Category: Finance

  • MIL-OSI Security: Perrytown Coach Sentenced to 30 Years in Prison for Sexual Abuse of Teenage Student

    Source: Office of United States Attorneys

    A Perrytown ISD coach who sexually abused a 15-year-old student was sentenced today to 30 years in federal prison, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham.

    Cole Underwood, 29, was charged via criminal complaint in June 2024 and indicted later that same month. In September 2024, he pleaded guilty to enticement of a minor. He was sentenced Tuesday by U.S. District Judge Matthew J. Kacsmaryk to 30 years in federal prison followed by a lifetime of supervised release. He will also be required to register as a sex offender. 

    According to court documents, Perryton ISD’s superintendent reached out to law enforcement in May 2024 to report a possible inappropriate relationship between Mr. Underwood and a female student. According to the superintendent, surveillance video allegedly showed Mr. Underwood meeting with the girl alone after hours, despite being given a specific directive not to be alone with her.

    Agents reviewed the footage and observed Mr. Underwood propping an exterior door open and then shutting off lights. Approximately 15 minutes later, the girl entered the darkened building through the propped door and walked into Mr. Underwood’s office.

    In interviews with law enforcement, the child said Mr. Underwood had sex with her in his office more than a dozen times between February and May.

    She said that after she added him as a contact on Snapchat, he established a personal friendship with her, and even invited her to his office to confide in him. She said that Mr. Underwood began messaging her in a flirtatious and sexual manner in December, and eventually used Snapchat to arrange sexual encounters.

    A search of the girl’s cell phone revealed multiple late-night conversations – some lasting more than six hours – between her and Mr. Underwood, who allegedly occasionally referred to the child as “wifey” and told her he loved her.

    At Thursday’s sentencing hearing, the student detailed how the situation escalated from the defendant acting as a confidant during a stressful period to isolating her and continually pressuring her for sex:

    “I had no idea that he was slowly in the process of grooming me, I genuinely thought that he actually cared about me,” she said in a victim impact statement. “I didn’t know how to stop it… He convinced me to shut everyone out. I felt like I seriously had no one but him.”

    “I hope if there is a girl out there who is going through what I have been through, she has the chance to hear my story to know it’s okay to speak up. There are people who want to help,” she bravely added. “Just because you have one bad chapter does not mean your story is over.”

    The Federal Bureau of Investigation’s Dallas Field Office – Amarillo Resident Agency, the Ochiltree County Sheriff’s Office, and the Perrytown Police Department conducted the investigation with the full cooperation of the Perryton Independent School District. Assistant U.S. Attorney Callie Woolam is prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Mexican National Who Participated in Timeshare Fraud Scheme is Sentenced

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that SHADIA MELISSA AGUILAR SARMIENTO, 30, of Mexico, was sentenced today by U.S. District Judge Kari A. Dooley in Bridgeport to approximately 13 months of imprisonment, time already served, for conspiring with others to defraud owners of timeshare properties.

    According to court documents and statements made in court, Aguilar Sarmiento and others participated in an advance fee scheme that targeted owners of timeshare properties at various Mexican resorts, including timeshare owners in the U.S. and Canada.  The conspiracy operated as a business in Mexico that used several different company names in its communications with timeshare owners, including Club World Travel, Luxury Destinations, DeRemate, and Smart Travel.

    As part of the scheme, members of the conspiracy contacted timeshare owners, claimed to be representatives of companies that were interested in purchasing timeshares, and offered to purchase the timeshares from the owners.  To create the impression that the purchase offers were legitimate, the conspirators referred the timeshare owners to people they indicated were attorneys, who the conspirators indicated would represent the timeshare owners in the transaction.  These purported attorneys were real licensed attorneys, including attorneys who practiced in Connecticut, whose names and identities were used without their knowledge or permission.  The conspirators, while impersonating the attorneys, emailed purchase agreements on attorney letterhead to the timeshare owners.  The purchase agreements listed the purchase price that the buyers were paying the timeshare owners, stated that the buyer would pay any associated fees, and indicated that any additional fees the timeshare owner needed to pay to sell and transfer the timeshare would be added to the purchase price, so that the owner would recoup those additional fees.

    Many timeshare owners signed the purchase agreements believing that the purchase offers were legitimate. After a timeshare owner signed a purchase agreement, a member of the conspiracy would contact the timeshare owner falsely claiming to be a representative of a Mexican government agency or another authority requesting payment of fees, taxes, or other costs before the sale could be completed.  Many timeshare owners paid these fees and taxes through international wire transfers to bank accounts in Mexico that were controlled by members of the conspiracy.  Once the additional money was paid, the conspirators would often inform the timeshare owner of another fee that needed to be paid.  Many timeshare owners then paid those additional fees, and the process repeated until the timeshare owner stopped paying the fees.

    Timeshare owners never received any sales proceeds.

    From approximately December 2018 until January 2021, when Aguilar Sarmiento was involved in the scheme, more than 50 timeshare owners were victimized and lost a total of approximately $2 million.

    As part of her sentence, Aguilar Sarmiento was ordered to pay restitution of $2,065,852.85 to the victim timeshare owners.

    Aguilar Sarmiento has been detained since January 12, 2024, when she was arrested in San Diego, California, after entering the U.S. on a visitor visa.  On November 19, 2024, she pleaded guilty to one count of conspiracy to commit wire fraud.

    This matter is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division.  The case was prosecuted by Assistant U.S. Attorney Neeraj N. Patel.

    MIL Security OSI

  • MIL-OSI Security: Recidivist Violent Gang Member Charged with Alleged Armed Robbery

    Source: Office of United States Attorneys

    Defendant allegedly robbed drug customer of approximately $24,000 in drug proceeds at gunpoint during home invasion

    BOSTON – A Lynn man appeared in federal court yesterday in connection with charges involving a January 2023 armed robbery of a drug distributor, during which the defendant and another individual allegedly stole approximately $24,000 in drug trafficking proceeds intended for the purchase of a kilogram of cocaine.

    Claudio Melo, a/k/a “Blue Drilla,” 33, was charged with one count of conspiracy to interfere with commerce by robbery (Hobbs Act Robbery). Melo is currently being held on unrelated state charges.

    It is alleged that Melo is a Crip Street gang member and, according to court documents, is a convicted felon, having served various state prison sentences including assault with a dangerous weapon, assault and battery, armed robbery, larceny and malicious destruction of property.

    According to the charging documents, on Jan. 30, 2023, a drug transaction was scheduled to take place at an apartment in Woburn, during which an associate of Melo was to deliver a kilogram of cocaine in exchange for approximately $24,000. It is alleged that, during the transaction, Melo and another individual entered the apartment and pointed semiautomatic pistols at the drug customer before taking the $24,000 in cash. According to the charging documents, the $24,000 cash was proceeds of drug trafficking activities the drug customer was engaged in, which had been paced in an unmarked soft black lunch box on a table. Melo and the other individual then allegedly forced the drug customer to open a safe in his bedroom, which was empty. Shortly thereafter, both robbers departed with the $24,000 cash.

    The charge of conspiracy to interfere with commerce by robbery provides for a maximum penalty of up to 20 years, up to three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based on the United States Sentencing Guidelines and other statutory factors.

    United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Valuable assistance was provided by the Essex County District Attorney’s Office and the Lynn Police Department. Assistant U.S. Attorney Philip A. Mallard of the Organized Crime & Gang Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI

  • MIL-OSI Security: Owner of Vancouver, Washington tax preparation business that catered to immigrants sentenced to nine months in prison for tax fraud

    Source: Office of United States Attorneys

    Tacoma –The owner of a Vancouver, Washington, business that sought to assist immigrants with a variety of services was sentenced late yesterday in U.S. District Court in Tacoma to 9 months in prison and 4 months of electronic home confinement for tax fraud charges, announced U.S. Attorney Tessa M. Gorman. Saul Valdez was an unlicensed tax preparer who led his immigrant customers to believe he was filling out their tax forms correctly. Instead, from 2016 through 2018, Valdez inserted a variety of false deductions and expenses on tax returns, lowering the customers’ tax obligations. At sentencing, U.S. District Judge Benjamin H. Settle said, ““This is a serious offense…. deterrence drives this case. This sentence should be one that deters you and sends a message to you and others like you that there will be a real penalty, not probation, for this conduct.”

    “This defendant built his business by obtaining inflated tax refunds for clients who had little understanding of the U.S. tax system,” said U.S. Attorney Gorman. “Ultimately some of these clients were hit with back tax payments, fees, and penalties because this defendant intentionally filed false tax returns on their behalf.”  

    “Mr. Valdez abused credits designed to help low-income taxpayers, and his clients incurred over $23,000 in penalties along the way,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “We encourage those seeking a tax preparer this season to be vigilant and report dishonest business practices.”

    According to records in the case, Valdez operated Conexion Latina and used programs such as TaxAct and TurboTax to prepare clients’ taxes. For tax year 2017, Valdez admits claiming false and fraudulent expenses, donations, and credits on 36 different tax returns. The tax loss on those 36 returns is $54,045.  That is the amount of restitution Valdez has agreed to pay.

    Using statistical sampling of 50 of some 2000 returns prepared by Valdez from 2016 through 2018, Valdez admits that the total tax loss for his fraud is $1,293,921.

    The case was investigated by Internal Revenue Service Criminal Investigations (IRS-CI).

    The case is being prosecuted by Assistant United States Attorney Kristine Foerster.

    MIL Security OSI

  • MIL-OSI: Anterix Inc. Reports Third Quarter Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WOODLAND PARK, N.J., Feb. 11, 2025 (GLOBE NEWSWIRE) — Anterix (NASDAQ: ATEX) today announced its third quarter fiscal 2025 results and filed its Form 10-Q for the three and nine months ended December 31, 2024. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at https://investors.anterix.com/Q32025.

    Financial and Operational Highlights

    • Tom Kuhn appointed as Executive Chairman of the Board following the retirement of Morgan O’Brien
    • Industry engagement initiative announced in February 2025 to accelerate private wireless broadband opportunity
    • Strategic review process initiated in February 2025 after receiving inbound interest in the Company
    • Cash and cash equivalents of $28.8 million as of December 31, 2024
    • Approximately $147 million of contracted proceeds outstanding with $1.0 million received from Ameren Corporation in October 2024 and $34.0 million received from Oncor Electric Delivery Company in January 2025
    • Projected operating expenses run rate reduction of approximately 20% planned for fiscal 2026
    • Approximately $3 billion pipeline of prospective contract opportunities across 60+ potential customers

    Liquidity and Balance Sheet

    At December 31, 2024, the Company had no debt and cash and cash equivalents of $28.8 million. In addition, the Company had a restricted cash balance of $7.6 million in escrow deposits.

    The Company has an authorized share repurchase program for up to $250.0 million of the Company’s common stock on or before September 21, 2026. In the fiscal third quarter of 2025, Anterix had share repurchase activity of $4.4 million and approximately $229.6 million remains under the current share repurchase program as of December 31, 2024.

    Conference Call Information

    Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Wednesday February 12, 2025. Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain a dial-in number and unique PIN. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix’s website at https://investors.anterix.com/events-presentations. Following the event, a replay of the call will also be available on the Anterix website.

    About Anterix Inc.

    At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to Anterix’s business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements; (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; (iii) Anterix’s ability to qualify for and timely secure broadband licenses; (iv) Anterix’s ability to execute on its industry engagement initiatives; (v) the timing and outcome of Anterix’s strategic review process; (vi) whether Anterix will be able to identify, develop or execute on any actions as a result of its strategic review process and (vii) competition in the market for spectrum and spectrum solutions offered by Anterix. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.

    Shareholder Contact

    Natasha Vecchiarelli
    Vice President, Investor Relations & Corporate Communications
    Anterix
    973-531-4397
    nvecchiarelli@anterix.com

     
    Anterix Inc.
    Earnings Release Tables
    Consolidated Balance Sheets
    (in thousands, except share and per share data)
     
      December 31, 2024   March 31, 2024
      (Unaudited)    
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 28,797     $ 60,578  
    Spectrum receivable   8,147       8,521  
    Escrow deposits   198        
    Prepaid expenses and other current assets   3,139       3,912  
    Total current assets   40,281       73,011  
    Escrow deposits   7,433       7,546  
    Property and equipment, net   1,579       2,062  
    Right of use assets, net   4,717       4,432  
    Intangible assets   246,215       216,743  
    Deferred broadband costs   25,976       19,772  
    Other assets   478       1,328  
    Total assets $ 326,679     $ 324,894  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable and other accrued expenses $ 9,009     $ 8,631  
    Accrued severance and other related charges   2,290        
    Operating lease liabilities   1,745       1,850  
    Contingent liability   5,397       1,000  
    Deferred revenue   5,962       6,470  
    Total current liabilities   24,403       17,951  
    Operating lease liabilities   3,609       3,446  
    Contingent liability   22,033       15,000  
    Deferred revenue   120,099       115,742  
    Deferred gain on sale of intangible assets   4,911       4,911  
    Deferred income tax   6,736       6,281  
    Other liabilities   143       531  
    Total liabilities   181,934       163,862  
    Commitments and contingencies      
    Stockholders’ equity      
    Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at December 31, 2024 and March 31, 2024          
    Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,586,786 shares issued and outstanding at December 31, 2024 and 18,452,892 shares issued and outstanding at March 31, 2024   2       2  
    Additional paid-in capital   543,939       533,203  
    Accumulated deficit   (399,196 )     (372,173 )
    Total stockholders’ equity   144,745       161,032  
    Total liabilities and stockholders’ equity $ 326,679     $ 324,894  
     
    Anterix Inc.
    Earnings Release Tables
    Consolidated Statements of Operations
    (Unaudited, in thousands, except share and per share data)
     
      Three months ended December 31,   Nine months ended December 31,
        2024       2023       2024       2023  
    Spectrum revenue $ 1,566     $ 1,271     $ 4,642     $ 2,931  
    Operating expenses              
    General and administrative   9,203       11,252       33,451       34,830  
    Sales and support   1,309       1,380       4,516       3,965  
    Product development   1,120       1,238       4,646       3,454  
    Severance and other related charges   3,513             3,513        
    Depreciation and amortization   142       198       472       653  
    Operating expenses   15,287       14,068       46,598       42,902  
    Gain on disposal of intangible assets, net   (20,753 )     (13,737 )     (20,846 )     (33,035 )
    Gain on sale of intangible assets, net         (32 )           (7,364 )
    Loss from disposal of long-lived assets, net         3             39  
    Gain (loss) from operations   7,032       969       (21,110 )     389  
    Interest income   434       666       1,713       1,448  
    Other income   10       31       35       189  
    Income (loss) before income taxes   7,476       1,666       (19,362 )     2,026  
    Income tax (benefit) expense   (234 )     1,338       1,218       1,743  
    Net income (loss) $ 7,710     $ 328     $ (20,580 )   $ 283  
    Net income (loss) per common share basic $ 0.41     $ 0.02     $ (1.11 )   $ 0.02  
    Net income (loss) per common share diluted $ 0.41     $ 0.02     $ (1.11 )   $ 0.01  
    Weighted-average common shares used to compute basic net income (loss) per share   18,609,736       18,704,400       18,557,453       18,858,472  
    Weighted-average common shares used to compute diluted net income (loss) per share   18,783,445       18,916,246       18,557,453       19,082,867  
     
    Anterix Inc.
    Earnings Release Tables
    Consolidated Statements of Cash Flows
    (Unaudited, in thousands)
     
      Three months ended December 31,   Nine months ended December 31,
        2024       2023       2024       2023  
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income (loss) $ 7,710     $ 328     $ (20,580 )   $ 283  
    Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities              
    Depreciation and amortization   142       198       472       653  
    Stock compensation expense   2,865       3,921       10,619       12,024  
    Deferred income taxes   (934 )     519       455       892  
    Right of use assets   394       (1,803 )     1,226       (1,258 )
    Gain on disposal of intangible assets, net   (20,753 )     (13,737 )     (20,846 )     (33,035 )
    Gain on sale of intangible assets, net         (32 )           (7,364 )
    Loss from disposal of long-lived assets, net         3             39  
    Changes in operating assets and liabilities              
    Prepaid expenses and other assets   (260 )     (466 )     1,265       322  
    Accounts payable and accrued expenses   1,920       1,214       383       1,588  
    Accrued severance and other related charges   2,290             2,290        
    Due to related parties                     (533 )
    Operating lease liabilities   (421 )     1,700       (1,453 )     941  
    Contingent liability         15,000       10,000       15,000  
    Deferred revenue   (566 )     26,795       3,849       46,301  
    Other liabilities   (86 )           (388 )      
    Net cash (used in) provided by operating activities   (7,699 )     33,640       (12,708 )     35,853  
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchases of intangible assets, including refundable deposits, retuning costs and swaps   (1,717 )     (4,732 )     (12,621 )     (14,809 )
    Proceeds from sale of spectrum         249             25,427  
    Purchases of equipment         (55 )     (41 )     (267 )
    Net cash (used in) provided by investing activities   (1,717 )     (4,538 )     (12,662 )     10,351  
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from stock option exercises               1,960       7  
    Repurchases of common stock   (4,416 )     (7,971 )     (6,443 )     (18,706 )
    Payments of withholding tax on net issuance of restricted stock   (477 )     (115 )     (1,843 )     (1,137 )
    Net cash used in financing activities   (4,893 )     (8,086 )     (6,326 )     (19,836 )
    Net change in cash and cash equivalents and restricted cash   (14,309 )     21,016       (31,696 )     26,368  
    CASH AND CASH EQUIVALENTS AND RESTRICTED CASH              
    Cash and cash equivalents and restricted cash at beginning of the period   50,737       48,534       68,124       43,182  
    Cash and cash equivalents and restricted cash at end of the period $ 36,428     $ 69,550     $ 36,428     $ 69,550  
     
    Three months ended December 31,
      Nine months ended December 31,
        2024       2023       2024       2023  
    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION              
    Cash paid during the period:              
    Taxes paid, including excise tax $ 173     $     $ 1,058     $ 1  
    Operating leases paid $ 533     $ 580     $ 1,732     $ 1,732  
    Non-cash investing activity:              
    Network equipment provided in exchange for wireless licenses $     $ 48     $ 47     $ 616  
    Narrowband spectrum licenses received in connection with the LCRA Agreement $ 1,430     $     $ 1,430     $  
    Deferred gain on sale of intangible assets $     $ 22     $     $ 4,911  
    Derecognition of contingent liability related to sale of intangible assets $     $ 409     $     $ 19,249  
    Right of use assets new leases $     $ 333     $ 290     $ 439  
    Right of use assets modifications and renewals $ 124     $ 1,830     $ 1,221     $ 1,885  
    The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:
        December 31, 2024   September 30, 2024   March 31, 2024
    Cash and cash equivalents   $ 28,797   $ 43,129   $ 60,578
    Escrow deposits     7,631     7,608     7,546
    Total cash and cash equivalents and restricted cash   $ 36,428   $ 50,737   $ 68,124
                 
        December 31, 2023   September 30, 2023   March 31, 2023
    Cash and cash equivalents   $ 62,033   $ 48,534   $ 43,182
    Escrow deposits     7,517        
    Total cash and cash equivalents and restricted cash   $ 69,550   $ 48,534   $ 43,182
     
    Anterix Inc.
    Earnings Release Tables
    Other Financial Information
    (Unaudited, in thousands except per share data)
     
      Three months ended December 31,   Nine months ended December 31,
        2024     2023     2024     2023
    Number of shares repurchased and retired   132     230     195     563
    Average price paid per share* $ 33.59   $ 34.77   $ 32.83   $ 33.62
    Total cost to repurchase $ 4,416   $ 7,971   $ 6,443   $ 18,706

    * Average price paid per share includes costs associated with the repurchases.

    As of December 31, 2024, $229.6 million is remaining under the share repurchase program.

    The MIL Network

  • MIL-OSI: Oxbridge / SurancePlus to Participate in Digital Assets 2025 Virtual Conference Presented by Maxim Group LLC on February 12th

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Feb. 11, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities, and in providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States, today announced its CEO and Chairman Jay Madhu will participate in an exclusive fireside chat at the Maxim Digital Assets Conference. Jay will be joined by Allen Klee, Managing Director, Equity Research Analyst, TMT at Maxim Group.

    Event Details: Oxbridge / SurancePlus CEO and Maxim Analyst Fireside Chat
    Date: Wednesday, February 12, 2025
    Time: 2:30 PM – 3:00 PM (EST)
    Location: This conference will be live on M-Vest. To attend, sign up to become an M-Vest member.
    Click here to learn more and reserve your seat.

    Our company will be taking part in the “Digital Assets 2025” Virtual Conference. Matthew Galinko, Research Analyst at Maxim Group, will sit down with companies in the digital asset ecosystem, including digital asset miners, equipment providers, and corporate adopters of digital assets as a treasury strategy. We will discuss the evolution of the industry and prospects in the new year with regulatory changes expected in the months ahead.

    Key Highlights of Our Discussion:

    • Oxbridge’s Role in the Digital Asset Ecosystem: Through our RWA/Web3 subsidiary, SurancePlus, we are pioneering the tokenization of Real-World Assets (RWAs), with a focus on tokenized reinsurance securities.
    • Groundbreaking Initiatives in Reinsurance and Blockchain Technology: How Oxbridge / SurancePlus is democratizing access to reinsurance investments, traditionally reserved for institutional investors and ultra-high-net-worth individuals.
    • Leveraging RWA Tokenization: Highlighting SurancePlus’ strategy to deliver uncorrelated, high-yield investment opportunities, targeting annual returns of 42% and 20%.
    • Pioneering Tokenized Reinsurance Securities: Showcasing Oxbridge / SurancePlus’ leadership in bringing reinsurance securities onto the blockchain, transforming how these assets are accessed and traded.
    • Diversification Through Digital Assets: Offering insights into Oxbridge’s recent strategic decision to include digital assets as part of its treasury reserve, aligning our financial strategy with the evolving digital economy.

    Jay Madhu, CEO of Oxbridge, commented, “I look forward to joining Allen Klee at the Maxim Digital Assets Conference to discuss how Oxbridge and SurancePlus are reshaping the future of reinsurance through blockchain technology. Our tokenized reinsurance securities not only represent a transformative shift in the industry but also create compelling value for our investors.”

    Investors and industry enthusiasts are encouraged to tune in to gain firsthand insights into Oxbridge’s strategic vision, growth trajectory, and how its innovative approach is positioned to capitalize on the RWA market opportunity.

    About Oxbridge Re Holdings Limited 

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors. 

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    About Maxim Group LLC

    Maxim Group LLC is a full-service investment banking, securities and wealth management firm headquartered in New York. The Firm provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales & trading, equity research and prime brokerage services. Maxim Group is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) and is a member of FINRA SIPC, and NASDAQ. To learn more about Maxim Group, visit maximgrp.com

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    #JayMadhu #Oxbridge #SurancePlus #OXBR #OXBRW #Reinsurance #NASDAQ #Blockchain #RWA #Web3 #OxbridgeRe

    The MIL Network

  • MIL-OSI: Evolution Petroleum Reports Fiscal Second Quarter 2025 Results and Declares Quarterly Cash Dividend for Fiscal Third Quarter

    Source: GlobeNewswire (MIL-OSI)

    – Fiscal Q2 Production Up 10% Y/Y to 6,935 Average BOEPD – 
    – Declares Quarterly Dividend of $0.12 for Fiscal Third Quarter 2025 –

    HOUSTON, Feb. 11, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal second quarter ended December 31, 2024. The Company’s diversified portfolio continues to deliver production growth, with fiscal Q2 volumes increasing 10% year-over-year to 6,935 BOEPD. Further reinforcing its commitment to shareholder returns, Evolution declared its 46th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 third quarter.

