increases. Our US-based production provides customers with outstanding flexibility, engineering support, and ease of communications, and our Vietnam-based production offers the high-quality, low-cost choice that was associated with China in the past. In the coming months, we’ll have more to say about these expansions.”

    About Key Tronic

    Key Tronic is a leading design engineering and contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of our expansion plans; the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

             
    CONTACTS:   Anthony G. Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509) 927-5345   (206) 729-3625
             

    The MIL Network –

  • MIL-OSI Submissions: Asia-Pacific region to chart bold path for migration governance

    Source: United Nations – ESCAP

    The second Regional Review of the Global Compact for Safe, Orderly and Regular Migration (GCM) in Asia and the Pacific opened today with a call for migration policies that prioritize the needs and rights of migrants while ensuring broad collaboration across governments, communities and key stakeholders.  

    The region, home to over 40 per cent of the world’s international migrants, is witnessing significant shifts driven by demographic changes, rapid digital transformation and the increasing effects of climate change and other crises. Intraregional migration remains predominant, with 70 per cent of migrants moving within the region.

    Much of international migration is propelled by the search for decent work, with women migrants playing a critical yet often undervalued role in sectors such as care and domestic work. Children also make up a significant proportion of migrants in the region, with unique needs for services and protection due to their heightened vulnerability.  

    “Migration, if managed in a well-informed, planned and voluntary manner, with full respect and protection of human rights, can bring benefits to all. Migrants should have their potential fully harnessed to play key roles in enhancing sustainable development in countries of origin and destination,” said Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP) in her opening remarks.

    “With over 40 per cent of the world’s migrants calling Asia and the Pacific home, the region has a unique opportunity to lead by example—expanding regular pathways, protecting lives and ensuring migration benefits all,” said Catalina Devandas, representing IOM Director General Amy Pope in her capacity as Coordinator of the UN Network on Migration.
     
    Expected outcomes and commitments

    Over the next three days, participants will share progress, challenges and good practices in implementing the 23 objectives of the GCM. Discussions will focus on the critical role of migrants in the region’s resilience and sustainable development, particularly in light of lessons learned during the COVID-19 pandemic.

    “In host countries, migrants bring with them not only the needed manpower, but also skills, expertise and social interactions, that can help accelerate economic and social development. Meanwhile, home countries can enjoy the economic boost from remittances from migrant workers and diaspora,” shared Eksiri Pintaruchi, Permanent Secretary for Foreign Affairs of Thailand.

    Speaking on behalf of the Stakeholder Action Group, migrant domestic worker and member of the International Domestic Workers Federation Nasrikah highlighted the importance of having segregated data on migration to inform policymakers on the key needs and situations of migrants and their families and take action based on analysis and true stories of unsafe migration.

    Recognizing the importance of addressing the interconnected challenges shaping migration dynamics such as rapid digital transformation, climate change, demographic shifts and economic disparities, several key commitments are expected to emerge from the review including:

    Protecting migrants’ rights and saving lives: Governments are expected to renew their commitments to policies that uphold migrants’ rights, promote gender equality, tackle discrimination and ensure access to health care, education, decent work and social protection for all migrants, including their children.
    Using technology to improve migration systems: Key priorities include reducing remittance transfer costs, promoting digital and financial inclusion, closing gender gaps in financial access, simplifying migration processes and increasing transparency
    Preparing for crises and climate impacts: Governments are expected to recognize the need for migration policies that help migrants and communities better withstand climate change, economic shocks and health emergencies, using reliable, timely and disaggregated data.
    Strengthening regional cooperation: The meeting will highlight cross-border collaboration, stronger partnerships and meaningful engagement with migrants, civil society, women’s rights organizations and the private sector to improve migration governance.

    The outcomes of this meeting will contribute to global discussions at the 2026 International Migration Review Forum. Governments are also expected to reaffirm their commitment to aligning migration governance with the Sustainable Development Goals, recognizing that protecting all migrants and enabling their full contributions to society are essential to achieving the 2030 Agenda for Sustainable Development.

    Note to Editor:
    The second Regional Review benefited from insights shared in the Asia-Pacific Migration Report 2024, developed by ESCAP and the Regional United Nations Network on Migration for Asia and the Pacific, as well as extensive stakeholder consultations held in its lead-up.
     
    For more information: https://www.unescap.org/events/2025/second-asia-pacific-regional-review-implementation-global-compact-safe-orderly-and

    MIL OSI – Submitted News –

  • MIL-OSI USA: February 4th, 2025 Heinrich, Daines Resolution Designating National Tribal Colleges and Universities Week Passes U.S. Senate

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON – U.S. Senators Martin Heinrich (D-N.M.) and Steve Daines (R-Mont.) announced that their bipartisan legislation designating this week, beginning February 3, 2025, as “National Tribal Colleges and Universities Week” passed the U.S. Senate. This week is dedicated to the recognition and support for the achievements of students pursuing postsecondary educational opportunities in Tribal Colleges and Universities.

    “I’m pleased the Senate passed my resolution designating this week as National Tribal Colleges and Universities Week. This resolution recognizes the vital role of Tribal colleges and universities in creating opportunities for the next generation of Tribal leaders, upholding Tribal educational sovereignty, and preparing Native students for careers they can build their families around in their home communities,” said Heinrich.

    “Our tribal colleges and universities play a vital role in Montana’s communities and provide incredible opportunities for higher education on or near Montana’s reservations,” said Daines. “I’m proud to introduce legislation so the hard work and great achievements of our Montana students, teachers and educational institutions can be recognized nationally.”

    Read the full text of the resolution here.

    The resolution was led by Heinrich and Daines. U.S. Senators John Barrasso (R-Wyo.), Michael Bennett (D-Colo.), Kevin Cramer (R-N.D.), Dick Durbin (D-Ill.), Deb Fischer (Neb.), Ruben Gallego (D-Ariz.), Mazie Hirono (D-Hawaii), John Hoeven (R-N.D.), Ron Johnson (R-Wis.), Mark Kelly (D-Ariz.), Amy Klobuchar (D-Minn.), James Lankford (R-Okla.), Jerry Moran (R-Kan.), Mike Rounds (R-S.D.), Jacky Rosen (D-Nev.), Bernie Sanders (D-Vt.), Brian Schatz (D-Hawaii), Tim Sheehy (R-Mont.), Elizabeth Warren (D-Mass.) and Tammy Baldwin (D-Wisc.) cosponsored the  resolution.

    MIL OSI USA News –

  • MIL-OSI New Zealand: New Zealand Harkness Fellowship applications now open

    Source: Leadership Development Centre

    The New Zealand Harkness Fellowship is for a high potential senior leader in any field of study or vocation (excluding health care policy and practice) to study or research in the US for between 3-6 months.

    A New Zealand Harkness Fellowship, worth up to NZ$70,000, is being offered in 2025 (for travel in mid-late 2025) to a leader currently employed in the New Zealand Public Sector.  The length and total value of the Fellowship will be determined by the LDC and Harkness Trust Board, in conjunction with the successful applicant.

    Applications are now open and will close 5pm, 31 March 2025.   

    More information is available on our website .

    New Zealand Harkness Fellowships

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Fatal crash, Twin Lakes Road, Upper Hutt

    Source: New Zealand Police (National News)

    Police can confirm one person has died following a crash on Twin Lakes Road, Upper Hutt this morning.

    The single vehicle crash was reported at about 7am.

    The sole occupant of the vehicle died at the scene.

    Inquiries into the circumstances of the crash are ongoing.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Mouse plague threatens rare skink

    Source: Department of Conservation

    Date:  05 February 2025

    Mouse numbers have been tracking consistently high in the area where the skinks live. Mice are small enough to enter the small holes and burrows where the skinks live and eat them alive.

    This operation, in Victoria Forest Park, will protect the only known population of the Alborn skink, which is at high risk of extinction. It’s classified as Threatened – Nationally Critical with the population estimated to be 30 individuals.

    DOC Operations Manager Chris Hickford says that the 10-hectare pest control operation is an interim measure to protect the skinks, until a predator proof fence can be built.

    “We are working with the New Zealand Nature Fund (NZNF) to raise funds to build a predator proof fence for the skinks. Once we can enclose an area, and remove any predators inside it, we’ll be able to protect the skinks without needing to use toxins.

    “The pest control operation will utilise the toxin brodifacoum, placed in bait stations. Brodifacoum is the most effective toxin to control mice and is less likely to lead to bait shyness than other toxins.”

    Map of caution zones
    Image: DOC

    Because brodifacoum persists in the environment, an area around the operation will become a “caution zone” for three years due to the risk of game animals consuming sub-lethal amounts of the toxin, which could then enter the food chain. There is a five-kilometre radius zone for pigs, and two-kilometre radius for deer.

    Hickford says, “We have designed the operation to minimise this risk as much as is practical. We have evidence that pig and deer numbers are very low in the treatment area and will monitor for interactions with the bait stations throughout the operation.”

    You can donate to this project to build a fence for the Alborn skink through DOC’s partner, New Zealand Nature Fund (NZNF). NZNF is a charitable trust responsible for funds donated to this project. Visit NZNF to secure the future of the Alborn skink

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –