NewzIntel.com

Category: Business

  • MIL-OSI New Zealand: Protecting New Zealand’s energy infrastructure

    Source: New Zealand Government

    Improving the current system to better protect power lines from falling trees will protect the security of New Zealand’s electricity infrastructure, says Energy Minister Simon Watts. 
    “Secure electricity lines are critical to electrifying New Zealand’s economy and delivering the resilient and reliable electricity supply we need to power economic growth,” Mr Watts says.
    “Cyclone Gabrielle and Cyclone Tam highlighted the vulnerability of our infrastructure to severe weather events like storms and floods. During Cyclone Gabrielle alone, trees outside the Growth Limit Zone caused power outages that left 68,000 households without heating, lighting, internet, and access to essential appliances.”
    The Government has now agreed to amendments to the Electricity (Hazards from Trees) Regulations 2003, that will lower the risk to power lines from trees that are close to but aren’t immediately beside the line. 
    “We’re taking action to deal with the increasing risk of damaged infrastructure and support our adaptation to the changing climate,” Mr Watts says.
    The amendments introduce two key measures:

    Enabling lines owners to assess the likelihood and potential impact of a fall for trees they consider could be a risk to lines, then issue a Treefall Hazard Notice for moderate- and high-risk trees.
    Restricting the planting of new trees on land that is not already forested outside of urban areas.

    “We have worked closely with lines owners and other impacted stakeholders to ensure we struck the right balance between security of our electricity supply, protecting property rights, and making sure the forestry sector’s Emissions Trading Scheme-related revenues are not unduly impacted,” Mr Watts says.
    “This Government has made it clear that we are committed to unleashing transmission and distribution infrastructure on our mission to electrify the New Zealand economy. Ensuring the security of our network infrastructure is essential to delivering reliable electricity to all New Zealanders.”
     

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Kubernetes complexity drives surge in demand for enhanced observability tools, says GlobalData

    Source: GlobalData

    Kubernetes complexity drives surge in demand for enhanced observability tools, says GlobalData

    Posted in Technology

    As Kubernetes deployments become more complex, enterprises are intensifying their search for streamlined observability tools to support application modernization efforts. The growing volume of containerized workloads is driving up demand for greater visibility across DevOps teams. In response, the industry is delivering next-generation solutions, featuring intuitive dashboards, AI-driven insights, and open-source innovations to help reduce complexity and expand access for a broader range of IT professionals, says GlobalData, a leading data and analysis company.

    An increase in telemetry data management requirements associated with containerized applications and microservices across highly distributed systems has prompted the need for greater visibility among more DevOps team members. As a result, the industry will see enhanced observability solutions in the next six to twelve months, which address more enterprise IT roles through improved dashboards, open-source software (OSS), and AI/GenAI integrations. Enterprise developers involved in Kubernetes container app modernization projects will benefit through greater access to sophisticated technologies.

    Charlotte Dunlap, Research Director, Enterprise Technology and Services at GlobalData, says: “While the industry’s leading OSS technology among DevOps teams holds great promise, Kubernetes continues to be daunting in its current form, largely due to a lack of a feasible UI. There remains a steep learning curve associated with Kubernetes implementations along with all the moving pieces involved in configurations, including networking, security, observability, and service mesh.”

    Significantly improved dashboards represent a key component in the adoption of DevOps platforms and tools moving forward. It is also the best route to acquire enterprise developer loyalty by ensuring enhanced access to high-productivity tools.

    Dunlap adds: “Improved UIs and new OSS innovations were particularly apparent among observability solutions during this month’s KubeCon conference in London.”

    Key OSS technologies which were highlighted during the conference include: Perses, a lightweight UI that integrates well into dashboards; Backstage, an OSS framework used to build developer portals and improve the developer experience (DX); and Microsoft-backed Headlamp, a Kubernetes multi-cluster management UI that streamlines container management and deployments.

    Dunlap concludes: “Removing friction is now the primary mantra in making app modernization successful. As Kubernetes adoption expands, reducing complexity through intuitive interfaces and intelligent automation is essential. Observability tools that integrate AI and open-source technologies not only empower DevOps teams but also bring more IT roles into the modernization journey. The focus must now shift to creating cohesive, user-friendly platforms that drive efficiency, scalability, and faster time to value.”

    MIL OSI Economics –

  • MIL-OSI Economics: US VC funding surges by more than 50% YoY to $37.6 billion in Q1 2025, finds GlobalData

    Source: GlobalData

    US VC funding surges by more than 50% YoY to $37.6 billion in Q1 2025, finds GlobalData

    Posted in Business Fundamentals

    The US venture capital (VC) landscape reflected a complex interplay of declining deal volume and rising deal value in the first quarter (Q1) of 2025, signaling a strategic pivot among investors towards high-quality opportunities. In Q1 2025, the US recorded a modest decrease of around 3.5% year-on-year (Y-o-Y) in VC deal volume. However, this decline in deal volume contrasts sharply with the substantial growth in deal value, which surged by more than 50% to $37.6 billion, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “This divergence suggests a strategic shift among investors, who appear to be concentrating their resources on fewer, but more promising, ventures. The trend indicates a scenario, where quality is prioritized over quantity, reflecting a more discerning investment approach.”

    Globally, VC funding has experienced a notable contraction in terms of volume during Q1 2025, with the total number of VC deals decreasing by about 8% Y-o-Y. Meanwhile, the US showed relative resilience compared to its counterparts, many of which registered double-digit declines. For instance, China and the UK saw respective VC deal volumes fall by around 18% and 13% during Q1 2025 compared to Q1 2024.

    Meanwhile, China also saw its VC deal value plummet by over 50%, whereas the US not only showcased growth but also expanded its share significantly, highlighting the stark contrast in market dynamics between some of the leading economies.

    An analysis of GlobalData’s Deals Database revealed that the US’ share of the global VC funding value increased from 43% in Q1 2024 to 58% in Q1 2025. Meanwhile, the US also accounted for an approximately 30% share of the total number of VC deals announced globally in Q1 2025.

    Bose concludes: “The US continues to assert its dominance in the global VC funding landscape. The market’s ability to attract substantial capital positions it as a resilient hub for venture capital, capable of weathering economic uncertainties while continuing to foster innovation. Investors and startups alike will be keenly watching how these trends unfold in the coming quarters, as the market adapts to new challenges and opportunities.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain

    MIL OSI Economics –

  • MIL-OSI Economics: Shionogi’s cefiderocol shows improved outcomes with early use in treating gram-negative infections, reports GlobalData

    Source: GlobalData

    Shionogi’s cefiderocol shows improved outcomes with early use in treating gram-negative infections, reports GlobalData

    Posted in Pharma

    Japan-based Shionogi has shared new real-world evidence showing its antibiotic cefiderocol leads to better outcomes when used early to treat serious gram-negative bacterial infections. Presented at European Society of Clinical Microbiology and Infectious Diseases (ESCMID) Global 2025 conference in Vienna, the Retrospective Cefiderocol Chart Review (PROVE) study found that earlier use of cefiderocol, rather than as a last resort, improves cure rates—offering hope in the ongoing fight against antimicrobial resistance (AMR), says GlobalData, a leading data and analytics company.

    AMR and the development of new antimicrobials to help combat AMR were the key themes at the ESCMID Global 2025 conference. There were over 100 presentations on these topics, one of which was the noteworthy results of the PROVE study.

    Shionogi’s cefiderocol, a cephalosporin that acts as a penicillin binding protein inhibitor, is marketed in the US, EU, and Japan under the brand names Fetcroja/Fetroja for the treatment of various gram-negative bacterial infections.

    The PROVE study analyzed over 560 patients in France, Germany, Italy, Spain, and the UK, who had serious gram-negative bacterial infections and were treated with cefiderocol for the first time for at least 72 hours.

    The PROVE study showed a 65.3% overall clinical cure rate and the 30-day all-cause mortality (ACM) rate was 25.7%. Cure rates peaked in urinary tract infections (90.4%) and Pseudomonas infections (73.1%) and were lowest in respiratory tract infections (59.2%) and Acinetobacter cases (50.6%). Early use, empiric or targeted, yielded better outcomes than salvage therapy.

    Stephanie Kurdach, Infectious Disease Analyst at GlobalData, comments: “The data presented by Shionogi at ESCMID Global 2025 demonstrates that cefiderocol is associated with better clinical outcomes when used earlier in treatment. This also suggests that cefiderocol has the potential to be a new and effective first-line therapy option, which could be particularly useful given the acceleration of AMR and the lack of effective treatment options for severe infections.”

    According to the World Health Organization (WHO), bacterial pathogens of utmost public health importance to prevent and control AMR include Acinetobacter baumannii, Enterobacterales, and Pseudomonas aeruginosa, among others, all of which were analyzed in the PROVE study and are highly susceptible to cefiderocol.

    Kurdach concludes: “With rising AMR threats and limited treatment options, Shionogi’s data highlights cefiderocol’s potential as a frontline therapy—underscoring the urgency for global stewardship strategies that prioritize early intervention with effective antimicrobials.”

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Pfluger: Texas values are no longer under siege — they’re leading the way.

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    President Trump’s First 100 Days: Delivering for America and Restoring Texas Values

    When President Donald J. Trump took the oath of office exactly one hundred days ago, he vowed to usher in the “Golden Age of America.” Given the chaos President Biden left behind—open borders, soaring inflation, weakened energy independence, and a nation divided—this was no small promise. It is now one hundred days into his second term, and President Trump is turning campaign promises into measurable outcomes. With a Republican Congress working in tandem, we have begun reversing the damage done under the previous administration and laying the groundwork for a stronger, safer, and more self-reliant America.

    These first 100 days have made one thing abundantly clear: under Republican leadership, commonsense is being restored, and the American people are once again being prioritized. Change is never easy, but President Trump’s willingness to shake up a broken system has already produced tangible, meaningful victories and has set the tone for where we are going. Illegal border crossings have dropped to historic lows, energy production is surging in the Permian Basin, and Texas values are no longer under siege—they’re leading the way.

    Border security, in particular, stands as one of the most dramatic turnarounds from the Biden administration years. In contrast to President Biden’s border policies that enabled drug cartels, traffickers, and violent criminals to flood across our southern border, bringing deadly fentanyl and chaos with them, President Trump has taken immediate action to reestablish control and restore rule of law. Illegal border encounters have declined by 95%, known daily “gotaways” have dropped 99%, and over 21 million fentanyl pills have been seized. Construction of the border wall has resumed, the Remain in Mexico policy has been reinstated, and over 150,000 illegal immigrants—including gang members from MS-13 and Tren de Agua—have been arrested.

    Furthermore, the passage of the Laken Riley Act, the first piece of legislation signed into law this term, reflects a renewed commitment to American safety and accountability. Texas certainly bore the brunt of the prior administration’s lax border policies, but thankfully, we no longer face that burden alone. With President Trump back in office, Washington is finally acting like a partner again, not an obstacle. It is ironic that President Biden once said only Congress could fix the border—turns out we just needed a president who cared enough to try.

    Beyond securing the border, the Trump administration and Republican Congress have wasted no time unleashing America’s energy potential. On day one, President Trump declared a national energy emergency and immediately set to work undoing the regulatory mess imposed by the Biden administration. In partnership with Congress, the White House has reinstated oil and gas production on federal lands, revived the Keystone XL pipeline, axed the job-killing natural gas tax, and cut the permitting timeline for new projects to just under a month.

    As the representative for Texas-11 and the Permian Basin, I’ve seen firsthand how these changes can bring stability to producers and relief to consumers. I also know it is imperative to work in lockstep with industry on these issues to produce the best energy outcomes. My bill to repeal the Biden-era natural gas tax, the second piece of legislation signed into law this Congress, was the direct outcome of my work with industry leaders and helps codify President Trump’s actions to ensure that future energy policy supports, rather than punishes, those who power the nation.

    Stable, pro-growth energy policy isn’t just an economic issue—it’s a geopolitical imperative. A predictable regulatory framework gives our companies the confidence to invest, hire, and expand, while reducing our dependence on foreign adversaries. That’s why we’re fighting to codify these reforms into law—to ensure long-term policy that supports American energy independence regardless of who occupies the White House.

    These first 100 days have been about more than just a policy shift—they’ve been a course correction. In 2024, voters sent a clear message: They wanted an end to the progressive ideological nonsense and a return to practical governance rooted in American values. We are delivering on that mandate.

    The past administration attempted to govern by progressive fiat—undermining parental rights, blurring the lines between men and women in public spaces and athletics, stripping God and faith from our ideology, and more—but American voters, and especially Texans, never accepted that trajectory as inevitable.

    As a seventh-generation Texan, I deeply believe that Texas is the best place to live and raise a family and that our way of life must be protected from political overreach. This belief inspired me to run for Congress and fuels my work every day. I am passionate about protecting the Texas way of life for the next generation, and I’m proud to be doing that alongside a President who shares our priorities.

    Much remains to be done—but the turnaround is underway. God bless Texas-11, and God bless the United States of America.

    MIL OSI USA News –

  • MIL-OSI USA: Warren Warns Walgreens Buyout by Private Equity May Lead to Pharmacy Closures, Lost Jobs in Massachusetts, Limit Access to Medication

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    April 29, 2025
    Warren seeks assurances from Sycamore Partners that its heavily-leveraged, debt-fueled acquisition of Walgreens will not lead to layoffs, store closures
    After private equity looted Steward Health Care hospitals, Warren concerned that Walgreens could be next: “These private equity buyouts of companies facing financial hardship…frequently lead to worse outcomes for employees and consumers.”
    Text of Letter (PDF)
    Washington D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, wrote to private equity firm Sycamore Partners (Sycamore) regarding concerns that the firm’s proposed acquisition of retail pharmacy chain Walgreens may cost hardworking Massachusetts residents their jobs and create difficulties for patients who need access to lifesaving medications. 
    Sycamore’s multi-billion-dollar takeover of Walgreens has been touted as an attempt to keep the struggling retail pharmacy chain alive. However, private equity buyouts have a record of running already-struggling companies into the ground and producing devastating consequences for workers and communities, as witnessed by private equity’s looting of Steward Health Care, which resulted in two shuttered hospitals in Massachusetts. 
    “My primary concern is that Sycamore’s acquisition of Walgreens may lead to restructuring of the company that results in layoffs and pharmacy closures in the Commonwealth,” said Senator Warren. 
    Walgreens has already announced plans to close nine locations across Massachusetts, in addition to the six stores closed in the state within the past year. Many of the shuttered Walgreens stores are located in vulnerable communities, leaving thousands of residents without reliable pharmacy access. 
    Sycamore has a troubling history of leading the companies it acquires into bankruptcy, further harming already-struggling communities. 
    “These private equity buyouts…frequently lead to worse outcomes for employees and consumers: private equity firms sell off assets and close locations, employees lose their jobs, and consumers lose access to essential goods and services,” wrote Senator Warren.
    A review by the Private Equity Stakeholder Project (PESP) revealed that the Walgreens buyout will be heavily leveraged with debt, heightening the risk of bankruptcy and threatening the availability of critical services to customers and patients.
    “These are deeply troubling conclusions, suggesting that yet another private equity firm might leverage a failing health care chain to turn a profit at the expense of Massachusetts’ patients, providers, and taxpayers,” wrote Senator Warren.
    Millions of customers across the United States rely on Walgreens for primary care, essential medications, and household items, and if the Walgreens-Sycamore deal leads to even more store closures, customers could be left in “pharmacy deserts” without access to necessities.  
    “I seek assurances that Sycamore’s buyout of Walgreens will not damage the company further, and will not cost hardworking Americans their jobs or create difficulties for patients who need access to lifesaving medications,” concluded Senator Warren.
    Senator Warren requested a response identifying the impact Sycamore’s acquisition of Walgreens will have on workers and communities by May 13, 2025.
    Senator Warren has repeatedly called out the harms of private equity ownership on health care costs and quality of care and has fought to prevent companies from taking advantage of the bankruptcy system:
    In February 2025, Senator Warren questioned private equity executive Stephen Feinberg, President of Cerberus Capital Management and nominee for Deputy Secretary of Defense, on his actions to enrich himself and his investors at the expense of Steward Health Care patients and workers.
    In October 2024, Senator Warren led colleagues in reintroducing the Stop Wall Street Looting Act, comprehensive legislation to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers and protecting investors. This reintroduction comes after private equity firm Cerberus looted Steward Health Care, leaving hospitals, patients, and workers hanging out to dry.
    In September 2024, Senators Warren and Markey (D-Mass.), alongside Representatives Auchincloss and Lynch, sent a letter to RHG raising concerns over its proposed acquisition of Steward Health Care’s physician group, Stewardship Health.
    In September 2024, Senator Warren urged the IRS to crack down on Real Estate Investment Trusts (REITs) squeezing the health care industry.
    In August 2024, Senators Warren and Markey requested information from private equity firm Apollo Global Management (Apollo) on the company’s role in Steward’s bankruptcy, and urged Apollo to work in good faith to facilitate the sale of Steward’s Massachusetts hospitals. 
    In July 2024, Senators Warren and Markey wrote to Medical Properties Trust and Macquarie Infrastructure Partners, owners of Steward’s eight Massachusetts hospitals, urging them to offer lease concessions to keep the hospitals open and viable.
    In June 2024, Senator Warren, Representative Chu, and Representative Nadler urged CMS to increase oversight of artificial intelligence (AI) and algorithmic software tools used to guide coverage decisions in Medicare Advantage (MA) plans, citing the NaviHealth scandal as cause for concern. 
    In June 2024, Senators Warren and Markey introduced the Corporate Crimes Against Health Care Act of 2024 to root out corporate greed and private equity abuse in the health care system, specifically preventing what happened with Steward from happening again. 
    In June 2024, Senator Warren wrote to the DOJ, FTC, and HHS calling out high health care costs due to vertically-integrated insurers, private equity companies, and pharmaceutical companies that are driving health care consolidation.
    In June 2024, Senators Warren, Brown (D-Ohio), and Markey wrote to the Director of the U.S. Trustee Program (USTP), calling for USTP to move to appoint a Chapter 11 trustee to run the company in place of Steward’s current management, and to monitor the hospitals’ bankruptcy proceedings to protect patients and local communities. 
    In May 2024, Senator Warren sent a letter to the U.S. Department of Health and Human Services and the U.S. Centers for Medicare & Medicaid Services, urging them to support communities and health care providers affected by the crisis caused by Steward’s financial mismanagement.
    In April 2024, Senators Warren and Senator Markey (D-Mass.) sent a letter to six private credit funds that are holders of Steward’s debt, asking them a series of questions about their loans and calling on them to offer loan modifications that could potentially help keep the hospitals afloat.
    In April 2024, Senators Warren and Markey called out Medical Properties Trust and Macquarie Infrastructure Partners for exploiting Steward Hospitals, and urged them to help keep the hospitals open. 
    In April 2024, Senators Warren, Markey, and the rest of the MA delegation urged the FTC and DOJ to closely scrutinize UnitedHealth Group’s proposed acquisition of Steward Health Care’s physician group, Stewardship Health.
    In April 2024, Senator Warren delivered remarks at a Senate hearing in Boston titled, “When Health Care Becomes Wealth Care: How Corporate Greed Puts Patient Care and Health Workers at Risk,” which centered on Steward Health Care’s Massachusetts hospitals.
    In April 2024, Senators Warren and Ed Markey (D-Mass.) called out private equity firm Cerberus Capital Management (Cerberus) for its role in creating Steward Health Care’s financial challenges, following Cerberus’s reply to the Massachusetts congressional delegation’s February 2024 probe. 
    In February 2024, Senator Warren slammed UnitedHealth Group for leveraging NaviHealth’s unregulated artificial intelligence algorithm to unlawfully deny health care to seniors with severe injuries.
    In March 2024, Senator Warren released a statement about Steward’s plan to sell its physician group Stewardship Health to UnitedHealth Group’s subsidiary Optum.
    In March 2024, Senators Warren and Markey sent a letter  to Steward CEO and Chairman Dr. Ralph de la Torre, calling on him to testify at a congressional hearing in Boston.
    In March 2024, Senators Warren and Markey sent a letter to Dr. de la Torre, blasting him for years of financial mismanagement, private equity schemes, and executive profiteering that have led to Steward Health Care’s financial crisis.
    In February 2024, Senators Warren and Markey, along with all nine members of the Massachusetts congressional delegation, sent a letter to Cerberus seeking answers from the private equity firm for its role in creating the current financial challenges at Steward hospitals.
    In January 2024, Senator Warren released a statement about Steward’s financial situation and allegations of patient neglect at Steward facilities.
    In January 2024, Senator Warren led the Massachusetts congressional delegation in a letter to the CEO of Steward Health Care pressing the company to brief them on Steward’s financial position, the status of their Massachusetts facilities, and their plans to ensure the communities they serve are not abandoned. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Announces 2025 National Small Business Week Virtual Summit Agenda

    Source: United States Small Business Administration

    WASHINGTON — Today, the U.S. Small Business Administration announced the agenda for the National Small Business Week Virtual Summit, a free online event that will be held May 6-7. Registration is required. The Virtual Summit, co-sponsored by SCORE, will feature more than a dozen educational workshops led by cosponsors, access to federal resources, and networking and mentorship opportunities. The virtual summit is part of the 2025 National Small Business Week taking place May 4-10.

    “As America’s top provider of free, expert small business mentoring, SCORE is proud to help drive the nation’s small business engine,” said SCORE CEO Bridget Weston. “Through this year’s Virtual Summit, we will meet entrepreneurs where they are, providing expert insights on timely topics alongside the tools and resources needed to achieve success.”

    National Small Business Week cosponsors VISA, T-Mobile, Google, Verizon, Paychex, U.S. Bank, Amazon, Constant Contact, Block, Chase for Business, Lockheed Martin and Worldpay lead the sessions. View the schedule online or as a PDF.

    The National Small Business Week Virtual Summit is part of SBA’s year-round efforts to leverage technology to reach small business owners in communities across America. An in-person, national award celebration will take place on May 5 in Washington, D.C., and local winners will be recognized at award events across the nation.

    Details on National Small Business Week, the virtual summit, registration and speakers are featured on www.sba.gov/NSBW and will be updated as additional information and activities are confirmed. Local events will be featured on www.sba.gov/events and are identifiable by searching with #SmallBusinessWeek.  

    # # #

    About SCORE
    SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE has provided education and mentorship to more than 11 million entrepreneurs. SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration.

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    Cosponsorship Authorization #24-44-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

    MIL OSI USA News –

  • MIL-OSI Security: Former USDA Program Director Pleads Guilty in $400,000 Kickback Scheme

    Source: Office of United States Attorneys

    WASHINGTON – Kirk Perry, 60, a former United States Department of Agriculture (USDA) program director, pleaded guilty today in connection with a kickback scheme in which he and his nephew, Jamarea Grant, 31, of Cleveland, Ohio, conspired to bill the government nearly $400,000 for work that Grant did not actually perform.  

    The plea was announced by U.S. Attorney Edward R. Martin Jr. and Acting Inspector General Janet M. Sorensen of the U.S. Department of Agriculture Office of Inspector General.

    Perry, of Lorain, Ohio, pleaded guilty before U.S. District Court Judge Colleen Kollar-Kotelly to conspiracy to commit money, property, and honest services wire fraud. Grant previously pleaded guilty on Nov. 27, 2024, to the same charge. Judge Kollar-Kotelly will determine any sentences for Perry and Grant after considering the U.S. Sentencing Guidelines and other statutory factors. Perry is scheduled to be sentenced on Dec. 4, 2025. Grant’s sentencing is pending.

    In pleading guilty, Perry and Grant admitted that, from August 2015 through November 2022, Perry, who at the time was serving as a USDA Program Director, arranged for Grant to be hired by two companies under contract with the USDA Office for Civil Rights. Grant reported directly to Perry, who also approved the invoices billing for Grant’s time, and the two of them conspired to bill the government for work that Grant did not perform.

    Grant received nearly $400,000 for work he did not do. Perry also had access to Grant’s bank account. As part of the criminal scheme Perry transferred approximately $125,000 of the USDA payments from Grant’s account to his own account.

    This case was investigated by the USDA Office of Inspector General Sensitive Investigations Office. The matter is being prosecuted by Assistant U.S. Attorneys Brian P. Kelly and Maeghan Mikorski.

    24cr223

    MIL Security OSI –

  • MIL-OSI: Lake Shore Bancorp, Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., April 29, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.1 million, or $0.19 per diluted share, for the first quarter of 2025 compared to net income of $1.0 million, or $0.17 per diluted share, for the first quarter of 2024. The Company’s financial performance for the first quarter of 2025 was positively impacted by an increase in net interest income along with a decrease in non-interest expenses because of efforts to optimize operating expenses while continuing to reduce its reliance on wholesale Federal Home Loan Bank of New York (“FHLBNY”) funding by $6.3 million.

    “Given the ongoing economic uncertainty, I am pleased with our first quarter 2025 performance,” stated Kim C. Liddell, President, CEO, and Director. “We continue to focus efforts on improving the efficiency of our core operations while maintaining a disciplined approach to balance sheet management.”

    First Quarter 2025 Financial Highlights:

    • Net income increased to $1.1 million during the first quarter of 2025, an increase of $43,000, or 4.2%, when compared to the first quarter of 2024. Net income was positively impacted by an increase in net interest income of $332,000, or 6.5%, when compared to the first quarter of 2024;
    • Net interest margin increased to 3.49% during the first quarter of 2025, an increase of 18 basis points when compared to net interest margin of 3.31% during the fourth quarter of 2024 and an increase of 39 basis points when compared to net interest margin of 3.10% during the first quarter of 2024;
    • Reduced reliance on wholesale funding by repaying $6.3 million of FHLBNY borrowings during the first quarter of 2025;
    • At March 31, 2025 and December 31, 2024, the Company’s percentage of uninsured deposits to total deposits was 11.8% and 13.5%, respectively;
    • Book value per share increased 0.4% to $15.74 per share at March 31, 2025 as compared to $15.67 per share at December 31, 2024; and
    • The Bank’s capital position remains “well capitalized” with a Tier 1 Leverage ratio of 14.31% and a Total Risk-Based Capital ratio of 18.67% at March 31, 2025.

    Net Interest Income

    Net interest income for the first quarter of 2025 increased by $124,000, or 2.3%, to $5.5 million as compared to $5.3 million for the fourth quarter of 2024 and increased $332,000, or 6.5%, as compared to $5.1 million for the first quarter of 2024. Net interest margin and interest rate spread were 3.49% and 2.94%, respectively, for the first quarter of 2025 as compared to 3.31% and 2.72%, respectively, for the fourth quarter of 2024 and 3.10% and 2.55%, respectively, for the first quarter of 2024.

    Interest income for the first quarter of 2025 was $8.4 million, a decrease of $223,000, or 2.6%, compared to $8.6 million for the fourth quarter of 2024, and a decrease of $242,000, or 2.8%, compared to $8.6 million for the first quarter of 2024.

    The decrease in interest income from the prior quarter was primarily due to a decrease in the average balance of interest-earning assets of $18.0 million, or 2.8%. Interest earned on interest-earning deposits decreased by $265,000, or 53.1%, due to a 63 basis points decrease in average yield and a $19.8 million decrease in the average balance of interest-earning deposits during the first quarter of 2025 as compared to the prior quarter.

    The decrease in interest income from the prior year quarter was primarily due to a decrease in the average balance of interest-earning assets of $35.0 million, or 5.3%. The decrease was partially offset by a 14 basis points increase in the average yield on interest-earning assets. During the first quarter of 2025 as compared to the same period in 2024, there was a $364,000 decrease in interest earned on interest-earning deposits due to a decrease in the average balance and yield of interest-earning deposits of $20.5 million, or 46.5%, and 146 basis points, respectively. Additionally, during the first quarter of 2025 as compared to the same period in 2024, there was a $44,000 decrease in interest earned on securities due to a decrease in the average balance and yield of securities of $3.9 million, or 6.4%, and 11 basis points, respectively. These decreases were partially offset by a $166,000 increase in interest income on loans due to a 22 basis points increase in the average yield on loans.

    Interest expense for the first quarter of 2025 was $2.9 million, a decrease of $347,000, or 10.7%, from the fourth quarter of 2024, and a decrease of $574,000, or 16.5%, from $3.5 million for the first quarter of 2024.

    The decrease in interest expense when compared to the previous quarter was primarily due to a 21 basis points decrease in the average interest rate paid on interest-bearing liabilities and a $14.1 million, or 2.8%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the previous quarter, interest expense on deposits decreased by $301,000, or 9.6%, due to a $9.7 million decrease in the average balance of deposits and a 20 basis points decrease in the average interest rate paid on deposit accounts. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances were $477.8 million, a 2.0% decrease during the first quarter of 2025 when compared to the previous quarter due to a decrease in the average balance of all deposit categories. Interest expense on borrowed funds and other interest-bearing liabilities decreased by $46,000 primarily due to a $4.4 million, or 41.4%, decrease in the average balance of borrowed funds and other interest-bearing liabilities due to the repayment of $6.3 million of our FHLBNY borrowings during the first quarter of 2025.

    The decrease in interest expense when compared to the prior year quarter was primarily due to a 25 basis points decrease in average interest rate paid on interest-bearing liabilities and a $39.9 million, or 7.6%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the same period in 2024, interest expense on deposits decreased by $402,000, or 12.4%, due to a 24 basis points decrease in the average interest rate paid on deposit accounts and a $16.6 million, or 3.4%, decrease in the average balance of deposits. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances decreased 3.4% during the first quarter of 2025 from the first quarter of 2024 due to a decrease in all deposit categories except money market accounts. During the first quarter of 2025, interest expense on borrowed funds and other interest-bearing liabilities decreased by $172,000, or 74.1%, compared to the first quarter of 2024, primarily due to a $23.3 million, or 78.9%, decrease in average borrowed funds and other interest-bearing liabilities outstanding due to the repayment of $25.0 million of FHLBNY borrowings during 2024 and $6.3 million during the first quarter of 2025.

    Non-Interest Income

    Non-interest income was $724,000 for the first quarter of 2025, a decrease of $344,000, or 32.2%, as compared to $1.1 million for the fourth quarter of 2024, and an increase of $17,000, or 2.4%, as compared to $707,000 for the first quarter of 2024. The decrease from the prior quarter was primarily due to a $139,000 decrease in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024, a $135,000 decrease in earnings on bank-owned life insurance during the first quarter of 2025 as the result of the recognition of a death benefit in the fourth quarter of 2024, and a decrease of $31,000 in service charges and fees. The increase from the prior year quarter was primarily due to a $35,000 increase in unrealized gain on equity securities and a $22,000 increase in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024.

    Non-Interest Expense

    Non-interest expense was $4.9 million for the first quarter of 2025, a decrease of $397,000, or 7.5%, as compared to $5.3 million for the fourth quarter of 2024, and a decrease of $117,000, or 2.3%, as compared to $5.0 million for the first quarter of 2024. The decrease from the prior quarter was primarily due to a decrease in salaries and employee benefits expense of $382,000, or 11.6%, along with a decrease in professional services expense of $50,000, or 13.7%. The decrease from the first quarter of 2024 was primarily related to a decrease in FDIC insurance of $207,000, or 74.2%.

    Income Tax Expense

    Income tax expense was $206,000 for the first quarter of 2025, a decrease of $72,000, or 25.9%, as compared to $278,000 for the fourth quarter of 2024, and an increase of $23,000, or 12.6%, as compared to $183,000 for the first quarter of 2024. The decrease in income tax expense from the prior quarter was primarily related to the decrease in pre-tax income earned during the current quarter, partially offset by an increase in the effective tax rate during the first quarter of 2025. The increase in income tax expense from the prior year quarter was due to an increase in pre-tax income earned during the current quarter along with an increase in the effective tax rate in the first quarter of 2025. The effective tax rate was 16.3% for the first quarter of 2025 as compared to 15.9% for the fourth quarter of 2024 and 15.3% for the first quarter of 2024.

    Credit Quality

    The Company’s allowance for credit losses on loans was $5.2 million as of March 31, 2025 as compared to $5.1 million as of December 31, 2024. The Company’s allowance for credit losses on unfunded commitments was $323,000 as of March 31, 2025 as compared to $314,000 as of December 31, 2024. Non-performing assets as a percent of total assets decreased to 0.50% at March 31, 2025 as compared to 0.55% at December 31, 2024, primarily due to a decrease in non-performing assets of $332,000, or 8.7%. On March 26, 2025, one commercial relationship with two loans representing a total amortized cost of $1.2 million on non-accrual status was sold at foreclosure. Subject to customary foreclosure proceedings, the Bank expects the sale to close during the second quarter of this year. The Company’s allowance for credit losses on loans as a percent of loans at amortized cost was 0.93% at March 31, 2025 and December 31, 2024.

    The Company recorded a provision for credit losses of $48,000 for the first quarter of 2025, of which $39,000 related to the loan portfolio and $9,000 related to the reserve for unfunded commitments.

    The increase in the allowance for credit losses on loans and unfunded commitments and the corresponding provision for credit losses recognized during the first quarter of 2025 was the result of an increase to the quantitative estimated loss calculation inclusive of forecasted economic trends, primarily related to the mortgage loan pools, including residential mortgages and commercial real estate mortgages.

    Balance Sheet Summary

    Total assets at March 31, 2025 were $689.0 million, a $3.5 million increase, or 0.5%, as compared to $685.5 million at December 31, 2024. Cash and cash equivalents decreased by $2.7 million, or 8.2%, from $33.1 million at December 31, 2024 to $30.4 million at March 31, 2025. The decrease in cash and cash equivalents was primarily due to an increase in loans receivable, net of $7.0 million, or 1.3%, and a decrease in long-term debt due to the repayment of FHLBNY borrowings of $6.3 million in the first quarter of 2025. These decreases were partially offset by an increase in total deposits of $9.8 million, or 1.7%. Securities available for sale were $55.8 million at March 31, 2025 as compared to $56.5 million at December 31, 2024 which decrease was primarily due to repayments during the first quarter of 2025. Net loans receivable at March 31, 2025 and December 31, 2024 were $551.6 million and $544.6 million, respectively. Total deposits at March 31, 2025 were $582.7 million, an increase of $9.8 million, or 1.7%, compared to $573.0 million at December 31, 2024. Total borrowings decreased to $4.0 million at March 31, 2025, a decrease of $6.3 million, or 61.0%, as compared to $10.3 million as of December 31, 2024.

    Stockholders’ equity at March 31, 2025 was $90.7 million, a $794,000, or 0.9%, increase as compared to $89.9 million at December 31, 2024. The increase in stockholders’ equity was primarily attributed to $1.1 million in net income earned during the first quarter of 2025.
      
    About Lake Shore
      
    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor

    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, public health issues, geopolitical conflict, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Kim C. Liddell
    President, CEO, and Director
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1012

    Selected Financial Condition Data

        March 31,     December 31,  
        2025     2024  
        (Unaudited)  
        (Dollars in thousands)  
                 
    Total assets $ 688,996   $ 685,504  
    Cash and cash equivalents   30,428     33,131  
    Securities, at fair value   55,801     56,495  
    Loans receivable, net   551,640     544,620  
    Deposits   582,730     572,978  
    Long-term debt   4,000     10,250  
    Stockholders’ equity   90,662     89,868  

    Statements of Income

        Three Months Ended  
        March 31,  
        2025     2024  
      (Unaudited)  
      (Dollars in thousands, except per share amounts)  
    Interest income $ 8,367   $ 8,609  
    Interest expense   2,902     3,476  
    Net interest income   5,465     5,133  
    Provision (credit) for credit losses   48     (352 )
    Net interest income after provision (credit) for credit losses   5,417     5,485  
    Total non-interest income   724     707  
    Total non-interest expense   4,878     4,995  
    Income before income taxes   1,263     1,197  
    Income tax expense   206     183  
    Net income $ 1,057   $ 1,014  
    Basic and diluted earnings per share $ 0.19   $ 0.17  
                 
    Selected Financial Ratios            
    Return on average assets(1)   0.62 %   0.57 %
    Return on average equity(1)   4.65 %   4.69 %
    Average interest-earning assets to average interest-bearing liabilities   129.52 %   126.33 %
    Interest rate spread(1)   2.94 %   2.55 %
    Net interest margin(1)   3.49 %   3.10 %
    Efficiency ratio   78.82 %   85.53 %

    (1) Annualized.

    Average Balance Sheets, Interest, and Rates (Quarterly Comparison)

        For the Three Months Ended     For the Three Months Ended  
        March 31, 2025     March 31, 2024  
        Average   Interest Income/   Yield/     Average   Interest Income/   Yield/  
        Balance   Expense   Rate(2)     Balance   Expense   Rate(2)  
        (Unaudited)  
        (Dollars in thousands)  
    Interest-earning assets:                                    
    Interest-earning deposits & federal funds sold   $ 23,562   $ 234   3.97 %   $ 44,038   $ 598   5.43 %
    Securities(1)     57,804     381   2.64 %     61,728     425   2.75 %
    Loans, including fees     545,561     7,752   5.68 %     556,151     7,586   5.46 %
    Total interest-earning assets     626,927     8,367   5.34 %     661,917     8,609   5.20 %
    Other assets     51,656                 50,866            
    Total assets   $ 678,583               $ 712,783            
                                         
    Interest-bearing liabilities                                    
    Demand & NOW accounts   $ 62,784   $ 15   0.10 %   $ 69,753   $ 17   0.10 %
    Money market accounts     152,680     867   2.27 %     139,794     966   2.76 %
    Savings accounts     53,541     9   0.07 %     62,684     11   0.07 %
    Time deposits     208,804     1,951   3.74 %     222,179     2,250   4.05 %
    Borrowed funds & other interest-bearing liabilities     6,237     60   3.85 %     29,556     232   3.14 %
    Total interest-bearing liabilities     484,046     2,902   2.40 %     523,966     3,476   2.65 %
    Other non-interest bearing liabilities     103,593                 102,299            
    Stockholders’ equity     90,944                 86,518            
    Total liabilities & stockholders’ equity   $ 678,583               $ 712,783            
    Net interest income         $ 5,465               $ 5,133      
    Interest rate spread               2.94 %               2.55 %
    Net interest margin               3.49 %               3.10 %

    (1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 3.13% for the three months ended March 31, 2025 and 2024, respectively. Yields above are not presented on a tax equivalent basis.
    (2) Annualized.

    Average Balance Sheets, Interest, and Rates (Prior Quarter Comparison)

        For the Three Months Ended     For the Three Months Ended  
        March 31, 2025     December 31, 2024  
        Average   Interest Income/   Yield/     Average   Interest Income/   Yield/  
        Balance   Expense   Rate(2)     Balance   Expense   Rate(2)  
        (Dollars in thousands)  
    Interest-earning assets:                                    
    Interest-earning deposits & federal funds sold   $ 23,562   $ 234   3.97 %   $ 43,366   $ 499   4.60 %
    Securities(1)     57,804     381   2.64 %     61,137     388   2.54 %
    Loans, including fees     545,561     7,752   5.68 %     540,376     7,703   5.70 %
    Total interest-earning assets     626,927     8,367   5.34 %     644,879     8,590   5.33 %
    Other assets     51,656                 49,207            
    Total assets   $ 678,583               $ 694,086            
                                         
    Interest-bearing liabilities                                    
    Demand & NOW accounts   $ 62,784   $ 15   0.10 %   $ 64,465   $ 15   0.09 %
    Money market accounts     152,680     867   2.27 %     153,407     912   2.38 %
    Savings accounts     53,541     9   0.07 %     55,451     9   0.06 %
    Time deposits     208,804     1,951   3.74 %     214,150     2,207   4.12 %
    Borrowed funds & other interest-bearing liabilities     6,237     60   3.85 %     10,641     106   3.98 %
    Total interest-bearing liabilities     484,046     2,902   2.40 %     498,114     3,249   2.61 %
    Other non-interest bearing liabilities     103,593                 105,881            
    Stockholders’ equity     90,944                 90,091            
    Total liabilities & stockholders’ equity   $ 678,583               $ 694,086            
    Net interest income         $ 5,465               $ 5,341      
    Interest rate spread               2.94 %               2.72 %
    Net interest margin               3.49 %               3.31 %

    (1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 2.91% for the three months ended March 31, 2025 and December 31, 2024, respectively. Yields above are not presented on a tax equivalent basis.
    (2) Annualized.

    Selected Quarterly Financial Data

        As of or For the Three Months Ended  
        March 31, 2025     December 31, 2024     September 30, 2024     June 30, 2024     March 31, 2024  
        (Unaudited)  
        (Dollars in thousands, except per share amounts)  
    Selected Financial Condition Data:                              
    Total assets   $ 688,996     $ 685,504     $ 697,596     $ 711,042     $ 717,582  
    Cash and cash equivalents     30,428       33,131       49,981       60,987       54,953  
    Securities, at fair value     55,801       56,495       58,782       57,309       58,682  
    Loans receivable, net     551,640       544,620       539,005       544,337       555,455  
    Deposits     582,730       572,978       587,563       589,395       594,704  
    Long-term debt     4,000       10,250       10,250       23,250       25,250  
    Stockholders’ equity     90,662       89,868       89,877       86,932       86,510  
                                   
    Condensed Statements of Income:                              
    Interest income   $ 8,367     $ 8,590     $ 8,851     $ 8,754     $ 8,609  
    Interest expense     2,902       3,249       3,468       3,548       3,476  
    Net interest income     5,465       5,341       5,383       5,206       5,133  
    Provision (credit) for credit losses     48       (613 )     (229 )     (285 )     (352 )
    Net interest income after provision (credit) for credit losses     5,417       5,954       5,612       5,491       5,485  
    Total non-interest income     724       1,068       791       738       707  
    Total non-interest expense     4,878       5,275       4,813       4,897       4,995  
    Income before income taxes     1,263       1,747       1,590       1,332       1,197  
    Income tax expense     206       278       258       216       183  
    Net income   $ 1,057     $ 1,469     $ 1,332     $ 1,116     $ 1,014  
    Basic and diluted earnings per share   $ 0.19     $ 0.26     $ 0.24     $ 0.19     $ 0.17  
                                   
    Selected Financial Ratios:                              
    Return on average assets(1)     0.62 %     0.85 %     0.76 %     0.63 %     0.57 %
    Return on average equity(1)     4.65 %     6.52 %     6.03 %     5.19 %     4.69 %
    Average interest-earning assets to average interest-bearing liabilities     129.52 %     129.46 %     128.81 %     127.00 %     126.33 %
    Interest rate spread(1)     2.94 %     2.72 %     2.67 %     2.56 %     2.55 %
    Net interest margin(1)     3.49 %     3.31 %     3.28 %     3.14 %     3.10 %
    Efficiency ratio     78.82 %     82.30 %     77.96 %     82.39 %     85.53 %
                                   
    Asset Quality Ratios:                              
    Non-performing loans as a percent of loans at amortized cost     0.62 %     0.69 %     0.74 %     0.73 %     0.71 %
    Non-performing assets as a percent of total assets     0.50 %     0.55 %     0.57 %     0.56 %     0.55 %
    Allowance for credit losses on loans as a percent of loans at amortized cost     0.93 %     0.93 %     1.01 %     1.08 %     1.12 %
    Allowance for credit losses on loans as a percent of non-performing loans     148.89 %     134.91 %     137.03 %     148.20 %     157.62 %
                                   
    Share Information:                              
    Common stock, number of shares outstanding     5,760,272       5,735,226       5,737,036       5,737,036       5,684,784  
    Treasury stock, number of shares held     1,076,242       1,101,288       1,099,478       1,099,478       1,151,730  
    Book value per share   $ 15.74     $ 15.67     $ 15.67     $ 15.15     $ 15.22  
    Tier 1 leverage ratio     14.31 %     13.83 %     13.37 %     13.02 %     12.87 %
    Total risk-based capital ratio     18.67 %     18.79 %     18.85 %     18.64 %     18.13 %

    (1) Annualized

    The MIL Network –

  • MIL-OSI: Sound Financial Bancorp, Inc. Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, April 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended March 31, 2025, or $0.45 diluted earnings per share, as compared to net income of $1.9 million, or $0.74 diluted earnings per share, for the quarter ended December 31, 2024, and $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on May 23, 2025 to stockholders of record as of the close of business on May 9, 2025.

    Comments from the President / Chief Executive Officer and Chief Financial Officer

    “Despite ongoing economic uncertainty, we remained focused on lowering our cost of deposits and originating new loans at higher rates, which contributed to a 12-basis point improvement in our net interest margin compared to the prior quarter. This reflects the team’s strong efforts to build full banking relationships by addressing both the lending and deposit needs of our consumer and business clients,” remarked Laurie Stewart, President and Chief Executive Officer.

    “We continue to prioritize expense management, even though expenses increased compared to the previous quarter. The quarter-over-quarter increase was largely due to typical year-end accrual adjustments and annual expenses that are recognized in the first quarter. However, when compared to the first quarter of 2024, we have seen reductions in combined salaries and benefits, and operational expenses, thanks to our investments in technology. We also expect the year-over-year growth in data processing costs to moderate as the year progresses,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

    Mr. Ochs continued, “While we did see an increase in nonperforming loans this quarter mainly due to two specific credits, one of which has since been repaid, we have not observed broader signs of stress in the loan portfolio. Importantly, we also successfully exited a $17 million loan that had been rated as special mention, which contributed to the decline in overall loan balances. Notably, 83% of our nonperforming loans are tied to just four loans, each with its own unique circumstances. These loans are well-secured, and we are actively working toward resolutions in the near-term.”

     

    Q1 2025 Financial Performance
    Total assets increased $75.6 million or 7.6% to $1.07 billion at March 31, 2025, from $993.6 million at December 31, 2024, and decreased $17.5 million or 1.6% from $1.09 billion at March 31, 2024.     Net interest income decreased $149 thousand or 1.8% to $8.1 million for the quarter ended March 31, 2025, from $8.2 million for the quarter ended December 31, 2024, and increased $611 thousand or 8.2% from $7.5 million for the quarter ended March 31, 2024.
           
    Loans held-for-portfolio decreased $13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024, and decreased $11.7 million or 1.3% from $897.9 million at March 31, 2024.      Net interest margin (“NIM”), annualized, was 3.25% for the quarter ended March 31, 2025, compared to 3.13% for the quarter ended December 31, 2024 and 2.95% for the quarter ended March 31, 2024.
           
    Total deposits increased $72.5 million or 8.7% to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, and decreased $6.5 million or 0.7% from $916.9 million at March 31, 2024. Noninterest-bearing deposits decreased $5.8 million or 4.4% to $126.7 million at March 31, 2025 compared to $132.5 million at December 31, 2024, and decreased $2.0 million or 1.5% compared to $128.7 million at March 31, 2024.      A $203 thousand release of provision for credit losses was recorded for the quarter ended March 31, 2025, compared to a $14 thousand provision and a $33 thousand release of provision for credit losses for the quarters ended December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024.
           
    The loans-to-deposits ratio was 98% at March 31, 2025, compared to 108% at December 31, 2024 and 98% at March 31, 2024.      Total noninterest income decreased $62 thousand or 5.3% to $1.1 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and was virtually unchanged compared to the quarter ended March 31, 2024.
           
    Total nonperforming loans increased $2.2 million or 28.9% to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024, and increased $600 thousand or 6.6% from $9.1 million at March 31, 2024. Nonperforming loans to total loans was 1.09% and the allowance for credit losses on loans to total nonperforming loans was 86.95% at March 31, 2025.      Total noninterest expense increased $856 thousand or 12.1% to $7.9 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and increased $258 thousand or 3.4% compared to the quarter ended March 31, 2024.
           
           The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2025.

    Operating Results

    Net Interest Income after (Release of) Provision for Credit Losses

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Interest income   $ 13,706     $ 14,736   $ 13,760     $ (1,030 )   (7.0) %   $ (54 )   (0.4) %
    Interest expense     5,635       6,516     6,300       (881 )   (13.5) %     (665 )   (10.6) %
    Net interest income     8,071       8,220     7,460       (149 )   (1.8) %     611     8.2 %
    (Release of) provision for credit losses     (203 )     14     (33 )     (217 )   (1550.0) %     (170 )   515.2 %
    Net interest income after (release of) provision for credit losses     8,274       8,206     7,493       68     0.8 %     781     10.4 %
                                                       

    Q1 2025 vs Q4 2024

    The decrease in interest income from the prior quarter was primarily due to a lower average balance of loans, investments and interest-earning cash, an eight basis point decline in the average yield on loans, a 41 basis point decline in the average yield on interest-bearing cash, and a 57 basis point decline in the average yield on investments.

    Interest income on loans decreased $482 thousand, or 3.7%, to $12.6 million for the quarter ended March 31, 2025, compared to $13.1 million for the quarter ended December 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, down from $900.8 million for the quarter ended December 31, 2024. The decrease in the average balance of total loans was primarily due to declines in construction and land loans and one-to-four family loans, offset by growth in commercial and multifamily loans and home equity loans. The average balances for manufactured home loans, floating home loans, commercial business loans, and other consumer loans remained relatively flat from the fourth quarter of 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, down from 5.77% for the quarter ended December 31, 2024. The decline was primarily due to interest that was reversed on nonaccrual loans during the first quarter, as well as interest that had been recognized on those loans in the fourth quarter. This was partly offset by new loans being made at higher interest rates and some variable-rate loans adjusting upward. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $132 thousand for the quarter ended December 31, 2024. Interest income on interest-bearing cash decreased $524 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.5 million for the quarter ended December 31, 2024. This decrease was a result of both lower average yields and average balances during the quarter.

    The decrease in interest expense during the current quarter from the prior quarter was primarily the result of lower average balances and rates paid on all categories of interest-bearing deposits. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.58% for the quarter ended December 31, 2024 as higher costing deposits repriced lower due to market interest rate cuts beginning in September 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended December 31, 2024.

    A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a provision for credit losses of $14 thousand for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. The decrease in the provision for credit losses for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a smaller loan portfolio and a reduced balance of unfunded commitments, partially offset by an additional qualitative adjustment applied to certain loan segments, specifically consumer and construction loans, reflecting increased uncertainty in market conditions tied to the impact of tariffs and other external factors affecting our clients. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

    Q1 2025 vs Q1 2024

    Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the quarter ended March 31, 2025, compared to $12.2 million for the quarter ended March 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, up from $895.4 million for the quarter ended March 31, 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, up from 5.49% for the quarter ended March 31, 2024. The increase in the average loan yield during the current quarter, compared to the same quarter in 2024, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the first quarter of 2024. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $111 thousand for the quarter ended March 31, 2024. Interest income on interest-bearing cash decreased $406 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.4 million for the quarter ended March 31, 2024. The decrease was a result of both a lower average yield and average balance.

    The decrease in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $18.9 million decrease in the average balance of interest-bearing demand and NOW accounts, a $25.5 million decrease in the average balance of certificate accounts, and a $15.0 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits; resulting from lower market interest rates generally. These average-balance decreases were partially offset by a $51.0 million increase in the average balance of savings and money market accounts. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.57% for the quarter ended March 31, 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended March 31, 2024.

    A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a release of provision for credit losses of $33 thousand for the quarter ended March 31, 2024, consisting of a release of provision for credit losses on loans of $106 thousand and a provision for credit losses on unfunded loan commitments of $73 thousand. The larger release recorded in the current quarter primarily reflected the factors discussed above.

    Noninterest Income

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Service charges and fee income   $ 684     $ 619   $ 612     $ 65     10.5 %   $ 72     11.8 %
    Earnings on bank-owned life insurance (“BOLI”)     195       127     177       68     53.5 %     18     10.2 %
    Mortgage servicing income     269       277     282       (8 )   (2.9) %     (13 )   (4.6) %
    Fair value adjustment on mortgage servicing rights     (99 )     77     (65 )     (176 )   (228.6) %     (34 )   52.3 %
    Net gain on sale of loans     49       53     90       (4 )   (7.5) %     (41 )   (45.6) %
    Other income     —       7     —       (7 )   (100.0) %     —     100.0 %
    Total noninterest income   $ 1,098     $ 1,160   $ 1,096     $ (62 )   (5.3) %   $ 2     0.2 %
     

    Q1 2025 vs Q4 2024

    The decrease in noninterest income during the current quarter compared to the quarter ended December 31, 2024 was primarily related to

    • a $176 thousand downward adjustment in fair value of mortgage servicing rights due to a smaller servicing portfolio, partially offset by :
    • an increase of $68 thousand in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets which decreased the values of policies; and
    • a $65 thousand increase in service charges and fee income due to a volume incentive paid by Mastercard in the first quarter of 2025 and higher interchange income.

    Loans sold during the quarter ended March 31, 2025, totaled $2.0 million, compared to $3.5 million and $4.2 million of loans sold during the quarters ended December 31, 2024 and March 31, 2024, respectively.

    Q1 2025 vs Q1 2024

    The increase in noninterest income during the current quarter compared to the quarter ended March 31, 2024 was primarily due to

    • a $72 thousand increase in service charges and fee income primarily due to the reasons noted above, and
    • an $18 thousand increase in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets, which reduced the values of policies. The increases in service charges and fee income and in earnings from BOLI were partially offset by
    • a $13 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than originations replace repayments;
    • a $34 thousand decrease in the fair value adjustment on mortgage servicing rights due to a smaller servicing portfolio; and
    • a $41 thousand decrease in net gain on sale of loans due to fewer loans sold.

    Noninterest Expense

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Salaries and benefits   $ 4,595   $ 3,920     $ 4,543   $ 675   17.2 %   $ 52     1.1 %
    Operations     1,365     1,329       1,457     36   2.7 %     (92 )   (6.3) %
    Regulatory assessments     221     189       189     32   16.9 %     32     16.9 %
    Occupancy     437     409       444     28   6.8 %     (7 )   (1.6) %
    Data processing     1,293     1,232       1,017     61   5.0 %     276     27.1 %
    Net loss (gain) on OREO and repossessed assets     3     (21 )     6     24   (114.3) %     (3 )   (50.0) %
    Total noninterest expense   $ 7,914   $ 7,058     $ 7,656   $ 856   12.1 %   $ 258     3.4 %
     

    Q1 2025 vs Q4 2024

    The increase in noninterest expense during the current quarter from the quarter ended December 31, 2024 was primarily a result of:

    • a $675 thousand increase in salaries and benefits related to higher salaries expense, partially due to accrual reversals in the fourth quarter 2024, along with an annual deferred compensation contribution for key executives made in the first quarter of each year, higher 401(k) contributions, and higher payroll taxes related to annual bonus payments;
    • a $32 thousand increase in regulatory assessments due to a higher estimated accrual for exam costs;
    • a $28 thousand increase in occupancy due to higher annual property charges and maintenance fees recognized in the first quarter;
    • a $61 thousand increase in data processing due to higher vendor fees associated with annual subscription renewals; and
    • a $24 thousand increase in OREO and repossessed assets due to the addition of a new property in the first quarter of 2025 and the absence of property sales in the prior quarter.

    Q1 2025 vs Q1 2024

    The increase in noninterest expense during the current quarter from the quarter ended March 31, 2024 was primarily a result of:

    • a $276 thousand increase in data processing expenses due to various project implementations that began amortizing in the third quarter of 2024 and the reimbursement of expenses by a software vendor in the first quarter of 2024;
    • a $32 thousand increase in regulatory assessment expenses due to a higher estimated accrual for exam costs.

    These increases were partially offset by a $92 thousand decrease in operations expense, primarily due to the recognition of annual fee reimbursements from Mastercard beginning in the first quarter of 2025 and lower expenses across various accounts resulting from ongoing cost saving initiatives and process improvements.

    Balance Sheet Review, Capital Management and Credit Quality

    Assets at March 31, 2025 totaled $1.07 billion, up from $993.6 million at December 31, 2024 and down from $1.09 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to an increase in cash and cash equivalents, partially offset by a lower balance of loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and loans held-for-portfolio.

    Cash and cash equivalents increased $87.9 million, or 201.3%, to $131.5 million at March 31, 2025, compared to $43.6 million at December 31, 2024, and decreased $6.5 million, or 4.7%, from $138.0 million at March 31, 2024. The increased cash and cash equivalents from the prior quarter-end was primarily due to the strategic decision to sell reciprocal deposits at the end of 2024, which reduced our cash balances. These reciprocal deposits returned to our balance sheet in the first quarter of 2025.

    Investment securities decreased $110 thousand, or 1.1%, to $9.8 million at March 31, 2025, compared to $9.9 million at December 31, 2024, and decreased $462 thousand, or 4.5%, from $10.3 million at March 31, 2024, as pay-offs and paydowns of investments exceeded new purchases. Held-to-maturity securities totaled $2.1 million at both March 31, 2025 and December 31, 2024, and totaled $2.2 million at March 31, 2024. Available-for-sale securities totaled $7.7 million at March 31, 2025, compared to $7.8 million at December 31, 2024 and $8.1 million at March 31, 2024.

    Loans held-for-portfolio were $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024 and $897.9 million at March 31, 2024. The decrease from both prior dates was primarily due to the payoff during the first quarter of 2025 of one $17.0 million loan that was risk rated special mention.

    Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024 and decreased $49 thousand, or 0.5%, from $9.7 million at March 31, 2024. The increase in NPAs from December 31, 2024 was primarily due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $41 thousand of other real estate owned properties. These additions were partially offset by $207 thousand in regular loan payments. Subsequent to quarter-end, the $988 thousand commercial real estate loan added during the quarter was paid-off. The decrease in NPAs from one year ago was primarily due to payoffs totaling $2.1 million, the return of $522 thousand of loans to accrual status, the sale of two other real estate owned properties for $690 thousand, and regular loan payments. These decreases were partially offset by the placement of an additional $3.6 million of loans on nonaccrual status, which included the two commercial real estate loans noted above.

    NPAs to total assets were 0.91%, 0.75% and 0.90% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024. Net loan charge-offs for the first quarter of 2025 totaled $21 thousand, compared to $13 thousand for the fourth quarter of 2024, and $56 thousand for the first quarter of 2024.

    The following table summarizes our NPAs at the dates indicated (dollars in thousands):

      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Nonperforming Loans:                  
    One-to-four family $ 762     $ 537     $ 745     $ 822     $ 835  
    Home equity loans   368       298       338       342       83  
    Commercial and multifamily   5,627       3,734       4,719       5,161       4,747  
    Construction and land   22       24       25       28       29  
    Manufactured homes   501       521       230       136       166  
    Floating homes   2,363       2,363       2,377       2,417       3,192  
    Commercial business   —       11       23       —       —  
    Other consumer   10       3       32       3       1  
    Total nonperforming loans   9,653       7,491       8,489       8,909       9,053  
    OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       —       575  
    Manufactured homes   41       —       115       115       115  
    Total OREO and repossessed assets   41       —       115       115       690  
    Total NPAs $ 9,694     $ 7,491     $ 8,604     $ 9,024     $ 9,743  
                       
    Percentage of Nonperforming Loans:                  
    One-to-four family   7.9 %     7.3 %     8.7 %     9.1 %     8.5 %
    Home equity loans   3.8       4.0       3.9       3.8       0.9  
    Commercial and multifamily   58.0       49.8       54.8       57.2       48.7  
    Construction and land   0.2       0.3       0.3       0.3       0.3  
    Manufactured homes   5.2       7.0       2.7       1.5       1.7  
    Floating homes   24.4       31.5       27.6       26.8       32.8  
    Commercial business   —       0.1       0.3       —       —  
    Other consumer   0.1       —       0.4       —       —  
    Total nonperforming loans   99.6       100.0       98.7       98.7       92.9  
    Percentage of OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       —       5.9  
    Manufactured homes   0.4       —       1.3       1.3       1.2  
    Total OREO and repossessed assets   0.4       —       1.3       1.3       7.1  
    Total NPAs   100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
     

    The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

      At or For the Quarter Ended:
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Allowance for Credit Losses on Loans                  
    Balance at beginning of period $ 8,499     $ 8,585     $ 8,493     $ 8,598     $ 8,760  
    (Release of) provision for credit losses during the period   (85 )     (73 )     106       (88 )     (106 )
    Net charge-offs during the period   (21 )     (13 )     (14 )     (17 )     (56 )
    Balance at end of period $ 8,393     $ 8,499     $ 8,585     $ 8,493     $ 8,598  
    Allowance for Credit Losses on Unfunded Loan Commitments                  
    Balance at beginning of period $ 234     $ 147     $ 245     $ 266     $ 193  
    Provision for (release of) provision for credit losses during the period   (118 )     87       (98 )     (21 )     73  
    Balance at end of period   116       234       147       245       266  
    Allowance for Credit Losses $ 8,509     $ 8,733     $ 8,732     $ 8,738     $ 8,864  
    Allowance for credit losses on loans to total loans   0.95 %     0.94 %     0.95 %     0.96 %     0.96 %
    Allowance for credit losses to total loans   0.96 %     0.97 %     0.97 %     0.98 %     0.99 %
    Allowance for credit losses on loans to total nonperforming loans   86.95 %     113.46 %     101.13 %     95.33 %     94.97 %
    Allowance for credit losses to total nonperforming loans   88.15 %     116.58 %     102.86 %     98.08 %     97.91 %
                                           

    Total deposits increased $72.5 million, or 8.7%, to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024 and decreased $6.5 million, or 0.7%, from $916.9 million at March 31, 2024. The increase in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market deposit relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits decreased $5.8 million, or 4.4%, to $126.7 million at March 31, 2025, compared to $132.5 million at December 31, 2024 and decreased $2.0 million, or 1.5%, from $128.7 million at March 31, 2024. Noninterest-bearing deposits represented 13.9%, 15.8% and 14.0% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    FHLB advances totaled $25.0 million at March 31, 2025, compared to $25.0 million at both December 31, 2024, and March 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024, and $11.7 million at March 31, 2024.

    Stockholders’ equity totaled $104.4 million at March 31, 2025, an increase of $765 thousand, or 0.7%, from $103.7 million at December 31, 2024, and an increase of $3.4 million, or 3.4%, from $101.0 million at March 31, 2024. The increase in stockholders’ equity from December 31, 2024 was primarily the result of $1.2 million of net income earned during the current quarter, $81 thousand in share-based compensation, and $21 thousand in common stock options exercised, partially offset by a $17 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $487 thousand in cash dividends to the Company’s stockholders.

    Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

    Forward-Looking Statements Disclaimer

    When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

    Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions, or geopolitical tensions that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

    The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

    CONSOLIDATED INCOME STATEMENTS
    (Dollars in thousands, unaudited)

        For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Interest income   $ 13,706     $ 14,736     $ 14,838   $ 14,039     $ 13,760  
    Interest expense     5,635       6,516       6,965     6,591       6,300  
    Net interest income     8,071       8,220       7,873     7,448       7,460  
    (Release of) provision for credit losses     (203 )     14       8     (109 )     (33 )
    Net interest income after (release of) provision for credit losses     8,274       8,206       7,865     7,557       7,493  
    Noninterest income:                    
    Service charges and fee income     684       619       628     761       612  
    Earnings on bank-owned life insurance     195       127       186     134       177  
    Mortgage servicing income     269       277       280     279       282  
    Fair value adjustment on mortgage servicing rights     (99 )     77       101     (116 )     (65 )
    Net gain on sale of loans     49       53       40     74       90  
    Other income     —       7       —     30       —  
    Total noninterest income     1,098       1,160       1,235     1,162       1,096  
    Noninterest expense:                    
    Salaries and benefits     4,595       3,920       4,469     4,658       4,543  
    Operations     1,365       1,329       1,540     1,569       1,457  
    Regulatory assessments     221       189       189     220       189  
    Occupancy     437       409       414     397       444  
    Data processing     1,293       1,232       1,067     910       1,017  
    Net (gain) loss on OREO and repossessed assets     3       (21 )     —     (17 )     6  
    Total noninterest expense     7,914       7,058       7,679     7,737       7,656  
    Income before provision for income taxes     1,458       2,308       1,421     982       933  
    Provision for income taxes     291       389       267     187       163  
    Net income   $ 1,167     $ 1,919     $ 1,154   $ 795     $ 770  
     

    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    ASSETS                    
    Cash and cash equivalents   $ 131,494     $ 43,641     $ 148,930     $ 135,111     $ 137,977  
    Available-for-sale securities, at fair value     7,689       7,790       8,032       7,996       8,115  
    Held-to-maturity securities, at amortized cost     2,121       2,130       2,139       2,147       2,157  
    Loans held-for-sale     2,267       487       65       257       351  
    Loans held-for-portfolio     886,226       900,171       901,733       889,274       897,877  
    Allowance for credit losses – loans     (8,393 )     (8,499 )     (8,585 )     (8,493 )     (8,598 )
    Total loans held-for-portfolio, net     877,833       891,672       893,148       880,781       889,279  
    Accrued interest receivable     3,540       3,471       3,705       3,413       3,617  
    Bank-owned life insurance, net     22,685       22,490       22,363       22,172       22,037  
    Other real estate owned (“OREO”) and other repossessed assets, net     41       —       115       115       690  
    Mortgage servicing rights, at fair value     4,688       4,769       4,665       4,540       4,612  
    Federal Home Loan Bank (“FHLB”) stock, at cost     1,734       1,730       2,405       2,406       2,406  
    Premises and equipment, net     4,591       4,697       4,807       4,906       6,685  
    Right-of-use assets     3,546       3,725       3,779       4,020       4,259  
    Other assets     6,957       7,031       6,777       6,995       4,500  
    TOTAL ASSETS   $ 1,069,186     $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685  
    LIABILITIES                    
    Interest-bearing deposits   $ 783,660     $ 705,267     $ 800,480     $ 781,854     $ 788,217  
    Noninterest-bearing deposits     126,687       132,532       129,717       124,915       128,666  
    Total deposits     910,347       837,799       930,197       906,769       916,883  
    Borrowings     25,000       25,000       40,000       40,000       40,000  
    Accrued interest payable     586       765       908       760       719  
    Lease liabilities     3,828       4,013       4,079       4,328       4,576  
    Other liabilities     10,774       9,371       9,711       9,105       9,578  
    Advance payments from borrowers for taxes and insurance     2,450       1,260       2,047       812       2,209  
    Subordinated notes, net     11,770       11,759       11,749       11,738       11,728  
    TOTAL LIABILITIES     964,755       889,967       998,691       973,512       985,693  
    STOCKHOLDERS’ EQUITY:                    
    Common stock     25       25       25       25       25  
    Additional paid-in capital     28,515       28,413       28,296       28,198       28,110  
    Retained earnings     76,952       76,272       74,840       74,173       73,907  
    Accumulated other comprehensive loss, net of tax     (1,061 )     (1,044 )     (922 )     (1,049 )     (1,050 )
    TOTAL STOCKHOLDERS’ EQUITY     104,431       103,666       102,239       101,347       100,992  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,069,186     $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685  
     

    KEY FINANCIAL RATIOS
    (unaudited)

        For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Annualized return on average assets   0.45 %   0.70 %   0.42 %   0.30 %   0.29 %
    Annualized return on average equity   4.53 %   7.40 %   4.50 %   3.17 %   3.06 %
    Annualized net interest margin(1)   3.25 %   3.13 %   2.98 %   2.92 %   2.95 %
    Annualized efficiency ratio(2)   86.31 %   75.25 %   84.31 %   89.86 %   89.48 %
    (1) Net interest income divided by average interest earning assets.
    (2) Noninterest expense divided by total revenue (net interest income and noninterest income).
       

    PER COMMON SHARE DATA
    (unaudited)

        At or For the Quarter Ended
        March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Basic earnings per share   $ 0.45   $ 0.75   $ 0.45   $ 0.31   $ 0.30
    Diluted earnings per share   $ 0.45   $ 0.74   $ 0.45   $ 0.31   $ 0.30
    Weighted-average basic shares outstanding     2,554,265     2,547,210     2,544,233     2,540,538     2,539,213
    Weighted-average diluted shares outstanding     2,578,609     2,578,771     2,569,368     2,559,015     2,556,958
    Common shares outstanding at period-end     2,566,069     2,564,907     2,564,095     2,557,284     2,558,546
    Book value per share   $ 40.70   $ 40.42   $ 39.87   $ 39.63   $ 39.47
                                   

    AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
    (Dollars in thousands, unaudited)

    The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average Outstanding Balance   Interest Earned/Paid   Yield/Rate   Average Outstanding Balance   Interest Earned/Paid   Yield/Rate   Average Outstanding Balance   Interest Earned/Paid   Yield/Rate
    Interest-Earning Assets:                                  
    Loans receivable $ 896,822     $ 12,588   5.69 %   $ 900,832     $ 13,070   5.77 %   $ 895,430     $ 12,233   5.49 %
    Interest-earning cash   95,999       1,010   4.27 %     130,412       1,534   4.68 %     107,361       1,416   5.30 %
    Investments   12,924       108   3.39 %     13,263       132   3.96 %     14,038       111   3.18 %
    Total interest-earning assets $ 1,005,745       13,706   5.53 %     1,044,507     $ 14,736   5.61 %   $ 1,016,829       13,760   5.44 %
    Interest-Bearing Liabilities:                                  
    Savings and money market accounts $ 335,419       2,058   2.49 %   $ 350,495       2,476   2.81 %   $ 284,455       1,866   2.64 %
    Demand and NOW accounts   140,905       108   0.31 %     144,470       128   0.35 %     159,762       141   0.35 %
    Certificate accounts   289,960       3,039   4.25 %     301,293       3,413   4.51 %     315,495       3,696   4.71 %
    Subordinated notes   11,766       168   5.79 %     11,756       168   5.69 %     11,724       168   5.76 %
    Borrowings   25,000       262   4.25 %     30,546       331   4.31 %     40,000       429   4.31 %
    Total interest-bearing liabilities $ 803,050       5,635   2.85 %   $ 838,560       6,516   3.09 %   $ 811,436       6,300   3.12 %
    Net interest income/spread     $ 8,071   2.68 %       $ 8,220   2.52 %       $ 7,460   2.32 %
    Net interest margin         3.25 %           3.13 %           2.95 %
                                       
    Ratio of interest-earning assets to interest-bearing liabilities   125 %             125 %             125 %        
    Noninterest-bearing deposits $ 126,215             $ 130,476             $ 132,438          
    Total deposits   892,499     $ 5,205   2.37 %     926,734     $ 6,017   2.58 %     892,150     $ 5,703   2.57 %
    Total funding (1)   929,265       5,635   2.46 %     969,036       6,516   2.68 %     943,874       6,300   2.68 %
    (1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
       

    LOANS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Real estate loans:                    
    One-to-four family   $ 262,457     $ 269,684     $ 271,702     $ 268,488     $ 279,213  
    Home equity     28,112       26,686       25,199       26,185       24,380  
    Commercial and multifamily     392,798       371,516       358,587       342,632       324,483  
    Construction and land     42,492       73,077       85,724       96,962       111,726  
    Total real estate loans     725,859       740,963       741,212       734,267       739,802  
    Consumer Loans:                    
    Manufactured homes     42,448       41,128       40,371       38,953       37,583  
    Floating homes     86,626       86,411       86,155       81,622       84,237  
    Other consumer     18,224       17,720       18,266       18,422       18,847  
    Total consumer loans     147,298       145,259       144,792       138,997       140,667  
    Commercial business loans     14,690       15,605       17,481       17,860       19,075  
    Total loans     887,847       901,827       903,485       891,124       899,544  
    Less:                    
    Premiums     688       718       736       754       808  
    Deferred fees, net     (2,309 )     (2,374 )     (2,488 )     (2,604 )     (2,475 )
    Allowance for credit losses – loans     (8,393 )     (8,499 )     (8,585 )     (8,493 )     (8,598 )
    Total loans held-for-portfolio, net   $ 877,833     $ 891,672     $ 893,148     $ 880,781     $ 889,279  
     

    DEPOSITS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Noninterest-bearing demand   $ 126,687   $ 132,532   $ 129,717   $ 124,915   $ 128,666
    Interest-bearing demand     143,595     142,126     148,740     152,829     159,178
    Savings     63,533     61,252     61,455     63,368     65,723
    Money market     287,058     206,067     285,655     253,873     241,976
    Certificates     289,474     295,822     304,630     311,784     321,340
    Total deposits   $ 910,347   $ 837,799   $ 930,197   $ 906,769   $ 916,883
     

    CREDIT QUALITY DATA
    (Dollars in thousands, unaudited)

        At or For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Total nonperforming loans   $ 9,653     $ 7,491     $ 8,489     $ 8,909     $ 9,053  
    OREO and other repossessed assets     41       —       115       115       690  
    Total nonperforming assets   $ 9,694     $ 7,491     $ 8,604     $ 9,024     $ 9,743  
    Net charge-offs during the quarter   $ (21 )   $ (13 )   $ (14 )   $ (17 )   $ (56 )
    Provision for (release of) credit losses during the quarter     (203 )     14       8       (109 )     (33 )
    Allowance for credit losses – loans     8,393       8,499       8,585       8,493       8,598  
    Allowance for credit losses – loans to total loans     0.95 %     0.94 %     0.95 %     0.96 %     0.96 %
    Allowance for credit losses – loans to total nonperforming loans     86.95 %     113.46 %     101.13 %     95.33 %     94.97 %
    Nonperforming loans to total loans     1.09 %     0.83 %     0.94 %     1.00 %     1.01 %
    Nonperforming assets to total assets     0.91 %     0.75 %     0.78 %     0.84 %     0.90 %
                                             

    OTHER STATISTICS
    (Dollars in thousands, unaudited)

        At or For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
                         
    Total loans to total deposits     97.53 %     107.64 %     97.13 %     98.27 %     98.11 %
    Noninterest-bearing deposits to total deposits     13.92 %     15.82 %     13.95 %     13.78 %     14.03 %
                         
    Average total assets for the quarter   $ 1,051,135     $ 1,089,067     $ 1,095,404     $ 1,070,579     $ 1,062,036  
    Average total equity for the quarter   $ 104,543     $ 103,181     $ 102,059     $ 100,961     $ 101,292  
                                             

    Contact

    Financial:
    Wes Ochs  
    Executive Vice President/CFO
    (206) 436-8587  
       
    Media:
    Laurie Stewart  
    President/CEO
    (206) 436-1495  
       

    The MIL Network –

  • MIL-OSI USA: Rep. Cammack’s Charlotte Woodward Organ Transplant Discrimination Prevention Act Passes Energy & Commerce Committee

    Source: United States House of Representatives – Congresswoman Kat Cammack (R-FL-03)

    WASHINGTON, D.C. — Today, Congresswoman Kat Cammack (R-FL-03) and Congresswoman Debbie Dingell (D-MI-06)’s bill, the Charlotte Woodward Organ Transplant Discrimination Prevention Act, passed through the Energy & Commerce Committee. 

    The bill prohibits discrimination against people with disabilities in the organ transplant system. It upholds, clarifies, and builds upon rights established in the 1990 Americans with Disabilities Act of 1990, Sec. 504 of the Rehab Act, and Sec.1557 of the Affordable Care Act. Additionally, the bill prohibits covered entities from determining that an individual is ineligible to receive a transplant, deny an organ transplant or related service, refuse to refer the individual to an organ transplant center, refuse to place an individual on a waiting list, or decline insurance coverage for a transplant or related service based solely on the fact that the individual has a disability.

    Named for Charlotte Woodward, an adult with Down syndrome who received a lifesaving heart transplant over a decade ago, the bill also recognizes the importance of auxiliary aids and services, the ability of an individual’s support network to help with post-operative care, and the need for reasonable modifications to policies and procedures to make organ transplant systems and facilities more accessible to those with disabilities. Reps. Cammack and Dingell have been the bill’s sponsors for the last several years. 

    Rep. Cammack’s inspiration for introducing the bill is Baby Zion Sarmiento from Ocala, Florida. Zion was born with Down syndrome and a heart defect in June 2021. Following 40 days in the NICU and five open-heart surgeries, Zion passed away after being denied a heart transplant because of his disability.

    The bill has received the endorsement of the National Down Syndrome Society (NDSS), Autism Speaks, Autism Society of America, the National Down Syndrome Congress, the National Fragile X Foundation, Family Voices National, the Association of Organ Procurement Organizations (AOPO), and LuMind IDSC Foundation.

    The next stop for the bill is consideration before the full House of Representatives.

    Read the text of the legislation here and watch Rep. Cammack’s remarks during today’s hearing here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: 100 Days, 100 Stories

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — Today, Speaker Johnson released a list of 100 American citizens who have felt the benefits from President Trump’s historic first 100 days in office. Speaker Johnson highlighted citizens who were unjustly detained abroad, business owners who will benefit from new apprenticeship opportunities, and families devastated by previous open borders policies, among many others. 

    Click here to read the full list

    “President Donald J. Trump entered the White House with the most decisive mandate in modern history. In just 100 days, he’s done more for America than Joe Biden managed in four years,” Speaker Johnson said. “The American people can feel the tangible impact of President Trump’s swift and decisive action. From coast to coast, North to South, the American First agenda is helping Americans from across our great country.

    “Republicans in Congress are proud to stand with the President as he secures our border, restores accountability in government, fights for common sense, and defends the liberty and prosperity of generations of Americans to come,” Speaker Johnson continued. “Today, as we mark 100 historic days, we celebrate the many ways President Trump has delivered for the American people.”

    Since his inauguration on January 20th, President Trump has taken bold action to secure the border, drive down inflation, restore American strength on the world stage, clean up our communities, secure trillions of dollars in new investments and jobs, and return common sense to Washington. These 100 American stories illustrate that.  

    Read 20 stories below, and the full list here.

    Alexis Nungaray, Angel Mother – Alexis Nungaray is the mother of Jocelyn Nungaray, a 12-year-old girl who was tragically murdered by illegal aliens in June of 2024. Jocelyn’s life was tragically cut short because of the Biden Administration’s failure to close our borders and protect American citizens from dangerous illegal aliens. On March 5, 2025, President Trump signed an executive order honoring her life by renaming Anahuac National Wildlife Refuge to Jocelyn Nungaray Wildlife Refuge in Anahuac, Texas. Since Jocelyn’s murder, her mother Alexis has been advocating alongside the Trump Administration and Senator Ted Cruz for stronger immigration laws.

    Marianna Montoya, Florida Resident – During President Trump’s first 100 days, Marianna was able to open up her very first Roth IRA and begin contributing on a monthly basis. President Trump’s work to reverse the devastating consequences of Bidenomics has given her hope that she and her husband will be able to retire peacefully.

    Frank Windsor, Rinnai America President – In late 2024, the Biden Administration issued a rule that effectively banned an entire niche of American manufacturing: non-condensing tankless water heaters. The rule specifically targeted Rinnai America Corporation, the only U.S. facility producing these water heaters. Thanks to President Trump’s leadership, the House passed a Congressional Review Act resolution to overturn the rule, keeping Rinnai’s doors open and protecting nearly 300 American jobs.

    Sarah Taylor, Iowa Parent – Sarah and her husband, Dan, both attended private Catholic elementary schools and knew they wanted the same faith-based education for their daughters, Hannah and Millie. Thanks to expanding educational freedom and school choice, the Taylors were empowered to choose the school that best fit their family’s values. For the Taylor family, school choice has meant more than access. It’s meant opportunity. Their story is one of many that show the power of giving parents the freedom to choose what’s best for their children.

    Kelly Wilson, Small Business Owner – Kelly Wilson’s family has owned and operated a small business in Colorado for 80 years, but after mass flows of illegal aliens began arriving in Denver under the Biden Administration, her family discussed moving to another state. In the face of budget cuts to Denver’s police force and sanctuary city policies that have failed Denver families, Kelly began speaking out for her community. Since day one, the Trump Administration has made cracking down on sanctuary cities and states a top priority. Today, communities like Kelly’s are safer, thanks to President Trump’s work to restore the rule of law.

    Jim Chilton, Rancher – The Chilton Ranch has been operated within the Chilton family for generations, a family legacy that Jim and Sue Chilton have preserved mere miles away from the Southern Border. However, under the Biden Administration, they were forced to shoulder the consequences of President Biden’s border crisis. During April of 2024 alone, the Chiltons experienced 5,640 immigrant encounters on their ranch. The last time they checked with the Border Patrol, in April of this year, there were zero crossers over the course of three weeks. Thanks to President Trump’s work to reverse the Biden administration’s radical open-border policies, the Chilton family’s beloved ranch and livelihood are no longer under threat.

    Ben Paulding, CPA – Ben hosts South Dakota’s first federally subsidized CPA Apprenticeship Program. After navigating months of red tape under the Biden Administration, he can finally onboard his first interns. Thankfully, President Trump has ended burdensome mandates on programs like Ben’s, enabling him to refocus his attention on merit-based, equal opportunity hiring without the DEI red tape.

    George Glezmann, Former Hostage – George Glezmann, a Georgia native and Delta Airlines mechanic, was arrested by the Taliban in 2022 during a planned tourist visit. Despite no formal charges being filed, Glezmann was held for over 2 years in an Afghanistan prison. On March 20, 2025, he was released as a gesture of “goodwill” by the Taliban following trilateral negotiations between Qatar, the U.S., and the Taliban. Upon returning to the U.S., he said, “I feel like I’m born again, I’m in debt to President Trump. Thank God he’s in the White House and thank God he got me out.”

    Michelle Root, Angel Mother – Michelle Root is the mother of Sarah Root, a 21-year-old Iowan who was killed by an illegal alien drunk driving in 2016. Instead of answering for his crimes, the illegal alien posted bail, was released from jail, and was never seen again. Fortunately, this criminal was found in Honduras and the Trump Administration worked with Honduran authorities to extradite him to the United States to face justice. President Trump also signed the Laken Riley Act, which included Sarah’s Law – introduced by Congressman Randy Feenstra from Iowa – to ensure that any illegal alien who harms or kills an American citizen is swiftly detained and prosecuted to the fullest extent of the law. The Root Family is grateful to President Trump and Congressman Feenstra for honoring their precious daughter’s memory.

    Marc Fogel, Schoolteacher/Former Hostage – Marc Fogel, an American schoolteacher, was wrongfully detained by Russian authorities in 2021 after being arrested on drug charges related to medical marijuana. Despite having a valid prescription in the U.S., he was sentenced to 14 years in a Russian prison. However, on February 11, 2025, Fogel was released and returned to the United States through a diplomatic deal negotiated by President Trump. He was warmly greeted by the President upon his arrival back to the United States and expressed his gratitude, saying, “I feel like the luckiest man alive.”

    Tony Campbell, East KY Power Cooperative CEO – Tony Campbell serves as the CEO and President of East Kentucky Power Cooperative. He and his colleagues have faced significant challenges under burdensome regulations that targeted the coal industry—an industry that has powered American homes and cities for generations. Through executive action, President Trump strengthened the reliability and affordability of American energy, safeguarded American jobs, and preserved critical coal plants, delivering on his promise to create jobs and uphold America’s energy independence.

    Joseph Knowles, Detroit Autoworker – Joseph Knowles is a Detroit autoworker for Stellantis who was laid off during the Biden Administration and later reinstated after President Trump’s election victory. After attending President Trump’s Joint Address to Congress, Knowles declared he had left the Democratic Party for good. “I got very good hope for the Republican Party,” Knowles said, “More and more people are seeing the true colors of the Democrats.”

    Lawrence Rosen, Cra-Z-Art Founder – Lawrence Rosen is the owner of Cra-Z-Art, the largest toy maker in the United States. Since Liberation Day, Lawrence has seen the benefits of President Trump’s tariffs firsthand on domestic manufacturing. Because of President Trump’s decisive action in the first 100 days, Rosen is expanding their domestic production by 50% and investing millions of dollars into factories across the country.

    Elliston Berry, Texas High School Student – Elliston Berry was only 14-years-old when one of her classmates took an innocent selfie of her and ran it through AI to make a deep-fake pornographic image, which was later circulated throughout her school. Her painful experience motivated her to become an advocate against deepfake pornography, with her efforts leading to legislative action by Senator Ted Cruz. The “Take it Down Act”, which First Lady Melania Trump has championed, protects victims, enhances protections for users, and introduces accountability for AI platforms passed the House in April.

    Kirk Davis, Bob Davis Electric CEO – Kirk Davis, owner of Bob Davis Electric, is one of many business leaders benefiting from President Trump’s action to tackle America’s workforce challenges. Thanks to the President’s Executive Order on apprenticeships, Kirk has been able to recruit, train, and retrain the skilled electricians needed to meet rising power demands and grow his business.

    Dakota Meyer, U.S. Marine – President Trump’s Department of Defense has championed a warrior culture in America’s armed forces that has generated massive results for military recruiting. In April, Secretary Hegseth announced the U.S. Army had surpassed its 2025 reenlistment goal six months early. Dakota Meyer, a Marine Corps veteran and Medal of Honor recipient, is just one of the many brave Americans who have reenlisted, deciding to reenter the Army after a 15-year hiatus. “I’m damn proud of the men and women who are standing in uniform,” said Meyer, “and I’m so proud I get to be one of them again.”

    Steven McCain, Sheriff – In Grant Parish, illegal aliens are using drones to drop off drugs and other paraphernalia at a large federal prison. It’s been a significant problem for the prison, but now that President Trump has returned to the White House, the situation has changed. Sheriff McCain has noticed a sharp increase in cooperation from ICE, the United States Attorney’s Office, and other local officials. Working together, law enforcement from all levels will be able to crack down on these drones.

    Brian Riley, CEO of Guardian Bikes – Citing his support for President Trump’s tariffs, Brian announced a $19 million investment to move Guardian’s bike production out of China and into Seymour, Indiana.

    Dino Mavrookas, CEO of Saronic – President Trump has called for the restoration of America’s maritime dominance, and Dino Mavrookas, CEO of the defense startup Saronic, has been a leader in answering this call. To help build the next-generation of autonomous vessels, Saronic acquired Gulf Craft, a Louisiana-based shipbuilder. By preserving Gulf Craft’s skilled workforce, creating hundreds of new, good-paying jobs, and investing over $2.5 billion to develop Port Alpha, Saronic is strengthening our economy, rebuilding America’s maritime strength, and supporting our national defense.

    Gary Hamrick, Senior Pastor – Senior Pastor Gary Hamrick became the target of anti-Christian bias when he and his church were charged by the IRS for so-called Johnson Amendment violations. Under President Trump, the Department of Justice has established a task force to eradicate anti-Christian bias in the federal government and safeguard the religious liberty of all Americans.

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Jury Convicts Florida Man For Stealing $10.9 Million From Medicare

    Source: Office of United States Attorneys

    Tampa, FL – United States Attorney Gregory W. Kehoe announces that a federal jury has found Lino Mallari Gutierrez, a/k/a “Joe Gutierrez,” (age, Palm City) guilty of conspiracy to commit health care and wire fraud, conspiracy to violate the federal anti-kickback statute, five substantive counts of health care fraud, and four substantive counts of payment of kickbacks in connection with a heath care program. After the jury verdict, the Court remanded Gutierrez into custody. Gutierrez faces a maximum penalty of 20 years in federal prison. His sentencing hearing is scheduled for July 24, 2025.  Gutierrez was indicted on August 22, 2023.

    According to testimony and evidence presented at trial, Gutierrez and his co-conspirators, including Jonathan Rouffe, owned and operated two durable medical equipment (DME) companies that collectively billed Medicare more than $10.9 million for medically unnecessary DME, of which more than $5 million was paid to Gutierrez and his co-conspirators. Gutierrez and his co-conspirators paid kickbacks to marketing companies in exchange for signed doctors’ orders for unnecessary braces, which Gutierrez and the co-conspirators then used to bill Medicare. The marketing companies used call centers to solicit Medicare patients and telemedicine companies to procure prescriptions for unnecessary braces for these patients. Gutierrez and Rouffe concealed their role in the scheme by putting the DME companies in the names of straw owners.

    As part of the conspiracy to commit health care and wire fraud, Gutierrez also filed false records with his employer and a private regulatory organization to conceal his involvement in the DME companies. Gutierrez and Rouffe were in the process of establishing four more DME companies with additional straw owners—including Gutierrez’s mother and two of Gutierrez’s friends—when the U.S. Department of Health and Human Services – Office of Inspector General (HHS-OIG) and the Federal Bureau of Investigation (FBI) identified the DME fraud through a national operation, which began in the Middle District of Florida, and through which dozens of co-conspirators were identified, charged, and convicted. Prior to law enforcement action, Gutierrez and Rouffe had already taken multiple steps to use these additional DME companies to bill Medicare for additional fraudulent claims. After learning of law enforcement action, Gutierrez moved Medicare proceeds from his account into other bank accounts under his control.

    Rouffe previously pled guilty to conspiracy to commit health care fraud. He was sentenced to four years in prison for his role in the fraud scheme.

    This case was investigated by the U.S. Department of Health and Human Services – Office of Inspector General and the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Jennifer Peresie and Trial Attorney Margaret Mortimer of the Department of Justice Criminal Division’s Fraud Section.

    MIL Security OSI –

  • MIL-OSI: Hampton Financial Corporation Announces 2nd Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    TORONTO, April 29, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV: HFC) today announced its financial results for the 2nd quarter ended February 28th, 2025.

    Second Quarter ended February 28th, 2025.

    IFRS results highlights:

    –  Q2 Revenue of $2,854,000; an increase of 53% year-over-year
    –  Q2 Net Loss of $(1,312,000) or $(0.02) per share;

    Fiscal results (IFRS results adjusted for non-cash Items) highlights:

    –  Q2 Adjusted Net Loss of $(421,000) or $(0.01) per share;
    –  Q2 EBITDA of $(690,000) vs $(441,000) in the comparative quarter last year

    Summary of Corporate Developments:

    Our 2nd quarter results reflect some improvement which is being felt across across the Capital Markets industry. Corporate finance transactions have improved slightly over the first half of our fiscal year but are still well below 2023 levels. While 2025 is showing some signs of improvement, the year ahead for our core business remains unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management, Commercial Lending and Capital Markets businesses.

    “The second quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024, but we are beginning to see some selective improvements. Capital Markets activities have started to improve as interest rates have stabilized, so we are hopeful for a stronger second half of the year. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

    Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the three and six months ended February 28, 2025, can be accessed on SEDAR+ at www.sedar.com.

    Supplementary to the Company’s February 21, 2025 press release announcing the reinvestment of debenture redemption proceeds, the purchase by Peter Deeb of the 255,050 subordinate voting shares of the Company constitutes a ‘related party transaction’ as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders In Special Transactions (“MI 61-101”) but is exempt from the shareholder approval and formal valuation requirements under MI 61-101 as the fair market value of the securities issued was less than 25% of the Company’s market capitalization.

    About Hampton Financial Corporation

    Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

    Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

    Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

    The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

    For more information, please contact:

    Olga Juravlev
    Chief Financial Officer
    Hampton Financial Corporation
    (416) 862-8701

    Or

    Peter M. Deeb
    Executive Chairman & CEO
    Hampton Financial Corporation
    (416) 862-8651

    The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

    No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

    Forward-Looking Statements

    This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

    The MIL Network –

  • MIL-OSI: CLIMATEROCK ANNOUNCES REVISED MONTHLY SPONSOR CONTRIBUTION OF $0.04 PER SHARE TO TRUST ACCOUNT FOR PROPOSED EXTENSION

    Source: GlobeNewswire (MIL-OSI)

    London, April 29, 2025 (GLOBE NEWSWIRE) — ClimateRock (“ClimateRock” or the “Company”) (OTC: “CLRCF”, “CLRCUF”, “CLRWF”) announced today that, in connection with the Company’s upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to consider and approve an extension of time for the Company to consummate an initial business combination from May 2, 2025 to November 2, 2025 (the “Extension”), U.N. SDG Support LLC (the “Sponsor”) or its designees have agreed to revise their intended contribution to support the Extension, such that they will contribute to the Company as a loan an aggregate of $0.04 for each Class A ordinary share that was sold in the Company’s initial public offering (the “Public Share”) that is not redeemed, for each calendar month (commencing on May 2, 2025 and on the 1st day of each subsequent month) until November 2, 2025 (each, an “Extension Period”), or portion thereof, that is needed to complete an initial business combination (the “Contribution”). For example, if the Company takes until November 2, 2025 to complete its initial business combination, which would represent six calendar months, the Sponsor or its designees would make aggregate Contributions resulting in a redemption amount of approximately $12.34 per unredeemed share, in comparison to the current redemption amount of approximately $12.10 per share.

    Each Contribution will be deposited in the trust account within seven calendar days from the beginning of each Extension Period (or portion thereof), and any Contribution is conditioned upon the implementation of the Extension. No Contribution will occur if the Extension is not approved or is not completed. The amount of each Contribution will not bear interest and will be repayable by the Company to the Sponsor or its designees upon consummation of its initial business combination. The Company will have the sole discretion whether to continue extending for additional calendar months until November 2, 2025. If the Company opts not to utilize any remaining portion of the Extension Period, then the Company will liquidate and dissolve promptly in accordance with its charter, and its Sponsor’s obligation to make additional contributions will terminate.

    In connection with the above announcement of the Contribution to be made by the Sponsor or its designees if the Extension is approved, the deadline for holders of the Company’s Class A ordinary shares issued in the Company’s initial public offering to submit their shares for redemption in connection with the Extension, is being extended to 10:00 a.m., Eastern time, on Wednesday, April 30, 2025.

    In addition, the Company agreed to waive its right to withdraw up to $50,000 of interest accrued on the Company’s trust account to pay dissolution expenses, should the Company ultimately liquidate prior to an initial business combination. As a result, the Company will not withdraw up to $50,000 of interest, as permitted by its charter, for such dissolution expenses upon liquidation. If the Extension is approved by shareholders and implemented by the Company, all interest then-accrued will be held in the trust account and will be released to public shareholders upon the earliest to occur of (i) the redemption of the Public Shares in connection with a vote seeking to amend the provisions of the Company’s charter, (ii) the completion of the Company’s initial business combination and (iii) the redemption of 100% of the Public Shares if the Company is unable to complete its initial business combination by November 2, 2025 or such earlier date as determined by the Company’s board of directors.

    About ClimateRock

    ClimateRock is a special purpose acquisition company led by Chairman, Charles Ratelband, and CEO, Per Regnarsson, and is incorporated as a Cayman Islands exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses in any industry or geographic location, but it is focused on acquiring a target within the sustainable energy industry in the Organization for Economic Co-operation and Development countries, including climate change, environment, renewable energy and emerging, clean technologies. For more information, please visit Driving The Energy Transition – ClimateRock (climate-rock.com).

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to the Company’s shareholder approval of the Extension, its inability to complete an initial business combination within the required time period or, and other risks and uncertainties indicated from time to time in filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Risk Factors” and in other reports the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Participants in the Solicitation

    ClimateRock and its directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the securityholders of the Company in favor of the approval of the Extension Proposal. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Company’s definitive proxy statement filed with the SEC on April 17, 2025 (as may be amended, the “Proxy Statement”), which may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation

    This press release s shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

    Additional Information and Where to Find It

    ClimateRock urges investors, shareholders and other interested persons to read the Proxy Statement as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Company and the Extension. Shareholders may obtain copies of the Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Advantage Proxy, Inc., P.O. Box 10904, Yakima, WA 98909, Attn: Karen Smith.

    INVESTOR RELATIONS CONTACT

    ClimateRock
    Phone number: +44 208 050 7820
    Email: info@climate-rock.com 

    The MIL Network –

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 192

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL2

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 192
    NWS Storm Prediction Center Norman OK
    450 PM EDT Tue Apr 29 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    Southeast Indiana
    Northern Kentucky
    Southwest Ohio

    * Effective this Tuesday afternoon from 450 PM until Midnight
    EDT.

    * Primary threats include…
    Widespread damaging wind gusts to 70 mph likely
    Scattered large hail events to 1.5 inches in diameter possible
    A tornado or two possible

    SUMMARY…Clusters of thunderstorms are expected to develop across
    southern Indiana and shift east into southwest Ohio through this
    evening. Damaging gusts and isolated large hail will accompany this
    activity.

    The severe thunderstorm watch area is approximately along and 65
    statute miles east and west of a line from 60 miles north northeast
    of Cincinnati OH to 50 miles southeast of Cincinnati OH. For a
    complete depiction of the watch see the associated watch outline
    update (WOUS64 KWNS WOU2).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 188…WW 189…WW
    190…WW 191…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    1.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    24035.

    …Leitman

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW2
    WW 192 SEVERE TSTM IN KY OH 292050Z – 300400Z
    AXIS..65 STATUTE MILES EAST AND WEST OF LINE..
    60NNE LUK/CINCINNATI OH/ – 50SE LUK/CINCINNATI OH/
    ..AVIATION COORDS.. 55NM E/W /23S ROD – 51ESE CVG/
    HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

    LAT…LON 39908276 38588256 38588497 39908521

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU2.

    Watch 192 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (20%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (5%)

    Wind

    Probability of 10 or more severe wind events

    High (80%)

    Probability of 1 or more wind events > 65 knots

    Low (10%)

    Hail

    Probability of 10 or more severe hail events

    Mod (40%)

    Probability of 1 or more hailstones > 2 inches

    Low (20%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (>95%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI: Urgently Announces First Quarter 2025 Earnings Release Date and Conference Call; Participation in Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., April 29, 2025 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the date for the release of its first quarter 2025 financial results and its participation in upcoming investor conferences.

    First Quarter 2025 Earnings

    Urgently will host a conference call on Tuesday, May 13, 2025, at 5:00 p.m. Eastern Time to discuss its financial results for the first quarter ended March 31, 2025. Financial results will be issued in a press release prior to the call.

    Those wishing to participate via webcast should access the call through Urgently’s Investor Relations website at https://investors.geturgently.com. Those wishing to participate via telephone may dial in at 1-877-317-6789 (USA) or 1-412-317-6789 (International). The replay will be available via webcast through Urgently’s Investor Relations website.

    Upcoming Investor Conferences

    During the first quarter of 2025, executive management will participate in the following upcoming investor conferences:

    • The Sidoti Micro-Cap Virtual Investor Conference on May 21, 2025. Matt Booth, Chief Executive Officer of Urgently, and Tim Huffmyer, Chief Financial Officer of Urgently, are scheduled to present at 10:45 a.m. Eastern Time and will host one-on-one and small group investor meetings throughout the day.
    • The Jefferies Automotive Aftermarket Private and Public Conference at the InterContinental New York Barclay in New York, New York on May 22, 2025. Matt Booth and Harrison Russell, Senior Vice President of Partnerships of Urgently, will host one-on-one and small group investor meetings throughout the day.

    A live webcast and archived replay of conference presentation will be available on the Urgently Investor Relations website at https://investors.geturgently.com/.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:
    Press: media@geturgently.com
    Investor Relations: investorrelations@geturgently.com

    The MIL Network –

  • MIL-OSI USA: Jayapal, Sanders, Dingell, Hundreds of Health Care Workers Introduce Medicare for All

    Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

    WASHINGTON – U.S. Representative Pramila Jayapal (WA-07), U.S. Senator Bernie Sanders (VT), and U.S. Representative Debbie Dingell (MI-06) today introduced the Medicare for All Act with hundreds of nurses, health care providers and workers from around the country at a press conference in front of the Capitol.

    In America today, despite spending twice as much per person on health care as other wealthy nations, more than 85 million Americans are uninsured or underinsured, one out of every four Americans cannot afford their prescription drugs, over half a million people go bankrupt due to medically-related debt, and more than 60,000 die because they cannot afford to go to a doctor.

    “It is a travesty when 85 million people are uninsured or underinsured and millions more are drowning in medical debt in the richest nation on Earth,” said Jayapal. “We don’t suffer from scarcity in America, we suffer from greed. That’s most clear in our broken health care system, which is why we need Medicare for All. People deserve and want comprehensive health care that covers mental health, long-term care, reproductive care, dental, vision and hearing, all without copays, private insurance premiums, sky-high deductibles or other hidden fees. Health care is a human right, that is exactly why it’s time to pass Medicare for All.”

    “The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Sanders. “It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”

    “Every American has the right to health care, period. If you’re sick, you should be able to go to the doctor without being worried about the cost of treatment or prescription medicine. Too many families must decide between putting food on the table and getting medical care that they desperately need,” said Dingell. “A health care system that ties coverage to employment will always leave patients vulnerable. It’s flat-out wrong and Medicare for All would put a stop to it. We’ve been fighting this fight since the 1940s, when my father-in-law helped author the first universal health care bill. It’s time to get this done.”

    Under this legislation, Medicare would provide comprehensive health care to every American with no premiums, no co-payments and no deductibles. It would also expand Medicare to include dental, hearing, and vision care, and it would give every American the freedom to choose their doctors without endless paperwork or fighting their insurance company. The Congressional Budget Office has estimated that Medicare for All would save our health care system $650 billion a year. Further, researchers at Yale University have estimated that Medicare for All would save 68,000 lives a year.

    This legislation would also create a health care system that finally puts people over profits. In fact, since 2001, the top health care companies in America spent 95 percent of their profits, $2.6 trillion, not to make Americans healthy but to make their CEOs and stockholders obscenely rich. While nearly one out of four Americans cannot afford the life-saving medicine their doctors prescribe, ten top pharma companies made $102 billion in profits in 2024. Meanwhile, the CEOs of just 4 prescription drug companies – Pfizer, Johnson & Johnson, Eli Lilly, and Merck – together made over $100 million last year.

    “Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”

    “We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Program. “With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”

    “As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president of Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else. Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”

    “Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said Mark Dimondstein, President of American Postal Workers Union. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal health care working people deserve. Medicare for All, health care as a human right, will make us all healthier and financially better off. A health care system that works for working people, not the profits of the insurance companies, is long overdue. It’s time for Medicare for All.”

    “Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table,” said Shawn Fain, President of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW). “We’re sick of having to go on strike just to have decent health care. We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”

    “If you want to renew the public’s faith in our political system, pass the Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”

    “Health care is a right, not a privilege. The reintroduction of the Medicare for All Act is a crucial step toward ending a system that profits from people’s pain,” said Analilia Mejia and DaMareo Cooper, Co-Executive Directors of Popular Democracy. “Too many Americans are forced to choose between paying their rent and paying for life-saving medication, while corporations rake in billions. Medicare for All isn’t just a policy—it’s the lifeline working families desperately need. Our communities deserve a health care system that prioritizes people over profits. We will fight until we win the health care we deserve.”

    “Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”

    The legislation has an additional 102 cosponsors in the House: Alma Adams (NC-12), Yassamin Ansari (AZ-03), Becca Balint (VT-AL), Nanette Diaz Barragán (CA-44), Wesley Bell (MO-01), Donald S. Beyer Jr. (VA-08), Suzanne Bonamici (OR-01), Brendan Boyle (PA-02), Shontel Brown (OH-11), Salud Carbajal (CA-24), André Carson (IN-7), Troy Carter (LA-02), Greg Casar (TX-35), Sheila Cherfilus-McCormick (FL-20), Judy Chu (CA-28), Yvette Clarke (NY-09), Emanuel Cleaver, II (MO-05), Steve Cohen (TN-09), Jasmine Crockett (TX-30), Danny K. Davis (IL-07), Diana DeGette (CO-01), Chris Deluzio (PA-17), Mark DeSaulnier (CA-10), Maxine Dexter (OR-03), Lloyd Doggett (TX-37), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Valerie Foushee (NC-04), Lois Frankel (FL-22), Laura Friedman (CA-30), Maxwell Frost (FL-10), John Garamendi (CA-08), Robert Garcia (CA-42), Jesús “Chuy” García (IL-04), Dan Goldman (NY-10), Jimmy Gomez (CA-34), Al Green (TX-09), Josh Harder (CA-09), Jahana Hayes (CT-05), Val Hoyle (OR-04), Jared Huffman (CA-02), Jonathan Jackson (IL-01), Sara Jacobs (CA-51), Henry C. “Hank” Johnson, Jr. (GA-04), Sydney Kamlager-Dove (CA-37), William Keating (MA-09), Robin Kelly (IL-02), Tim Kennedy (NY-26), Ro Khanna (CA-17), Summer Lee (PA-12), Teresa Leger Fernandez (NM-03), Mike Levin (CA-49), Ted W. Lieu (CA-36), Zoe Lofgren (CA-18), Betty McCollum (MN-04), Morgan McGarvey (KY-03), James P. McGovern (MA-02), LaMonica McIver (NJ-10), Gregory Meeks (NY-05), Grace Meng (NY-06), Kweisi Mfume (MD-07), Dave Min (CA-47), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Joe Neguse (CO-02), Eleanor Holmes Norton (DC-AL), Alexandria Ocasio-Cortez (NY-14), Ilhan Omar (MN-05), Frank Pallone (NJ-06), Jimmy Panetta (CA-19), Chellie Pingree (ME-01), Mark Pocan (WI-02), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia Ramirez (IL-03), Emily Randall (WA-06), Jamie Raskin (MD-08), Luz Rivas (CA-29), Andrea Salinas (OR-06), Linda T. Sánchez (CA-38), Jan Schakowsky (IL-09), Robert C. “Bobby” Scott (VA-03), Brad Sherman (CA-32), Lateefah Simon (CA-12), Adam Smith (WA-09), Melanie Stansbury (NM-01), Eric Swalwell (CA-14), Mark Takano (CA-39), Shri Thanedar (MI-13), Bennie G. Thompson (MS-02), Mike Thompson (CA-04), Dina Titus (NV-01), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), Paul Tonko (NY-20), Lori Trahan (MA-03), Juan Vargas (CA-52), Nydia Velázquez (NY-07), Maxine Waters (CA-43), Bonnie Watson Coleman (NJ-12), Nikema Williams (GA-05), and Frederica S. Wilson (FL-24).

    The legislation also has an additional 15 cosponsors in the Senate: Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.) and Sheldon Whitehouse (D-R.I.).

    It is also endorsed by dozens of organizations, which can be found here. 

    Issues: Health Care

    MIL OSI USA News –

  • MIL-OSI USA: Acting Chairman Pham Statement on OIG Investigation of Telework Violations

    Source: US Commodity Futures Trading Commission

    Acting Chairman Pham Statement on OIG Investigation of Telework Violations | CFTC

    /PressRoom/SpeechesTestimony/phamstatement042925
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    April 29, 2025

    WASHINGTON, D.C. – Commodity Futures Trading Commission Acting Chairman Caroline D. Pham issued the following statement on the CFTC Office of Inspector General (OIG) Investigation into Allegations of Telework Violations by a CFTC employee:
    “While I’m disturbed by the many accounts of serious misconduct by former union leadership in this report—including a lengthy scheme to defraud the American taxpayer over many years that previous management failed to address appropriately—I’m relieved that the OIG was able to promptly shine a light on these matters to ensure accountability,” Acting Chairman Pham said. “My team became aware of an administrative review of these matters upon taking office in January and immediately asked the OIG to take the lead to avoid any conflicts and ensure independence. The OIG substantiated multiple allegations of wrongdoing, some of which involved criminal violations of law. I’m particularly troubled by the many false statements made under oath to the OIG, and I applaud the diligent work of the investigators to sort out fact from fiction.”

    -CFTC-

    MIL OSI USA News –

  • MIL-OSI Security: Court Enjoins Arizona Animal Drug Manufacturer from Distributing Unapproved Drugs

    Source: United States Attorneys General 4

    A federal court ordered an Arizona company to stop distributing unapproved animal drugs that violate the Federal Food, Drug, and Cosmetic Act (FDCA), the Department of Justice announced.

    In a civil complaint filed on August 29, 2023, in the U.S. District Court for the District of Arizona, the United States alleged that AniCell Biotech LLC and its founder and chief executive officer, Brandon T. Ames, violated the FDCA at the company’s facility in Gilbert, Arizona, by manufacturing and distributing unapproved animal drugs. According to the complaint, AniCell Biotech makes and distributes animal cell- and tissue-based products (ACTPs) derived from the amniotic tissue of horses for use in animals.

    According to the complaint, AniCell and Ames claimed on their website and in promotional pamphlets that their products were intended for use in animals to treat various diseases and to promote tissue regeneration and healing. The complaint further alleged that AniCell and Ames made and sold new animal drugs that were considered adulterated and unsafe because they had not been approved by the U.S. Food and Drug Administration (FDA). According to the complaint, FDA provided defendants with multiple warnings, including a written warning letter regarding its need to submit its new animal drugs to the FDA for approval.

    “Animal drug manufacturers have a duty to ensure that their products are safe and manufactured and sold in accordance with the law,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “The Department will continue to work closely with FDA to pursue appropriate actions against drug manufacturers that violate the law.”

    “Marketing unapproved new animal drugs that claim to cure, mitigate, treat or prevent diseases in animals can pose serious safety risks to consumers’ pets,” said Acting Director Dr. Timothy Schell of the FDA’s Center for Veterinary Medicine. “The FDA will continue to pursue actions against those who may put animal patients in harm’s way by manufacturing and distributing unapproved new animal drugs.”

    The defendants agreed to settle the suit and be bound by a consent decree permanently enjoining them from violating the FDCA. Under the court’s order, entered on April 17, the defendants must comply with specific requirements set forth in the injunction and the FDCA prior to manufacturing or distributing any new animal drugs.

    Trial Attorney Coleen Schoch of the Civil Division’s Consumer Protection Branch handled the case, with assistance from Associate Chief Counsel of Enforcement Jaclyn E. Martinez Resly of the FDA’s Office of the Chief Counsel.

    Additional information about the Consumer Protection Branch and its enforcement efforts may be found at http://www.justice.gov/civil/consumer-protection-branch.

    MIL Security OSI –

  • MIL-OSI Security: Former President of Ypsilanti Steelworkers Union Sentenced for Stealing $58,000 in Union Funds

    Source: Office of United States Attorneys

    DETROIT – Dilanjan Miller was sentenced today to six months in federal prison after pleading guilty to bank fraud, Acting United States Attorney Julie A. Beck announced.

    Joining Beck in the announcement is Thomas Murray, District Director of the Detroit-Milwaukee District Office of the Department of Labor-Office of Labor-Management Standards.

    Miller, age 38, was sentenced after pleading guilty before the Honorable Laurie Michelson to bank fraud. In addition to his term of imprisonment, Judge Michelson ordered Miller to pay restitution to the union.

    According to the facts alleged in the information and further developed at the plea hearing, USW Local 2513 represented machine operators, inspectors, stock chasers, and rackers at Marsh Plating in Ypsilanti. Miller was elected President of Local 2513 in April 2018.  Miller also assumed all financial duties of Local 2513 as acting Financial Secretary and Treasurer. While President, Acting Financial Secretary, and Acting Treasurer of the union, Miller embezzled approximately $47,347 of union funds in the custody and control of the Bank of Ann Arbor by issuing approximately 38 unauthorized checks to himself and forging the signature of the second signatory on 20 of those checks; issuing approximately 4 unauthorized checks made payable to a family member; and making approximately 2 unauthorized cash withdrawals from the union’s bank account.

    Miller also used the union’s Bank of Ann Arbor debit card as his own personal debit card. He made at least 184 unauthorized personal purchases, totaling approximately $11,259. His purchases with the union’s debit card included flights, hotel rooms, rental cars, and retail purchases. For example, Miller used the debit card to pay for five flights to Florida, Las Vegas, and Atlanta and for rental cars in Florida and Atlanta. Miller also used the debit card at a jewelry store and several footwear shops.

    Acting U.S. Attorney Beck commended the work of the Department of Labor in conducting this criminal investigation of a corrupt union officer and said, “Union officials are expected to serve with integrity.  This prosecution demonstrates that we will not tolerate union officers who abuse their authority and line their own pockets at the expense of the union’s membership. We will continue to work with our law enforcement partners to root out corruption and fraud involving unions.”

    “Dilanjan Miller betrayed the trust of his fellow union members and failed in his fiduciary duties when he stole over $58,000 from Steelworkers Local 2513 for his personal benefit through multiple embezzlement schemes,” said U.S. Department of Labor’s Office of Labor-Management Standards District Director Thomas Murray. “Today’s sentencing leaves no question as to the department’s commitment to seek justice when anyone puts personal financial gain ahead of the best interests of their fellow union members.”

    The investigation of this case was conducted by the Department of Labor Office of Labor-Management Standards. It was prosecuted by Assistant U.S. Attorney Sarah Resnick Cohen. 

    MIL Security OSI –

  • MIL-OSI NGOs: Greenpeace USA’s response to TMC’s push to fast-track deep sea mining in the High Seas under the U.S. Seabed Mining Code

    Source: Greenpeace Statement –

    Greenpeace International activists from around the world have paddled and protested around MV COCO, a specialized offshore drilling vessel currently collecting data for deep sea mining frontrunner, The Metals Company, on its last expedition before it files the world’s first ever application to mine the seabed in the Pacific Ocean. © Martin Katz / Greenpeace

    In response to The Metals Company’s push to fast-track deep-sea mining in the High Seas under the U.S. Seabed Mining Code, Arlo Hemphill, Greenpeace USA’s Deep Sea Mining Campaign Lead, stated: “Greenpeace USA condemns this reckless attempt by The Metals Company (TMC) to bypass international law and commercialize mining in the high seas and US-adjacent waters. It is nothing less than the plunder of the Pacific once again being pursued without the consent of Pacific Peoples. We cannot allow another dangerous extension of corporate greed and neo-colonialism, sacrificing ocean health, Indigenous rights, and future generations for the short-term gain of a few corporations to repeat itself in the deep sea.” 

    TMC’s application comes as Congress meets today, Tuesday, April 29, in a hearing requested by the House Natural Resources Committee, to explore the Potential of Deep-Sea Mining to expand American Mineral production. The application for mining TMC USA-A_2 in the Clarion Clipperton Zone attempts to exploit the U.S. legal system to advance mining operations in areas it was already licensed to explore under Nauru’s sponsorship through the International Seabed Authority processes. It disregards the multilateral process agreed upon by 170 countries and the European Union under UNCLOS. The company has faced opposition in that body from 32 countries and several Indigenous Pacific groups that have called for a ban, pause, or moratorium on deep sea mining. 

    Solomon P. Kaho’ohalahala, chair of the Pacific Island Heritage Coalition, said: “The people of the Pacific have a cultural connection to the deep sea.  It is the birthplace of our ancestors, and of all life. Deep sea mining is an assault on our cultural heritage, and it is being rushed forward without our consultation.  We call on Congress to stop this assault on the ocean we know as home, and to respect the values of Hawaiians and people from across the Pacific who will be on the frontlines should this industry take hold.”

    Hemphill continued: “We urge congressional leaders to defend democratic oversight, reject corporate shortcuts, and protect the deep ocean. Greenpeace USA stands with Pacific communities, Indigenous leaders, scientists, and governments worldwide calling for a moratorium on this dangerous industry. We must defend the oceans, uphold international law, and reject a broken system that gambles our planet’s future for corporate profit.”

    Louisa Casson, Greenpeace International Senior Campaigner, said: “The first application to commercially mine the seabed will be remembered as an act of total disregard for international law and scientific consensus. This unilateral US effort to carve up the Pacific Ocean already faces fierce international opposition. Governments around the world must now step up to defend international rules and cooperation against rogue deep sea mining. Leaders will be meeting at the UN Oceans Conference in Nice in June, where they must speak with one voice in support of a moratorium on this reckless industry.”

    President Trump’s recent executive order promoting U.S. plans to initiate deep-sea mining in both U.S. and international waters has faced widespread criticism from several environmental NGOs, and state actors, including France, China, and the European Commission who have condemned it as a unilateral action that undermines multilateral cooperation and the United Nations. While the U.S. never ratified UNCLOS, bypassing the international system violates global norms that safeguard the deep ocean as the “common heritage of humankind,” setting a dangerous precedent for the management of all global commons.

    Contact: Tanya Brooks, Senior Communications Specialist at Greenpeace USA, [email protected]  

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

  • MIL-OSI Global: Mark Carney won: Here are the key economic priorities for his new government

    Source: The Conversation – Canada – By Berhane Elfu, Lecturer in Finance, Northern Alberta Institute of Technology

    The Liberal Party led by Mark Carney has secured a fourth consecutive term in government. This victory has come at a time when Canada is facing an unprecedented threat to its economic security and sovereignty from United States President Donald Trump.

    In an election defined by concerns over Trump’s erratic tariff policy and talk of making Canada a 51st state, voters decided Carney was the leader best equipped to deal with these challenges.

    Carney previously served as governor of the Bank of Canada, where he guided the country through the 2008 global financial crisis. He later became the first non-British person to head the Bank of England, helping guide the United Kingdom through Brexit, one of the biggest shocks to the British economy in decades.



    Read more:
    Game change Canadian election: Mark Carney leads Liberals to their fourth consecutive win

    Now the world is facing similar financial shocks from Trump’s trade war. The on-again, off-again nature of Trump’s tariff policy could inflict significant damage to the global economy — even more to the American economy — and cause irreparable damage to its reputation as a rational entity in international trade.

    In the face of the ill-advised and self-defeating U.S. tariffs, the new Canadian government should take prudent, urgent and bold steps to strengthen the nation’s economy. Here are major and important economic priorities for the government to reshape the economy and spur much-needed economic growth.

    Stabilize and strengthen the national economy

    As a primary act, the new government should stabilize the Canadian economy from the tariff shocks. It must continue to develop carefully calibrated retaliations to Trump’s tariffs.

    The revenue raised from the tariffs should be used to compensate those directly affected by them, using a multi-pronged mechanism that includes training, increased employment insurance benefits and additional transfers to low-income households to reduce the impact of tariffs on food costs.



    Read more:
    U.S. tariffs are about to trigger the greatest trade diversion the world has ever seen

    Currently, a series of provincial regulations restrict the goods and services that cross Canada’s provincial borders daily. The new government should urgently remove longstanding interprovincial trade barriers.

    According to a report by the Canadian Federation of Independent Business, removing these impediments could boost the economy by up to $200 billion annually. Similarly, a study by the International Monetary Fund indicates the effect of these barriers is equivalent to a 21 per cent tariff.

    Removing interprovincial trade barriers would significantly offset the negative effects of Trump’s tariffs on the Canadian economy, and provide a boost to the “Buy Canadian” movement.

    Carney seems to have made this a priority already, which is promising. In March, he said he aims to have “free trade by Canada Day” among provinces and territories.

    Streamlining natural resource projects

    Canada is a natural resource superpower. However, for natural resources and critical minerals to be extracted efficiently, regulatory processes need to be streamlined by cutting red tape and duplicative assessments.

    The federal government and the provinces should agree to a single environmental assessment that meets the standards of both jurisdictions.

    Additionally and importantly, respectful, genuine and meaningful consultations must be undertaken by project proponents and governments with the relevant Indigenous communities to address their concerns, respect their rights and safeguard their economic well-being in the development of the natural resources projects.

    Carney has said he will uphold the principle of free, prior and informed consent when it comes to initiating resource extraction projects and make it easier for Indigenous communities to become owners of said projects.

    A similar approach should also guide the construction of infrastructure projects such as pipelines and ports, which play a crucial role in facilitating Canada’s exports.

    Boost Canada’s productivity through innovation

    A country’s ability to raise living standards for its people mostly depends on its capacity to improve its productivity. Economist Paul Krugman once stated, “productivity is not everything, but, in the long run, it is almost everything.”

    Canada’s productivity is lagging, according to the Organization for Economic Co-operation and Development.



    Read more:
    Canada is lagging in innovation, and that’s a problem for funding the programs we care about

    The new Canadian government should take steps to boost the nation’s productivity by increasing direct expenditures on research and development. Additional funding should be allocated to higher institutions of learning, and incentivizing businesses to spend more on research and development through significant tax credits.

    Although research and development spending continues to grow in Canada, as a percentage to GDP, it is the second lowest among G7 nations. Boosting investments will drive innovation, spur economic growth and ensure Canada remains competitive on the global stage.

    Dealing with U.S. tariffs

    One of the government’s primary tasks will be preparing meticulously for trade negotiations with the U.S. to address the threat of tariffs and reach a “win-win” trade deal. Given Trump’s highly unpredictable nature, negotiations will not be easy.

    Although Trump could have withdrawn from the Canada-US-Mexico Agreement (CUSMA), he has not done so, and zero-tariffs remain in effect for products that are certified as being North American origin under the CUSMA rules. This could be a solid starting point for future trade negotiations.

    At the same time, Carney and his team must work to stabilize the Canadian economy against the unprecedented threat of Trump’s tariffs by strengthening the domestic economy, diversifying Canada’s exports and reducing the country’s dependence on the U.S.

    Pulling away from the world’s largest economy will not be easy for Canadian businesses, given the deep integration of Canada’s economy with that of the U.S.

    Still, expanding trade with the European Union, the U.K., Africa and the Association of Southeast Asian Nations — and exploring other opportunities to reducing trade barriers with nations in Asia, the Middle East and Latin America — will enlarge Canada’s export market.

    By doing all this, Canada can not only prepare for a tough round of U.S. trade talks but also position itself as a stronger, more self-reliant global trading partner.

    Berhane Elfu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Mark Carney won: Here are the key economic priorities for his new government – https://theconversation.com/mark-carney-won-here-are-the-key-economic-priorities-for-his-new-government-255477

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Financial news: On holding auctions on April 30, 2025 to place OFZ issues No. 26235RMFS and No. 26246RMFS

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26235RMFS from 10/12/2020
    Date of the auction April 30, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU26235RMFS0
    ISIN code RU000A1028E3
    Calculation code B05
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26246RMFS from 08.05.2024
    Date of the auction April 30, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU26246RMFS7
    ISIN code RU000A108EE1
    Calculation code B05
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Current Price Growth Slowed in Most Regions in March

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    Prices in 59 Russian regions increased in March less than in February. Services increased in price most noticeably. Food prices increased at an accelerated rate in most regions. Non-food products increased in price at a low rate almost everywhere, and in 18 regions they even became cheaper.

    Annual inflation in 46 regions was slightly higher than the national average (10.34%), while in the rest it was lower or at the same level. Inflation remains high because the economy’s ability to increase the supply of goods and services is still lagging behind demand.

    In order to reduce inflation in Russia to 4% in 2026, the Bank of Russia will maintain high rates in the economy for a long time.

    For more information on inflation in each region, seeinformation and analytical materials, published on the website of the Bank of Russia. From this month they are published in a new format: the emphasis is not on annual, but on monthly rates of price change. This gives a clearer idea of why the Bank of Russia is building its monetary policy in this way.

    Preview photo: Collection Maykova / Shutterstock / Fotodom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23584

    MIL OSI Russia News –

  • MIL-OSI Canada: Strengthening democracy

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Dingell, Jayapal, Sanders Introduce Medicare for All

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    U.S. Representatives Debbie Dingell (MI-06) and Pramila Jayapal (WA-07), and U.S. Senator Bernie Sanders (I-VT) are today introducing the Medicare for All Act of 2025. 

    “Every American has the right to health care, period. If you’re sick, you should be able to go to the doctor without being worried about the cost of treatment or prescription medicine. Too many families must decide between putting food on the table and getting medical care that they desperately need,” said Dingell. “A health care system that ties coverage to employment will always leave patients vulnerable. It’s flat-out wrong and Medicare for All would put a stop to it. We’ve been fighting this fight since the 1940s, when my father-in-law helped author the first universal health care bill. It’s time to get this done.” 

    “It is a travesty when 85 million people are uninsured or underinsured and millions more are drowning in medical debt in the richest nation on Earth,” said Jayapal. “We don’t suffer from scarcity in America, we suffer from greed. That’s most clear in our broken healthcare system, which is why we need Medicare for All. People deserve and want comprehensive health care that covers mental health, long-term care, reproductive care, dental, vision and hearing, all without copays, private insurance premiums, sky high deductibles or other hidden fees. Health care is a human right, that is exactly why it’s time to pass Medicare for All.”

    “The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Sanders.“It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”

    Dingell has long led the fight for universal health care coverage, introducing Medicare for All every Congress since she was elected. Her father-in-law, John Dingell Sr., drafted the first legislation that ultimately led to the creation of Medicare and her husband, John Dingell Jr., introduced a single-payer healthcare plan every session he served in Congress.

    The Medicare for All Act builds upon and expands Medicare to provide comprehensive benefits to every person in the United States. This includes primary care, vision, dental, prescription drugs, mental health, substance abuse, long-term services and supports, reproductive health care, and more. The Medicare for All Act of 2025 also includes universal coverage of long-term care with no cost-sharing for older Americans and individuals with disabilities, and prioritizes home and community-based care over institutional care. Additionally, patients have the freedom to choose the doctors, hospitals, and other providers they wish to see without worrying about whether a provider is in-network. Importantly, the legislation streamlines the health care system to negotiate drug prices and reduce exorbitant administrative waste.

    This legislation comes at a critical time when vital lifesaving health care programs, like Medicaid and Veterans Health Administration benefits, are at risk of being completely gutted by the Trump Administration. Currently, 85 million people in America are either uninsured or underinsured, and if the Trump Administration succeeds at completely privatizing our health care infrastructure, the number of uninsured and uninsured people will grow exponentially. The legislation has 104 original cosponsors in the House and 16 original cosponsors in the Senate.

    View a video of the introduction press conference here. 

    “Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”

    “We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Plan. With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”

    “Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said APWU President Mark Dimondstein. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal healthcare working people deserve. “Medicare for All,” healthcare as a human right, will make us all healthier and financially better off. A healthcare system that works for working people, not the profits of the insurance companies, is long overdue.  It’s time for Medicare for All.”

    “Medicaid is a life and death issue for tens of millions of people,” said Jaron Benjamin, Deputy Chief of Campaigns at Popular Democracy in Action. “For years, our network has fought for programs like Medicaid and Medicare that keep families whole: elders aging with dignity, children getting the care they need, people with disabilities living full lives. Instead of protecting what works, Republicans in Congress are pushing cuts to Medicaid so they can hand more money to their billionaire backers. We won’t stand by while our communities are sacrificed for tax giveaways.”

    “As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president, Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else.  Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”

    “If you want to renew the public’s faith in our political system, pass The Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”

    “Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”

    “Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table. We’re sick of having to go on strike just to have decent health care,” said Shawn Fain, President of the UAW. “We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”

    MIL OSI USA News –

  • MIL-OSI USA: BERWICK AND LEWISBURG – Lt. Gov. Austin Davis to Highlight Historic Investments in Northeastern Pennsylvania

    Source: US State of Pennsylvania

    April 29, 2025 – Berwick, PA

    ADVISORY – BERWICK AND LEWISBURG – Lt. Gov. Austin Davis to Highlight Historic Investments in Northeastern Pennsylvania

    Lt. Gov. Austin Davis will join local leaders and small-business owners to highlight historic investments in northeastern Pennsylvania communities Wednesday, April 30, in Berwick and Lewisburg.

    Gov. Josh Shapiro recently announced that the Shapiro-Davis Administration is investing in 81 community projects – including two in Union County and three in Columbia County – through the Main Street Matters program, fulfilling a key promise to help revitalize downtowns, support small businesses and strengthen local economies.

    Main Street Matters, administered by the Pennsylvania Department of Community and Economic Development (DCED), received more than 200 applications requesting more than $43 million in funding – underscoring the demand for strategic investments in Main Streets across Pennsylvania.

    WHO:
    Lt. Gov. Austin Davis
    Columbia County Commissioner Dave Kovach
    Berwick Mayor Timothy Burke
    Berwick Council President Robert Lewis
    Union County Commissioner Stacy Richards
    Lewisburg Mayor Kendy Alvarez
    Lewisburg borough council members

    WHAT:
    News conference and walking tour to highlight historic investments in northeastern Pennsylvania communities through the Main Street Matters initiative

    WHEN:
    Wednesday, April 30, 2025

    WHERE:
    10 a.m. – News conference
    Berwick Industrial Development Authority
    107 S. Market St.
    Berwick

    1 p.m. – Walking tour and visits to small businesses
    Starts at the Lewisburg Downtown Partnership
    328 Market St.
    Lewisburg

    RSVP: Members of the news media who are interested in attending must RSVP to Kirstin Alvanitakis at kirstinalv@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Court Enjoins Arizona Animal Drug Manufacturer from Distributing Unapproved Drugs

    Source: US State Government of Utah

    A federal court ordered an Arizona company to stop distributing unapproved animal drugs that violate the Federal Food, Drug, and Cosmetic Act (FDCA), the Department of Justice announced.

    In a civil complaint filed on August 29, 2023, in the U.S. District Court for the District of Arizona, the United States alleged that AniCell Biotech LLC and its founder and chief executive officer, Brandon T. Ames, violated the FDCA at the company’s facility in Gilbert, Arizona, by manufacturing and distributing unapproved animal drugs. According to the complaint, AniCell Biotech makes and distributes animal cell- and tissue-based products (ACTPs) derived from the amniotic tissue of horses for use in animals.

    According to the complaint, AniCell and Ames claimed on their website and in promotional pamphlets that their products were intended for use in animals to treat various diseases and to promote tissue regeneration and healing. The complaint further alleged that AniCell and Ames made and sold new animal drugs that were considered adulterated and unsafe because they had not been approved by the U.S. Food and Drug Administration (FDA). According to the complaint, FDA provided defendants with multiple warnings, including a written warning letter regarding its need to submit its new animal drugs to the FDA for approval.

    “Animal drug manufacturers have a duty to ensure that their products are safe and manufactured and sold in accordance with the law,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “The Department will continue to work closely with FDA to pursue appropriate actions against drug manufacturers that violate the law.”

    “Marketing unapproved new animal drugs that claim to cure, mitigate, treat or prevent diseases in animals can pose serious safety risks to consumers’ pets,” said Acting Director Dr. Timothy Schell of the FDA’s Center for Veterinary Medicine. “The FDA will continue to pursue actions against those who may put animal patients in harm’s way by manufacturing and distributing unapproved new animal drugs.”

    The defendants agreed to settle the suit and be bound by a consent decree permanently enjoining them from violating the FDCA. Under the court’s order, entered on April 17, the defendants must comply with specific requirements set forth in the injunction and the FDCA prior to manufacturing or distributing any new animal drugs.

    Trial Attorney Coleen Schoch of the Civil Division’s Consumer Protection Branch handled the case, with assistance from Associate Chief Counsel of Enforcement Jaclyn E. Martinez Resly of the FDA’s Office of the Chief Counsel.

    Additional information about the Consumer Protection Branch and its enforcement efforts may be found at http://www.justice.gov/civil/consumer-protection-branch.

    MIL OSI USA News –

  • MIL-OSI: ChampionX Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, April 29, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced first quarter of 2025 results. Revenue was $864.5 million, net income attributable to ChampionX was $85.8 million, and adjusted EBITDA was $190.9 million. Income before income taxes margin was 12.1% and adjusted EBITDA margin was 22.1%. Cash from operating activities was $66.8 million and free cash flow was $38.6 million.

    CEO Commentary

    “The first quarter demonstrated the resilience of our ChampionX portfolio as we delivered strong adjusted EBITDA and adjusted EBITDA margin, and generated positive free cash flow. These results reflect the commitment of our ChampionX employees around the world who express daily an unwavering focus on delivering value-added solutions for our customers’ most important challenges. I am thankful and humbled to lead such a talented and dedicated team,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

    “During the first quarter of 2025, we generated revenue of $864 million, which decreased 5% sequentially, in line with our expectations, driven primarily by a typical seasonal decline in international operations. We generated net income attributable to ChampionX of $86 million, income before income taxes margin of 12.1%, and we delivered adjusted EBITDA of $191 million, representing a 22.1% adjusted EBITDA margin, our second-highest level as ChampionX, which speaks to the continued productivity and profitability focus of our team.

    “Cash flow from operating activities was $67 million during the first quarter, which represented 78% of net income attributable to ChampionX, and we generated free cash flow of $39 million, our 12th consecutive quarter of positive free cash flow. Our balance sheet and financial position remain strong, ending the first quarter with approximately $1.2 billion of liquidity, including $527 million of cash and $674 million of available capacity on our revolving credit facility.

    “As a leading global provider of production optimization solutions for the energy industry, ChampionX is uniquely well-positioned to help operators meet the objective of maximizing the value of their producing assets, particularly against the backdrop of the ongoing structural shift toward capital discipline and moderating capital spending in the upstream and midstream industries. As global oil production grows, our differentiated and resilient production-oriented portfolio drives our expectation of positive performance relative to general oil and gas market activity in 2025.

    “Amid recent changes in international trade policies, ChampionX is continuing to put its continuous improvement culture to work every day to successfully deliver products and technologies designed to improve our cost structure and drive efficiencies. We are leveraging our global and flexible supply chain footprint, long-standing supplier partnerships, pricing adjustments, and productivity initiatives to address tariff impacts, and we will continue to be there to serve our customers and deliver differentiated margin and free cash flow performance.”

    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 first quarter 2025 results.

    Production Chemical Technologies

    Production Chemical Technologies revenue in the first quarter of 2025 was $523.4 million, a decrease of $46.3 million, or 8%, sequentially, due primarily to seasonally lower international sales volumes.

    Segment operating profit was $82.2 million and adjusted segment EBITDA was $109.1 million. Segment operating profit margin was 15.7%, a sequential decrease of 248 basis points, and adjusted segment EBITDA margin was 20.8%, a sequential decrease of 259 basis points. The sequential decrease in segment operating profit margin and adjusted segment EBITDA margin was driven by lower sales volumes.

    Production & Automation Technologies

    Production & Automation Technologies revenue in the first quarter of 2025 was $264.4 million, a decrease of $5.2 million, or 2%, sequentially, due primarily to seasonally lower international sales volumes. Revenue from digital products was $57.8 million in the first quarter of 2025, a sequential decrease of 7%, driven by seasonally lower customer activity in North America.

    Segment operating profit was $37.6 million and adjusted segment EBITDA was $70.3 million. Segment operating profit margin was 14.2%, a sequential decrease of 27 basis points, and adjusted segment EBITDA margin was 26.6%, a sequential increase of 34 basis points. The decrease in segment operating profit margin and the increase in adjusted segment EBITDA margin was driven by lower sales volumes, offset somewhat by productivity improvements.

    Drilling Technologies

    Drilling Technologies revenue in the first quarter of 2025 was $50.5 million, a decrease of $1.4 million, or 3%, sequentially, driven primarily by lower North America sales volumes.

    Segment operating profit was $8.2 million and adjusted segment EBITDA was $10.2 million. Segment operating profit margin was 16.2%, compared to 20.6% in the prior quarter, and adjusted segment EBITDA margin was 20.3%, a decrease of 346 basis points, sequentially, due primarily to lower volumes.

    Reservoir Chemical Technologies

    Reservoir Chemical Technologies revenue in the first quarter of 2025 was $26.9 million, an increase of $5.0 million, or 23%, sequentially, driven by higher sales volumes in the U.S. and internationally.

    Segment operating profit was $5.5 million and adjusted segment EBITDA was $6.3 million. Segment operating profit margin was 20.5%, an increase of 1008 basis points, sequentially, and adjusted segment EBITDA margin was 23.6%, an increase of 647 basis points, sequentially. The increase in segment operating profit margin and adjusted segment EBITDA margin was driven by higher sales volumes together with a more favorable product mix.

    Other Business Highlights: Production Chemical Technologies and Reservoir Chemical Technologies

    • Awarded several first fill contracts for new conventional and unconventional fields in the Middle East region.
    • The North America Offshore production chemicals team was awarded the contract for an upcoming major capital project in the Gulf of America. The win was the culmination of years’ worth of work developing technical solutions to address the project’s most impactful challenges.
    • Commenced the initial deliveries of a significant volume of hydrate inhibitor for a major new FPSO, supporting an independent Australian operator.
    • Awarded program of competitive process water treatment applications in Canada after performing comprehensive technical assessments and value-added recommendations.
    • Completed our second RENEWIQ® (production and reservoir chemistry delivered through one trailer) joint offering for frac treating.
    • Reservoir group was awarded RENEWIQ work for the application of our production enhancement PROE completion chemistry to improve production over the life of wells. This program, combined with our one-site PCT service expertise, continues to bring differentiated solutions to operators in the Permian Basin.
    • Started the Unconventional Water team to support North America Land Water applications.
    • Recently won four different contracts after re-entering the US Land market with our H2S scavenger program.
    • Providing chemistries supporting a Canadian customer that is scheduled to commission and start up a new thermal asset in August 2025.

    Other Business Highlights: Production & Automation Technologies

    • Awarded a multi-year contract for production optimization software by a customer in Indonesia. 4000+ wells were successfully migrated in Q1 to our XSPOC® production optimization software, delivering data-driven insights to help the customer make informed production decisions across their field for all artificial lift systems.
    • Continue to see strong market adoption of new digital technologies as operators look for cost-effective, scalable monitoring solutions. More than 450 SmartSpin® wireless rod rotator sensors have been installed in the field and 120+ of the recently launched SMARTEN™® Lite rod pump controller have been deployed.
    • ChampionX’s RMSpumptools, in partnership with our UNBRIDLED® ESP Systems team, continues to grow sales of Automatic Diverter Valves (ADV) in the Permian for a major oil company. This key technology offers customers better sand and solids management in ESP systems and acts as a safety device for ESPs featuring a PMM motor.
    • Following two 6-month trial installations, RMSpumptools has received an order for its Y-chek systems by a Middle East national oil company. This success sets the direction for expansion of this Y-chek solution.
    • Completed the first 30+ well trial with a major producer in the Permian basin of the newly offered chemical injection assurance (CIA) software module on the modern, secure, and scalable Connexia® platform. The CIA software provides fully integrated chemical measurement and delivery data as well as control and optimization capabilities.
    • The SMARTEN XE ESP control system is a leader in the ESP control market. In Q1, ChampionX secured a new customer based on the advanced capabilities of the SMARTEN XE controller. The system’s ability to deliver enhanced performance across multi-pad projects was central to the customer’s decision. Since launch, ChampionX has installed hundreds of ESPs with SMARTEN XE controls, improving the operation of customers’ ESP systems.
    • Launched newly designed LOOKOUT® optimization services to provide real-time data with full ESP system control, advanced data visualization, integrated communications, and direct access to a team of multi-disciplined artificial lift experts. Powered by a modern digital backbone, LOOKOUT optimization services enable streamlined integration of diverse data sources and control solutions. LOOKOUT also leverages the full capabilities of the SMARTEN XE ESP control system, delivering advanced automation for ESP operations.
    • ChampionX’s Integrated Production Optimization (IPO) business continues to expand. A Permian operator, following a series of acquisitions, has expanded implementation of the IPO solution across newly acquired acreage – placing all new wells and ESP replacements under the IPO program. IPO has consistently delivered measurable production uplift, enhanced equipment reliability, stabilized reservoir pressure drawdown, and optimized chemical spend for the operator.
    • ChampionX’s Norris Sucker Rods has been awarded a large contract for the supply of approximately 35,000 sucker rods for a major customer in India. ChampionX won the contract based on superior reliability and in-country technical support, according to the customer.
    • Norris Rods received a large bulk order for sucker rods from a U.S. independent producer to assure supply for future operations and to mitigate the impact of tariffs. Norris Rods are manufactured from U.S. steel at the Company’s factory in Tulsa, Oklahoma.

    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, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on January 22, 2025 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 5, 2025, and each of their respective, subsequent 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 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
      March 31,   December 31,   March 31,
    (in thousands, except per share amounts)   2025       2024       2024  
    Revenue $ 864,464     $ 912,037     $ 922,141  
    Cost of goods and services   572,938       600,154       622,937  
    Gross profit   291,526       311,883       299,204  
    Costs and expenses:          
    Selling, general and administrative expense   177,045       184,722       172,414  
    (Gain) loss on sale-leaseback transaction   —       —       (29,883 )
    Interest expense, net   13,196       12,375       13,935  
    Foreign currency transaction losses (gains), net   1,504       1,697       55  
    Other expense (income), net   (4,631 )     (5,026 )     2,927  
    Income before income taxes   104,412       118,115       139,756  
    Provision for income taxes   15,384       33,204       26,596  
    Net income   89,028       84,911       113,160  
    Net income attributable to noncontrolling interest   3,231       2,145       237  
    Net income attributable to ChampionX $ 85,797     $ 82,766     $ 112,923  
               
    Earnings per share attributable to ChampionX:          
    Basic $ 0.45     $ 0.43     $ 0.59  
    Diluted $ 0.44     $ 0.43     $ 0.58  
               
    Weighted-average shares outstanding:          
    Basic   191,143       190,586       190,803  
    Diluted   193,709       193,487       193,964  
                           

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)

    (in thousands) March 31, 2025   December 31, 2024
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $ 526,559     $ 507,681  
    Receivables, net   417,639       466,782  
    Inventories, net   497,183       496,831  
    Assets held for sale   241,791       14,001  
    Prepaid expenses and other current assets   85,617       78,602  
    Total current assets   1,768,789       1,563,897  
           
    Property, plant and equipment, net   729,931       755,422  
    Goodwill   619,505       718,944  
    Intangible assets, net   247,907       258,614  
    Other non-current assets   134,258       173,375  
    Total assets $ 3,500,390     $ 3,470,252  
           
    LIABILITIES AND EQUITY      
    Current Liabilities:      
    Current portion of long-term debt $ 6,203     $ 6,203  
    Accounts payable   498,335       455,531  
    Liabilities held for sale   61,415       —  
    Other current liabilities   218,943       324,138  
    Total current liabilities   784,896       785,872  
           
    Long-term debt   590,746       591,453  
    Other long-term liabilities   220,054       261,749  
    Stockholders’ equity:      
    ChampionX stockholders’ equity   1,916,726       1,846,437  
    Noncontrolling interest   (12,032 )     (15,259 )
    Total liabilities and equity $ 3,500,390     $ 3,470,252  
                   

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)

      Three Months Ended March 31,
    (in thousands)   2025       2024  
    Cash flows from operating activities:      
    Net income $ 89,028     $ 113,160  
    Depreciation and amortization   60,056       59,580  
    (Gain) loss on sale-leaseback transaction   —       (29,883 )
    Loss on Argentina Blue Chip Swap transaction   —       4,092  
    Deferred income taxes   (10,941 )     (12,903 )
    Loss (gain) on disposal of fixed assets   1,616       1,107  
    Receivables   13,937       62,915  
    Inventories   (25,569 )     (39,873 )
    Accounts payable   40,675       68,248  
    Other assets   (19,955 )     (602 )
    Leased assets   (6,665 )     (4,254 )
    Other operating items, net   (75,380 )     (48,079 )
    Net cash flows provided by operating activities   66,802       173,508  
           
    Cash flows from investing activities:      
    Capital expenditures   (31,250 )     (31,912 )
    Proceeds from sale of fixed assets   3,004       2,390  
    Proceeds from sale-leaseback transaction   —       44,292  
    Purchase of investments   —       (17,162 )
    Sale of investments   —       13,070  
    Acquisitions, net of cash acquired   —       (21,472 )
    Net cash used for investing activities   (28,246 )     (10,794 )
           
    Cash flows from financing activities:      
    Repayment of long-term debt   (1,551 )     (1,551 )
    Repurchases of common stock   —       (49,399 )
    Dividends paid   (18,110 )     (16,247 )
    Other   (488 )     3,104  
    Net cash used for financing activities   (20,149 )     (64,093 )
           
    Effect of exchange rate changes on cash and cash equivalents   471       (1,161 )
           
    Net increase in cash and cash equivalents   18,878       97,460  
    Cash and cash equivalents at beginning of period   507,681       288,557  
    Cash and cash equivalents at end of period $ 526,559     $ 386,017  
                   

    CHAMPIONX CORPORATION
    BUSINESS SEGMENT DATA
    (UNAUDITED)

      Three Months Ended
      March 31,   December 31,   March 31,
    (in thousands)   2025       2024       2024  
    Segment revenue:          
    Production Chemical Technologies $ 523,390     $ 569,662     $ 590,108  
    Production & Automation Technologies   264,377       269,568       252,614  
    Drilling Technologies   50,530       51,942       55,206  
    Reservoir Chemical Technologies   26,926       21,937       24,705  
    Corporate and other   (759 )     (1,072 )     (492 )
    Total revenue $ 864,464     $ 912,037     $ 922,141  
               
    Income before income taxes:        
    Segment operating profit (loss):          
    Production Chemical Technologies $ 82,172     $ 103,567     $ 87,832  
    Production & Automation Technologies   37,554       39,027       28,470  
    Drilling Technologies   8,174       10,703       44,402  
    Reservoir Chemical Technologies   5,529       2,294       3,746  
    Total segment operating profit   133,429       155,591       164,450  
    Corporate and other   15,821       25,101       10,759  
    Interest expense, net   13,196       12,375       13,935  
    Income before income taxes $ 104,412     $ 118,115     $ 139,756  
               
    Operating profit margin / income before income taxes margin:          
    Production Chemical Technologies   15.7 %     18.2 %     14.9 %
    Production & Automation Technologies   14.2 %     14.5 %     11.3 %
    Drilling Technologies   16.2 %     20.6 %     80.4 %
    Reservoir Chemical Technologies   20.5 %     10.5 %     15.2 %
    ChampionX Consolidated   12.1 %     13.0 %     15.2 %
               
    Adjusted EBITDA          
    Production Chemical Technologies $ 109,065     $ 133,475     $ 118,031  
    Production & Automation Technologies   70,269       70,739       60,340  
    Drilling Technologies   10,237       12,321       16,074  
    Reservoir Chemical Technologies   6,347       3,751       5,346  
    Corporate and other   (5,049 )     (8,021 )     (8,079 )
    Adjusted EBITDA $ 190,869     $ 212,265     $ 191,712  
               
    Adjusted EBITDA margin          
    Production Chemical Technologies   20.8 %     23.4 %     20.0 %
    Production & Automation Technologies   26.6 %     26.2 %     23.9 %
    Drilling Technologies   20.3 %     23.7 %     29.1 %
    Reservoir Chemical Technologies   23.6 %     17.1 %     21.6 %
    ChampionX Consolidated   22.1 %     23.3 %     20.8 %
                           

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

      Three Months Ended
      March 31,   December 31,   March 31,
    (in thousands)   2025       2024       2024  
    Net income attributable to ChampionX $ 85,797     $ 82,766     $ 112,923  
    Pre-tax adjustments:          
    (Gain) loss on sale leaseback transaction(1)   —       —       (29,883 )
    Russia sanctions compliance and impacts(2)   28       73       152  
    Restructuring and other related charges   1,059       2,704       1,709  
    Merger transaction costs(3)   10,232       14,434       —  
    Acquisition costs and related adjustments(4)   —       75       1,232  
    Intellectual property defense   382       158       779  
    Merger-related indemnification responsibility(5)   —       100       —  
    Tulsa, Oklahoma storm damage   —       —       305  
    Foreign currency transaction losses (gains), net   1,504       1,697       55  
    Loss on Argentina Blue Chip Swap transaction   —       —       4,092  
    Tax impact of adjustments   (2,971 )     (5,565 )     5,066  
    Adjusted net income attributable to ChampionX   96,031       96,442       96,430  
    Tax impact of adjustments   2,971       5,565       (5,066 )
    Net income attributable to noncontrolling interest   3,231       2,145       237  
    Depreciation and amortization   60,056       62,534       59,580  
    Provision for income taxes   15,384       33,204       26,596  
    Interest expense, net   13,196       12,375       13,935  
    Adjusted EBITDA $ 190,869     $ 212,265     $ 191,712  

    _______________________

    (1) Amount represents the gain on the sale and leaseback of certain buildings and land.
    (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 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.
    (5) Expense related to the June 3, 2020 merger transaction with Ecolab in which we acquired the Chemical Technologies business.

      Three Months Ended
      March 31,   December 31,   March 31,
    (in thousands)   2025       2024       2024  
    Diluted earnings per share attributable to ChampionX $ 0.44     $ 0.43     $ 0.58  
    Per share adjustments:          
    (Gain) loss on sale leaseback transaction and disposal group   —       —       (0.15 )
    Russia sanctions compliance and impacts   —       —       —  
    Restructuring and other related charges   0.01       0.01       0.01  
    Merger transaction costs   0.05       0.07       —  
    Acquisition costs and related adjustments   —       —       0.01  
    Intellectual property defense   —       —       —  
    Merger-related indemnification responsibility   —       —       —  
    Tulsa, Oklahoma storm damage   —       —       —  
    Foreign currency transaction losses (gains), net   0.01       0.01       —  
    Loss on Argentina Blue Chip Swap transaction   —       —       0.02  
    Tax impact of adjustments   (0.01 )     (0.02 )     0.03  
    Adjusted diluted earnings per share attributable to ChampionX $ 0.50     $ 0.50     $ 0.50  
                           

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

      Three Months Ended
      March 31,   December 31,   March 31,
    (in thousands)   2025       2024       2024  
    Production Chemical Technologies          
    Segment operating profit $ 82,172     $ 103,567     $ 87,832  
    Non-GAAP adjustments   1,658       2,251       3,933  
    Depreciation and amortization   25,235       27,657       26,266  
    Segment adjusted EBITDA $ 109,065     $ 133,475     $ 118,031  
               
    Production & Automation Technologies          
    Segment operating profit $ 37,554     $ 39,027     $ 28,470  
    Non-GAAP adjustments   764       75       2,076  
    Depreciation and amortization   31,951       31,637       29,794  
    Segment adjusted EBITDA $ 70,269     $ 70,739     $ 60,340  
               
    Drilling Technologies          
    Segment operating profit $ 8,174     $ 10,703     $ 44,402  
    Non-GAAP adjustments   766       306       (29,883 )
    Depreciation and amortization   1,297       1,312       1,555  
    Segment adjusted EBITDA $ 10,237     $ 12,321     $ 16,074  
               
    Reservoir Chemical Technologies          
    Segment operating profit $ 5,529     $ 2,294     $ 3,746  
    Non-GAAP adjustments   (278 )     39       16  
    Depreciation and amortization   1,096       1,418       1,584  
    Segment adjusted EBITDA $ 6,347     $ 3,751     $ 5,346  
               
    Corporate and other          
    Segment operating profit $ (29,017 )   $ (37,476 )   $ (24,694 )
    Non-GAAP adjustments   10,295       16,570       2,299  
    Depreciation and amortization   477       510       381  
    Interest expense, net   13,196       12,375       13,935  
    Segment adjusted EBITDA $ (5,049 )   $ (8,021 )   $ (8,079 )
                           

    Free Cash Flow

      Three Months Ended
      March 31,   December 31,   March 31,
    (in thousands)   2025       2024       2024  
    Free Cash Flow          
    Cash flows from operating activities $ 66,802     $ 207,250     $ 173,508  
    Less: Capital expenditures, net of proceeds from sale of fixed assets   (28,246 )     (37,117 )     (29,522 )
    Free cash flow $ 38,556     $ 170,133     $ 143,986  
               
    Cash From Operating Activities to Revenue Ratio          
    Cash flows from operating activities $ 66,802     $ 207,250     $ 173,508  
    Revenue $ 864,464     $ 912,037     $ 922,141  
               
    Cash from operating activities to revenue ratio   8 %     23 %     19 %
               
    Free Cash Flow to Revenue Ratio          
    Free cash flow $ 38,556     $ 170,133     $ 143,986  
    Revenue $ 864,464     $ 912,037     $ 922,141  
               
    Free cash flow to revenue ratio   4 %     19 %     16 %
               
    Free Cash Flow to Adjusted EBITDA Ratio          
    Free cash flow $ 38,556     $ 170,133     $ 143,986  
    Adjusted EBITDA $ 190,869     $ 212,265     $ 191,712  
               
    Free cash flow to adjusted EBITDA ratio   20 %     80 %     75 %

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