    Financial & Operational Highlights

                                             
    ($ in thousands) Q2 2025   Q2 2024   Q1 2025   % Change vs
    Q2/Q2
      % Change vs
    Q2/Q1
      2025 YTD   2024 YTD   % Change vs
    YTD’24
    Average BOEPD   6,935       6,304     7,478   10 %   (7 )%     7,212       6,380   13 %
    Revenues $ 20,275     $ 21,024   $ 21,896   (4 )%   (7 )%   $ 42,171     $ 41,625   1 %
    Net Income(1) $ (1,825 )   $ 1,082   $ 2,065   NM     NM     $ 240     $ 2,556   (91 )%
    Adjusted Net Income(1)(2) $ (841 )   $ 1,082   $ 728   NM     NM     $ (103 )   $ 2,556   NM  
    Adjusted EBITDA(3) $ 5,688     $ 6,832   $ 8,125   (17 )%   (30 )%   $ 13,813     $ 13,535   2 %
                                                     
    (1)  “NM” means “Not Meaningful.”
    (2)  Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
    (3)  Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
     
    • Fiscal Q2 production increased 10% year-over-year to 6,935 average barrels of oil equivalent per day (“BOEPD”), with oil increasing 13%, natural gas increasing 9%, and natural gas liquids (“NGLs”) increasing 9%.
    • $4.1 million returned to shareholders in the form of cash dividends during the fiscal second quarter of 2025.
    • Three gross SCOOP/STACK wells brought online during the quarter — currently, 8 wells in progress or permitted.
    • Subsequent to quarter end, completed drilling two of four gross wells in the 2nd Chaveroo Field development block and expect to finish drilling the remaining 2 wells in the block by early March.

    Kelly Loyd, President and Chief Executive Officer, commented: “Driven by our favorable near and long-term outlook for sustainable cash flow generation from our diversified asset base, we are pleased to announce our 11th straight dividend at the rate of $0.12 per share for the upcoming quarter, payable March 31, 2025. Despite operational issues and downtime at Chaveroo and Williston, which resulted in approximately 90 BOEPD lower production for the quarter, our balanced portfolio delivered strong year-over-year production growth of 10%. These issues have been resolved, and rates were restored before the end of January. Lower commodity pricing, particularly for natural gas, was the main contributor to a modest revenue decline and net adjusted loss. However, towards the end of the quarter and beyond, we have seen a strong recovery throughout the natural gas futures curve and substantially improved natural gas price realizations to date, while oil and natural gas liquids pricing has remained relatively stable to slightly improved.

    We continue to see above-average results from new wells in the SCOOP/STACK area and are excited about new well proposals from several operators within our acreage. We remain very excited about the upcoming four gross wells (two net) in the second development block at Chaveroo. As of today, two of these new wells have been drilled, the third is underway and the fourth will follow immediately thereafter. We expect all four wells to be completed and turned in line during our fiscal fourth quarter.”

    Mr. Loyd concluded, “Looking ahead, we remain committed to driving long-term shareholder value with pursuing high-quality, low-decline assets at attractive valuations, expanding our drilling inventory, and maintaining our strong financial foundation. We are evaluating multiple acquisition opportunities that have the potential to enhance our long-term growth strategy and further improve our cash flow generation — all at very compelling valuations that would be materially accretive to earnings. Given our track record of executing disciplined investments, we are confident in our ability to deliver sustainable growth, create value through accretive M&A, and continue supporting our dividend program for years to come.”

    Fiscal Second Quarter 2025 Financial Results

    Total revenues decreased 4% to $20.3 million compared to $21.0 million in the year-ago quarter. The decline was driven primarily by a 12% decrease in average realized commodity prices which offset an increase in production volumes. The increase in production volumes was largely due to the Company’s SCOOP/STACK acquisitions in February 2024 and subsequent drilling and completion activities, as well as new wells at Chaveroo that came online at the same time.

    Lease operating costs (“LOE”) increased to $12.8 million compared to $12.4 million in the year-ago quarter. The overall increase was driven by the addition of the Company’s SCOOP/STACK properties and Chaveroo wells since the prior year period, collectively adding $1.2 million in lease operating costs this quarter. The overall increase was partially offset by the reduction in CO2 purchases at Delhi Field due to maintenance on the pipeline that began in February 2024. CO2 purchases restarted in late October 2024. The increase in production from the Company’s SCOOP/STACK properties and Chaveroo wells, which incur lower relative operating costs compared to other areas, has also driven down LOE on a per-unit basis. On a per unit basis, total LOE decreased 6% to $20.05 per BOE compared to $21.30 per BOE in the year-ago quarter.

    Depletion, depreciation, and accretion expense was $5.4 million compared to $4.6 million in the year-ago period. On a per BOE basis, the Company’s current quarter depletion rate increased to $7.87 per BOE compared to $7.31 per BOE in the year-ago period due to an increase in depletable base related to the Company’s SCOOP/STACK acquisitions and capital development expenditures added since the prior fiscal year.

    General and administrative (“G&A”) expenses, excluding stock-based compensation, increased slightly to $2.0 million compared to $1.9 million in the year-ago period. On a per BOE basis, G&A expenses decreased to $3.13 compared to $3.34 in the year-ago period. The decrease on a per unit basis is the result of increased production.

    The Company reported a net loss of $1.8 million or $(0.06) per share, compared to net income of $1.1 million or $0.03 per share in the year-ago period. Excluding the impact of unrealized losses, adjusted net loss was $0.8 million or $(0.03) per diluted share, compared to adjusted net income of $1.1 million or $0.03 per diluted share in the prior quarter.

    Adjusted EBITDA was $5.7 million compared to $6.8 million in the year-ago period. The decrease was primarily due to decreased revenue as a result of lower commodity prices and higher total operating costs due to the SCOOP/STACK acquisitions.

    Production & Pricing

                     
    Average price per unit: Q2 2025   Q2 2024   % Change vs Q2/Q2
    Crude oil (BBL) $ 65.72   $ 73.96   (11)%
    Natural gas (MCF)   2.73     3.35   (19)%
    Natural Gas Liquids (BBL)   25.90     28.48   (9)%
    Equivalent (BOE)   31.78     36.25   (12)%
                     

    Total production for the second quarter of fiscal 2025 increased 10% to 6,935 net BOEPD compared to 6,304 net BOEPD in the year-ago period. Total production for the second quarter of fiscal 2025 included 1,946 barrels per day (“BOPD”) of crude oil, 3,848 BOEPD of natural gas, and 1,141 BOEPD of NGLs. The increase in total production was driven by the closing of the Company’s SCOOP/STACK acquisitions in February 2024 and production from the initial three wells in the Chaveroo oilfield coming online at the same time. Total oil and natural gas liquids production generated 71% of revenue for the quarter compared to 69% in the year-ago period.

    The Company’s average realized commodity price (excluding the impact of derivative contracts) decreased 12% to $31.78 per BOE, compared to $36.25 per BOE in the year-ago period. These decreases were primarily driven by a decrease of approximately 19% in realized natural gas prices year over year.

    Operations Update

    At SCOOP/STACK, the Company’s operators brought three gross wells online during fiscal Q2 2025, which is in addition to the seven gross wells brought online during fiscal Q1 2025. Additionally, Evolution has agreed to participate in eight gross new horizontal wells across the acreage. Since the effective date of the acquisitions, a total of 32 gross wells (or 0.5 net wells) have commenced first production.

    Chaveroo production for fiscal Q2 was down due to gas interference in the downhole pumps. However, these issues have since been resolved, and production rebounded back to expected rates in January 2025. The Company has preliminarily agreed to six additional horizontal wells in Drilling Block Three, which are anticipated to begin operations in early fiscal 2026. Drilling activities began in January 2025 on the four new gross wells in the Company’s second development block. As of today, Evolution has finished drilling two of the four gross wells and expects to finish drilling the remaining wells by early March.

    In the Williston Basin, a compressor failure on a third-party-operated gathering system caused temporary downtime for 30 days at the beginning of fiscal Q2, resulting in reduced natural gas sales for the period. Correspondingly, NGL production saw a decline during this period as well. Oil sales volumes were also negatively impacted during the quarter due to delays in sales of oil at the end of December. Those volumes were subsequently sold in January.

    At Delhi, CO2 injections resumed during fiscal Q2 2025, which has positively impacted production. Following the quarter end, one new well has been drilled at Test Site V and the Company is awaiting results.

    Balance Sheet, Liquidity, and Capital Spending

    On December 31, 2024, cash and cash equivalents totaled $11.7 million, and working capital was $10.5 million. Evolution had $39.5 million of borrowings outstanding under its revolving credit facility, and total liquidity of $22.2 million, including cash and cash equivalents. In fiscal Q2, Evolution paid $4.1 million in common stock dividends and $0.8 million in capital expenditures. During the period ended December 31, 2024, the Company sold a total of approximately 0.4 million shares of its common stock under its At-the-Market Sales Agreement for net proceeds of approximately $2.0 million, after deducting an initial $0.2 million in fees for due diligence incurred with the offering.

    Cash Dividend on Common Stock

    On February 10, 2025, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on March 31, 2025, to common stockholders of record on March 14, 2025. This will be the 46th consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date, Evolution has returned approximately $126.6 million, or $3.81 per share, back to stockholders in common stock dividends.

    Conference Call

    As previously announced, Evolution Petroleum will host a conference call on Wednesday, February 12, 2025, at 10:00 a.m. CT to review its fiscal second quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=HS7VesBT or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through February 12, 2026, via the provided webcast link and on Evolution’s Investor Relations website at www.ir.evolutionpetroleum.com.

    About Evolution Petroleum

    Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Properties include non-operated interests in the following areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the Chaveroo Oilfield located in Chaves and Roosevelt Counties, New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana; as well as small overriding royalty interests in four onshore Texas wells. Visit www.evolutionpetroleum.com for more information.

    Cautionary Statement

    All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

    Contact
    Investor Relations
    (713) 935-0122
    ir@evolutionpetroleum.com

    Evolution Petroleum Corporation
    Condensed Consolidated Statements of Operations (Unaudited)
    (In thousands, except per share amounts)
     
                                 
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,
      2024   2023   2024   2024   2023
    Revenues                            
    Crude oil $ 11,763     $ 11,759     $ 14,737     $ 26,500     $ 24,375  
    Natural gas   5,793       6,531       4,285       10,078       12,083  
    Natural gas liquids   2,719       2,734       2,874       5,593       5,167  
    Total revenues   20,275       21,024       21,896       42,171       41,625  
    Operating costs                            
    Lease operating costs   12,793       12,358       11,790       24,583       24,241  
    Depletion, depreciation, and accretion   5,433       4,598       5,725       11,158       8,860  
    General and administrative expenses   2,654       2,502       2,527       5,181       5,105  
    Total operating costs   20,880       19,458       20,042       40,922       38,206  
    Income (loss) from operations   (605 )     1,566       1,854       1,249       3,419  
    Other income (expense)                            
    Net gain (loss) on derivative contracts   (1,219 )           1,798       579        
    Interest and other income   52       104       57       109       220  
    Interest expense   (764 )     (34 )     (823 )     (1,587 )     (66 )
    Income (loss) before income taxes   (2,536 )     1,636       2,886       350       3,573  
    Income tax (expense) benefit   711       (554 )     (821 )     (110 )     (1,017 )
    Net income (loss) $ (1,825 )   $ 1,082     $ 2,065     $ 240     $ 2,556  
    Net income (loss) per common share:                            
    Basic $ (0.06 )   $ 0.03     $ 0.06     $     $ 0.08  
    Diluted $ (0.06 )   $ 0.03     $ 0.06     $     $ 0.08  
    Weighted average number of common shares outstanding:                            
    Basic   32,934       32,693       32,722       32,828       32,676  
    Diluted   32,934       32,900       32,868       32,994       32,940  
                                           
    Evolution Petroleum Corporation
    Condensed Consolidated Balance Sheets (Unaudited)
    (In thousands, except share and per share amounts)
               
      December 31, 2024    June 30, 2024
    Assets          
    Current assets          
    Cash and cash equivalents $ 11,667   $ 6,446
    Receivables from crude oil, natural gas, and natural gas liquids revenues   10,675     10,826
    Derivative contract assets   1,073     596
    Prepaid expenses and other current assets   3,572     3,855
    Total current assets   26,987     21,723
    Property and equipment, net of depletion, depreciation, and impairment          
    Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization   131,722     139,685
               
    Other noncurrent assets          
    Derivative contract assets   250     171
    Other assets   1,258     1,298
    Total assets $ 160,217   $ 162,877
    Liabilities and Stockholders’ Equity          
    Current liabilities          
    Accounts payable $ 10,771   $ 8,308
    Accrued liabilities and other   5,249     6,239
    Derivative contract liabilities   439     1,192
    State and federal taxes payable       74
    Total current liabilities   16,459     15,813
    Long term liabilities          
    Senior secured credit facility   39,500     39,500
    Deferred income taxes   6,673     6,702
    Asset retirement obligations   19,993     19,209
    Derivative contract liabilities   1,277     468
    Operating lease liability   13     58
    Total liabilities   83,915     81,750
    Commitments and contingencies          
    Stockholders’ equity          
    Common stock; par value $0.001; 100,000,000 shares authorized: issued and          
    outstanding 34,076,846 and 33,339,535 shares as of December 31, 2024          
    and June 30, 2024, respectively   34     33
    Additional paid-in capital   44,140     41,091
    Retained earnings   32,128     40,003
    Total stockholders’ equity   76,302     81,127
    Total liabilities and stockholders’ equity $ 160,217   $ 162,877
               
    Evolution Petroleum Corporation
    Condensed Consolidated Statements of Cash Flows (Unaudited)
    (In thousands)
                                 
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,
      2024   2023   2024   2024   2023
    Cash flows from operating activities:                            
    Net income (loss) $ (1,825 )   $ 1,082     $ 2,065     $ 240     $ 2,556  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                            
    Depletion, depreciation, and accretion   5,433       4,598       5,725       11,158       8,860  
    Stock-based compensation   659       564       559       1,218       1,036  
    Settlement of asset retirement obligations   (182 )           (98 )     (280 )      
    Deferred income taxes   252       (567 )     (281 )     (29 )     (642 )
    Unrealized (gain) loss on derivative contracts   1,368             (1,868 )     (500 )      
    Accrued settlements on derivative contracts   9             (66 )     (57 )      
    Other   (1 )     3       (2 )     (3 )     3  
    Changes in operating assets and liabilities:                            
    Receivables from crude oil, natural gas, and natural gas liquids revenues   29       447       (37 )     (8 )     (2,239 )
    Prepaid expenses and other current assets   (1,494 )     (443 )     1,929       435       (274 )
    Accounts payable, accrued liabilities and other   3,471       2,123       (238 )     3,233       2,443  
    State and federal taxes payable         (753 )     (74 )     (74 )     (365 )
    Net cash provided by operating activities   7,719       7,054       7,614       15,333       11,378  
    Cash flows from investing activities:                            
    Acquisition of oil and natural gas properties   (69 )           (262 )     (331 )      
    Capital expenditures for oil and natural gas properties   (758 )     (3,878 )     (2,740 )     (3,498 )     (5,705 )
    Net cash used in investing activities   (827 )     (3,878 )     (3,002 )     (3,829 )     (5,705 )
    Cash flows from financing activities:                            
    Common stock dividends paid   (4,082 )     (4,021 )     (4,033 )     (8,115 )     (8,034 )
    Common stock repurchases, including stock surrendered for tax withholding   (103 )     (108 )     (88 )     (191 )     (213 )
    Issuance of common stock   2,259                   2,259        
    Offering costs   (236 )                 (236 )      
    Net cash used in financing activities   (2,162 )     (4,129 )     (4,121 )     (6,283 )     (8,247 )
    Net increase (decrease) in cash and cash equivalents   4,730       (953 )     491       5,221       (2,574 )
    Cash and cash equivalents, beginning of period   6,937       9,413       6,446       6,446       11,034  
    Cash and cash equivalents, end of period $ 11,667     $ 8,460     $ 6,937     $ 11,667     $ 8,460  
                                           

    Evolution Petroleum Corporation
    Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)
    (In thousands)

    Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

    We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

                                 
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,
      2024   2023   2024   2024   2023
    Net income (loss) $ (1,825 )   $ 1,082   $ 2,065     $ 240     $ 2,556
    Adjusted by:                            
    Interest expense   764       34     823       1,587       66
    Income tax expense (benefit)   (711 )     554     821       110       1,017
    Depletion, depreciation, and accretion   5,433       4,598     5,725       11,158       8,860
    Stock-based compensation   659       564     559       1,218       1,036
    Unrealized loss (gain) on derivative contracts   1,368           (1,868 )     (500 )    
    Adjusted EBITDA $ 5,688     $ 6,832   $ 8,125     $ 13,813     $ 13,535
                                       
    Evolution Petroleum Corporation
    Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)
    (In thousands, except per share amounts)
                                 
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,
      2024   2023   2024   2024   2023
    As Reported:                            
    Net income (loss), as reported $ (1,825 )   $ 1,082     $ 2,065     $ 240     $ 2,556  
                                 
    Impact of Selected Items:                            
    Unrealized loss (gain) on commodity contracts   1,368             (1,868 )     (500 )      
    Selected items, before income taxes $ 1,368     $     $ (1,868 )   $ (500 )   $  
    Income tax effect of selected items(1)   384             (531 )     (157 )      
    Selected items, net of tax $ 984     $     $ (1,337 )   $ (343 )   $  
                                 
    As Adjusted:                            
    Net income (loss), excluding selected items(2) $ (841 )   $ 1,082     $ 728     $ (103 )   $ 2,556  
                                 
    Undistributed earnings allocated to unvested restricted stock   (100 )     (24 )     (14 )     (178 )     (51 )
    Net income (loss), excluding selected items for earnings per share calculation $ (941 )   $ 1,058     $ 714     $ (281 )   $ 2,505  
                                 
    Net income (loss) per common share — Basic, as reported $ (0.06 )   $ 0.03     $ 0.06     $     $ 0.08  
    Impact of selected items   0.03             (0.04 )     (0.01 )      
    Net income (loss) per common share — Basic, excluding selected items(2) $ (0.03 )   $ 0.03     $ 0.02     $ (0.01 )   $ 0.08  
                                 
                                 
    Net income (loss) per common share — Diluted, as reported $ (0.06 )   $ 0.03     $ 0.06     $     $ 0.08  
    Impact of selected items   0.03             (0.04 )     (0.01 )      
    Net income (loss) per common share — Diluted, excluding selected items(2)(3) $ (0.03 )   $ 0.03     $ 0.02     $ (0.01 )   $ 0.08  
                                           
    ________________________________
    (1)  The tax impact for the three months ended December 31, 2024 and September 30, 2024, is represented using estimated tax rates of 28.0% and 28.4%, respectively. The tax impact for the six months ended December 31, 2024 is represented using estimated tax rates of 31.4%.
    (2)  Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.
    (3)  The impact of selected items for the three months ended December 31, 2024, and 2023, were each calculated based upon weighted average diluted shares of 32.9 million, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended September 30, 2024, was calculated based upon weighted average diluted shares of 32.9 million due to the net income (loss), excluding selected items. The impact of selected items for the six months ended December 31, 2024, and 2023, was each calculated based upon weighted average diluted shares of 32.8 million and 32.9 million, respectively, due to the net income (loss), excluding selected items.
                                           
    Evolution Petroleum Corporation
    Supplemental Information on Oil and Natural Gas Operations (Unaudited)
    (In thousands, except per unit and per BOE amounts)
                                 
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,
      2024   2023   2024   2024   2023
    Revenues:                            
    Crude oil $ 11,763   $ 11,759   $ 14,737   $ 26,500   $ 24,375
    Natural gas   5,793     6,531     4,285     10,078     12,083
    Natural gas liquids   2,719     2,734     2,874     5,593     5,167
    Total revenues $ 20,275   $ 21,024   $ 21,896   $ 42,171   $ 41,625
                                 
    Lease operating costs:                            
    Ad valorem and production taxes $ 1,441   $ 1,272   $ 1,414   $ 2,855   $ 2,550
    Gathering, transportation, and other costs   2,889     2,496     2,790     5,679     4,399
    Other lease operating costs   8,463     8,590     7,586     16,049     17,292
    Total lease operating costs $ 12,793   $ 12,358   $ 11,790   $ 24,583   $ 24,241
                                 
    Depletion of full cost proved oil and natural gas properties $ 5,024   $ 4,238   $ 5,325   $ 10,349   $ 8,148
                                 
    Production:                            
    Crude oil (MBBL)   179     159     204     383     320
    Natural gas (MMCF)   2,125     1,951     2,228     4,353     3,976
    Natural gas liquids (MBBL)   105     96     113     218     191
    Equivalent (MBOE)(1)   638     580     688     1,327     1,174
    Average daily production (BOEPD)(1)   6,935     6,304     7,478     7,212     6,380
                                 
    Average price per unit:(2)                            
    Crude oil (BBL) $ 65.72   $ 73.96   $ 72.24   $ 69.19   $ 76.17
    Natural gas (MCF)   2.73     3.35     1.92     2.32     3.04
    Natural Gas Liquids (BBL)   25.90     28.48     25.43     25.66     27.05
    Equivalent (BOE)(1) $ 31.78   $ 36.25   $ 31.83   $ 31.78   $ 35.46
                                 
    Average cost per unit:                            
    Ad valorem and production taxes $ 2.26   $ 2.19   $ 2.06   $ 2.15   $ 2.17
    Gathering, transportation, and other costs   4.53     4.30     4.06     4.28     3.75
    Other lease operating costs   13.26     14.81     11.03     12.09     14.73
    Total lease operating costs $ 20.05   $ 21.30   $ 17.15   $ 18.52   $ 20.65
                                 
    Depletion of full cost proved oil and natural gas properties $ 7.87   $ 7.31   $ 7.74   $ 7.80   $ 6.94
    _______________________________
    (1)  Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
    (2)  Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.
     
    Evolution Petroleum Corporation
    Summary of Production Volumes and Average Sales Price (Unaudited)
                                       
      Three Months Ended
      December 31,    September 30,
      2024   2023   2024
      Volume    Price    Volume    Price    Volume    Price
    Production:                                  
    Crude oil (MBBL)                                  
    SCOOP/STACK   35   $ 70.52       $     49   $ 75.38
    Chaveroo Field   9     67.55             16     73.69
    Jonah Field   7     64.54     8     80.25     7     65.77
    Williston Basin   30     64.64     35     71.71     33     68.87
    Barnett Shale   2     65.99     2     76.77     2     70.30
    Hamilton Dome Field   35     57.53     36     62.03     35     62.37
    Delhi Field   60     68.66     78     79.02     61     77.22
    Other   1     71.61             1     78.32
    Total   179   $ 65.72     159   $ 73.96     204   $ 72.24
    Natural gas (MMCF)                                  
    SCOOP/STACK   314   $ 2.89       $     354   $ 2.48
    Chaveroo Field                      
    Jonah Field   803     3.21     883     4.87     830     2.08
    Williston Basin   18     1.41     14     1.91     27     1.43
    Barnett Shale   990     2.31     1,054     2.10     1,017     1.62
    Total   2,125   $ 2.73     1,951   $ 3.35     2,228   $ 1.92
    Natural gas liquids (MBBL)                                  
    SCOOP/STACK   18   $ 21.34       $     19   $ 21.67
    Chaveroo Field                      
    Jonah Field   9     30.08     10     25.88     9     28.15
    Williston Basin   2     17.86     4     20.41     7     17.93
    Barnett Shale   57     25.86     60     30.07     56     26.03
    Delhi Field   19     29.13     22     26.90     20     29.48
    Other                   2     13.06
    Total   105   $ 25.90     96   $ 28.48     113   $ 25.43
                                       
    Equivalent (MBOE)(1)                                  
    SCOOP/STACK   105   $ 35.48       $     127   $ 39.20
    Chaveroo Field   9     67.55             16     73.69
    Jonah Field   150     22.14     165     31.60     154     15.85
    Williston Basin   35     57.00     41     63.22     45     54.62
    Barnett Shale   224     17.29     238     17.61     227     14.21
    Hamilton Dome Field   35     57.53     36     62.03     35     62.37
    Delhi Field   79     59.37     100     67.63     81     65.28
    Other   1     71.61             3     61.15
    Total   638   $ 31.78     580   $ 36.25     688   $ 31.83
                                       
    Average daily production (BOEPD)(1)                                  
    SCOOP/STACK   1,141                     1,380      
    Chaveroo Field   98                     174      
    Jonah Field   1,630           1,793           1,674      
    Williston Basin   380           446           489      
    Barnett Shale   2,435           2,587           2,467      
    Hamilton Dome Field   380           391           380      
    Delhi Field   859           1,087           880      
    Other   12                     34      
    Total   6,935           6,304           7,478      
    _____________________________
    (1)   Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
     
    Evolution Petroleum Corporation
    Summary of Average Production Costs (Unaudited)
                                       
      Three Months Ended
      December 31,    September 30,
      2024   2023   2024
      Amount    Price    Amount    Price    Amount    Price
    Production costs (in thousands, except per BOE):                                  
    Lease operating costs                                  
    SCOOP/STACK $ 1,050   $ 9.97   $   $   $ 1,156   $ 9.10
    Chaveroo Field   122     12.92             118     7.38
    Jonah Field   2,196     14.62     2,392     14.45     2,162     13.95
    Williston Basin   1,190     34.12     1,205     28.74     1,238     27.51
    Barnett Shale   4,030     18.03     3,883     16.31     3,598     15.83
    Hamilton Dome Field   1,188     34.18     1,404     39.43     1,531     43.48
    Delhi Field   3,017     38.15     3,474     35.00     1,987     24.30
    Total $ 12,793   $ 20.05   $ 12,358   $ 21.30   $ 11,790   $ 17.15
                                       

    Evolution Petroleum Corporation
    Summary of Open Derivative Contracts (Unaudited)

    For more information on the Company’s hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended December 31, 2024.

    The Company had the following open crude oil and natural gas derivative contracts as of February 11, 2025:

                                   
                Volumes in   Swap Price per   Floor Price per   Ceiling Price per
    Period    Commodity    Instrument    MMBTU/BBL   MMBTU/BBL    MMBTU/BBL    MMBTU/BBL
    January 2025 – March 2025   Crude Oil   Collar   42,566         $ 68.00   $ 73.77
    January 2025 – June 2025   Crude Oil   Fixed-Price Swap   51,992   $ 73.49            
    February 2025 – March 2025   Crude Oil   Put   3,277           75.00      
    February 2025 – March 2025   Crude Oil   Fixed-Price Swap   3,278     71.02            
    April 2025 – June 2025   Crude Oil   Collar   41,601           65.00     84.00
    April 2025 – December 2025   Crude Oil   Fixed-Price Swap   32,229     72.00            
    July 2025 – December 2025   Crude Oil   Fixed-Price Swap   81,335     71.40            
    January 2026 – March 2026   Crude Oil   Collar   43,493           60.00     75.80
    January 2025 – February 2025   Natural Gas   Fixed-Price Swap   312,286     3.56            
    January 2025 – March 2025   Natural Gas   Basis Swap   305,607     0.66            
    March 2025 – December 2026   Natural Gas   Fixed-Price Swap   3,170,705     3.60            
    January 2026 – March 2026   Natural Gas   Collar   375,481           3.60     5.00
    April 2025 – December 2027   Natural Gas   Fixed-Price Swap   3,729,540     3.57            

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

    The MIL Network

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports January 2025 Assets Under Management

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Feb. 11, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management (“AUM”) as of January 31, 2025 totaled $168.4 billion. Artisan Funds and Artisan Global Funds accounted for $80.8 billion of total firm AUM, while separate accounts and other AUM1 accounted for $87.6 billion.

    PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY2    
         
    As of January 31, 2025 – ($ Millions)    
    Growth Team    
    Global Opportunities $      21,585  
    Global Discovery   1,951  
    U.S. Mid-Cap Growth   13,691  
    U.S. Small-Cap Growth   3,233  
    Global Equity Team    
    Global Equity   361  
    Non-U.S. Growth   13,037  
    China Post-Venture   177  
    U.S. Value Team    
    Value Equity   5,077  
    U.S. Mid-Cap Value   2,703  
    Value Income   16  
    International Value Team    
    International Value   45,484  
    International Explorer   436  
    Global Value Team    
    Global Value   30,291  
    Select Equity   335  
    Sustainable Emerging Markets Team    
    Sustainable Emerging Markets   1,600  
    Credit Team    
    High Income   11,806  
    Credit Opportunities   280  
    Floating Rate   77  
    Developing World Team    
    Developing World   4,292  
    Antero Peak Group    
    Antero Peak   2,086  
    Antero Peak Hedge   250  
    International Small-Mid Team    
    Non-U.S. Small-Mid Growth   6,602  
    EMsights Capital Group    
    Global Unconstrained   745  
    Emerging Markets Debt Opportunities   1,017  
    Emerging Markets Local Opportunities   1,223  
         
    Total Firm Assets Under Management (“AUM”) $     168,355  

    1 Separate account and other AUM consists of the assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. Separate account and other AUM includes assets we manage in traditional separate accounts, as well as assets we manage in Artisan-branded collective investment trusts, and in our own private funds.
    2 AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $104.6 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (reported on a lag not exceeding one quarter).

    ABOUT ARTISAN PARTNERS
    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Investor Relations Inquiries: 866.632.1770 or ir@artisanpartners.com
    Source: Artisan Partners Asset Management Inc.

    The MIL Network

  • MIL-OSI: Dominion Lending Centres Inc. Announces $59.15 million Secondary Private Placement Offering of Class A Common Shares; Provides Preliminary 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

    VANCOUVER, British Columbia, Feb. 11, 2025 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”), along with Mauris Family Investments Inc. (an entity controlled by Gary Mauris) and 603908 BC Ltd. (an entity controlled by Chris Kayat and family), announced today that they have entered into an agreement with Desjardins Capital Markets as sole bookrunner and lead agent (the “Agent”), on behalf of a syndicate of agents (together “the Agents”), in respect of a fully marketed offering of up to 7,782,400 class “A” common shares (the “Offered Shares”) to be completed by the Selling Shareholders (as defined below) at a price of $7.60 per Offered Share for gross proceeds to the Selling Shareholders of approximately $59.15 million (the “Offering”). DLCG will not receive any proceeds from the Offering. Mauris Family Investments Ltd. (“MaurisCo”) and 603908 BC Ltd. (“KayatCo”) are collectively referred to herein as the “Selling Shareholders”.

    Gary Mauris, Executive Chairman and CEO, commented, “DLCG has been built by forging strong partnerships; partnerships with owners, brokers, lenders and employees. Today, we are announcing a small sale of shares by Chris and I to make room for a few select shareholders who we believe will make good long term partners as DLCG continues to grow. We will continue to hold more than 50% of the outstanding shares and remain fully committed to stewarding DLCG. We look forward to completing the transaction and welcoming our new institutional shareholders to DLCG.” 

    Prior to the Offering, MaurisCo beneficially owns or controls, directly or indirectly, an aggregate of 23,979,733 class “A” common shares, representing approximately 30.5% of the total issued and outstanding class “A” common shares. Prior to the Offering, KayatCo beneficially owns or controls, directly or indirectly, an aggregate of 23,253,532 class “A” common shares, representing approximately 29.5% of the total issued and outstanding class “A” common shares.   Following the closing of the Offering, MaurisCo will beneficially own or control, directly or indirectly, 20,088,533 class “A” common shares and KayatCo will beneficially own or control, directly or indirectly, 19,362,332 class “A” common shares, representing 25.5% and 24.6%, respectively, of the issued and outstanding class “A” common shares.

    Closing of the Offering is expected to be on or about February 28, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.

    The Offered Shares will be offered on a “best efforts” basis in each of the provinces of Canada by way of private placement to “accredited investors” or pursuant to other available prospectus exemption under National Instrument 45-106 – Prospectus Exemptions. The Offered Shares may also be offered to accredited investors in the United States pursuant to Section 4(a)(2) of the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”) or in such other manner as to not require registration under the U.S. Securities Act, and on a private placement to other international purchasers. The Offered Shares will be subject to a four month hold period under applicable securities laws.

    Preliminary Year-End and Fourth Quarter 2024 Results

    The Corporation is pleased to announce the following preliminary (unaudited) results:

    • Funded mortgage volume for the fiscal year ended December 31, 2024 was $67.4 billion and total funded mortgage volume for the three months ended December 31, 2024 (“Q4”) was $19.6 billion, with momentum continuing as January 2025’s volume of over $5.7 billion was a record for any January in the Corporation’s history;
    • Revenue for the year is expected to be between $76.5 million and $77.0 million and total revenue for Q4 is expected to be between $22.0 million and $22.5 million; and
    • Adjusted EBITDA for the year is expected to be between $35.4 million and $36.1 million and adjusted EBITDA for Q4 is expected to be between $9.6 million and $10.4 million.(1)

    Note:

    (1) Estimated “Adjusted EBITDA” for the year ended December 31, 2024 and for the three months ended December 31, 2024 are non-IFRS measures. As contemplated by National Instrument 51-112 – Non-GAAP and Other Financial Measure Disclosure of the Canadian Securities Administrators (“NI 51-112”), because the Adjusted EBITDA for the year ended December 31, 2024 and for the three months ended December 31, 2024 are preliminary calculations, they also may be considered forward-looking non-IFRS financial measures. As required by NI 51-112, the “equivalent historical non-GAAP financial measure” for the Corporation is “Adjusted EBITDA” for the nine months ended September 30, 2024 of $25.746 million and for the three months ended September 30, 2024 of $12.218 million, as disclosed in the Corporation’s MD&A dated November 5, 2024 (the “Interim MD&A”). See “Non-IFRS Financial Performance Measures” in the Interim MD&A for a reconciliation of Adjusted EBITDA to Income Before Income Tax, which is the most directly-comparable measure calculated in accordance with IFRS.

    As previously announced, the Corporation acquired (the “Preferred Share Acquisition”) all issued and outstanding series I class B preferred shares in exchange for class “A” common shares and cash on December 17, 2024 (the “Preferred Share Closing Date”). The Preferred Share Acquisition was initially announced on October 2, 2024 (the “Preferred Share Announcement Date”). During the time between the Preferred Share Announcement Date and the Preferred Share Closing Date, the closing price for the class “A” common shares increased. This closing price was applied to the share consideration issued, creating a significant non-cash loss on the Preferred Share Acquisition, due to the difference between the consideration granted for the preferred shares and their book value (which had been recorded at their amortized cost). As such, the Corporation expects to record a net loss for the year ended December 31, 2024 of between $125.8 million and $128.8 million.

    Final revenue, adjusted EBITDA and net loss amounts will be included in the Corporation’s audited annual financial statements, which the Corporation anticipates will be released on or about March 27, 2025.

    Forward-Looking Non-IFRS Financial Performance Measures
    Management presents adjusted EBITDA, a non-IFRS financial performance measure, which we use as a supplemental indicator of our operating performance. This non-IFRS measure does not have any standardized meaning, and therefore is unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are defined and reconciled to the most directly-comparable IFRS measure. Although the Corporation has provided forward-looking non-IFRS measures, management is unable to reconcile, without unreasonable efforts, forward-looking adjusted EBITDA to the most comparable IFRS measure, due to unknown variables and uncertainty related to future results. See “Non-IFRS Financial Performance Measures” in the Interim MD&A for a reconciliation of Adjusted EBITDA for the three and nine months ended September 30, 2024, which is the “equivalent historical non-GAAP financial measure”, to Income Before Income Tax, which is the most directly-comparable measure calculated in accordance with IFRS. The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Information
    Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “estimate,” “will,” “expect,” “plan,” or similar words suggesting future outcomes or outlooks. Forward-looking information in this document includes, but is not limited to: the timing and anticipated closing of the Offering; the obtaining of all necessary approvals, and the expected revenue, adjusted EBITDA and net loss for the three months and year ended December 31, 2024.

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

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

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

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

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

    Contact information for the Corporation is as follows:

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

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

    The MIL Network

  • MIL-OSI: Outbrain Announces Closing of New Senior Secured Notes Due 2030

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB), which is operating under the new Teads brand, today announced the successful closing of its Rule 144A/Reg S private offering (the “Offering”) of $637.5 million in aggregate principal amount of 10.000% senior secured notes due 2030 (the “Notes”) at an issue price of 98.087% of the principal amount thereof in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

    The size of the Offering was increased from the previously announced $625.0 million aggregate principal amount. The Notes will be guaranteed, jointly and severally on a secured, unsubordinated basis by Outbrain and each existing and future wholly owned subsidiary of Outbrain that becomes a borrower, issuer or guarantor under Outbrain’s super senior secured revolving credit facility.

    The proceeds of the Offering were used, together with cash on hand, to repay in full and cancel the indebtedness incurred under the senior secured bridge facility (the “Bridge Facility”), including accrued and unpaid interest thereon, that was used to finance and pay costs related to the acquisition of Teads, as well as pay fees and expenses incurred in connection with the Offering and the Bridge Facility refinancing.

    About The Combined Company 
    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

    To learn more, visit www.outbrain.com or www.teads.com

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com

    (332) 205-8999

    The MIL Network

  • MIL-OSI: Ingersoll Rand Sets Industry Standards for Sustainable Progress

    Source: GlobeNewswire (MIL-OSI)

    • Ingersoll Rand earns “A List” rating from CDP in the environmental stewardship category for the second year in a row
    • Ranked #1 globally in the Machinery and Electrical Equipment industry with a top 1% score on the 2024 S&P Global Corporate Sustainability Assessment and included on the Dow Jones Best-in-Class Indices for the third year in a row
    • Near-term and net-zero Scope 1, 2, and 3 targets approved by the Science Based Targets initiative (SBTi), validating Ingersoll Rand’s proposed emission reduction strategy
    • Named to TIME’s inaugural list of World’s Best Companies in Sustainable Growth

    DAVIDSON, N.C., Feb. 11, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, continues to demonstrate meaningful progress against its ambitious sustainability strategy and goals with new recognition from CDP, the Dow Jones Best-in-Class Indices (previously the Dow Jones Sustainability Indices), the Science Based Targets initiative (SBTi), and TIME.

    As of February 6, 2025, Ingersoll Rand has been recognized with an “A List” rating by CDP for its effective climate change actions and environmental leadership. Our company stands out among over 22,000 evaluated for its greenhouse gas reduction, sustainable product design, and climate management strategies.

    As of February 10, 2025, Ingersoll Rand received a score of 81 out of 100 on the 2024 S&P Global Corporate Sustainability Assessment. The company remained in the top 1% of companies in our industry (IEQ Machinery and Electrical Equipment industry) and was included in the Dow Jones Best-in Class World and North America Indices for the third consecutive year.

    In addition, Ingersoll Rand was included on TIME’s inaugural list of the World’s Best Companies in Sustainable Growth, and its near-term and net-zero targets have been validated for Scope 1, 2, and 3 by the SBTi.1 The TIME award and approval of targets by SBTi reinforce Ingersoll Rand’s commitment to both financial growth and sustainable leadership.

    “Being recognized as an industry leader demonstrates how Ingersoll Rand is living our purpose of Making Life Better,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “From our new product development process to our revenue growth strategy and our commitment to employee safety, we are setting the standard for what it means to leverage sustainability to drive long-term shareholder value.”

    A replay of Ingersoll Rand’s 2024 sustainability investor call and presentation can be found here.

    1 Details on Ingersoll Rand’s validated targets are available on the SBTi dashboard: https://sciencebasedtargets.org/companies-taking-action#dashboard.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

    These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

    Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    About Ingersoll Rand Inc.

    Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

    Contacts:
    Investor Relations:
    Matthew.Fort@irco.com

    Media:
    Meghan.Winston@irco.com

    The MIL Network

  • MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Welcome Croatia’s Anti-Discrimination Measures, Raise Issues Concerning Reported Exploitation of Migrant Workers and the Social Benefit Scheme

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights today concluded its review of the second periodic report of Croatia under the International Covenant on Economic, Social and Cultural Rights, with Committee Experts commending the State’s law and national action plan against discrimination, and raising issues concerning reported exploitation of migrant workers and the social benefit scheme.

    Karla Vanessa Lemus de Vásquez, Committee Expert and Lead Member of the Taskforce on Croatia, welcomed Croatia’s law against discrimination and the national action plan on combatting discrimination and protecting human rights.

    Joo-Young Lee, Committee Expert and Member of the Taskforce on Croatia, said migrant workers in Croatia were particularly vulnerable to poor working conditions, including non-payment for work, and failure to provide breaks or employment contracts.  What measures had been taken to address labour exploitation of migrant workers?

    Ms. Lee also cited reports that social assistance benefits were inadequate and often not sufficient to cover the cost of living.  What measures had the State party taken to address this?  Why had the number of beneficiaries decreased recently, and why did some regions require recipients of benefits to participate in community service?

    Ivan Vidiš, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, introducing the report, said that the State party was proud of the reforms underway in Croatia.  In early 2023, Croatia joined the Schengen area, and the euro was introduced as a national currency.

    Mr. Vidiš said the National Plan for the Protection and Promotion of Human Rights and Anti-Discrimination for the period up to 2027 was adopted to ensure coordinated action by State administration bodies in the field of human rights protection and anti-discrimination, and to raise awareness of equality.

    On protections for migrant workers, Mr. Vidiš said labour legislation provided for third-country nationals legally working in Croatia to have the same rights as national workers, and the new Act on Combatting Undeclared Work obliged the employer to pay six months of salary to unregistered workers as well as a fine.

    On the social benefit scheme, the delegation said the number of recipients of the guaranteed minimum benefit had been dropping recently, in line with the reduction in unemployment.  The benefit had been increased three times in recent years, and the State party had developed a new Social Welfare Act that would increase the minimum social benefit.  The Act would also allow for persons to be excused from community service activities if they were unable to participate.

    In concluding remarks, Ms. Lemus de Vásquez thanked the delegation for the information shared, which provided insight into the progress achieved and measures planned to give effect to the Covenant in Croatia.  The Committee’s aim was to ensure the full realisation of economic, social and cultural rights for all persons in Croatia.

    Mr. Vidiš, in his concluding remarks, said Croatia was passionate about its work, open about its challenges, and determined to address them.  Economic, social and cultural rights were the cornerstone of the State party’s efforts.  Mr. Vidiš thanked the Committee for its constructive approach to the dialogue.

    In her concluding remarks, Laura-Maria Craciunean-Tatu, Committee Chair, thanked the delegation for the open and constructive way in which it had participated in the dialogue.  The Committee hoped that Croatia would address the Committee’s forthcoming recommendations with a constructive spirit.

    The delegation of Croatia was comprised of representatives from the Ministry of Labour, Pension System, Family and Social Policy; Ministry of Physical Planning, Construction and State Property; Ministry of Science, Education and Youth; Office for Human Rights and Rights of National Minorities; Ministry of Finance; Croatian Employment Service; Ministry of the Interior; Ministry of Health; Ministry of Environmental Protection and Green Transition; Ministry of Foreign and European Affairs; Ministry of Justice, Public Administration and Digital Transformation; and the Permanent Mission of Croatia to the United Nations Office at Geneva.

    The Committee’s seventy-seventh session is being held until 28 February 2025.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 3 p.m. on Wednesday, 12 February to begin its consideration of the fifth periodic report of Peru (E/C.12/PER/5).

    Report

    The Committee has before it the second periodic report of Croatia (E/C.12/HRV/2).

    Presentation of Report

    IVAN VIDIŠ, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, said that the State party was proud of the reforms underway in Croatia.  In early 2023, Croatia joined the Schengen area, and the euro was introduced as a national currency.  As part of the European Economic Area, Croatia was exposed to inflationary developments caused the pandemic and then the war in Ukraine.  The Government intervened to a limited extent in energy prices and provided seven aid packages, all with the aim of protecting particularly vulnerable population groups.

    The National Plan for the Protection and Promotion of Human Rights and Anti-Discrimination for the period up to 2027 was adopted to ensure coordinated action by State administration bodies in the field of human rights protection and anti-discrimination, and to raise awareness of equality. 

    The State party had implemented a series of measures to strengthen workers’ rights.  The new Act on Combatting Undeclared Workers provided strict measures for employers who did not declare workers, including giving such workers the right to be registered and receive pay, pension and health insurance for the last six months, and foreign workers had access to the same protections as national workers.  Active employment policy measures had resulted in a historically low number of unemployed people.  Unemployment benefits had been increased and amendments had also been made to the labour legislation, laying down provisions on work through digital labour platforms and limiting the use of fixed-term contracts.

    In 2024, the salaries of civil servants and public service employees financed from the State budget were reformed towards a more transparent and fairer system.  The remuneration system for judges and prosecutors had also been revised to ensure that they could work smoothly and independently.  The minimum wage was constantly increasing and had almost doubled compared to 2019.

    To promote the social inclusion of vulnerable groups, the Government had provided increased rights and coverage for these groups in the Social Welfare Act and adopted the inclusive benefit, which significantly improved living standards.  Further, the State party had implemented measures to support elderly people.

    A new national plan for protection against violence against women and domestic violence, covering the period up to 2028, was under development.  As part of this plan, in 2024, a package of regulations dedicated to combatting violence against women and domestic violence entered into force, which included amendments to the Criminal Code, the Criminal Procedure Code, and the Act on Protection from Domestic Violence.  The legislative package tightened sentencing and strengthened protective measures for victims.  The revised Criminal Code introduced a definition of “gender-based violence against women” that was in line with the Istanbul Convention and a new criminal offence of femicide.

    There were 123,000 foreign workers in Croatia.  The State party had introduced legislation to combat undeclared work, and existing labour legislation provided for third-country nationals legally working in Croatia to have the same rights as national workers.

    After the 2020 earthquakes, many public facilities had been renovated, and multi-dwelling buildings and family replacement houses were being built.  To ensure the availability of housing, especially for young families, Croatia’s first national housing policy plan up to 2030 had been drawn up.  At the end of 2024, the Government adopted a programme for the construction and renovation of housing units in assisted areas to help young people and families access housing and to encourage population growth in these areas.

    Significant measures had also been taken over the last three years to strengthen the free legal aid system.  A call for funding for projects to provide primary legal aid was launched for a three-year period from 2023 to 2025.  Funding for projects increased by 100 per cent in 2023.

    Croatia expressed its strong commitment to the realisation of the human rights enshrined in the Covenant, demonstrated by its achievement of a high level of human rights protection.

    Questions by a Committee Expert

    KARLA VANESSA LEMUS DE VÁSQUEZ, Committee Expert, Country Rapporteur and Lead Member of the Taskforce on Croatia, asked about the number of cases in which the Covenant was invoked in domestic courts.  What was the domestic legal status of the treaty bodies’ observations?  Did Croatia plan to adopt the Optional Protocol?  How had the legislature and civil society participated in implementing the Committee’s previous concluding observations and in drafting the State party’s reports?  Did the State party have a national follow-up mechanism to coordinate follow-up activities?

    Croatia had great potential, considering its location, resources and human capital.  However, the State party was reportedly overdependent on the tourism industry, which hampered the productivity of businesses.  What measures were in place to increase the productivity of the private sector and reduce dependence on tourism?  Were there measures in place to build workers’ capacities?

    Croatia did not have a national action plan on business and human rights and due diligence regulations were not sufficient.  What measures had the State party implemented to transpose the European Union directive on due diligence into national law?  What measures were in place to ensure due diligence in the private sector and to help victims of human rights violations to access justice?

    Croatia had received low grades in greenhouse gas emissions, energy usage, and climate policy in a recent review.  Would Croatia be able to meet its climate commitments for 2030 and 2050?  What were the main challenges in this regard?  How would the State party rapidly cut greenhouse gas emissions?  What plans were in place to eradicate subsidies for fossil fuels and to reallocate funds to renewable energy?

    Official development assistance represented 0.2 per cent of gross domestic product, well below the 0.7 per cent recommended by the United Nations.  Were there plans to increase the budget allocated to such assistance in the next few years?

    The Committee welcomed the law against discrimination and the national action plan on combatting discrimination and protecting human rights.  Had the 2024 and 2025 plans been implemented and to what extent?

    The Roma had been facing discrimination regarding access to housing and healthcare in Croatia.  What progress had been made in combatting hate crimes against the Roma and in implementing the national action plan on inclusion of the Roma?  What measures were in place to address the gender gap in participation in the labour market and to combat stereotypes against women in the private sector?  Were there any wage equality measures in place?

    Responses by the Delegation

    The delegation said Croatia had one of the highest growth rates for gross domestic product in the European Union, at 3.6 per cent.  The State party had been using European Union funds to increase skills for around 140,000 citizens.  Judicial experts and judges had received training on the Covenant.  Croatia was working to continuously train public officers on human rights, particularly the rights of the Roma and vulnerable women and girls.

    Discussion on signing the Optional Protocol was ongoing, with public consultations being carried out.  If stakeholders found that the Optional Protocol was relevant to Croatia, the State party would launch ratification procedures.

    Croatia had working groups for developing legislation that included experts from line ministries and civil society representatives.  Analyses were carried out to determine areas where legislation needed to be aligned with international law and the recommendations of treaty bodies.

    Croatia had a strong tourism industry due to its location and natural and cultural heritage.  The Government was promoting sustainable tourism, implementing accommodation and environmental policies to regulate development in the sector.  There were around 270,000 pieces of property used for short-term renting to tourists.  New regulations addressed this, encouraging owners to provide long-term rental schemes and permanent housing.

    The State party was working on reforming vocational training to increase its availability, quality and relevance, and reduce school dropouts.  A new modular curriculum had been developed to allow students to engage in work experience activities.

    The new national action plan on the inclusion of the Roma covered the period of 2021 to 2027.  Around 57 per cent of financing programmes were in the education field.  The Government was also working on policies promoting access to healthcare and improved quality of life for the Roma population.

    Croatia was a part of the European Union’s ambitious climate policy, which aimed to make Europe climate neutral by 2050.  Under this policy, Croatia was working to reduce dependence on fossil fuels.  The national strategy on low carbon development and the national energy and climate plan had been developed to guide efforts to achieve climate objectives.  The plan included a measure for gradually abolishing subsidies for fossil fuels.  The State party had been monitoring national emissions using a database on emissions.

    Croatia’s gender employment gap, at 11.4 per cent, was lower than the European Union average.  Wage transparency policies were helping the State to achieve equal pay for equal work.  Measures had been developed to support access to employment for women in rural areas and women over the age of 50.

    There had been a spike in hate crimes following the increase in foreign workers in the State party.  To combat this, the Government had developed educational measures to promote the integration of foreign workers in society.

    Croatia was this year preparing to transpose the European Union directive on due diligence.  The national action plan on responsible businesses, which was being drafted by experts, aimed to support the implementation of the United Nations Guiding Principles on Business and Human Rights.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on measures implemented to bolster the capacity of the Ombudswoman’s office to ensure that it could carry out its mandate; the composition of bodies monitoring the implementation of treaty body recommendations; plans to address challenges related to disparities in regional development; the legal status of the Covenant in domestic legislation; measures to address unequal distribution of free legal aid services across the country; plans to broaden awareness raising activities on economic, social and cultural rights; and whether the State party planned to draft national action plans on human rights protections.

    Responses by the Delegation

    The delegation said that in Croatia, the Covenant had legal status and was directly applicable.  Public tender was provided to legal clinics to facilitate the provision of free legal aid across the State.  Funds for free legal aid were increased by 100 per cent in 2023 and by a further 30 per cent in 2024.  Transport fees were paid by the State when persons needed to travel more than 60 kilometres to attend courts.

    The salary system for the civil service had been reformed, including salaries for staff of the Ombudswoman’s Office.  On average, salaries for civil servants had been increased by around 30 per cent.  The budget for the Office had increased gradually since 2022.

    The Ministry of Labour, Pension System and Social Policy had a special service coordinating the implementation of the Covenant and other international documents.  Policies related to implementation were discussed with representatives of trade unions and civil society.

    The Federal Government was pursuing fiscal decentralisation and providing local and regional governments with funding to be used in regional development projects.  It sought to address gaps between less and more developed regions.

    The Social Housing Fund encouraged the population to live and work in rural areas, and a new programme on the construction of housing for young people focused on housing developments in rural areas.

    The new national action plan on human rights had been prepared but was currently being discussed in the Government.  The former plan was still in force.  National action plans on combatting trafficking in persons, promoting the inclusion of the Roma, and fighting discrimination were also being implemented.

    Questions by a Committee Expert

    JOO-YOUNG LEE, Committee Expert and Member of the Taskforce for Croatia, said that the State party had implemented employment policy measures focusing on the integration of vulnerable people into the labour market.  What impact had those measures had?  What was the trend in rates of young people who were not in employment, education or training over the last five years?

    What measures were in place to address the discrimination and prejudice faced by Roma persons in the workplace?  The disability employment gap was around 23 per cent as of 2023, related to a lack of reasonable accommodation measures.  How was the State party promoting the inclusion of persons with disabilities in the workplace?

    The Committee noted legislation addressing unregistered, unpaid and precarious work, but such work remained prevalent in the State party.  Migrant workers were particularly vulnerable to poor working conditions, including non-payment for work, and failure to provide breaks or employment contracts.  What were the root causes of labour exploitation of migrant workers and what measures had been taken to address them?  How was the State party working to improve the capacity of public officials to uphold migrant workers’ rights and impose appropriate sanctions on persons who violated those rights?

    Social assistance benefits were reportedly inadequate and often not sufficient to cover the cost of living.  What measures had the State party taken to address this?  Why had the number of beneficiaries decreased recently?  What budget had been devoted to social benefits in the last five years?  What measures had been implemented to improve social services for persons with disabilities, older persons, and persons living in rural areas?

    The “at risk of poverty” rate was around 42 per cent in Croatia.  This was reportedly due to strict requirements limiting access to unemployment benefits.  How did the State party ensure that unemployed persons did not fall into poverty?

    Responses by the Delegation

    The delegation said the State party provided educational and training support to unemployed persons.  Several hundreds of persons had found employment through the Government’s on-the-job training programme.

    Legislative changes and State-funded support centres had led to an increase in the registration of persons with disabilities and their inclusion in the labour market.  The unemployment rate for persons with disabilities was currently at a record low level.  The Government financed up to two-thirds of the salaries of persons with disabilities, including self-employed persons, and financed the adaption of workplaces to the needs of persons with disabilities.  The employment rate of persons with disabilities had increased by 70 per cent in recent years.

    The new Act on Combatting Undeclared Work obliged the employer to pay six months of salary to unregistered workers as well as a fine of 2,600 euros.  There was a public register of employers that had employed unregistered workers.

    The Government also had a register of persons who were not in employment, education or training.  It was planning programmes to involve these persons in education or the labour market.  Only 13 per cent of young people were currently unemployed, down from a historic high of around 50 per cent.  Croatia had removed many restrictions related to accessing unemployment benefits.

    Foreign workers received materials informing them of their rights to State services, including health care, unemployment benefits and complaints mechanisms.  The Government supported foreign workers to learn the Croatian language.

    The guaranteed minimum benefit was provided to persons who did not have basic sustenance.  More than 40,000 persons received this benefit.  The number of recipients had been dropping in recent years, in line with the reduction in unemployment.  The benefit had been increased three times in recent years, and there were plans to increase it further, along with other benefits.  The Government was working to amend the Social Welfare Act to increase the base payment for single parents and their children by 25 per cent.  The national allowance for the elderly provided support to persons who did not have sufficient pensions.  The Government was strengthening the capacities of institutions to monitor poverty and better combat it.

    Follow-Up Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Member of the Taskforce for Croatia, said it was welcome that the Act on Foreigner Workers would be amended and that the basic social benefit had increased.

    Committee Experts asked follow-up questions on the assessment of measures for housing provided to foreign workers; the methodology used to assess citizens’ risk of poverty; why some regions required recipients of benefits to participate in community service; the timeframe in which the minimum wage had increased and whether it covered the cost of living; whether rules regarding the renewal of temporary work contracts led to unemployment; measures being taken to promote entrepreneurship; the nationalities of migrant workers in the State party; and policies being implemented to enable women to enter the labour market and promote sharing of domestic work tasks.

    Responses by the Delegation

    The delegation said there were clear criteria in place regarding the accommodation of foreign workers.  The Government was working with the embassies of foreign countries to inform migrant workers about their rights.

    The percentage of persons at risk of poverty had not increased in recent years.  The State party had developed a new Social Welfare Act that would increase the minimum social benefit and would allow for persons to be excused from community service activities if they were unable to participate.  Community service often helped unemployed persons to enter the labour market.

    Around two per cent of workers received the minimum wage.  The Government had worked to ensure that all workers in vulnerable sectors such as manufacturing received at least the minimum wage.  The nominal minimum wage had been increased by 130 per cent between 2016 and 2025.  The real increase, taking inflation into account, was around 70 per cent.  The minimum wage was calculated considering other benefits being received.

    There were around 6,000 self-employed persons receiving State benefits.  Most benefits were provided in the food and construction industries.

    The State was developing a law to promote women’s return to work after childbirth.  It was financing the construction of kindergartens and schools and providing parental leave for fathers, which more than 60 per cent of fathers were taking.

    Questions by a Committee Expert

    ASRAF ALLY CAUNHYE Committee Expert and Member of the Taskforce for Croatia, said the escalation of violence against women in recent years in the State party was of great concern.  What measures were in place to provide support for victims, particularly women with disabilities?  How was the State party preventing the abuse of women with disabilities in institutions and addressing harmful practices affecting Roma women and children?  What measures were in place to prevent all forms of trafficking in persons, identify victims, prevent reprisals against victims after they reported offences, and ensure that penalties for trafficking were commensurate with the seriousness of offences?  How was the State party addressing the effects of inflation and the COVID-19 pandemic on vulnerable persons?

    Croatia did not have a needs-based housing policy or an effective strategy for addressing homelessness.  Approximately 6.5 per cent per cent of the population did not have access to the water supply network and many of the Roma lived in poor housing conditions.  What measures were in place to improve access to housing and housing conditions for vulnerable persons, prevent evictions of the Roma, and tackle homelessness?

    Some people in remote areas, particularly the Roma, had limited access to health services.  There was a shortage in healthcare staff in rural areas and long waiting lists for specialised care.  What measures were in place to provide timely access to quality healthcare in remote areas and to reduce waiting lists?  How would the State party promote access to healthcare for asylum seekers and persons with disabilities?  What steps had been taken to promote access to safe abortions when mothers’ lives were at risk?  What resources had been allocated to setting up mobile health teams and community mental health care services, and to combatting the high suicide rate?

    Responses by the Delegation

    The delegation said the national action plan on social services aimed to facilitate access to these services, secure a better regional distribution of services, including services for the elderly, and promote deinstitutionalisation and foster care.  Payments to foster families had been increased and media campaigns had been carried out to highlight their importance.  The act on personal assistance of 2023 regulated the recruitment of personal assistants for persons with disabilities.  Over 5,000 assistants were currently employed, and the Government was working to recruit more.

    The Government was conducting roundtables and workshops with employers to encourage the increased employment of the Roma and other vulnerable groups.  Career management centres were being established in every region of the State to support their access to employment.

    Croatia had issues with affordable housing, influenced by the war in Ukraine, the COVID-19 pandemic, and inflation.  Consultations were being carried out on a national housing plan, which would be adopted soon.  Under the plan, settlement of vulnerable and young persons and settlement in underdeveloped areas would be encouraged.  Croatia had a shortage of around 270,000 residential units compared to demand.  There were also around 50,000 unused residential units; the Government planned to adopt legislation to allow the State to take over empty units and provide them to vulnerable persons.  New laws would make it possible to build more affordable housing and expand land allocated for affordable housing.  The procedure for obtaining permits for building family homes would soon be simplified.

    The State party provided housing for victims of domestic violence and was also building family homes for the Roma community in rural areas.  Housing had also been provided for persons under international protection, and for persons whose homes were destroyed in earthquakes.  The State had also provided accommodation for over 600 homeless persons.  Large cities and counties provided food to homeless persons through social kitchens.

    Croatia had amended the Act on Water, which enhanced access to water for vulnerable groups.  Local government units were obliged to provide water for human use and to install wells in public spaces.  The State was investing heavily in the water distribution network to improve the quality and availability of water.

    The Government had provided seven different support packages to reduce the prices of energy, food, fuel and gas.  As a result, Croatia had the lowest energy prices in the European Union.  Some 70 retail products had also been subsidised by the State to protect vulnerable groups, and cash supports had been provided for more than 700,000 retirees.

    The Government was working to improve the legislative framework against gender-based violence.  Gender-based violence was treated as an aggravating circumstance in the Criminal Code, and Croatia was one of the first countries in Europe to make femicide a stand-alone crime.  The law against family violence had also been amended to increase sanctions for perpetrators and support for victims.  Victims were examined via video-link unless they insisted on being in the courtroom.  Training on gender-based violence was provided for judges, prosecutors and police officers.  

    A new national action plan on the prevention of sexual violence was currently being developed.  Twenty-six shelters were available for victims of sexual and gender-based violence in all territories of the State.  Ten million euros had been devoted to financing these shelters.  A new media campaign was being carried out on preventing violence against women.

    To increase access to primary healthcare, a new healthcare service network had been established that included mobile medical and psychiatric healthcare teams.  These teams covered a wide geographical area and included emergency helicopter and maritime services.  The Government had also increased the availability of telehealth services.  Each county had at least one hospital.  Croatia was close to the European Union average for the number of doctors per 100,000 inhabitants and the number of doctors was increasing.  The Government provided funds for residencies for young doctors.

    Follow-Up Questions by Committee Experts

    One Committee Expert welcomed indicators developed by the State party on measuring poverty, while another praised the State party’s various initiatives promoting access to housing.

    Committee Experts asked follow-up questions on progress in the implementation of the national strategy on reducing drug-related harm; measures to prevent house demolition and forced evictions of vulnerable groups, and remedies provided to affected persons; statistics on homelessness and the average period of stay in shelters; whether takeovers of unused units were temporary or permanent, and whether the Government planned to pay compensation to owners; how the State responded when people could not afford to pay utility bills or their mortgage; measures to prevent the discriminatory effects of reporting obligations required to receive health insurance; and plans to update poverty indicators from a multidimensional lens.

    Responses by the Delegation

    The delegation said that in 2023, the Government adopted the national strategy on addiction, which aimed to reduce harms and risks related to addiction.  Every year, it implemented over 300 intervention programmes related to addiction.  The Government primarily rehabilitated adults in the social welfare system, but some addicts were in the prison system.  Non-governmental organizations provided counselling and intervention services for addicts.  Around one-third of addicts in treatment were women.  The Government was developing measures to support women addicts and provide social housing for them.

    Under State guidelines on the provision of abortions, patients could demand terminations of pregnancy in all hospitals in the State.  In cases of conscientious objection from doctors, patients were referred to other doctors or institutions.  

    The act on compulsory health insurance provided the right to healthcare for persons under international protection and asylum seekers and their family members, as well as unaccompanied minors.  Many citizens who lived abroad used free telehealth services in Croatia, abusing the system.  This was why the obligation of reporting to authorities once every three months to obtain health insurance had been introduced.

    Croatia had adopted a strategy framework on the development of mental healthcare, which aimed to reduce the suicide rate and improve the mental health of children and workers in particular.

    Courts applied the caselaw of the European Court of Human Rights regarding evictions, so it was very difficult to forcefully evict people from their homes.  The Government was increasing fiscal pressures on unused properties and implementing measures that made long-term rent more beneficial for owners than short-term rent.  The State would also rent and sublet private unused apartments at a reduced price; it would not forcefully take these properties away from owners.  A new property tax had been developed to replace taxation on vacation homes.  All properties used for long-term rent were excluded from the tax.

    It was difficult to count homeless people who had not approached relevant service providers.  Homeless persons could receive personal identification documents by registering at a local institute for social welfare.  The Government was empowering homeless persons to gain employment.

    Questions by a Committee Expert

    ASLAN ABASHIDZE, Committee Expert and Member of the Taskforce for Croatia, asked for disaggregated data on school enrolment, completion and dropout rates at primary and secondary levels for the last 10 years.  Which ethnic groups had high dropout rates?  What progress had been made in promoting the inclusion of the Roma in the education system?  All children, including Roma children, needed to attend preschool education.  Who was responsible on collecting data on Roma children who were eligible to attend preschool?  How many Roma children had attended preschool over the past five years and how many had progressed to primary and secondary education?  

    What measures were in place to ensure that refugees and migrants had access to quality Croatian language courses and higher education?  Had a new programme been adopted to support these groups in 2025?  Were there specific measures to support Serbian children’s education?  There were reports of vandalism targeting Serbian monuments and Orthodox churches.  Had these incidents been investigated and violators held responsible?  How would the Government ensure that such violence did not occur in the future?

    Responses by the Delegation

    The delegation said the dropout rate in Croatia was around two per cent, which was around the lowest rate in the European Union.  There was a system that monitored students, but it did not record the national affiliation of students.  Data on Roma students had been gathered since 2008, however.  This data informed the Government’s activities for Roma students.  Around 70 per cent of Roma students attended secondary school; this was lower than the national average.  The national action plan on the inclusion of the Roma included activities encouraging education for Roma children, including scholarships for Roma pupils in secondary schools.  Annually, between 50 and 100 Roma children dropout out of school.  The number of Roma university students receiving scholarships had increased in recent years.  “Roma assistants” were employed in primary schools to support Roma children.  On average, around 400 Roma children were enrolled in kindergartens each year.  Local governments funded kindergarten education for Roma children.

    One year of preschool education was mandatory for all pupils.  The Government funded preschool programmes for each child.  Over the next three years, it would invest around 200 million euros in this public service.  Croatian language courses were provided to all students who did not speak Croatian, starting from primary level.

    Vandalism based on ethnicity was treated as a form of discrimination and a hate crime, and was punished with a harsher sentence.  The State party was cooperating with civil society organizations representing ethnic groups to prevent such incidents and bring perpetrators to justice.

    The Ministry of Culture and Media had secured funds to support the needs of national minorities.  Funds were being devoted to cultural associations, libraries and there were other measures of protecting the cultural heritage of minorities.  Public broadcasters were required to devote a portion of broadcasts to programmes for national minorities.  The Government also helped fund the cultural activities of persons with disabilities.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on whether foreign students received free higher education; the number of foreign students in the State; steps taken to enhance inclusive education for persons with disabilities; whether indexation was used to calculate social assistance benefits; whether trade union rights were adequately granted to all workers, including police and military personnel; measures implemented to encourage reporting of racial discrimination offences and prevent such discrimination; the delegation’s response to reports of insufficient funding and will from authorities to address hate-related crimes; and statistics on crimes against Serbians.

    Responses by the Delegation

    The delegation said that in 2024, there were 531 foreign students enrolled in Croatian universities.  The Government had adopted guidelines on supporting children with disabilities, who were entitled to specially trained teaching assistants.

    Croatia used automatic indexation to calculate elderly benefits and pensions, based on cost-of-living indicators.  There was no index system for the guaranteed minimum benefit, which was increased once per year by the Government, considering various factors.  A project had been launched to better monitor poverty rates through the Central Population Register, which would be established this year.

    Trade unions in Croatia could create their own networks, participate in the drafting of legislation and national policies, and participate in parliamentary debates.  The Government was drafting an action plan to encourage all employers to conclude collective agreements.  The scope of certain collective agreements was extended by the State to prevent unfair competition or restrictions on workers’ rights.  Only active military personnel were restricted from forming trade unions in line with existing legislation; police officers could form and join unions.  Property used by trade unions was formerly owned by the State, but legislation that entered into force last week transferred ownership to a trade union fund.

    In 2023, the State party recorded 61 hate crimes against ethnic minorities.  This was a decrease from the 67 crimes reported in 2021.  Authorities needed to consider these as serious offences and respond appropriately.  The judicial academy provided training for judges and judicial workers on the prohibition of discrimination, hate crimes and hate speech, including anti-Semitism.  Thirteen workshops would be held in 2025.  Police officers were also involved in workshops on preventing anti-Semitism, hate speech and all forms of discrimination.

    Closing Remarks

    KARLA VANESSA LEMUS DE VÁSQUEZ, Committee Expert, Country Rapporteur and Lead Member of the Taskforce on Croatia, thanked the delegation for the information shared, which provided insight into the progress achieved and measures planned to give effect to the Covenant in Croatia.  The Committee’s aim was to ensure the full realisation of economic, social and cultural rights for all persons in Croatia.  She thanked all persons who had contributed to the successful dialogue.

    IVAN VIDIŠ, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, said Croatia was making every effort to make progress.  The State party was passionate about its work, open about its challenges, and determined to address them.  Croatia had faced aggression in its past, and the Committee needed to consider the difficult path the country had travelled.  Economic, social and cultural rights were the cornerstone of the State party’s efforts.  The cost-of-living crisis was a major concern currently, but the State party’s measures supporting energy and other costs had lightened the burden for residents.  Croatia was facing a demographic decline, but incentives were in place to support a reversal of demographic trends.  Parliament had recently agreed on a declaration regarding the rights of older people, who made up an increasingly large portion of the population.  Mr. Vidiš thanked the Committee for its constructive approach to the dialogue.

     

    LAURA-MARIA CRACIUNEAN-TATU, Committee Chair, thanked the delegation for the open and constructive way in which it had participated in the dialogue.  The dialogue with Croatia would continue, as the Committee would select three follow-up recommendations that it called on the State party to address within 24 months.  It hoped that Croatia would continue to address the Committee’s recommendations with a constructive spirit.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CESCR25.002E

    MIL OSI United Nations News

  • MIL-OSI Australia: Fatal crash at Elizabeth Downs

    Source: South Australia Police

    A woman has died following a motorcycle crash at Elizabeth Downs last night.

    About 9.50pm on Wednesday 12 February, a Suzuki motorcycle collided with a parked car on Midway Road.

    Sadly the rider, a 39-year-old woman from Elizabeth Downs, died at the scene.

    Midway Road was closed for several hours while Major Crash Investigators examined the scene but has since been reopened.

    The woman’s death is the 17th life lost on SA roads this year.

    Anyone who witnessed the crash or has any other information that may assist the investigation is asked to contact Crime Stoppers at www.crimestopperssa.com.au or on 1800 333 000. You can remain anonymous.

    MIL OSI News

  • MIL-OSI: United Fire Group, Inc. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter net income of $1.21 per diluted share and adjusted operating income of $1.25 per diluted share; full year net income of $2.39 per diluted share and adjusted operating income of $2.56 per diluted share

    Fourth quarter 2024 highlights compared to fourth quarter 2023:(1)

    • Net income increased from $19.6 million to $31.4 million.
    • Net investment income increased 21.2% to $23.2 million.
    • Combined ratio improved 4.8 points to 94.4%; composed of an underlying loss ratio of 55.7%, catastrophe loss ratio of 1.6%, no prior year reserve development, and underwriting expense ratio of 37.1%.
    • Underlying combined ratio improved 1.6 points to 92.8%.
    • Net written premiums(2) increased 13% to $278.5 million.

    Full year 2024 highlights compared to full year 2023:(1)

    • Net income increased to $62.0 million.
    • Net investment income increased 37.5% to $82.0 million.
    • Combined ratio improved 10.1 points to 99.2%; composed of an underlying loss ratio of 57.9%, catastrophe loss ratio of 5.4%, no prior year reserve development and underwriting expense ratio of 35.9%.
    • Underlying combined ratio improved 3.3 points to 93.8%.
    • Net written premiums increased 15% to $1.2 billion.
    • Book value per share increased $1.76 to $30.80 as of December 31, 2024, compared to December 31, 2023.
    • Adjusted book value per share increased $1.95 to $33.64 as of December 31, 2024, compared to December 31, 2023.

    CEDAR RAPIDS, Iowa, Feb. 11, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (“UFG”) (Nasdaq: UFCS) today reported financial results for the three-month period ended December 31, 2024, with a consolidated net income of $31.4 million ($1.21 income per diluted share) and consolidated adjusted operating income of $1.25 per diluted share.

    “Our fourth quarter and full year results reflect the continued progress we are making in the execution of our strategic business plan,” said UFG President and CEO Kevin Leidwinger. “The actions we have taken over the past two years to deepen our underwriting expertise, evolve our capabilities, better align with our distribution partners and improve our investment returns are materializing in our results.

    “In 2024, we achieved the highest level of net written premiums in our company’s 79-year history. In addition, we produced the best annual combined ratio and highest adjusted operating income since 2015. These milestones reflect key steps on our journey to consistently deliver superior financial and operational performance.

    “In the fourth quarter, net written premiums grew 13% led by our core commercial and assumed reinsurance business. Core commercial growth was driven by average renewal increases of 11.9%, a substantial increase in new business production and stable retention. On a full year basis, net written premiums grew 15% to $1.2 billion.  

    “The fourth quarter combined ratio improved to 94.4%, the lowest in 11 quarters, while the full year combined ratio improved 10.1 points to 99.2%. The underlying loss ratio improved to 55.7% for the quarter and 57.9% for the year, reflecting the ongoing benefits of strong earned rate achievement exceeding loss trends and continued underwriting discipline resulting in improved frequency outcomes. Prior year reserve development remained neutral overall in the quarter while the impact from catastrophes was well below historical averages at 1.6% for the quarter and 5.4% for the year.

    “The fourth quarter and full year expense ratios were elevated due to investments in talent to deepen expertise across the company, accelerated development of our new policy administration system that is now poised for implementation in 2025, and increased performance-based compensation for employees and agents due to current year achievements.

    “Net investment income improved to $23.2 million in the fourth quarter and $82.0 million for the full year. Fixed maturity income increased to $70 million for the year as new money yields remained strong. We also benefited from improved valuations on our limited partnership portfolio for the full year. We expect the fixed maturity portfolio to generate over $80 million of annualized fixed maturity income, with potential for further improvement from future reinvestment at higher rates. 

    “Reported book value per share decreased slightly in the fourth quarter due to a change in after-tax unrealized loss caused by increased interest rates. Our improved annual earnings and return on equity of 8.2% allowed adjusted book value per share to grow $1.95 for the year to $33.64.

    “During the fourth quarter, we successfully resolved the rating errors in our core commercial business that were identified in the second quarter, resulting in no financial impact to the company. As a result, we have reversed the $3.2 million contingent liability established in the second quarter.

    “While 2024 marked a return to underwriting profitability for UFG, our work is far from finished. We remain confident in our ability to execute the business plan for improved performance in the years ahead and are grateful for our people and their dedication to delivering the deep expertise, specialized capabilities, personal relationships and responsive service that our partners and policyholders value.

    “Finally, our hearts go out to all those impacted by the devastating wildfires in Southern California. Our claims and risk control professionals continue to assist policyholders in the wake of the destruction. At this time, we estimate losses in the range of $7 million to $10 million from this tragic event.”

    (1) Underlying loss ratio, underlying combined ratio and adjusted book value per share are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
    (2) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.

    Consolidated Financial Highlights:

    Consolidated Financial Highlights(1)
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands, except per share data)   2024       2023       2024       2023  
    Net earned premiums $ 308,137     $ 264,366     $ 1,176,750     $ 1,034,587  
    Net written premiums   278,529       246,830       1,231,470       1,066,901  
                   
    Combined ratio:              
    Net loss ratio   57.3 %     64.8 %     63.3 %     74.4 %
    Underwriting expense ratio   37.1 %     34.4 %     35.9 %     34.9 %
    Combined ratio   94.4 %     99.2 %     99.2 %     109.3 %
                   
    Additional ratios:              
    Net loss ratio   57.3 %     64.8 %     63.3 %     74.4 %
    Catastrophes   1.6 %     1.5 %     5.4 %     6.2 %
    Reserve development   %     3.3 %     %     6.0 %
    Underlying loss ratio (non-GAAP)   55.7 %     60.0 %     57.9 %     62.2 %
    Underwriting expense ratio   37.1 %     34.4 %     35.9 %     34.9 %
    Underlying combined ratio (non-GAAP)   92.8 %     94.4 %     93.8 %     97.1 %
                   
    Net investment income $ 23,156     $ 19,098     $ 81,986     $ 59,606  
    Net investment gains (losses)   (1,318 )     3,855       (5,429 )     1,274  
    Other income (loss)(2)   300       (1,039 )     (9,388 )     (4,983 )
                   
    Net income (loss) $ 31,442     $ 19,608     $ 61,957     $ (29,700 )
    Adjusted operating income (loss)   32,483       16,564       66,246       (30,706 )
                   
    Net income (loss) per diluted share $ 1.21     $ 0.77     $ 2.39     $ (1.18 )
    Adjusted operating income (loss) per diluted share   1.25       0.65       2.56       (1.22 )
                   
    Return on equity(3)           8.2 %     (4.0 )%
                       

    (1) Underlying loss ratio, underlying combined ratio and adjusted operating income (loss) are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
    (2) Other income (loss) is comprised of other income (loss), interest expense and other non-underwriting expenses.
    (3) Return on equity is calculated by dividing annualized net income by average stockholders’ equity, which is calculated using a simple average of the beginning and ending balances for the period.

    Total Property & Casualty Underwriting Results

    Fourth quarter 2024 results:
    (All comparisons vs. fourth quarter 2023, unless noted otherwise)

    Net written premiums and net earned premiums increased by 13% and 17%, respectively, in the fourth quarter of 2024, led by core commercial and assumed reinsurance business. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.9%. Rate increases accounted for 10.8% while exposure increases contributed an additional 1.0%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.7% from rate increases and 1.1% from exposure changes.

    The combined ratio for the fourth quarter of 2024 was 94.4%, improving 4.8 points from 99.2% driven by improvement in the underlying loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the fourth quarter of 2024 compared to 3.3% of unfavorable development in the fourth quarter of 2023. Catastrophe losses added 1.6 points to the combined ratio, an increase of 0.1 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 55.7% improved 4.3 points, reflecting improvement from a combination of rate achievement, continued favorable claim frequency, and lower large loss activity, most notably in the surety portfolio, partially offset by an increase in the umbrella loss ratio, reflecting continued uncertainty from the impact of social inflation. The underwriting expense ratio of 37.1% increased 2.7 points driven by increased performance-based compensation for employees and agents due to current year achievements.

    Full year 2024 results:
    (All comparisons vs. full year 2023, unless noted otherwise)

    Net written premiums and net earned premiums increased by 15% and 14%, respectively, led by core commercial, assumed reinsurance and surety. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.8%. Rate increases accounted for 10.1% while exposure increases contributed an additional 1.6%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.2% from rate increases and 1.6% from exposure changes.

    For the full year, the combined ratio was 99.2%, improving 10.1 points from 109.3% driven by improvement in all components of the loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the full year 2024 compared to 6.0% of unfavorable development in the full year 2023. Catastrophe losses added 5.4 points to the combined ratio, an improvement of 0.8 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 57.9% improved 4.3 points, reflecting improvement from a combination of underwriting actions, increased pricing, expense management, lower frequency trends and lower large loss activity in the property and surety lines of business, partially offset by an increase in the umbrella loss ratio. The underwriting expense ratio of 35.9% increased 1.0 point primarily due to investments in talent to deepen expertise across the company; accelerated development of our new policy administration system that is now poised for implementation in 2025; and increased performance-based compensation for employees and agents due to current year achievements.

    Investment Results

    Fourth quarter 2024 results:
    (All comparisons vs. fourth quarter 2023, unless noted otherwise)

    Net investment income was $23.2 million for the fourth quarter of 2024, an increase of $4.1 million or 21.2%. Income from the fixed maturity portfolio increased by $4.8 million due to portfolio management actions and investing at higher interest rates. Other investment income increased by $1.2 million driven by $1.1 million of interest on cash and cash equivalents. Income on other long-term investments decreased $1.3 million driven by better returns in the fourth quarter of 2023. Dividends on equity securities decreased $0.5 million due to the strategic re-allocation into fixed maturities.

    Full year 2024 results:
    (All comparisons vs. full year 2023, unless noted otherwise)

    Net investment income was $82.0 million for the full year 2024, an increase of $22.4 million or 37.5%. Interest on fixed maturities was up $13.5 million or 23.9% as a result of portfolio management actions, investing at higher rates, and the strategic re-allocation of equity securities into fixed maturities, which resulted in a decrease in dividend income of $3.2 million. Income on other long-term investments was $8.0 million in 2024 compared to the depressed income of zero for 2023, as the valuation of the investments in limited liability partnerships varies from period to period due to the current market conditions. Other investment income increased $5.6 million, driven by $4.8 million of interest on cash and cash equivalents.

    Investment Results
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Investment income:              
    Interest on fixed maturities $ 19,877     $ 15,051     $ 69,703     $ 56,243  
    Dividends on equity securities         481       341       3,548  
    Income (loss) on other long-term investments   2,150       3,460       7,939       (31 )
    Other   3,692       2,456       14,951       9,324  
    Total investment income $ 25,719     $ 21,448     $ 92,934     $ 69,084  
    Less investment expenses   2,562       2,350       10,947       9,478  
    Net investment income $ 23,157     $ 19,098     $ 81,987     $ 59,606  
                   
    Average yields on fixed income securities pre-tax(1)   4.15 %     3.39 %     3.73 %     3.28 %
    (1) Fixed income securities yield excluding net unrealized investment gains/losses and expenses.
     

    Balance Sheet

      December 31, 2024   December 31, 2023
    (In thousands) (unaudited)    
    Invested assets $                  2,093,094     $ 1,886,494  
    Cash                          200,949       102,046  
    Total assets                       3,488,469       3,144,190  
    Losses and loss settlement expenses                       1,796,782       1,638,755  
    Total liabilities                       2,706,938       2,410,445  
    Net unrealized investment gains (losses), after-tax                           (72,241 )     (66,967 )
    Total stockholders’ equity                          781,531       733,745  
           
    Book value per share $                          30.80     $ 29.04  
    Adjusted book value per share(1)                               33.64       31.69  
    (1) Adjusted book value per share is a non-GAAP financial measure. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
     

    The company’s book value per share was $30.80, an increase of $1.76 per share, or 6.1%, from December 31, 2023. This increase is primarily related to an increase in net income, partially offset with an increase in net unrealized losses on fixed maturity securities and shareholder dividends during the 12-month period ended December 31, 2024.

    Capital Management

    During the fourth quarter of 2024, the company declared and paid a $0.16 per share cash dividend to shareholders of record as of November 29, 2024. UFG has paid a quarterly dividend every quarter since March 1968.

    Earnings Call Access Information

    An earnings call will be held at 9:00 a.m. CT on Wednesday, February 12, 2025, to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the company’s fourth quarter of 2024 results.

    Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). The event will be archived and available for digital replay through February 19, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); conference ID no. 4765665.

    Webcast: An audio webcast of the teleconference can be accessed at the company’s investor relations page at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=j4u0yn8Q. The archived audio webcast will be available for one year.

    Transcript: A transcript of the teleconference will be available on the company’s website soon after the completion of the teleconference.

    About UFG

    Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

    The company is licensed as a property and casualty insurer in all 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

    Contact:

    Investor Relations
    Email: ir@unitedfiregroup.com

    Media Inquiries
    Email: news@unitedfiregroup.com

    Disclosure of Forward-Looking Statements

    This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “remain(s) optimistic,” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. The risks identified in our 2023 Annual Report and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, future dividend payments are within the discretion of our Board of Directors and will depend on numerous factors, including our financial condition, our capital requirements and other factors that our Board of Directors considers relevant.

    Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures

    The company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Management uses certain non-GAAP financial measures to evaluate its operations and profitability. Management also believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: adjusted operating income, underlying loss ratio, underlying combined ratio, and adjusted book value per share. The company has provided the following definitions and reconciliations of the non-GAAP financial measures:

    Adjusted operating income: Adjusted operating income is calculated by excluding net investment gains and losses, after applicable federal and state income taxes from net income (loss). Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest in and report on the insurance industry and the company generally focus on this metric in their analyses.

    Net Income Reconciliation
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Income statement data              
    Net income (loss) $            31,442     $ 19,608     $           61,957     $ (29,700 )
    Less: after-tax net investment gains (losses)                (1,041 )     3,044                   (4,289 )     1,006  
    Adjusted operating income (loss) $            32,483     $ 16,564     $           66,246     $ (30,706 )
    Diluted earnings per share data              
    Net income (loss) $                1.21     $ 0.77     $               2.39     $ (1.18 )
    Less: after-tax net investment gains (losses)                   (0.04 )     0.12                      (0.17 )     0.04  
    Adjusted operating income (loss) $                1.25     $ 0.65     $               2.56     $ (1.22 )
                                   

    Underlying loss ratio and underlying combined ratio: Underlying loss ratio represents the net loss ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The underlying combined ratio represents the combined ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The company believes that the underlying loss ratio and underlying combined ratio are meaningful measures to understand the underlying trends in the core business in the current accident year, removing the volatility of prior year impacts and catastrophes. Management believes separate discussions on catastrophe losses and prior year reserve development are important to understanding how the company is managing catastrophe risk and in identifying developments in longer-tailed business.

    Prior year reserve development is the increase (unfavorable) or decrease (favorable) in incurred loss and loss adjustment expense at the valuation dates for losses which occurred in previous calendar years. This measure excludes development on catastrophe losses.

    Catastrophe losses is an operational measure which utilizes the designations of the Insurance Services Office (“ISO”) and is reported with losses and loss adjustment expense amounts net of reinsurance recoverables, unless specified otherwise. In addition to ISO catastrophes, we also include as catastrophes those events, which may include U.S. or international losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Catastrophes are not predictable and are unique in terms of timing and financial impact. While management estimates catastrophe losses as incurred, due to the inherently unique nature of catastrophe losses, the impact in a reporting period is inclusive of catastrophes that occurred in the reporting period, as well as development on catastrophes that have occurred in prior periods.

    Adjusted book value per share: Adjusted book value per share is calculated by dividing shareholders’ equity, excluding net unrealized investment gains and losses, net of tax, by the number of common shares outstanding. Management believes adjusted book value per share is a meaningful measure for evaluating the company’s net worth that is primarily attributable to our business operations, because it removes the effect of changing prices on invested assets that can fluctuate from period to period. Book value per share is the most directly comparable GAAP measure.

    Book Value Per Share Reconciliation
    (Unaudited) As of
    (In thousands) December 31, 2024   December 31, 2023
    Shareholders’ equity $                      781,531     $ 733,745  
    Less: Net unrealized investment gains (losses), net of tax                           (72,241 )     (66,967 )
    Shareholders’ equity, excluding net unrealized investment gains (losses), net of tax $                      853,772     $ 800,712  
           
    Common shares outstanding (basic)                             25,378       25,270  
    Book value per share $                           30.80     $ 29.04  
    Adjusted book value per share                               33.64       31.69  
                   

    Certain Performance Measures

    The company uses the following measure to evaluate its financial performance. Management believes a discussion of this measure provides financial statement users with a better understanding of the company’s results of operations. The company has provided the following definition:

    Net written premiums: Net written premiums is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net written premiums is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net written premiums is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premiums for an insurance company consists of direct premiums written and premiums assumed, less premiums ceded. Net earned premiums is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premiums applicable to the unexpired terms of the insurance policies in force. The difference between net earned premiums and net written premiums is the change in unearned premiums and the change in prepaid reinsurance premiums.

    Supplemental Tables

    Income Statement
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Revenues              
    Net earned premiums $         308,137     $ 264,366     $      1,176,750     $ 1,034,587  
    Net investment income                23,156       19,098                    81,986       59,606  
    Net investment gains (losses)                (1,318 )     3,855                    (5,429 )     1,274  
    Other income (loss)                  3,200                                  —        
    Total revenues $         333,175     $ 287,319     $      1,253,307     $ 1,095,467  
                   
    Benefits, losses and expenses              
    Losses and loss settlement expenses $         176,486     $ 171,289     $         744,605     $ 769,414  
    Amortization of deferred policy acquisition costs                76,834       63,291                 281,338       244,991  
    Other underwriting expenses                37,410       27,569                 140,942       115,800  
    Interest expense                  2,481       869                      7,281       3,260  
    Other non-underwriting expenses                     419       170                      2,107       1,723  
    Total benefits, losses and expenses $         293,630     $ 263,188     $      1,176,273     $ 1,135,188  
                   
    Income (loss) before income taxes $           39,545     $ 24,131     $           77,034     $ (39,721 )
    Federal income tax expense (benefit)                  8,103       4,523                    15,077       (10,021 )
    Net income (loss) $           31,442     $ 19,608     $           61,957     $ (29,700 )
                                   
    Net Written Premiums by Line of Business
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Net written premiums(1)              
    Commercial lines:              
    Other liability(2) $            90,508     $ 79,393     $         369,454     $ 325,900  
    Fire and allied lines(3)                54,203       51,742                  253,796       249,029  
    Automobile                53,776       46,667                  258,257       218,710  
    Workers’ compensation                14,011       10,530                    61,838       49,128  
    Surety(4)                10,013       11,964                    52,524       47,564  
    Miscellaneous                  3,201       1,356                    13,086       4,776  
    Total commercial lines $         225,712     $ 201,652     $      1,008,955     $ 895,107  
                   
    Personal lines:              
    Fire and allied lines(5) $              3,804     $ 136     $            14,201     $ 4,545  
    Automobile                      764                            2,449        
    Miscellaneous                        —       1                              5       14  
    Total personal lines $              4,568     $ 137     $            16,655     $ 4,559  
    Assumed reinsurance(6)                48,249       45,041                  205,860       167,236  
    Total $         278,529     $ 246,830     $      1,231,470     $ 1,066,901  
    (1) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.
    (2) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold.
    (3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
    (4) Commercial lines “Surety” previously referred to as “Fidelity and surety.”
    (5) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine.
    (6) Assumed reinsurance includes Funds at Lloyd’s
     
    Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
    Three Months Ended December 31,   2024       2023  
    (In thousands, except ratios)     Net Losses           Net Losses    
        and Loss           and Loss    
    Net   Settlement   Net   Net   Settlement   Net
    Earned   Expenses   Loss   Earned   Expenses   Loss
    (Unaudited) Premiums   Incurred   Ratio   Premiums   Incurred   Ratio
    Commercial lines                      
    Other liability $     91,016     $       82,052       90.2 %   $ 83,239     $ 54,991       66.1 %
    Fire and allied lines          62,019               16,515       26.6       61,869       31,994       51.7  
    Automobile          63,276               28,893       45.7       54,068       39,792       73.6  
    Workers’ compensation          14,914                 8,233       55.2       12,626       13,908       110.2  
    Surety          15,537                   (179 )     (1.2 )     12,311       6,591       53.5  
    Miscellaneous            3,223                     611       19.0       1,180       663       56.2  
    Total commercial lines $   249,985     $    136,125       54.5 %   $ 225,293     $ 147,939       65.7 %
                           
    Personal lines                      
    Fire and allied lines $        3,814     $         5,110       134.0 %   $ 165     $ (229 )     (138.8 )%
    Automobile               639                     424       66.4 %           (511 )     NM  
    Miscellaneous                    2                         4       NM       4       66       NM  
    Total personal lines $        4,455     $         5,538       124.3 %   $ 169     $ (674 )     (398.8 )%
    Assumed reinsurance          53,697               34,823       64.9       38,904       24,024       61.8  
    Total $   308,137     $    176,486       57.3 %   $ 264,366     $ 171,289       64.8 %
    NM = Not meaningful
     
    Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
    Twelve Months Ended December 31,   2024       2023  
    (In thousands, except ratios)     Net Losses           Net Losses    
        and Loss           and Loss    
    Net   Settlement   Net   Net   Settlement   Net
    Earned   Expenses   Loss   Earned   Expenses   Loss
    (Unaudited) Premiums   Incurred   Ratio   Premiums   Incurred   Ratio
    Commercial lines                      
    Other liability $    343,027     $    283,034       82.5 %   $ 320,762     $ 249,106       77.7 %
    Fire and allied lines        252,142             125,807       49.9       244,674       183,533       75.0  
    Automobile        239,964             138,517       57.7       208,874       176,667       84.6  
    Workers’ compensation          54,815               37,524       68.5       53,039       33,224       62.6  
    Surety          60,285               14,812       24.6       39,922       22,259       55.8  
    Miscellaneous             9,802                 5,742       58.6       2,702       940       34.8  
    Total commercial lines $    960,035     $    605,436       63.1 %   $ 869,973     $ 665,729       76.5 %
                           
    Personal lines                      
    Fire and allied lines $      14,237     $         8,325       58.5 %   $ 4,733     $ 3,402       71.9 %
    Automobile             1,214                     732       60.3 %           (837 )     NM  
    Miscellaneous                  10                     197       NM       22       (82 )     NM  
    Total personal lines $      15,461     $         9,254       59.9 %   $ 4,755     $ 2,483       52.2 %
    Assumed reinsurance        201,254             129,915       64.6       159,859       101,202       63.3  
    Total $ 1,176,750     $    744,605       63.3 %   $ 1,034,587     $ 769,414       74.4 %
                           

    The MIL Network

  • MIL-OSI: BlackLine Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 11, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL), today announced financial results for the fourth quarter and full year ended December 31, 2024.

    “We believe our recent user conference and accelerating innovation are creating momentum for BlackLine,” said Owen Ryan, Co-CEO of BlackLine. “We’re making progress on our key Investor Day initiatives, including the rollout of Studio360, advancement of our public sector opportunity, and expansion of our industry-specific strategy. While we recognize the work ahead to achieve our full vision, our strategic investments are building a solid foundation for future growth.”

    “By focusing our innovation on the evolving needs of the Office of the CFO, we continue to unlock new market opportunities and enhance our strategic position,” said Therese Tucker, Co-CEO of BlackLine. “Through our Studio360 platform along with AI-powered solutions and capabilities, we’re delivering customer-focused innovation that we believe drive both our company’s financial performance and our customers’ ability to achieve greater operational efficiency across their finance and accounting organizations.”

    Fourth Quarter 2024 Financial Highlights

    • Total GAAP revenues of $169.5 million, an increase of 9% compared to the fourth quarter of 2023.
    • GAAP operating margin of 3.7%, compared to 8.2% in the fourth quarter of 2023.
    • Non-GAAP operating margin of 18.1%, compared to 24.8% in the fourth quarter of 2023.
    • GAAP net income attributable to BlackLine of $56.4 million, or $0.79 per diluted share compared to GAAP net income attributable to BlackLine of $22.1 million, or $0.32 per diluted share in the fourth quarter of 2023.
    • Non-GAAP net income attributable to BlackLine of $34.6 million, or $0.47 per diluted share compared to non-GAAP net income attributable to BlackLine of $51.5 million, or $0.69 per diluted share in the fourth quarter of 2023.
    • Operating cash flow of $43.8 million, compared to $42.2 million in the fourth quarter of 2023.
    • Free cash flow of $36.5 million, compared to $35.3 million in the fourth quarter of 2023.

    Full Year 2024 Financial Highlights

    • Total GAAP revenues of $653.3 million, an increase of 11% from 2023.
    • GAAP operating margin of 2.8%, compared to 2.4% in 2023.
    • Non-GAAP operating margin of 19.4%, compared to 16.5% in 2023.
    • GAAP net income attributable to BlackLine of $161.2 million, or $1.45 per diluted share compared to GAAP net income attributable to BlackLine of $52.8 million, or $0.81 per diluted share in 2023.
    • Non-GAAP net income attributable to BlackLine of $162.1 million, or $2.18 per diluted share compared to non-GAAP net income attributable to BlackLine of $145.2 million, or $1.96 per diluted share in 2023.
    • Operating cash flow of $190.8 million, compared to $126.6 million from 2023.
    • Free cash flow of $164.0 million, compared to $99.0 million from 2023.

    Fourth Quarter Key Metrics and Recent Business Highlights

    • BlackLine had a total of 4,443 customers at December 31, 2024.
    • Expanded the Company’s user base to 397,477 users at December 31, 2024.
    • Achieved a dollar-based net revenue retention rate of 102% at December 31, 2024.
    • Launched Studio360 Platform to drive future-ready financial operations for the Office of the CFO.
    • Recognized as a Leader in the 2024 IDC MarketScape for Worldwide Accounts Receivable Automation Applications for the Enterprise.
    • Recognized as Most Innovative FinTech Solution by the 2024 Tech Ascension Awards.
    • Appointed Stuart Van Houten as Chief Commercial Officer.
    • Welcomed Philippe Omer-Decugis as Senior Vice President and General Manager for Europe.
    • Announced 2024 Modern Accounting Award Winners at BeyondTheBlack.
    • Announced the planned retirement of BlackLine’s Chief Financial Officer and named successor.

    The financial results included in this press release are preliminary and subject to final review. Financial results will not be final until BlackLine files its Annual Report on Form 10-K for the period. Information about BlackLine’s use of non-GAAP financial measures is provided below under “Use of Non-GAAP Financial Measures.”

    Financial Outlook

    First Quarter 2025

    • Total GAAP revenue is expected to be in the range of $166 million to $168 million.
    • Non-GAAP operating margin is expected to be in the range of 16.5% to 17.5%.
    • Non-GAAP net income attributable to BlackLine is expected to be in the range of $28 million to $30 million, or $0.36 to $0.39 per share on 77.7 million diluted weighted average shares outstanding.

    Full Year 2025

    • Total GAAP revenue is expected to be in the range of $699 million to $705 million.
    • Non-GAAP operating margin is expected to be in the range of 21.0% to 22.0%.
    • Non-GAAP net income attributable to BlackLine is expected to be in the range of $155 million to $165 million, or $1.97 to $2.10 per share on 78.5 million diluted weighted average shares outstanding.

    Guidance for non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share excludes specified items from the corresponding GAAP financial measures as outlined below under “Use of Non-GAAP Financial Measures” and as detailed in the reconciliations of non-GAAP measures for historical periods. Reconciliations of non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share guidance to the most directly comparable U.S. GAAP measures are not available on a forward-looking basis without unreasonable efforts due to the unpredictability and complexity of the charges excluded from these non-GAAP financial measures. The Company expects the variability of the above items could have a significant, and potentially unpredictable, impact on its future GAAP operating margin, net income attributable to BlackLine, and net income attributable to BlackLine per share.

    Quarterly Conference Call

    BlackLine will hold a conference call to discuss its fourth quarter and full year 2024 results at 2:00 p.m. Pacific time on Tuesday, February 11, 2025. A live audio webcast will be accessible on BlackLine’s investor relations website at https://investors.blackline.com. Participants can preregister for the conference call. A replay of the webcast will be available at https://investors.blackline.com for 12 months. BlackLine has used, and intends to continue to use, its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    About BlackLine

    BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

    BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

    For more information, please visit blackline.com.

    Forward-looking Statements

    This release and the conference call referenced above contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release and quarterly conference call include, but are not limited to, statements regarding BlackLine’s future financial and operational performance, including, without limitation, GAAP and non-GAAP guidance for the first quarter and full year of 2025, the impact of progress against certain key initiatives, our expectations for our business, including the demand environment, BlackLine’s addressable market, market position and pipeline, our international growth, and our relationships with our customers and partners, including opportunities to expand those relationships.

    Any forward-looking statements contained in this press release or the quarterly conference call are based upon BlackLine’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good-faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to risks related to the Company’s ability to attract new customers and expand sales to existing customers; the extent to which customers renew their subscription agreements or increase the number of users; the impact of current and future economic uncertainty and other unfavorable conditions in the Company’s industry or the global economy, the Company’s ability to manage growth and scale effectively, including entry into new geographies; the Company’s ability to provide successful enhancements, new features and modifications to its software solutions; the Company’s ability to develop new products and software solutions and the success of any new product and service introductions; the Company’s ability to effectively incorporate artificial intelligence and machine learning technologies (AI/ML) into its platform and business and the potential reputational harm or legal liability that may result from the use of AI/ML solutions and features; the success of the Company’s strategic relationships with technology vendors and business process outsourcers, channel partners and alliance partners; any breaches of the Company’s security measures; a disruption in the Company’s hosting network infrastructure; costs and reputational harm that could result from defects in the Company’s solutions; the loss of any key employees; continued strong demand for the Company’s software in the United States, Europe, Asia Pacific, and Latin America; the Company’s ability to compete as the financial close management provider for organizations of all sizes; the timing and success of solutions offered by competitors; including competitors’ ability to incorporate AI/ML into products and offerings more quickly or successfully; changes in the proportion of the Company’s customer base that is comprised of enterprise or mid-sized organizations; the Company’s ability to expand and effectively manage its sales teams and their performance and productivity; fluctuations in our financial results due to long and increasingly variable sales cycles, failure to protect the Company’s intellectual property; the Company’s ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such transactions; unpredictable and uncertain macro and regional economic conditions; seasonality; changes in current tax or accounting rules; cyber attacks and the risk that the Company’s security measures may not be sufficient to secure its customer or confidential data adequately; acts of terrorism or other vandalism, war or natural disasters including the effects of climate change; the impact of any determination of deficiencies or weaknesses in our internal controls and processes; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission on November 8, 2024. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. All of the information in this press release is subject to completion of our quarterly review process.

    Use of Non-GAAP Financial Measures

    To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, BlackLine has provided in this release and the quarterly conference call held on February 11, 2025, certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP gross profit and non-GAAP gross margin, (ii) non-GAAP operating expenses, (iii) non-GAAP operating income (loss) and non-GAAP operating margin, (iv) non-GAAP net income (loss) attributable to BlackLine, Inc., (v) diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share, and (vi) free cash flow.

    BlackLine’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating BlackLine’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items BlackLine excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin. Non-GAAP gross profit is defined as GAAP revenues less GAAP cost of revenue adjusted for amortization of acquired developed technology, stock-based compensation, and transaction-related costs (including, but not limited to, accounting, legal, and advisory fees related to the transaction, as well as transaction-related retention bonuses). Non-GAAP gross margin is defined as non-GAAP gross profit divided by GAAP revenues. BlackLine believes that presenting non-GAAP gross profit and non-GAAP gross margin is useful to investors as it eliminates the impact of certain non-cash expenses and allows a direct comparison between periods.

    Non-GAAP Operating Expenses. Non-GAAP operating expenses include (a) non-GAAP sales and marketing expense, (b) non-GAAP research and development expense, and (c) non-GAAP general and administrative expense. Non-GAAP sales and marketing expense is defined as GAAP sales and marketing expense adjusted for amortization of intangible assets, stock-based compensation, and transaction-related costs. Non-GAAP research and development expense is defined as GAAP research and development expense adjusted for stock-based compensation and transaction-related costs. Non-GAAP general and administrative expense is defined as GAAP general and administrative expense adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, and legal settlement gains or costs. BlackLine believes that presenting each of the non-GAAP operating expenses is useful to investors as it eliminates the impact of certain cash and non-cash expenses and allows a direct comparison of operating expenses between periods.

    Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. Non-GAAP income (loss) from operations is defined as GAAP income (loss) from operations adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, and restructuring costs. Non-GAAP operating margin is defined as non-GAAP income (loss) from operations divided by GAAP revenues. BlackLine believes that presenting non-GAAP income (loss) from operations and non-GAAP operating margin is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs in order to allow a direct comparison of income (loss) from operations between all periods presented.

    Non-GAAP Net Income (Loss) Attributable to BlackLine and Diluted Non-GAAP Net Income (Loss) Attributable to BlackLine, Inc. Per Share. Non-GAAP net income (loss) attributable to BlackLine is defined as GAAP net income (loss) attributable to BlackLine adjusted for the impact of the provision for (benefit from) income taxes related to acquisitions, amortization of intangible assets, stock-based compensation, amortization of debt issuance costs from our convertible senior notes, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, restructuring costs, adjustment to the redeemable non-controlling interest to the redemption amount, and gain on extinguishment of convertible senior notes. Diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share includes the adjustment for shares resulting from the elimination of stock-based compensation. BlackLine believes that presenting non-GAAP net income (loss) attributable to BlackLine is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs to allow a direct comparison of net income (loss) between all periods presented.

    Free Cash Flow. Free cash flow is defined as cash flows provided by (used in) operating activities less cash flows used to purchase property and equipment, financed and otherwise, capitalized software development, and intangible assets. BlackLine believes that presenting free cash flow is useful to investors as it provides a measure of the Company’s liquidity used by management to evaluate the amount of cash generated by the Company’s business including the impact of purchases of property and equipment and cost of capitalized software development.

    Use of Operating Metrics

    BlackLine has provided in this release and the quarterly conference call held on February 11, 2025 certain operating metrics, including (i) number of customers, (ii) number of users, and (iii) dollar-based net revenue retention rate, which BlackLine uses to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections and make strategic decisions. These operating metrics exclude the impact of certain Runbook licensed customers and users who are on perpetual license agreements and did not have an active subscription agreement with BlackLine as of December 31, 2024.

    Dollar-based Net Revenue Retention Rate. Dollar-based net revenue retention rate is calculated as the implied monthly subscription and support revenue at the end of a period for the base set of customers from which the Company generated subscription revenue in the year prior to the calculation, divided by the implied monthly subscription and support revenue one year prior to the date of calculation for that same customer base. This calculation does not reflect implied monthly subscription and support revenue for new customers added during the one-year period but does include the effect of customers who terminated during the period. Implied monthly subscription and support revenue is defined as the total amount of minimum subscription and support revenue contractually committed to, under each of BlackLine’s customer agreements over the entire term of the agreement, divided by the number of months in the term of the agreement. BlackLine believes that dollar-based net revenue retention rate is an important metric to measure the long-term value of customer agreements and the Company’s ability to retain and grow its relationships with existing customers over time.

    Number of Customers. A customer is defined as a company that contributes to our subscription and support revenue as of the measurement date. In situations where an organization has multiple subsidiaries or divisions, each entity that is invoiced as a separate entity is treated as a separate customer. In an instance where an existing customer requests its invoice be divided for the sole purpose of restructuring its internal billing arrangement without any incremental increase in revenue, such customer continues to be treated as a single customer. BlackLine believes that its ability to expand its customer base is an indicator of the Company’s market penetration and the growth of its business.

    Number of Users. Historically, BlackLine’s products were priced based on the number of users of its platform. Over time, the Company has begun to sell an increasing number of non-user based products with fixed or transaction-based pricing. For this reason, we believe the growth in the number of total users is less correlated to the growth of the business overall.

    Media Contact:
    Samantha Darilek
    samantha.darilek@blackline.com

    Investor Relations Contact:
    Matt Humphries, CFA
    matt.humphries@blackline.com

    BlackLine, Inc.
    Consolidated Balance Sheets
    (in thousands)
    (unaudited)
     
      December 31, 2024   December 31, 2023
    ASSETS
    Current assets:      
    Cash and cash equivalents $ 885,915     $ 271,117  
    Marketable securities         933,355  
    Accounts receivable, net of allowances   178,141       171,608  
    Prepaid expenses and other current assets   28,348       31,244  
    Total current assets   1,092,404       1,407,324  
    Capitalized software development costs, net   45,448       37,828  
    Property and equipment, net   11,840       14,867  
    Intangible assets, net   59,520       79,056  
    Goodwill   448,965       448,965  
    Operating lease right-of-use assets   22,772       19,173  
    Deferred tax assets, net   53,208       145  
    Other assets   90,879       93,407  
    Total assets $ 1,825,036     $ 2,100,765  
    LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
    Current liabilities:      
    Accounts payable $ 8,463     $ 8,623  
    Accrued expenses and other current liabilities   71,574       59,690  
    Deferred revenue, current   338,615       320,133  
    Finance lease liabilities, current   66       778  
    Operating lease liabilities, current   3,525       4,108  
    Convertible senior notes, net, current         249,233  
    Total current liabilities   422,243       642,565  
    Finance lease liabilities, noncurrent   53       4  
    Operating lease liabilities, noncurrent   20,283       15,738  
    Convertible senior notes, net, noncurrent   892,675       1,140,608  
    Deferred tax liabilities, net   4,532       6,394  
    Deferred revenue, noncurrent   1,390       904  
    Other long-term liabilities   708       3,608  
    Total liabilities   1,341,884       1,809,821  
    Commitments and contingencies      
    Redeemable non-controlling interest   36,483       30,063  
    Stockholders’ equity:      
    Common stock   628       615  
    Additional paid-in capital   495,391       474,863  
    Accumulated other comprehensive income (loss)   (361 )     205  
    Accumulated deficit   (48,989 )     (214,802 )
    Total stockholders’ equity   446,669       260,881  
    Total liabilities, redeemable non-controlling interest, and stockholders’ equity $ 1,825,036     $ 2,100,765  
           
    BlackLine, Inc.
    Consolidated Statements of Operations
    (in thousands, except per share data)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Revenues              
    Subscription and support $ 160,988     $ 147,155     $ 619,287     $ 555,516  
    Professional services   8,472       8,575       34,049       34,480  
    Total revenues   169,460       155,730       653,336       589,996  
    Cost of revenues              
    Subscription and support   34,833       31,373       135,308       121,308  
    Professional services   6,581       6,239       26,657       25,485  
    Total cost of revenues   41,414       37,612       161,965       146,793  
    Gross profit   128,046       118,118       491,371       443,203  
    Operating expenses              
    Sales and marketing   64,769       56,898       248,347       243,154  
    Research and development   24,588       22,578       100,973       103,207  
    General and administrative   32,480       24,676       121,795       71,530  
    Restructuring costs   (8 )     1,151       1,720       10,964  
    Total operating expenses   121,829       105,303       472,835       428,855  
    Income from operations   6,217       12,815       18,536       14,348  
    Other income (expense)              
    Interest income   9,399       14,822       49,808       52,059  
    Interest expense   (2,523 )     (1,484 )     (8,758 )     (5,898 )
    Gain on extinguishment of convertible senior notes               65,112        
    Other income, net   6,876       13,338       106,162       46,161  
    Income before income taxes   13,093       26,153       124,698       60,509  
    Provision for (benefit from) income taxes   (50,374 )     1,901       (43,067 )     1,450  
    Net income   63,467       24,252       167,765       59,059  
    Net income attributable to redeemable non-controlling interest   670       293       1,952       892  
    Adjustment attributable to redeemable non-controlling interest   6,380       1,890       4,639       5,334  
    Net income attributable to BlackLine, Inc. $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Basic net income attributable to BlackLine, Inc. per share $ 0.90     $ 0.36     $ 2.59     $ 0.87  
    Shares used to calculate basic net income per share   62,640       61,391       62,129       60,849  
    Diluted net income attributable to BlackLine, Inc. per share $ 0.79     $ 0.32     $ 1.45     $ 0.81  
    Shares used to calculate diluted net income per share   74,610       72,470       73,503       72,045  
    BlackLine, Inc.
    Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Cash flows from operating activities              
    Net income attributable to BlackLine, Inc. $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Net income and adjustment attributable to redeemable non-controlling interest   7,050       2,183       6,591       6,226  
    Net income   63,467       24,252       167,765       59,059  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   12,120       12,825       50,345       50,099  
    Change in fair value of contingent consideration                     (33,549 )
    Amortization of debt issuance costs   849       1,398       4,486       5,535  
    Stock-based compensation   19,340       17,505       83,251       77,970  
    Gain on extinguishment of convertible senior notes               (65,112 )      
    Noncash lease expense   1,611       1,728       6,221       6,453  
    Accretion of purchase discounts on marketable securities, net   (326 )     (8,885 )     (18,441 )     (33,884 )
    Net foreign currency (gains) losses   (81 )     (29 )     279       853  
    Deferred income taxes   (53,323 )     281       (54,802 )     (1,525 )
    Provision for (benefit from) credit losses   70       (1 )     84       (18 )
    Changes in operating assets and liabilities:              
    Accounts receivable   (43,317 )     (41,300 )     (7,552 )     (20,855 )
    Prepaid expenses and other current assets   (1,609 )     (4,449 )     2,742       (6,599 )
    Other assets   298       (1,947 )     2,505       (595 )
    Accounts payable   4,333       4,341       (1,123 )     (5,104 )
    Accrued expenses and other current liabilities   3,968       (2,111 )     7,087       (924 )
    Deferred revenue   37,819       42,536       18,968       41,271  
    Contingent consideration paid in excess of original estimates         (2,393 )           (2,393 )
    Operating lease liabilities   (1,563 )     (1,936 )     (5,963 )     (7,171 )
    Lease incentive receipts                     240  
    Other long-term liabilities   138       354       96       (2,250 )
    Net cash provided by operating activities   43,794       42,169       190,836       126,613  
    Cash flows from investing activities              
    Purchases of marketable securities         (360,866 )     (396,104 )     (1,343,331 )
    Proceeds from maturities of marketable securities   121,289       363,521       1,023,286       1,319,821  
    Proceeds from sales of marketable securities               324,098        
    Capitalized software development costs   (6,513 )     (4,807 )     (24,714 )     (21,644 )
    Purchases of property and equipment   (756 )     (2,026 )     (2,126 )     (5,953 )
    Acquisition, net of cash acquired         (9 )           (11,376 )
    Net cash provided by (used in) investing activities   114,020       (4,187 )     924,440       (62,483 )
    Cash flows from financing activities              
    Proceeds from issuance of convertible senior notes, net of issuance costs               661,979        
    Partial repurchase of convertible senior notes               (848,519 )      
    Repayment of convertible senior notes               (250,000 )      
    Purchase of capped calls related to convertible senior notes               (59,738 )      
    Principal payments under finance lease obligations   (228 )     (255 )     (999 )     (990 )
    Proceeds from exercises of stock options   4,553       775       7,591       19,762  
    Proceeds from employee stock purchase plan   2,757       2,719       7,006       8,010  
    Acquisition of common stock for tax withholding obligations   (3,861 )     (885 )     (17,465 )     (15,029 )
    Payment of contingent consideration         (5,607 )           (5,607 )
    Net cash provided by (used in) financing activities   3,221       (3,253 )     (500,145 )     6,146  
    Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash   (403 )     151       (347 )     (120 )
    Net increase in cash, cash equivalents, and restricted cash   160,632       34,880       614,784       70,156  
    Cash, cash equivalents, and restricted cash, beginning of period   725,515       236,483       271,363       201,207  
    Cash, cash equivalents, and restricted cash, end of period $ 886,147     $ 271,363     $ 886,147     $ 271,363  
                   
    Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets              
    Cash and cash equivalents at end of period $ 885,915     $ 271,117     $ 885,915     $ 271,117  
    Restricted cash included within other assets at end of period   232       246       232       246  
    Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows $ 886,147     $ 271,363     $ 886,147     $ 271,363  
    BlackLine, Inc.
    Calculation of Diluted Net Income Per Share
    (in thousands, except per share data)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
          2024       2023       2024       2023  
    Diluted Net Income per Share                
    Numerator:                
    Net income attributable to BlackLine, Inc.   $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Interest expense, net of taxes     2,305       1,458       7,804       5,716  
    Gain on extinguishment of convertible senior notes, net of taxes                 (62,147 )      
    Net income attributable to BlackLine, Inc. for diluted calculation   $ 58,722     $ 23,527     $ 106,831     $ 58,549  
    Denominator:                
    Shares used to calculate diluted net income per share     74,610       72,470       73,503       72,045  
    Diluted net income attributable to BlackLine, Inc. per share   $ 0.79     $ 0.32     $ 1.45     $ 0.81  
                     
    BlackLine, Inc.
    Reconciliations of Non-GAAP Financial Measures
    (in thousands, except percentages and per share data)
    (unaudited)
     
        Quarter Ended   Year Ended
        December 31,   December 31,
          2024       2023       2024       2023  
    Non-GAAP Gross Profit:                
    Gross profit   $ 128,046     $ 118,118     $ 491,371     $ 443,203  
    Amortization of acquired developed technology     3,243       3,419       13,370       12,438  
    Stock-based compensation     3,561       3,121       13,347       12,440  
    Transaction-related costs     25       132       151       478  
    Total non-GAAP gross profit   $ 134,875     $ 124,790     $ 518,239     $ 468,559  
    Gross margin     75.6 %     75.8 %     75.2 %     75.1 %
    Non-GAAP gross margin     79.6 %     80.1 %     79.3 %     79.4 %
                     
    Non-GAAP Operating Income:                
    Operating income   $ 6,217     $ 12,815     $ 18,536     $ 14,348  
    Amortization of intangible assets     4,305       5,249       19,886       20,608  
    Stock-based compensation     20,138       18,101       86,097       80,068  
    Change in fair value of contingent consideration                       (33,549 )
    Transaction-related costs           1,246       568       5,078  
    Restructuring costs     (8 )     1,151       1,720       10,964  
    Total non-GAAP operating income   $ 30,652     $ 38,562     $ 126,807     $ 97,517  
    GAAP operating margin     3.7 %     8.2 %     2.8 %     2.4 %
    Non-GAAP operating margin     18.1 %     24.8 %     19.4 %     16.5 %
                     
    Non-GAAP Net Income Attributable to BlackLine, Inc.:                
    Net income attributable to BlackLine, Inc.   $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Provision for (benefit from) income taxes     (53,351 )     526       (50,948 )     (1,196 )
    Amortization of intangible assets     4,305       5,249       19,886       20,608  
    Stock-based compensation     20,044       17,981       85,654       79,588  
    Amortization of debt issuance costs     849       1,398       4,486       5,535  
    Change in fair value of contingent consideration                       (33,549 )
    Transaction-related costs           1,246       568       5,078  
    Restructuring costs     (8 )     1,151       1,720       10,964  
    Adjustment to redeemable non-controlling interest     6,380       1,890       4,639       5,334  
    Gain on extinguishment of convertible senior notes                 (65,112 )      
    Total non-GAAP net income attributable to BlackLine, Inc.   $ 34,636     $ 51,510     $ 162,067     $ 145,195  
                     
    Basic Non-GAAP Net Income Attributable to BlackLine, Inc. per share                
    Basic non-GAAP net income attributable to BlackLine, Inc. per share   $ 0.55     $ 0.84     $ 2.61     $ 2.39  
    Shares used to calculate basic non-GAAP net income per share     62,640       61,391       62,129       60,849  
                     
    Diluted Non-GAAP Net Income Attributable to BlackLine, Inc. per share                
    Numerator:                
    Non-GAAP net income attributable to BlackLine, Inc.   $ 34,636     $ 51,510     $ 162,067     $ 145,195  
    Interest expense, net of taxes     1,539       77       3,909       306  
    Non-GAAP net income attributable to BlackLine, Inc. for diluted calculation   $ 36,175     $ 51,587     $ 165,976     $ 145,501  
    Denominator:                
    Shares used to calculate diluted non-GAAP net income per share     77,324       74,603       76,124       74,382  
    Diluted non-GAAP net income attributable to BlackLine, Inc. per share   $ 0.47     $ 0.69     $ 2.18     $ 1.96  
                     
    Non-GAAP Sales and Marketing Expense:                
    Sales and marketing expense   $ 64,769     $ 56,898     $ 248,347     $ 243,154  
    Amortization of intangible assets     (983 )     (1,751 )     (6,201 )     (6,791 )
    Stock-based compensation     (6,260 )     (5,364 )     (25,428 )     (24,152 )
    Transaction-related costs     (136 )     (110 )     (320 )     (397 )
    Total non-GAAP sales and marketing expense   $ 57,390     $ 49,673     $ 216,398     $ 211,814  
                     
    Non-GAAP Research and Development Expense:                
    Research and development expense   $ 24,588     $ 22,578     $ 100,973     $ 103,207  
    Stock-based compensation     (3,390 )     (1,813 )     (13,345 )     (13,095 )
    Transaction-related costs     170       (833 )     (46 )     (2,857 )
    Total non-GAAP research and development expense   $ 21,368     $ 19,932     $ 87,582     $ 87,255  
                     
    Non-GAAP General and Administrative Expense:                
    General and administrative expense   $ 32,480     $ 24,676     $ 121,795     $ 71,530  
    Amortization of intangible assets     (79 )     (79 )     (315 )     (1,379 )
    Stock-based compensation     (6,927 )     (7,803 )     (33,977 )     (30,381 )
    Change in fair value of contingent consideration                       33,549  
    Transaction-related costs     (9 )     (171 )     (51 )     (1,346 )
    Total non-GAAP general and administrative expense   $ 25,465     $ 16,623     $ 87,452     $ 71,973  
                     
    Total Non-GAAP Operating Expenses   $ 104,223     $ 86,228     $ 391,432     $ 371,042  
                     
    Free Cash Flow                
    Net cash provided by operating activities   $ 43,794     $ 42,169     $ 190,836     $ 126,613  
    Capitalized software development costs     (6,513 )     (4,807 )     (24,714 )     (21,644 )
    Purchases of property and equipment     (756 )     (2,026 )     (2,126 )     (5,953 )
    Free cash flow   $ 36,525     $ 35,336     $ 163,996     $ 99,016  
                     

    The MIL Network

  • MIL-OSI: Ninepoint 2023 Flow-Through Limited Partnership and Ninepoint 2023 Short Duration Flow-Through Limited Partnership Announce Completion of Rollover Transaction

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Ninepoint 2023 Flow-Through Limited Partnership (the “2023 Partnership”) and Ninepoint 2023 Short Duration Flow-Through Limited Partnership (the “2023-II Partnership”, and together with the 2023 Partnership, the “Partnerships” and each a “Partnership”), announced today that the Partnerships had completed the tax-deferred transfer of the assets (the “Mutual Fund Rollover Transaction”) into Ninepoint Resource Fund Class (the “Resource Class”) of Ninepoint Corporate Fund Inc., as discussed in the Partnerships’ press release of November 29, 2024.

    Rollover of the 2023 Partnership

    2,198,945 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $13.346805 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.043263 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.203250 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $5.972432 per share.  

    542,384 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $13.969593 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.068245 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.149000 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $6.357564 per share.  

    Rollover of the 2023-II Partnership

    1,640,398 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $17.343500 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.655118 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.361822 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $4.655847 per share.  

    520,050 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $18.009390 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.666351 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.212400 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $4.955237 per share.  

    For investors looking for another tax-advantaged investment, Ninepoint Partners LP has filed and received a receipt for a final prospectus dated January 30, 2025 offering limited partnership units of a new flow-through limited partnership, Ninepoint 2025 Flow-Through Limited Partnership. The prospectus contains important detailed information about the securities being offered. Investors should read the prospectus before making an investment decision.

    The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.

    Additional information: The prospectus for the Resource Class is available at www.sedarplus.ca and www.ninepoint.com. Information about the Ninepoint 2025 Flow-Through Limited Partnership is available through the dealers or by contacting us at (866) 299-9906 or invest@ninepoint.com.

    About Ninepoint Partners LP

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    The MIL Network

  • MIL-OSI: Kentucky First Federal Bancorp Reports Earnings

    Source: GlobeNewswire (MIL-OSI)

    HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Feb. 11, 2025 (GLOBE NEWSWIRE) — Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the “Company”) for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced net income of $13,000 or $0.00 diluted earnings per share for the three months ended December 31, 2024, compared to a net loss of $361,000 or $(0.05) diluted earnings per share for the three months ended December 31, 2023, an increase of $374,000 or 103.6%. A net loss of $2,000 or $(0.00) diluted earnings per share was announced for the six months ended December 31, 2024 compared to a net loss of $536,000 or $(0.07) diluted earnings per share for the six months ended December 31, 2023, an increase of $534,000 or 99.6%.

    The increase in net earnings for the quarter ended December 31, 2024 was primarily attributable to higher net interest income. Net interest income increased $381,000 or 23.0% to $2.0 million due primarily to interest income increasing more than interest expense increased period to period. Interest income increased $857,000 or 21.8% to $4.8 million, while interest expense increased $476,000 or 21.0% to $2.7 million for the recently-ended quarter. While the rising interest rate environment has slowed and market rates have even decreased, the repricing level of our assets has begun to outpace the increase in expenses paid on liabilities.

    The average rate earned on interest-earning assets increased 80 basis points to 5.28% and was the primary reason for the increase in interest income, although average interest-earning assets also increased $11.5 million or 3.3% to $362.3 million for the recently-ended quarterly period. The average rate paid on interest-bearing liabilities increased 44 basis points to 3.53% and was the primary reason for the increase in interest expense, although average interest-bearing liabilities also increased $17.3 million or 5.9%.

    Non-interest income increased $125,000 or 271.7% and totaled $171,000 for the three months ended December 31, 2024, almost entirely due to net gains on sales of loans increasing $74,000 compared to December 31, 2023. This was due to the increase in demand for fixed -rate secondary market loans.

    Non-interest expense also increased $54,000 period to period primarily due to other non-interest expense increasing $123,000, with the majority of this due to increased professional fees. This increase was partially offset by employee compensation and benefits decreasing $62,000 or 4.9% for the three months ended December 31, 2024 compared to December 31, 2023.

    At December 31, 2024, assets totaled $374.2 million, a decrease of $760,000 or 0.2%, from $375.0 million at June 30, 2024, due primarily to the decrease in loans, net, of $2.8 million or 0.8%, as well as a decrease in investment securities of $1.0 million or 10.6% primarily because of principal repayments and prepayments. Cash and cash equivalents totaled $21.0 million, an increase of $2.7 million or 14.7% compared to June 30, 2024. Total liabilities decreased $818,000 or 0.3% to $326.2 million at December 31, 2024, as consistent with our efforts to reduce our reliance on higher cost funding sources, FHLB advances decreased $7.2 million or 10.4% to $61.8 million. Partially offsetting the decrease in FHLB advances was an increase in total deposits of $6.9 million or 2.7% at December 31, 2024. Savings account deposits increased $1.6 million or 3.4%, and certificates of deposit increased $10.3 million or 5.9%.

    At December 31, 2024, the Company reported its book value per share as $5.94. Shareholders’ equity increased $58,000 or 0.1% to $48.1 million at December 31, 2024 compared to June 30, 2024. The increase in shareholders’ equity was primarily associated with accumulated other comprehensive loss decreasing $60,000 at December 31, 2024 compared to June 30, 2024 as the unrealized losses on our investment portfolio decrease.

    Forward-Looking Statements

    This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our ability to fully and timely address the deficiencies that resulted in the Agreement that First Federal Savings Bank of Kentucky has entered into with the Office of the Comptroller of the Currency (“OCC”); First Federal Savings Bank of Kentucky’s ability to satisfy the Individual Minimum Capital Requirements imposed by the OCC; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate in the Company’s market areas; the interest rate environment and the impact of the interest rate environment on our business, financial condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends and if so at what level; our ability to receive any required regulatory approval or non-objection for the payment of dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company or from the Company to shareholders; the ability of First Federal MHC to receive approval of its members to waive the payment of any Company dividends to First Federal MHC; competitive conditions in the financial services industry; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the outcome of pending or threatened litigation, or of matters before regulatory agencies; changes in law, governmental policies and regulations, rapidly changing technology affecting financial services, and the other matters mentioned in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024. Except as required by applicable law or regulation, the Company does not undertake the responsibility, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    About Kentucky First Federal Bancorp

    Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank of Kentucky, which operates three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At December 31, 2024, the Company had approximately 8,086,715 shares outstanding of which approximately 58.5% was held by First Federal MHC.

    SUMMARY OF FINANCIAL HIGHLIGHTS                    
    Condensed Consolidated Balance Sheets                      
    (In thousands, except share data)               December 31,     June 30,
                    2024
    (Unaudited)
        2024
    ASSETS              
    Cash and cash equivalents             $ 20,976     $ 18,287  
    Investment Securities               8,818       9,861  
    Loans available-for sale               116       110  
    Loans, net               330,234       333,025  
    Real estate acquired through foreclosure               10       10  
    Other Assets               14,054       13,675  
    Total Assets             $ 374,208     $ 374,968  
    LIABILITIES AND SHAREHOLDERS’ EQUITY                  
    Deposits             $ 263,055     $ 256,139  
    FHLB Advances               61,792       68,988  
    Other Liabilities               1,306       1,844  
    Total liabilities               326,153       326,971  
    Shareholders’ Equity               48,055       47,997  
    Total liabilities and shareholders’ equity             $ 374,208     $ 374,968  
    Book value per share             $ 5.94     $ 5.94  
    Tangible book value per share             $ 5.94     $ 5.94  
                           
    Condensed Consolidated Statements of Income (Loss)                  
    (In thousands, except share data)                      
                           
      Six months ended December 31,   Three months ended December 31,
        2024
    (Unaudited)
        2023       2024
    (Unaudited)
        2023  
    Interest Income $ 9,403     $ 7,661     $ 4,784     $ 3,927  
    Interest Expense   5,496       4,333       2,746       2,270  
    Net Interest Income   3,907       3,328       2,038       1,657  
    Provision for Credit Losses   15       15             9  
    Non-interest Income   308       121       171       46  
    Non-interest Expense   4,215       4,132       2,203       2,149  
    Income (Loss) Before Income Taxes   (15 )     (698 )     6       (455 )
    Income Taxes   (13 )     (162 )     (7 )     (94 )
    Net Income (Loss) $ (2 )   $ (536 )   $ 13     $ (361 )
    Earnings per share:                      
    Basic and Diluted $ (0.00 )   $ (0.07 )   $ 0.00     $ (0.05 )
    Weighted average outstanding shares:                      
    Basic and Diluted   8,098,715       8,098,715       8,098,715       8,098,715  
    Contact:  Don Jennings, President, or Tyler Eades, Vice President
    (502) 223-1638
    216 West Main Street
    P.O. Box 535
    Frankfort, KY 40602

    The MIL Network

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 11.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    11 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 11.02.2025

    Espoo, Finland – On 11 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,390,880 4.69
    CEUX
    BATE
    AQEU
    TQEX
    Total 1,390,880 4.69

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 11 February 2025 was EUR 6,518,637. After the disclosed transactions, Nokia Corporation holds 245,094,754 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI USA: Welch on Trump’s Chaotic and Cruel Second Term: “The law matters. Respect for your opponents matters. And focusing on the everyday needs of everyday people is what matters most.”

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) took to the Senate floor to speak on President Trump’s exaggerated claims of winning the 2024 election by a ‘landside,’ and called on the Trump Administration to focus not on political retribution and his agenda of ‘overreach and failure,’ but on the issues that matter to everyday Americans.  
    “As long as President Trump and his allies pretend that he has this massive mandate to literally disrupt and throw out the traditions and norms and guardrails of democracy, that is something I and so many of my colleagues will resist. We can’t do that. The law matters. Respect for your opponents matters. And focusing on the everyday needs of everyday people is what matters most. It’s what is the goal all of us should be looking to accomplish,” said Sen. Welch.
    Watch Senator Welch’s speech below: 
    Read the Senator’s remarks as delivered here. 
    Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  
    Senate Committee on Finance  
    Senate Committee on Agriculture, Nutrition, & Forestry 
    Ranking Member, Subcommittee on Rural Development, Energy, and Credit  
    Senate Committee on the Judiciary 
    Ranking Member, Subcommittee on the Constitution  
    Senate Committee on Rules & Administration 

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Raksha Mantri invites investors to go long on investment in India; Assures them of stable policy environment in India

    Source: Government of India (2)

    Raksha Mantri invites investors to go long on investment in India; Assures them of stable policy environment in India

    Consensus at all levels of Government on leading role of the private sector: Shri Rajnath Singh at Global Investors’ Meet in Bengaluru

    Posted On: 11 FEB 2025 5:55PM by PIB Delhi

    Raksha Mantri Rajnath Singh has asked global investors to go long in their Indian investment plans. Speaking at the inaugural function of the Global Investors’ Meet organised by the Government of Karnataka in Bengaluru today, Raksha Mantri said that investors will benefit from India’s formidable strengths like political stability, huge marketing potential it offers and an ecosystem based on rule of law, free from uncertainty and disorder. He noted that India’s immense investment potential has witnessed sustained success, lasting impact and enduring growth. 

    Shri Rajnath Singh stressed that India’s constitutional values are deeply rooted in its rich history of acceptance of different ideas and are illustrated in the close coordination between Union and state governments. He said the Government has actively worked to address the challenges, including red tapism, that investors previously faced. He added that the cumbersome process of obtaining multiple clearances has been replaced by a single-window system, ensuring a faster and hassle-free experience by the investors. 

    Assuring of a strong market demand for the investors to tap into India’s potential, Raksha Mantri said India is already one of the world’s fastest-growing markets. He emphasised that several recent economic decisions are expected to further strengthen the demand environment. He added that, under the visionary leadership of Prime Minister Shri Narendra Modi, the Government has introduced a massive income tax cut, in this year’s budget announcement. This significant tax relief will substantially increase the disposable income of the public, leading to stronger business growth for the investor firms, he mentioned. 

    Shri Rajnath Singh recalled his interaction with entrepreneurs who expressed concern that they might invest in a promising sector today, only to face unexpected policy changes later, which could disrupt their plans and profits. Assuaging such doubts, he said that across all levels of governance in India there is a broad consensus that sustainable economic development must be driven by a market-led economy, with a leading role of the private sector. He further elaborated that this shared commitment provides a stable and predictable policy environment, ensuring that businesses can invest, with confidence of policy continuity. “Today, investors do not face red tapism in India. Instead, we roll out the red carpet for them. This kind of cross-political party consensus on promoting investment plays a crucial role in reducing uncertainty for our investors,” he added.  

    Calling for investment in Karnataka, Raksha Mantri asserted that in the era of Cooperative Federalism, central and state governments are working closely together to shape the country’s economy. Citing Bengaluru as a pioneering hub for various industries like IT and software, he said that the city is now a rising centre for Artificial Intelligence (AI) too. Asserting that this is the moment and the perfect time to invest in India, Raksha Mantri noted the unprecedented opportunities before investors. 

    Shri Rajnath Singh lauded the contributions of the investors who have been instrumental in shaping the nation’s economic progress. He added that a lot more needs to be done, towards the national objective of becoming a Viksit Bharat by 2047, and expressed confidence that, together, the goal will be achieved. 

    Chief Minister of Karnataka Shri Siddaramaiah, Union Minister of Consumer Affairs Shri Pralhad Joshi, Deputy Chief Minister of Karnataka Shri DK Shivakumar, Ministers of the state government and industry representatives were also present at the event.

     ***

    VK/SPS/MJS

    (Release ID: 2101880) Visitor Counter : 64

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Amrit Sarovar Scheme

    Source: Government of India (2)

    Posted On: 11 FEB 2025 5:45PM by PIB Delhi

    Mission Amrit Sarovar was launched in April 2022 to construct or rejuvenate 75 Amrit Sarovars (ponds) in each district, totaling 50,000 across the country. This initiative has made significant progress in addressing the critical issue of water scarcity. As on January 2025, over 68,000 Sarovars have been completed, enhancing surface and groundwater availability across various regions. These Sarovars have not only addressed immediate water needs but also established sustainable water sources, symbolizing Government’s commitment to long-term environmental sustainability and community well-being.

    Phase II of Mission Amrit Sarovar is envisaged to continue with a renewed focus on ensuring water availability, with community participation (Jan Bhagidaari) at its core, and aims to strengthen climate resilience, foster ecological balance, and deliver lasting benefits for future generations.

    Mission Amrit Sarovar works are being taken up by the States and Districts with convergence from various ongoing schemes such as Mahatma Gandhi National Rural Employment Guarantee Scheme (Mahatma Gandhi NREGS), 15th Finance Commission Grants, Pradhan Mantri Krishi Sichayi Yojna sub-schemes such as the Watershed Development Component, Har Khetko Pani, besides States’ own schemes. Public contributions like crowdfunding and Corporate Social Responsibility are also allowed for the work.

    This information was given by the Minister of State for Rural Development Shri Kamlesh Paswan in a written reply in Lok Sabha today.

    *****

     

    MG/KSR/1241

    (Release ID: 2101868) Visitor Counter : 35

    MIL OSI Asia Pacific News

  • MIL-OSI USA: NESC Key In-Progress Technical Activities

    Source: NASA

    The portfolio of current NESC technical activities reaches across mission directorates and programs encompassing design, test, and flight phases.

    ISS PrK Independent Assessment The NESC is assessing the ongoing leak in the ISS Russian segment, PrK, the segment’s remaining life, and how to manage the risk of potential failure. 

    Orion Crew Module Heatshield Avcoat Char Investigation The NESC provided thermal experts to the Artemis I Char Loss Team investigation of heatshield performance on the Artemis I return. The NESC is working with the team to ensure the observed material loss is understood so that decisions may be made regarding use for upcoming Artemis missions. 

    CFT Flight Anomaly Support  NESC discipline experts provided real-time support to CCP to aid in determining the CFT flight anomaly causes and risks associated with a crewed return. The NESC performed propulsion system testing for predicted mission profiles at WSTF.  

    Total Ionizing Dose Tolerance of Power Electronics on Europa Clipper The NESC provided power electronics and avionics expertise to JPL’s Europa Clipper tiger team to help evaluate the radiation tolerance of key spacecraft electronics, assisting in a risk-based launch decision. 

    Psyche Cold-Gas Thruster Technical Advisory Team Support In support of a successful launch, NESC augmented the Psyche team’s investigation into increased understanding of the spacecraft’s cold-gas thrusters and aided the project’s risk-informed decisions regarding mitigations and readiness for launch. 

    X-59 Fuel Tank Assessment The NESC is assisting in the evaluation of risks associated with the installation and operation of strain gages in the fuel storage system on X-59 hardware. The work includes analysis, modeling, and the development of mitigation strategies. 

    MIL OSI USA News

  • MIL-OSI Security: Security News: High-Ranking Affiliate of Sinaloa Cartel Charged with Drug Conspiracy in Chicago

    Source: United States Department of Justice 2

    A grand jury in Chicago returned an indictment yesterday charging a high-ranking affiliate of the Sinaloa Cartel for allegedly manufacturing and distributing fentanyl, cocaine, heroin, and other drugs and importing them into the United States.

    “As alleged, the defendant conspired to traffic dangerous drugs, including fentanyl, into the United States — and employed dozens of gunmen to protect his drug trafficking operation and the leadership of the Guzman faction of the Sinaloa Cartel,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Stopping Mexican cartels from poisoning our communities with fentanyl and other narcotics is a top priority of this Administration. Today’s indictment demonstrates that the Criminal Division is relentless in its pursuit of the drug traffickers who profit at the expense of the American people.”

    “Our nation’s fentanyl crisis has devastated individuals and families in northern Illinois and throughout the country,” said Acting U.S. Attorney Morris Pasqual for the Northern District of Illinois. “Our office will continue to work with our law enforcement partners to disrupt the production and trafficking of fentanyl and other dangerous narcotics before they can reach more victims.”

    “From San Diego to Chicago to D.C., we are united to bring down the traffickers pushing these poisons into American communities,” said U.S. Attorney Tara McGrath for the Southern District of California. “We are attacking at every level — from street dealers to cartel leaders.”

    “This indictment reinforces the FBI’s unwavering commitment to hold accountable those who endanger our communities and traffic violence and drugs across our borders,” said Assistant Director Chad Yarbrough of the FBI’s Criminal Investigative Division. “Let this serve as a clear message: if you engage in cartel activity, we will pursue you and bring you to justice. Together with our law enforcement partners at every level, we remain fully committed to protecting the American people and stopping the flow of these dangerous drugs into our nation.”

    According to court documents, Ceferino Espinoza Angulo, 43, employed dozens of gunmen in Mexico to protect and support the leadership of the Guzman faction of the Sinaloa Cartel, including Ivan Guzman-Salazar, Jesus Alfredo Guzman-Salazar, Ovidio Guzman-Lopez, and Joaquin Guzman-Lopez, collectively known as “the Chapitos.” Espinoza Angulo allegedly conspired to obtain fentanyl precursor chemicals and to manufacture, distribute, and import into the United States fentanyl, cocaine, heroin, methamphetamine, and ecstasy. Ceferino Espinoza also allegedly illegally possessed a machinegun in furtherance of his drug trafficking scheme.

    The Chapitos are the sons of Joaquin Guzman Loera, also known as “El Chapo,” who led the Sinaloa Cartel before being convicted by a federal jury in Brooklyn, New York, and sentenced to life in prison. The Chapitos allegedly assumed their father’s role as leaders of the Sinaloa Cartel. The Chapitos have been charged with drug trafficking in other U.S. indictments.

    Espinoza Angulo is charged with drug conspiracy and firearm offenses. If convicted, he faces a mandatory minimum penalty of 30 years in prison and a maximum penalty of life in prison. Espinoza Angulo is believed to be residing in Mexico, and a U.S. warrant has been issued for his arrest.

    The FBI and Homeland Security Investigations investigated the case. Valuable assistance was provided by the Drug Enforcement Administration’s Special Operations Division, Bilateral Investigations Unit, and the Portland, Oregon, Police Bureau, Narcotics and Organized Crime Unit, High Intensity Drug Trafficking Areas Interdiction Taskforce.

    Trial Attorney Kirk Handrich of the Criminal Division’s Narcotic and Dangerous Drug Section, Assistant U.S. Attorneys Michelle Parthum and Andrew C. Erskine for the Northern District of Illinois, and Assistant U.S. Attorney Matthew Sutton for the Southern District of California prosecuted the case.

    The case is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles drug trafficking organizations and other criminal networks that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local enforcement agencies.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Europe: Highlights – REGI – Committee Discussion with EIB Vice-President – 19.02.25 – Committee on Regional Development

    Source: European Parliament

    The Committee on Regional Development will have a discussion with Kyriacos Kakouris, Vice-President of the European Investment Bank on the EIB role to strengthen cohesion in the EU at its meeting on Wednesday 19 February 2025.

    Source : © European Union, 2025 – EP

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Prime Minister addresses the 14th India-France CEOs Forum

    Source: Government of India (2)

    Prime Minister’s Office

    Prime Minister addresses the 14th India-France CEOs Forum

    Posted On: 12 FEB 2025 12:16AM by PIB Delhi

    Prime Minister Shri Narendra Modi and the President of France, H.E. Mr. Emmanuel Macron jointly addressed the 14th India-France CEOs Forum today in Paris. The forum brought together CEOs from a diverse group of companies from both sides, focusing on sectors such as defence, aerospace, critical and emerging technologies, infrastructure, advanced manufacturing, artificial intelligence, life-sciences, wellness and lifestyle, and food and hospitality.

    Prime Minister in his address noted the expanding India-France business and economic collaboration and the impetus it has provided to the strategic partnership between the two countries. He highlighted India’s attractiveness as a favored global investment destination, based on its stable polity and predictable policy ecosystem. Talking of the reforms announced in the recent budget, PM noted that the insurance sector was now open for 100% FDI and civil nuclear energy sector for private participation with focus on SMR and AMR technologies; customs rate structure was rationalized; and simplified income tax code was being brought in to enhance Ease of Living. Referring to the government’s commitment to continue ushering in reforms, he noted that a high-level committee for regulatory reforms had been constituted to establish trust based economic governance. In the same spirit, more than 40,000 compliances had been rationalized in the last few years.

    Prime Minister invited French companies to look at the immense opportunities offered by the India growth story, in the defense, energy, highway, civil aviation, space, healthcare, fintech and sustainable development sectors. Underlining global appreciation and interest in India’s skills, talent and innovation and in its newly launched AI, Semiconductor, Quantum, Critical Minerals and Hydrogen missions, he called upon French enterprises to partner India for mutual growth and prosperity. He outlined the importance of active engagement in these sectors, reaffirming the commitment of both nations to fostering innovation, investment, and technology-driven partnerships. Full remarks of Prime Minister may be seen here

    External Affairs Minister Dr. S. Jaishankar, alongside the Minister for Europe and Foreign Affairs of France, H.E. Jean-Noël Barrot, and the Minister of the Economy, Finance, and Industrial and Digital Sovereignty of France, H.E. Eric Lombard also addressed the Forum.

    5. CEOs from both sides who attended the meeting were:

    Indian Side:

      Company Name(Sector) Name and Designation

    1

    Jubiliant Foodsworks/Jubiliant Life Sciences, Food and Beverage

    Hari Bhartia, Co-Chairman and Director

    2.

    CII

    Chandrajit Banerjee, Director General

    3.

    Titagarh Rail Systems Limited (TRSL), Railways and Infrastructure

    Umesh Chowdhary, Vice Chairman and Managing Director

    4.

    Bharat Light & Power Private Limited, (Renewable Energy)

    Tejpreet Chopra, President & CEO

    5.

    P Mafatlal Group, Textiles and Industrial Products

    Vishad Mafatlal, Chairman

    6.

    boat, Consumer Electronics (Wearables)

    Aman Gupta, Co-Founder

    7.

    Dalit Indian Chamber of Commerce & Industry (DICCI), Business Advocacy and Inclusion

    Milind Kamble, Founder/Chairman

    8.

    Skyroot Aerospace, Aerospace & Space and Technology

    Pawan Kumar Chandana,Co-Founder

    9.

    Agnikul, Aerospace & Space and Technology

    Srinath Ravichandran, Co-Founder & CEO

    10.

    Tata Advanced Systems Ltd, Aerospace and Defense

    Sukaran Singh, Managing Director

    11

    UPL Group, Agrochemical and Agribusiness

    Vikram Shroff, Vice Chairman and Co-CEO

    12.

    Sula Vineyards, Food and Beverage

    Rajeev Samant, CEO

    13.

    Dynamatic Technologies Ltd, Aerospace & Defence, and Engineering

    Udayant Malhoutra, CEO & Managing Director

    14.

    Tata Consulting Engineers (TCE), Engineering and Consulting

    Amit Sharma, Managing Director & CEO

    15.

    Nykaa, Cosmetics and consumer goods

    Falguni Nayyar,CEO

    French Side:

      Company Name(Sector) Name and Designation

    1

    Air Bus, Aerospace & Defence

    Guillaume Faury, CEO

    2.

    Air Liquide, Chemicals, Health care, Engineering

    François Jackow, CEO & a member of the Board of Directors of the Air Liquide Group

    3.

    BlaBlaCar, Transport, Services

    Nicolas Brusson, CEO & Co-Founder

    4

    Capgemini Group, Information Technology, Engineering

    Aiman Ezzat, CEO

    5

    Danone, Food & Beverages

    Antoine de SAINT-AFFRIQUE, CEO

    6

    EDF, Energy, Power

    Luc Rémont, Chairman &CEO

    7

    Egis Group, Architecture Construction Engineering

    Laurent Germain,CEO

    8.

    Engie Group, Energy, Renewable Energy

    Catherine MacGregor, CEO & Board Member of ENGIE.

    9

    L’Oréal, Cosmetics & Consumer Goods

    Nicolas Hieronimus, CEO & Member of Board of Directors

    10

    Mistral AI, Artificial Intelligence

    Arthur Mensch, CEO & Co-Founder

    11

    Naval Group, Defence, Shipbuilding, Engineering

    Pierre Eric Pommellet, Chairman & CEO

    12.

    Pernod Ricard, Alcohol Beverages, FMCG

    Alexandre Ricard, Chairman & CEO

    13

    Safran, Aerospace & Defence

    Olivier Andriès, CEO

    14.

    Servier, Pharmaceuticals, Health care

    Olivier Laureau, President & CEO

    15

    Total Energies SE, Energy

    PATRICK Pouyanné, Chairman & CEO

    16

    Vicat, Construction

    Guy Sidos, Chairman & CEO

     

    ****

    MJPS/SR

    (Release ID: 2102056)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India-Israel Business Forum & CEO Forum Held To Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Israel Business Forum & CEO Forum Held To Strengthen Bilateral Economic Ties

    Meeting to enhance strategic partnership unlocking opportunities for trade, investment, and tech collaboration

    India-Israel partnership, built on shared values of democracy, economic resilience, and technological advancement: Shri Piyush Goyal

    Posted On: 11 FEB 2025 7:07PM by PIB Delhi

    Confederation of Indian Industry (CII) and Federation of Indian Chamber of Commerce and Industry (FICCI) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT) and the Embassy of Israel, successfully hosted the India-Israel Business Forum and the 3rd India-Israel CEO Forum in New Delhi. These landmark events reinforced the deep-rooted economic and strategic partnership between the two nations, unlocking new opportunities for trade, investment, and technological collaboration.

    Addressing the gathering during the inaugural session of the Business Forum, Union Minister of Commerce & Industry, Shri Piyush Goyal reaffirmed India’s commitment to becoming a USD 30-35 trillion economy by 2047, aligning with the vision of Viksit Bharat. He emphasized the growing India-Israel partnership, built on shared values of democracy, economic resilience, and technological advancement, while underlining India’s zero-tolerance policy on terrorism and commitment to global peace and security.

    Highlighting India’s 10 key strengths in terms of 10 D’s, that define its economic potential, the Minister spoke about Democracy – Equal opportunities for all, Demographic Dividend – A young and skilled workforce, Diversity – A multi-dimensional economy with vast opportunities, Digitization – Rapid technological transformation, Decarbonization – Commitment to a green economy, Determination – A workforce driven by innovation, Development – A robust policy framework for growth, Dependability – A trusted global partner, Decisive Leadership – Bold economic reforms and Demand – A thriving domestic market.

    Minister Goyal also highlighted the digital prowess of India and how the country has been able to digitise very rapidly in Agritech and education and in every aspect of the economy. He emphasised that inclusive growth opens up a new set of opportunities leading to development of all regions of India. He mentioned that Israel could look upon India as a trusted and dependable partner, emphasizing the role of India during the COVID pandemic and how India has met every commitment.

    H E MK Nir Barkat, Minister of Economy and Industry, State of Israel said that the delegation to India Israel Business Forum was the biggest ever mission to any country from Israel. He said, “I want to mention that there is a special friendship between Prime Minister Shri Narendra Modi and Prime Minister Netanyahu throughout the years with very strong Government-to-Government collaboration.”

    He underscored two important goals of the Forum. First, to get Israeli companies’ exposure and seek collaboration opportunities with India and the second is to discover what the Government from both sides can do to make the relationship between India and Israel even deeper.

    Minister Barkat also underscored the importance of India–Middle East–Europe Economic Corridor (IMEEC) and the India Israel Business Forum provides an opportunity to make that happen.

    Speaking during the inaugural session of the Business Forum, Shri Amardeep Singh Bhatia, Secretary, DPIIT, Ministry of Commerce & Industry, Government of India highlighted that India has a large market with skills across the spectrum including skills in designing of chips and research in pharmaceuticals, highlighting collaboration opportunities with the robust innovation ecosystem of Israel and enhancing FDI both ways.

    H E Reuven Azar, Ambassador of Israel to India mentioned how India and Israel can geopolitically secure their supply chains and secondly on discovering strategies to win the race for global competition. He highlighted that both countries can come together and form the partnership in high tech manufacturing, research & development and provide the outlook for future Israel-India partnership with the signing of the Mutual Investment Agreement in March.   

    The 3rd India-Israel CEO Forum witnessed strategic discussions between industry leaders, policymakers, and investors. The CEO Forum focused on expanding India-Israel business and trade relations, particularly in Key Areas of Collaboration like:

    • Technology & Innovation: Strengthening partnerships in AI, quantum computing, smart manufacturing, and cybersecurity.
    • Agriculture & Healthcare: Leveraging Israeli agri-tech and medical R&D to enhance food security and healthcare innovation.
    • Défense & Homeland Security: Deepening cooperation in defense manufacturing and security technology.
    • Energy & Water Management: Expanding joint efforts in renewable energy, energy conservation, smart grids, and sustainable water solutions.
    • Investment & Trade Facilitation: Enhancing FDI in both directions and fostering ease of doing business.

    Mr Avi Balashnikov, Chairman of the Board, Israel Export Institute said that “people sometimes talk about big India and small Israel but when I look, I see two giants with India giant in size and scale and Israel giant in new ideas.”

    Mr. Sanjiv Puri, President, CII mentioned several areas of collaboration opportunities including AI and quantum computing, renewable energy, water, and further mentioned about strengthening of India–Israel Industrial R&D and Technological Innovation Fund.

    The Israel India Business Forum saw participation from industry members of India and Israel. At the B2B interactions, industry members discussed potential areas of collaboration between the countries. The Forum saw 500+ B2B meetings.

    The India-Israel Business Forum & CEO Forum mark a significant milestone in accelerating economic cooperation, trade expansion, and investment-led growth. As natural allies, India and Israel are committed to fostering a future-ready partnership, driving innovation, and creating opportunities for mutual prosperity.

    *****

     

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2101930) Visitor Counter : 73

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister Shri Bhupender Yadav addresses the ‘XDG 2045’ Ministerial Roundtable, at World Governments Summit 2025, Dubai

    Source: Government of India

    Union Minister Shri Bhupender Yadav addresses the ‘XDG 2045’ Ministerial Roundtable, at World Governments Summit 2025, Dubai

    India expresses deep concern on failure of Developed countries to meet Financial Commitments for a Just Transition, Climate Adaptation Finance and additional funding for Biodiversity Conservation in Developing countries

    Spirit of Vasudhaiva Kutumbakam should serve as a Guiding Principle for XDG 2045: Shri Bhupender Yadav

    Posted On: 11 FEB 2025 6:26PM by PIB Delhi

    Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav addressed a gathering of Global leaders and thinkers during the ‘XDG 2045’ Ministerial Roundtable, today at the World Government Summit, 2025 in Dubai. He presented India’s vision for sustainable development, anchored in the commitment to the Sustainable Development Goals (SDGs) and India’s ambition for a Viksit Bharat by 2047.

    Beginning his intervention, the Minister assured the august gathering of India’s unwavering commitment to the SDGs and dwelled upon India’s achievements in this direction. He said, “We have made significant progress, particularly in renewable energy, healthcare, and poverty reduction. India is rapidly expanding its renewable energy capacity and we are already among the world’s leaders in solar energy and are investing in clean technologies, electric vehicles, and climate-resilient infrastructure”. However, the Minister added that climate change and biodiversity loss remain critical challenges and these cannot be addressed without a transformative change in how the World approaches development.

    Speaking on the crucial issue of ‘Means of Implementation’, Shri Yadav pointed out that the financial resources required to achieve the SDGs, particularly in addressing climate change and environmental sustainability, remain far below what was promised by the Developed nations. Despite numerous pledges, financial flows to Developing countries have been insufficient to meet the pressing needs of climate adaptation, mitigation, and biodiversity preservation.

    The Minister expressed India’s deep concern about the failure of Developed countries to meet their financial commitments for a just transition in Developing countries, climate adaptation finance and additional funding for biodiversity conservation. He noted that without adequate financing, many Nations, particularly those with the greatest vulnerabilities, face a debt burden that threatens their ability to pursue sustainable development. Shri Yadav once again urged the Developed countries to fulfill the financial promises made and work together to close this gap, as the world approaches the final stretch towards 2030.

    Talking about India’s idea of sustainable development that promotes equity, justice, and harmony with nature, the Minister said, “Looking ahead to 2047, when India celebrates the centenary of its independence, our vision for Viksit Bharat goes beyond mere economic growth. We envision an India that is not only developed but also green, resilient, and inclusive”. He noted that the path to this future is rooted in the belief that human society and nature must coexist harmoniously. This is where India’s mission for LiFE (Lifestyle for the Environment) becomes very relevant, which promotes a pro-planet lifestyle embracing sustainability at the individual, community, and national levels, ensuring that the choices we make today contribute to a better tomorrow, he added.

    Taking cue from India’s development strategy, Shri Yadav proposed that the World should be committed to pursuing green growth and continue making concerted efforts on afforestation, sustainable agriculture, and green infrastructure to ensure that development is in harmony with the environment. “We should continue to invest in climate resilience, ensuring that communities can withstand the impacts of climate change”, he added.

    The Minister reminded the gathering that as the world pursues shared goals, it must be remembered that the future is intrinsically linked to collaboration and cooperation. He said that the spirit of Vasudhaiva Kutumbakam should serve as a guiding principle for XDG 2045. “For XDG 2045 to truly succeed, it must not merely be a set of agreements or declarations, but a global movement—a movement grounded in the principles of justice, inclusivity, and shared progress. This is why Vasudhaiva Kutumbakam must serve as the guiding principle for our collaboration, leading us to foster partnerships based on trust, mutual benefit, and an unwavering commitment to the common good. Only by embracing this worldview can we build a harmonious and sustainable future, where no one is left behind, and all countries are empowered to thrive”, he stated.

    Concluding his address, Shri Yadav encouraged world leaders to continue working together, across borders and sectors, to build a world that is more inclusive, sustainable, and prosperous for generations to come, eradicating poverty and leaving no one behind. India is ready to contribute its ideas, innovations, and actions to this collective endeavour, he added.

    *****

    VM

    (Release ID: 2101899) Visitor Counter : 50

    MIL OSI Asia Pacific News

  • MIL-OSI USA: High-Ranking Affiliate of Sinaloa Cartel Charged with Drug Conspiracy in Chicago

    Source: US State of North Dakota

    A grand jury in Chicago returned an indictment yesterday charging a high-ranking affiliate of the Sinaloa Cartel for allegedly manufacturing and distributing fentanyl, cocaine, heroin, and other drugs and importing them into the United States.

    “As alleged, the defendant conspired to traffic dangerous drugs, including fentanyl, into the United States — and employed dozens of gunmen to protect his drug trafficking operation and the leadership of the Guzman faction of the Sinaloa Cartel,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Stopping Mexican cartels from poisoning our communities with fentanyl and other narcotics is a top priority of this Administration. Today’s indictment demonstrates that the Criminal Division is relentless in its pursuit of the drug traffickers who profit at the expense of the American people.”

    “Our nation’s fentanyl crisis has devastated individuals and families in northern Illinois and throughout the country,” said Acting U.S. Attorney Morris Pasqual for the Northern District of Illinois. “Our office will continue to work with our law enforcement partners to disrupt the production and trafficking of fentanyl and other dangerous narcotics before they can reach more victims.”

    “From San Diego to Chicago to D.C., we are united to bring down the traffickers pushing these poisons into American communities,” said U.S. Attorney Tara McGrath for the Southern District of California. “We are attacking at every level — from street dealers to cartel leaders.”

    “This indictment reinforces the FBI’s unwavering commitment to hold accountable those who endanger our communities and traffic violence and drugs across our borders,” said Assistant Director Chad Yarbrough of the FBI’s Criminal Investigative Division. “Let this serve as a clear message: if you engage in cartel activity, we will pursue you and bring you to justice. Together with our law enforcement partners at every level, we remain fully committed to protecting the American people and stopping the flow of these dangerous drugs into our nation.”

    According to court documents, Ceferino Espinoza Angulo, 43, employed dozens of gunmen in Mexico to protect and support the leadership of the Guzman faction of the Sinaloa Cartel, including Ivan Guzman-Salazar, Jesus Alfredo Guzman-Salazar, Ovidio Guzman-Lopez, and Joaquin Guzman-Lopez, collectively known as “the Chapitos.” Espinoza Angulo allegedly conspired to obtain fentanyl precursor chemicals and to manufacture, distribute, and import into the United States fentanyl, cocaine, heroin, methamphetamine, and ecstasy. Ceferino Espinoza also allegedly illegally possessed a machinegun in furtherance of his drug trafficking scheme.

    The Chapitos are the sons of Joaquin Guzman Loera, also known as “El Chapo,” who led the Sinaloa Cartel before being convicted by a federal jury in Brooklyn, New York, and sentenced to life in prison. The Chapitos allegedly assumed their father’s role as leaders of the Sinaloa Cartel. The Chapitos have been charged with drug trafficking in other U.S. indictments.

    Espinoza Angulo is charged with drug conspiracy and firearm offenses. If convicted, he faces a mandatory minimum penalty of 30 years in prison and a maximum penalty of life in prison. Espinoza Angulo is believed to be residing in Mexico, and a U.S. warrant has been issued for his arrest.

    The FBI and Homeland Security Investigations investigated the case. Valuable assistance was provided by the Drug Enforcement Administration’s Special Operations Division, Bilateral Investigations Unit, and the Portland, Oregon, Police Bureau, Narcotics and Organized Crime Unit, High Intensity Drug Trafficking Areas Interdiction Taskforce.

    Trial Attorney Kirk Handrich of the Criminal Division’s Narcotic and Dangerous Drug Section, Assistant U.S. Attorneys Michelle Parthum and Andrew C. Erskine for the Northern District of Illinois, and Assistant U.S. Attorney Matthew Sutton for the Southern District of California prosecuted the case.

    The case is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles drug trafficking organizations and other criminal networks that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local enforcement agencies.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News

  • MIL-OSI USA: Crapo Statement at Executive Session to Consider USTR Nominee

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at an executive session to consider the nomination of Jamieson Greer to be United States Trade Representative (USTR).

    As prepared for delivery:

    “We meet today for the Committee’s consideration of Jamieson Greer to be the United States Trade Representative.

    “However, we have a colleague who cannot attend today.  Accordingly, Members may make statements today, but the vote will be held off the Senate floor once a time is confirmed.

    “Regarding Mr. Greer, he demonstrated at the hearing that that he is more than qualified to be our nation’s chief trade negotiator.  Mr. Greer thoughtfully responded to all of the questions posed to him then and in subsequent questions for the record.

    “Based on his answers, conduct at the hearing, and in meeting with him, I am confident that Mr. Greer has the experience and determination to advocate successfully for American farmers, ranchers, workers and manufacturers. 

    “Importantly, he was very clear that he is committed to reporting to and consulting with Congress.

    “Accordingly, I intend to vote in favor of Mr. Greer’s nomination.

    “I strongly encourage my colleagues on both sides of the aisle to do the same.

    “With that, I recognize Ranking Member Wyden for his remarks.”

    MIL OSI USA News

  • MIL-OSI Security: High-Ranking Affiliate of Sinaloa Cartel Charged with Drug Conspiracy in Chicago

    Source: United States Attorneys General 2

    A grand jury in Chicago returned an indictment yesterday charging a high-ranking affiliate of the Sinaloa Cartel for allegedly manufacturing and distributing fentanyl, cocaine, heroin, and other drugs and importing them into the United States.

    “As alleged, the defendant conspired to traffic dangerous drugs, including fentanyl, into the United States — and employed dozens of gunmen to protect his drug trafficking operation and the leadership of the Guzman faction of the Sinaloa Cartel,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Stopping Mexican cartels from poisoning our communities with fentanyl and other narcotics is a top priority of this Administration. Today’s indictment demonstrates that the Criminal Division is relentless in its pursuit of the drug traffickers who profit at the expense of the American people.”

    “Our nation’s fentanyl crisis has devastated individuals and families in northern Illinois and throughout the country,” said Acting U.S. Attorney Morris Pasqual for the Northern District of Illinois. “Our office will continue to work with our law enforcement partners to disrupt the production and trafficking of fentanyl and other dangerous narcotics before they can reach more victims.”

    “From San Diego to Chicago to D.C., we are united to bring down the traffickers pushing these poisons into American communities,” said U.S. Attorney Tara McGrath for the Southern District of California. “We are attacking at every level — from street dealers to cartel leaders.”

    “This indictment reinforces the FBI’s unwavering commitment to hold accountable those who endanger our communities and traffic violence and drugs across our borders,” said Assistant Director Chad Yarbrough of the FBI’s Criminal Investigative Division. “Let this serve as a clear message: if you engage in cartel activity, we will pursue you and bring you to justice. Together with our law enforcement partners at every level, we remain fully committed to protecting the American people and stopping the flow of these dangerous drugs into our nation.”

    According to court documents, Ceferino Espinoza Angulo, 43, employed dozens of gunmen in Mexico to protect and support the leadership of the Guzman faction of the Sinaloa Cartel, including Ivan Guzman-Salazar, Jesus Alfredo Guzman-Salazar, Ovidio Guzman-Lopez, and Joaquin Guzman-Lopez, collectively known as “the Chapitos.” Espinoza Angulo allegedly conspired to obtain fentanyl precursor chemicals and to manufacture, distribute, and import into the United States fentanyl, cocaine, heroin, methamphetamine, and ecstasy. Ceferino Espinoza also allegedly illegally possessed a machinegun in furtherance of his drug trafficking scheme.

    The Chapitos are the sons of Joaquin Guzman Loera, also known as “El Chapo,” who led the Sinaloa Cartel before being convicted by a federal jury in Brooklyn, New York, and sentenced to life in prison. The Chapitos allegedly assumed their father’s role as leaders of the Sinaloa Cartel. The Chapitos have been charged with drug trafficking in other U.S. indictments.

    Espinoza Angulo is charged with drug conspiracy and firearm offenses. If convicted, he faces a mandatory minimum penalty of 30 years in prison and a maximum penalty of life in prison. Espinoza Angulo is believed to be residing in Mexico, and a U.S. warrant has been issued for his arrest.

    The FBI and Homeland Security Investigations investigated the case. Valuable assistance was provided by the Drug Enforcement Administration’s Special Operations Division, Bilateral Investigations Unit, and the Portland, Oregon, Police Bureau, Narcotics and Organized Crime Unit, High Intensity Drug Trafficking Areas Interdiction Taskforce.

    Trial Attorney Kirk Handrich of the Criminal Division’s Narcotic and Dangerous Drug Section, Assistant U.S. Attorneys Michelle Parthum and Andrew C. Erskine for the Northern District of Illinois, and Assistant U.S. Attorney Matthew Sutton for the Southern District of California prosecuted the case.

    The case is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles drug trafficking organizations and other criminal networks that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local enforcement agencies.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI