NewzIntel.com

Category: Politics

  • MIL-OSI Africa: Secretary-General’s message on the International Day of Clean Energy [scroll down for French version]

    Source: United Nations – English

    his year, renewables are projected to become the world’s largest source of electricity generation for the first time.  Meanwhile, their prices keep plummeting.  

    On the International Day of Clean Energy, we celebrate this revolution. But we also recognise the challenges ahead.

    The end of the fossil fuel age is certain. But governments must ensure that it comes swiftly and fairly.  This is crucial to save us from the worst of the climate crisis, and to connect every person to clean energy – lifting millions out of poverty.

    This year offers an unparalleled opportunity for countries to align their climate ambitions with their national energy and development strategies. All countries have committed to produce new national climate action plans aligned with limiting global temperature rise to 1.5 degrees Celsius.  They must deliver with plans that cover all greenhouse gases and sectors; map a just fossil fuel phase-out; and contribute to the global goal to triple renewables capacity by 2030. 

    The G20 have the largest capacities and responsibilities – they must lead. All this must be achieved in line with the principle of common but differentiated responsibilities. But all countries must do more. 

    We also need action to get finance flowing to the renewables revolution in emerging markets and developing economies. That includes increasing the lending capacity of Multilateral Development Banks, tackling the high cost of capital, and taking effective action on debt.

    On the International Day of Clean Energy, let’s commit to an international era of clean energy with speed, justice, and collaboration at its core.

    ***

    Cette année, pour la première fois, les sources d’énergie renouvelables devraient devenir la plus grande source de production d’électricité au monde, et leur prix ne cesse de baisser.

    En cette Journée internationale des énergies propres, nous célébrons cette révolution, tout en étant conscients des défis qui nous attendent.

    Il est certain que l’ère des combustibles fossiles va prendre fin. Mais les gouvernements doivent veiller à ce que cette fin arrive rapidement et qu’elle soit juste. Ceci est essentiel pour nous protéger des pires conséquences de la crise climatique et donner à chacun et à chacune les moyens d’accéder à une énergie propre – sortant des millions de personnes de la pauvreté.

    Cette année offre aux pays une occasion unique d’intégrer leurs ambitions climatiques dans leurs stratégies nationales en matière d’énergie et de développement. Tous les pays se sont engagés à élaborer de nouveaux plans d’action nationaux pour le climat qui soient compatibles avec l’objectif de limiter la hausse de la température mondiale à 1,5 degré Celsius. Ils doivent présenter des plans qui couvrent tous les gaz à effet de serre et tous les secteurs, organiser un abandon progressif et juste des combustibles fossiles et contribuer à l’objectif mondial de tripler la capacité en sources d’énergie renouvelables d’ici à 2030.

    Le Groupe des 20 a les plus grandes capacités et les plus importantes responsabilités en la matière : il doit jouer le rôle de chef de file. Tout ceci doit être réalisé conformément au principe des responsabilités communes mais différenciées. Cependant, tous les pays doivent en faire davantage.

    Il faut également faire le nécessaire pour assurer le financement de la révolution des sources d’énergie renouvelables dans les économies émergentes et les économies en développement. Il s’agit notamment d’accroître la capacité de prêt des banques multilatérales de développement, de s’attaquer au coût élevé du capital et de prendre des mesures efficaces pour agir sur la dette.

    En cette Journée internationale des énergies propres, engageons-nous à favoriser l’avènement dans le monde entier d’une ère des énergies propres, avec en son cœur la rapidité, la justice et la collaboration.
     

    MIL OSI Africa –

  • MIL-OSI China: ‘Detective Chinatown’ franchise marks 10th anniversary

    Source: China State Council Information Office 3

    A banquet on Saturday marked the 10th anniversary of Chen Sicheng’s blockbuster “Detective Chinatown” franchise while also showcasing its latest installment, which is scheduled for release during the Spring Festival.

    The cast and crew of the “Detective Chinatown” series pose for a group photo at a banquet celebrating the 10th anniversary of the blockbuster franchise in Beijing, Jan. 25, 2025. [Photo/China.org.cn]

    Past and present cast and crew members gathered for the occasion, along with executives, investors and collaborators involved in the franchise. Among those in attendance were director Chen, the architect of the franchise, and its two most recognizable leading actors, Wang Baoqiang and Liu Haoran.

    The event was filled with emotional moments as stars and fans exchanged greetings and gifts in person and via video clips, posed for photos, and cut a giant birthday cake. Chen shed tears upon seeing a video montage with congratulations from overseas Chinese who may not return to China for the Chinese New Year but voiced their support for the franchise. “I believe they will have truly unique feelings when they see our new installment, ‘Detective Chinatown 1900,’” he said on stage.

    The banquet served as a culminating event to promote “Detective Chinatown 1900,” the fourth entry and prequel in the wildly successful franchise. The director emphasized the film’s focus on exploring the origins of Chinatown in San Francisco.

    “When we made this film, we needed to understand why Chinatown existed in the first place,” he said. “When we went back to its beginnings, we discovered that Chinatown was not created for glory, but because of humiliation. Although our film is set in 1900, this story remains meaningful and poignant for us today. I hope we always use history as a mirror and a warning, and I hope China remains strong and does not revert to the backward ways of the past. We should thank the contemporary era and remember the pain it brought us. We must continuously strive for self-improvement, for only through this can we persevere.”

    The new film also introduces a character played by Hong Kong legend Chow Yun-fat, who plays an influential figure in protecting Chinese immigrants and contributing to the establishment of Chinatown. Chen said he wrote the script with Chow in mind, tailoring the role for one of his idols.

    The filmmaker highlighted the 1:1 scale replica of San Francisco’s Chinatown, which was constructed for the film and features over 200 buildings of different styles. This project was completed in just seven months at Laoling Film Studio in Shandong province, with support from the local government and businesses. 

    “This is Chinese speed, and it has created a miracle in Chinese film history,” the filmmaker said. “Many actors, including foreign performers, were in awe when they walked onto the set. I want to thank so many people, but I especially want to thank this era, which gives us filmmakers the opportunity to achieve our dreams.”

    This replica of San Francisco’s Chinatown will open to the public during the Spring Festival, coinciding with the film’s release.

    Actor Chow Yun-Fat and his wife interact with Chen Sicheng on stage at a banquet celebrating the 10th anniversary of the blockbuster franchise in Beijing, Jan. 25, 2025. [Photo/China.org.cn]

    Executives and distributors from competing film projects for the upcoming holiday season also attended the banquet. The presale box office for the six biggest movies has already surpassed 600 million yuan ($82 million) as of Sunday noon.

    “Let’s work in unity to boost China’s film market, set new records and bring confidence to our filmmakers and audiences,” Chen said.

    Looking at the familiar faces and new colleagues gathered, Chen remarked on the passage of time and the happiness it brings. “The past decade has been so interesting; it seems everything has changed, yet not much has changed. We are still here and working together.”

    Chow offered: “I hope you continue making ‘Detective Chinatown’ for the next 10, 20 and 30 years, and that I can still act in ‘Detective Chinatown’ when I’m 90.” His remarks drew enthusiastic cheers that echoed throughout the venue.

    MIL OSI China News –

  • MIL-OSI Russia: The government allocated 1.5 billion rubles to eliminate the consequences of the oil spill in the Kerch Strait

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    1.5 billion rubles have been allocated from the Government’s reserve fund to eliminate the consequences of the emergency situation related to the oil spill as a result of the tanker crash in the Kerch Strait on December 15, 2024. An order to this effect has been signed.

    The funds will be allocated to the Krasnodar Territory budget for liquidation activities, including work on the disposal and disposal of sand contaminated with fuel oil, and the restoration of beach areas.

    The corresponding decision was made at a meeting of the Government Commission for Coordinating Work to Eliminate the Consequences of the Oil Spill in the Kerch Strait. The issue of allocating funding was also considered and approved at the Government meeting on January 23.

    The document will be published.

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

    MIL OSI Russia News –

  • MIL-OSI China: 2025 ‘Happy Chinese New Year’ global launching ceremony and gala held in Malaysian capital

    Source: People’s Republic of China – State Council News

    2025 ‘Happy Chinese New Year’ global launching ceremony and gala held in Malaysian capital

    Traditional Chinese Wushu is performed at the 2025 “Happy Chinese New Year” global launching ceremony and gala in Kuala Lumpur, Malaysia, on Jan. 25, 2025. [Photo/Xinhua]

    KUALA LUMPUR, Jan. 26 — The 2025 “Happy Chinese New Year” global launching ceremony and gala was held here on Saturday evening, featuring wonderful performances presented by actors from Malaysia and China.

    Malaysian Prime Minister Anwar Ibrahim, China’s Minister of Culture and Tourism Sun Yeli, and Malaysian Minister of Tourism, Arts and Culture Tiong King Sing attended the event and delivered speeches.

    At the beginning of the ceremony, distinguished guests from both the Malaysian and Chinese governments jointly performed the “dotting of the lion’s eyes” ritual, officially inaugurating the event.

    During the event, artists from China, Malaysia, Britain, France, the United States, New Zealand, Egypt, Cambodia, Kazakhstan, and some other countries collaborated in performances, fully showcasing the cultural essence of the Chinese New Year (Spring Festival) and creating a festive atmosphere of global celebration.

    Malaysian Prime Minister Anwar Ibrahim addresses the 2025 “Happy Chinese New Year” global launching ceremony and gala in Kuala Lumpur, Malaysia, on Jan. 25, 2025. [Photo/Xinhua]

    The “Happy Chinese New Year” celebrations worldwide, organized by the Chinese Ministry of Culture and Tourism, have been held annually for 25 consecutive years.

    The year 2025 will mark the first Chinese New Year following the festival’s successful inscription on UNESCO’s list of Intangible Cultural Heritage of Humanity.

    This year, the “Happy Chinese New Year” event will feature nearly 500 diverse performances and exhibitions across more than 100 countries and regions worldwide.

    MIL OSI China News –

  • MIL-OSI United Nations: Secretary-General’s message on the International Day of Clean Energy [scroll down for French version]

    Source: United Nations secretary general

    This year, renewables are projected to become the world’s largest source of electricity generation for the first time.  Meanwhile, their prices keep plummeting.  

    On the International Day of Clean Energy, we celebrate this revolution. But we also recognise the challenges ahead.

    The end of the fossil fuel age is certain. But governments must ensure that it comes swiftly and fairly.  This is crucial to save us from the worst of the climate crisis, and to connect every person to clean energy – lifting millions out of poverty.

    This year offers an unparalleled opportunity for countries to align their climate ambitions with their national energy and development strategies. All countries have committed to produce new national climate action plans aligned with limiting global temperature rise to 1.5 degrees Celsius.  They must deliver with plans that cover all greenhouse gases and sectors; map a just fossil fuel phase-out; and contribute to the global goal to triple renewables capacity by 2030. 

    The G20 have the largest capacities and responsibilities – they must lead. All this must be achieved in line with the principle of common but differentiated responsibilities. But all countries must do more. 

    We also need action to get finance flowing to the renewables revolution in emerging markets and developing economies. That includes increasing the lending capacity of Multilateral Development Banks, tackling the high cost of capital, and taking effective action on debt.

    On the International Day of Clean Energy, let’s commit to an international era of clean energy with speed, justice, and collaboration at its core.

    ***

    Cette année, pour la première fois, les sources d’énergie renouvelables devraient devenir la plus grande source de production d’électricité au monde, et leur prix ne cesse de baisser.

    En cette Journée internationale des énergies propres, nous célébrons cette révolution, tout en étant conscients des défis qui nous attendent.

    Il est certain que l’ère des combustibles fossiles va prendre fin. Mais les gouvernements doivent veiller à ce que cette fin arrive rapidement et qu’elle soit juste. Ceci est essentiel pour nous protéger des pires conséquences de la crise climatique et donner à chacun et à chacune les moyens d’accéder à une énergie propre – sortant des millions de personnes de la pauvreté.

    Cette année offre aux pays une occasion unique d’intégrer leurs ambitions climatiques dans leurs stratégies nationales en matière d’énergie et de développement. Tous les pays se sont engagés à élaborer de nouveaux plans d’action nationaux pour le climat qui soient compatibles avec l’objectif de limiter la hausse de la température mondiale à 1,5 degré Celsius. Ils doivent présenter des plans qui couvrent tous les gaz à effet de serre et tous les secteurs, organiser un abandon progressif et juste des combustibles fossiles et contribuer à l’objectif mondial de tripler la capacité en sources d’énergie renouvelables d’ici à 2030.

    Le Groupe des 20 a les plus grandes capacités et les plus importantes responsabilités en la matière : il doit jouer le rôle de chef de file. Tout ceci doit être réalisé conformément au principe des responsabilités communes mais différenciées. Cependant, tous les pays doivent en faire davantage.

    Il faut également faire le nécessaire pour assurer le financement de la révolution des sources d’énergie renouvelables dans les économies émergentes et les économies en développement. Il s’agit notamment d’accroître la capacité de prêt des banques multilatérales de développement, de s’attaquer au coût élevé du capital et de prendre des mesures efficaces pour agir sur la dette.

    En cette Journée internationale des énergies propres, engageons-nous à favoriser l’avènement dans le monde entier d’une ère des énergies propres, avec en son cœur la rapidité, la justice et la collaboration.
     

    MIL OSI United Nations News –

  • MIL-OSI China: Presidential election kicks off in Belarus

    Source: China State Council Information Office

    The presidential election kicked off in Belarus on Sunday with polling stations opening at 8:00 a.m. (0500 GMT) and closing at 8 p.m. (1700 GMT).

    Five candidates, including incumbent President Alexander Lukashenko, have been registered for the presidential election.

    Voters will cast their ballots at 5,325 polling stations nationwide and the number of voters stands at about 6.9 million, according to the country’s Central Election Commission.

    Elections are considered valid if more than half of the citizens included in the voter list cast their ballots. The head of state is considered elected if a candidate is supported by more than half of the voters who took part in the voting.

    Early voting for the country’s presidential election took place from Jan. 21 to 25. The Central Election Commission said Saturday that 41.81 percent of eligible voters have cast their ballots during the five-day early voting session, which is organized for those unable to vote on the election day.

    MIL OSI China News –

  • MIL-OSI: Infinera Corporation Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — Infinera Corporation (NASDAQ: INFN) today released financial results for its third quarter ended September 28, 2024.

    GAAP revenue for the quarter was $354.4 million compared to $342.7 million in the second quarter of 2024 and $392.4 million in the third quarter of 2023.

    GAAP gross margin for the quarter was 39.8% compared to 39.6% in the second quarter of 2024 and 40.3% in the third quarter of 2023. GAAP operating margin for the quarter was (3.1)% compared to (8.7)% in the second quarter of 2024 and 2.0% in the third quarter of 2023.

    GAAP net loss for the quarter was $(14.3) million, or $(0.06) per diluted share, compared to net loss of $(48.3) million, or $(0.21) per diluted share, in the second quarter of 2024, and net loss of $(9.4) million, or $(0.04) per diluted share, in the third quarter of 2023.

    Non-GAAP gross margin for the quarter was 40.4% compared to 40.3% in the second quarter of 2024 and 41.9% in the third quarter of 2023. Non-GAAP operating margin for the quarter was 3.5% compared to (1.3)% in the second quarter of 2024 and 7.7% in the third quarter of 2023.

    Non-GAAP net income for the quarter was $0.3 million, or $0.00 per diluted share, compared to non-GAAP net loss of $(14.0) million, or $(0.06) per diluted share, in the second quarter of 2024, and non-GAAP net income of $19.9 million, or $0.08 per diluted share, in the third quarter of 2023.

    During the three-months ended September 28, 2024, the Company generated positive cash flow from operations of $44.5 million and ended the quarter with cash, cash equivalents and restricted cash of $115.6 million.

    A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

    Infinera CEO, David Heard said “Our team delivered another quarter with continued sequential improvements in our financial metrics and critical service provider and webscaler design wins across our ICE-X coherent pluggables, next-generation line systems, software, and ICE7 solutions. In addition, in October we signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce for an award under the CHIPS and Science Act that, together with other federal and state incentives, could result in more than $200 million in funds for Infinera.”

    “Looking ahead, our customers remain excited about our pending acquisition by Nokia as they look forward to the combined company accelerating the pace of innovation in the industry. We are making good progress on the steps required to close the transaction, including receiving stockholder approval and attaining U.S. antitrust and CFIUS approval. There are still other regulatory approvals pending, but we believe we remain on track to close the deal in the first half of 2025,” continued Mr. Heard.

    Pending Merger with Nokia

    On June 27, 2024, Infinera, Nokia Corporation, a company incorporated under the laws of the Republic of Finland (“Nokia”) (NYSE: NOK) and Neptune of America Corporation, a Delaware corporation and wholly owned subsidiary of Nokia (“Merger Sub”) entered into an Agreement and Plan of Merger (as it may be amended, modified or waived from time to time, the “Merger Agreement”) that provides for Merger Sub to merge with and into Infinera (the “Merger”), with Infinera surviving the Merger as a wholly owned subsidiary of Nokia. The transaction is expected to close in the first half of 2025.

    In light of the proposed transaction with Nokia, and as is customary during the pendency of an acquisition, Infinera will not be providing financial guidance during the pendency of the acquisition.

    Third Quarter 2024 Investor Slides to be Made Available Online

    Investor slides reviewing Infinera’s third quarter of 2024 financial results will be furnished to the U.S. Securities and Exchange Commission (“SEC”) on a Current Report on Form 8-K and published on Infinera’s Investor Relations website at investors.infinera.com.

    Contacts:

    Media:
    Anna Vue
    Tel. +1 (916) 595-8157
    avue@infinera.com

    Investors:
    Amitabh Passi, Head of Investor Relations
    Tel. +1 (669) 295-1489
    apassi@infinera.com 

    About Infinera

    Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

    Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Infinera’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Infinera’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the amount Infinera could receive in government funding; and statements related to the Merger, including the timing of completion of the Merger and the future performance and benefits of the combined business.

    These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of actual or future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include statements related to the Merger, including whether the Merger may not be completed or completion may be delayed, and if the Merger Agreement is terminated, there may be a required payment of a significant termination fee by either party; the receipt of necessary approvals to complete the Merger; the possibility that due to the Merger, and uncertainty regarding the Merger, Infinera’s customers, suppliers or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera; the significance and timing of costs related to the Merger; the impact on us of litigation or other stockholder action related to the Merger; the effects on us and our stockholders if the Merger is not completed; demand growth for additional network capacity and the level and timing of customer capital spending and excess inventory held by customers beyond normalized levels; delays in the development, introduction or acceptance of new products or in releasing enhancements to existing products; aggressive business tactics by Infinera’s competitors and new entrants and Infinera’s ability to compete in a highly competitive market; supply chain and logistics issues and their impact on our business, and Infinera’s dependency on sole source, limited source or high-cost suppliers; dependence on a small number of key customers; product performance problems; the complexity of Infinera’s manufacturing process; Infinera’s ability to identify, attract, upskill and retain qualified personnel; challenges with our contract manufacturers and other third-party partners; the effects of customer and supplier consolidation; dependence on third-party service partners; Infinera’s ability to respond to rapid technological changes; failure to accurately forecast Infinera’s manufacturing requirements or customer demand; failure to secure the funding contemplated by grants Infinera may receive from governments, agencies or research organizations, or failure to comply with the terms of those grants; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; the adverse impact inflation and higher interest rates may have on Infinera by increasing costs beyond what it can recover through price increases; restrictions to our operations resulting from loan or other credit agreements; the impacts of any restructuring plans or other strategic efforts on our business; Infinera’s international sales and operations; the impacts of foreign currency fluctuations; the effective tax rate of Infinera, which may increase or fluctuate; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera’s convertible senior notes; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera’s ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera’s control, such as natural disasters, acts of war or terrorism, or other catastrophic events that could harm Infinera’s operations; Infinera’s ability to remediate its recently disclosed material weaknesses in internal control over financial reporting in a timely and effective manner, and other risks and uncertainties detailed in Infinera’s SEC filings from time to time; and statements of assumptions underlying any of the foregoing. More information on potential factors that may impact Infinera’s business are set forth in Infinera’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 30, 2023, filed with the SEC on May 17, 2024, and its Quarterly Report on Form 10-Q for the quarter ended June 29, 2024, as filed with the SEC on August 2, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These SEC filings are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

    Use of Non-GAAP Financial Information

    In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs, warehouse fire recovery, merger-related charges, foreign exchange (gains) losses, net, and income tax effects. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for gross margin, operating expenses, operating margin, net income (loss) and net income (loss) per common share prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

    For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled “GAAP to Non-GAAP Reconciliations” and related footnotes.

    Infinera Corporation
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)

      Three months ended   Nine months ended
      September
    28, 2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    Revenue:              
    Product $ 276,214     $ 316,613     $ 778,008     $ 931,057  
    Services   78,184       75,756       226,051       229,615  
    Total revenue   354,398       392,369       1,004,059       1,160,672  
    Cost of revenue:              
    Cost of product   170,693       190,312       494,248       577,152  
    Cost of services   42,515       40,209       121,910       124,889  
    Amortization of intangible assets   —       3,528       —       10,621  
    Restructuring and other related costs   (24 )     —       652       —  
    Total cost of revenue   213,184       234,049       616,810       712,662  
    Gross profit   141,214       158,320       387,249       448,010  
    Operating expenses:              
    Research and development   73,283       76,846       225,223       237,234  
    Sales and marketing   35,715       41,075       118,357       124,406  
    General and administrative   34,160       29,368       101,114       89,762  
    Amortization of intangible assets   2,257       2,976       6,769       10,088  
    Merger-related charges   6,954       —       15,471       —  
    Restructuring and other related costs   (157 )     400       4,105       2,621  
    Total operating expenses   152,212       150,665       471,039       464,111  
    Income (loss) from operations   (10,998 )     7,655       (83,790 )     (16,101 )
    Other income (expense), net:              
    Interest income   874       546       2,789       1,734  
    Interest expense   (8,764 )     (7,608 )     (25,556 )     (21,795 )
    Other gain (loss), net   8,485       (7,540 )     (8,910 )     10,586  
    Total other income (expense), net   595       (14,602 )     (31,677 )     (9,475 )
    Loss before income taxes   (10,403 )     (6,947 )     (115,467 )     (25,576 )
    Provision for income taxes   3,910       2,466       8,528       12,510  
    Net loss $ (14,313 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
    Net loss per common share:              
    Basic $ (0.06 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Diluted $ (0.06 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Weighted average shares used in computing net loss per common share:              
    Basic   235,832       228,077       233,905       225,465  
    Diluted   235,832       228,077       233,905       225,465  
     

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands, except percentages)
    (Unaudited)

      Three months ended   Nine months ended
      September
    28, 2024          		   June 29,
    2024          		   September
    30, 2023    		   September 
    28, 2024    		   September 
    30, 2023
    Reconciliation of Gross Profit and Gross Margin:                                      
    GAAP as reported $ 141,214     39.8 %   $ 135,594     39.6 %   $ 158,320   40.3 %   $ 387,249     38.6 %   $ 448,010     38.6 %
    Stock-based compensation expense(1)   2,084     0.6 %     1,777     0.5 %     2,515   0.7 %     5,754     0.5 %     7,672     0.7 %
    Amortization of acquired intangible assets(2)   —     — %     —     — %     3,528   0.9 %     —     — %     10,621     0.9 %
    Restructuring and other related costs(3)   (24 )   (0.0) %     703     0.2 %     —         652     0.1 %     —     — %
    Warehouse fire recovery(4)   —     — %     —     — %     —   — %     —     — %     (1,985 )   (0.2) %
    Non-GAAP as adjusted $ 143,274     40.4 %   $ 138,074     40.3 %   $ 164,363   41.9 %   $ 393,655     39.2 %   $ 464,318     40.0 %
                                           
    Reconciliation of Operating Expenses:                                      
    GAAP as reported $ 152,212         $ 165,403         $ 150,665       $ 471,039         $ 464,111      
    Stock-based compensation expense(1)   12,305           8,024           13,230         32,967           41,721      
    Amortization of acquired intangible assets(2)   2,257           2,256           2,976         6,769           10,088      
    Restructuring and other related costs(3)   (157 )         3,948           400         4,105           2,621      
    Merger-related charges(5)   6,954           8,517           —         15,471           —      
    Non-GAAP as adjusted $ 130,853         $ 142,658         $ 134,059       $ 411,727         $ 409,681      
                                           
    Reconciliation of Income (Loss) from Operations and Operating Margin:                                      
    GAAP as reported $ (10,998 )   (3.1) %   $ (29,809 )   (8.7) %   $ 7,655   2.0 %   $ (83,790 )   (8.3) %   $ (16,101 )   (1.4) %
    Stock-based compensation expense(1)   14,389     4.1 %     9,801     2.8 %     15,745   3.9 %     38,721     3.8 %     49,393     4.3 %
    Amortization of acquired intangible assets(2)   2,257     0.6 %     2,256     0.7 %     6,504   1.7 %     6,769     0.7 %     20,709     1.8 %
    Restructuring and other related costs(3)   (181 )   (0.1) %     4,651     1.4 %     400   0.1 %     4,757     0.5 %     2,621     0.2 %
    Warehouse fire recovery(4)   —     — %     —     — %     —   — %     —     — %     (1,985 )   (0.2) %
    Merger-related charges(5)   6,954     2.0 %     8,517     2.5 %     —   — %     15,471     1.5 %     —     — %
    Non-GAAP as adjusted $ 12,421     3.5 %   $ (4,584 )   (1.3) %   $ 30,304   7.7 %   $ (18,072 )   (1.8) %   $ 54,637     4.7 %
     
        Three months ended   Nine months ended
        September
    28, 2024    		       June
    29, 2024    		       September
    30, 2023    		       September
    28, 2024    		       September
    30, 2023
    Reconciliation of Net Income (Loss):                                    
    GAAP as reported   $ (14,313 )       $ (48,287 )       $ (9,413 )       $ (123,995 )       $ (38,086 )
    Stock-based compensation expense(1)     14,389           9,801           15,745           38,721           49,393  
    Amortization of acquired intangible assets(2)     2,257           2,256           6,504           6,769           20,709  
    Restructuring and other related costs(3)     (181 )         4,651           400           4,757           2,621  
    Warehouse fire recovery(4)     —           —           —           —           (1,985 )
    Merger-related charges(5)     6,954           8,517           —           15,471           —  
    Foreign exchange (gains) losses, net(6)     (8,039 )         11,690           7,527           10,099           (9,903 )
    Income tax effects(7)     (788 )         (2,604 )         (894 )         (3,775 )         2,072  
    Non-GAAP as adjusted   $ 279         $ (13,976 )       $ 19,869         $ (51,953 )       $ 24,821  
                                         
    Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share:                                    
    Basic     235,832           234,349           228,077           233,905           225,465  
    Diluted(8)     235,832           234,349           228,077           233,905           225,465  
                                         
    Weighted Average Shares Used in Computing Non-GAAP Net Income (Loss) per Common Share:                                    
    Basic     235,832           234,349           228,077           233,905           225,465  
    Diluted(9)     240,502           234,349           257,219           233,905           228,735  
                                         
    Reconciliation of Adjusted EBITDA (10):                                    
    Non-GAAP net income (loss)   $ 279         $ (13,976 )       $ 19,869         $ (51,953 )       $ 24,821  
    Add: Interest expense, net     7,890           7,370           7,062           22,767           20,061  
    Less: Other gain (loss), net     446           507           (13 )         1,189           683  
    Add: Income tax effects     4,698           2,529           3,360           12,303           10,438  
    Add: Depreciation     13,501           13,285           13,498           39,975           38,694  
    Non-GAAP as adjusted   $ 25,922         $ 8,701         $ 43,802         $ 21,903         $ 93,331  
                                         
    Net Income (Loss) per Common Share: GAAP                                    
    Basic   $ (0.06 )       $ (0.21 )       $ (0.04 )       $ (0.53 )       $ (0.17 )
    Diluted(8)   $ (0.06 )       $ (0.21 )       $ (0.04 )       $ (0.53 )       $ (0.17 )
                                         
    Net Income (Loss) per Common Share: Non-GAAP                                    
    Basic   $ 0.00         $ (0.06 )       $ 0.09         $ (0.22 )       $ 0.11  
    Diluted(9)   $ 0.00         $ (0.06 )       $ 0.08         $ (0.22 )       $ 0.11  
     
    (1)  Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of stock-based compensation related to employees and non-employees (in thousands):
     
          Three months ended   Nine months ended
          September 28,
    2024    		   June 29,
    2024    		   September 30,
    2023    		   September 28,
    2024    		   September 30,
    2023
    Cost of revenue   $ 2,084   $ 1,777   $ 2,515   $ 5,754   $ 7,672  
    Research and development     4,623     4,497     5,734     14,232     17,557  
    Sales and marketing     3,241     2,611     3,706     9,139     11,371  
    General and administration     4,441     916     3,790     9,596     12,793  
    Total operating expenses     12,305     8,024     13,230     32,967     41,721  
      Total stock-based compensation expense   $ 14,389   $ 9,801   $ 15,745   $ 38,721   $ 49,393  
     
    (2) Amortization of acquired intangible assets consists of developed technology and customer relationships acquired in connection with the acquisitions of Coriant and Transmode AB. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP gross profit, operating expenses and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.
    (3) Restructuring and other related costs are primarily associated with the reduction of headcount and the reduction of operating costs. In addition, this includes accelerated amortization on operating lease right-of-use assets due to the cessation of use of certain facilities. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.
    (4) Warehouse fire losses were incurred due to inventory destroyed in a warehouse fire in the third quarter of fiscal year 2022. Recoveries are recorded when they are probable of receipt. Management has excluded the impact of this loss and subsequent recoveries in arriving at Infinera’s non-GAAP results as it is non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.
    (5) Merger-related charges represent costs incurred directly in connection with the pending merger with Nokia. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and the exclusion of these charges provides a better indication of Infinera’s underlying business performance.
    (6) Foreign exchange (gains) losses, net, have been excluded from Infinera’s non-GAAP results because management believes that this expense is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.
    (7) The difference between the GAAP and non-GAAP tax provision is due to the net tax effects of above non-GAAP adjustments. Management believes the exclusion of these tax effects provides a better indication of Infinera’s underlying business performance.
    (8) The GAAP diluted shares include potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a GAAP basis in periods when Infinera has net income on a GAAP basis, as its inclusion provides a better indication of Infinera’s underlying business performance.
     

    For purposes of calculating GAAP diluted earnings per share, we used the following net loss and weighted average common shares outstanding (in thousands, except per share data):

        Three months ended   Nine months ended
        September
    28, 2024    		   June 29,
    2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    GAAP net loss for basic earnings per share   $ (14,313 )   $ (48,287 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
    Interest expense related to the convertible senior notes, net of tax     —       —       —       —       —  
    GAAP net loss for diluted earnings per share   $ (14,313 )   $ (48,287 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
                         
    Weighted average basic common shares outstanding     235,832       234,349       228,077       233,905       225,465  
    Dilutive effect of restricted and performance share units     —       —       —       —       —  
    Dilutive effect of 2024 convertible senior notes(a)     —       —       —       —       —  
    Dilutive effect of 2027 convertible senior notes(b)     —       —       —       —       —  
    Dilutive effect of 2028 convertible senior notes(c)     —       —       —       —       —  
    Weighted average dilutive common shares outstanding     235,832       234,349       228,077       233,905       225,465  
                         
    GAAP net loss per common share:                    
    Basic   $ (0.06 )   $ (0.21 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Diluted   $ (0.06 )   $ (0.21 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
                                                 
      (a)    For the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were 1.4 million, 1.9 million and 1.9 million shares, respectively, excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect. For the nine-months ended September 28, 2024, and September 30, 2023, there were 1.7 million, and 7.1 million shares, respectively, excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
      (b)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
      (c)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net loss per share. For the nine-months ended September 28, 2024, there were no shares excluded from the calculation of diluted net loss per share. For the nine-months ended September 30, 2023, there were 1.2 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
    (9) The non-GAAP diluted shares include the potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a non-GAAP basis in periods when Infinera has net income on a non-GAAP basis as its inclusion provides a better indication of Infinera’s underlying business performance. Refer to the diluted earnings per share reconciliation presented below.
       

    For purposes of calculating non-GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

            Three months ended   Nine months ended
            September 28, 2024   June 29, 2024   September 30, 2023   September 28, 2024   September 30, 2023
    Non-GAAP net income (loss) for basic earnings per share   $ 279   $ (13,976 )   $ 19,869   $ (51,953 )   $ 24,821  
    Interest expense related to the convertible senior notes, net of tax     —     —       1,359     —       —  
    Non-GAAP net income (loss) for diluted earnings per share   $ 279   $ (13,976 )   $ 21,228   $ (51,953 )   $ 24,821  
                             
    Weighted average basic common shares outstanding     235,832     234,349       228,077     233,905       225,465  
    Dilutive effect of restricted and performance share units     4,670     —       1,123     —       2,005  
    Dilutive effect of employee stock purchase plan     —     —       —     —       70  
    Dilutive effect of 2024 convertible senior notes(a)     —     —       1,899     —       —  
    Dilutive effect of 2027 convertible senior notes(b)     —     —       26,120     —       —  
    Dilutive effect of 2028 convertible senior notes(c)     —     —       —     —       1,195  
    Weighted average dilutive common shares outstanding     240,502     234,349       257,219     233,905       228,735  
                             
    Non-GAAP net income (loss) per common share:                    
    Basic   $ 0.00   $ (0.06 )   $ 0.09   $ (0.22 )   $ 0.11  
    Diluted   $ 0.00   $ (0.06 )   $ 0.08   $ (0.22 )   $ 0.11  
                                             
      (a)    For the three-months ended September 28, 2024, and June 29, 2024, there were 1.4 million, and 1.9 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the three-months ended September 30, 2023, there were no shares excluded from the calculation of diluted net income per share. For the nine-months ended September 28, 2024, and September 30, 2023, there were 1.7 million, and 7.1 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.
      (b)    For each of the three-months ended September 28, 2024, and June 29, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the three-months ended September 30, 2023, there were no shares excluded from the calculation of diluted net income per share. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.
      (c)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share.
    (10) Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Infinera’s adjusted EBITDA is calculated by excluding the above non-GAAP adjustments, interest expense, net, other gain (loss), net, income tax effects and depreciation expenses. Management believes that adjusted EBITDA is an important financial measure for use in evaluating Infinera’s financial performance, as it measures the ability of our business operations to generate cash.
       

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands)
    (Unaudited) 

    Free Cash Flow

    We define free cash flow as net cash provided by (used in) operating activities in the period minus the purchase of property and equipment made in the period.

    Free cash flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes that free cash flow is an important financial measure for use in evaluating Infinera’s financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net loss as a measure of our performance or net cash provided by (used in) operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

        Three months ended   Nine months ended
        September
    28, 2024    		   June 29,
    2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    Net cash provided by (used in) operating activities   $ 44,563     $ (59,954 )   $ (29,793 )   $ 8,635     $ (30,142 )
    Purchase of property and equipment     (24,090 )     (14,582 )     (13,318 )     (46,748 )     (40,900 )
    Free cash flow   $ 20,473     $ (74,536 )   $ (43,111 )   $ (38,113 )   $ (71,042 )
     

    Infinera Corporation
    Condensed Consolidated Balance Sheets
    (In thousands, except par values)
    (Unaudited)

      September 28,
    2024    		   December 30,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 115,089     $ 172,505  
    Short-term restricted cash   42       517  
    Accounts receivable, net   288,265       381,981  
    Inventory   356,119       431,163  
    Prepaid expenses and other current assets   162,560       129,218  
    Total current assets   922,075       1,115,384  
    Property, plant and equipment, net   231,190       206,997  
    Operating lease right-of-use assets   39,359       39,973  
    Intangible assets, net   18,050       24,819  
    Goodwill   237,509       240,566  
    Long-term restricted cash   446       837  
    Other long-term assets   57,128       50,662  
    Total assets $ 1,505,757     $ 1,679,238  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 259,225     $ 299,005  
    Accrued expenses and other current liabilities   137,078       110,758  
    Accrued compensation and related benefits   48,683       85,203  
    Short-term debt, net   10,473       25,512  
    Accrued warranty   12,635       17,266  
    Deferred revenue   116,332       136,248  
    Total current liabilities   584,426       673,992  
    Long-term debt, net   667,205       658,756  
    Long-term accrued warranty   12,554       15,934  
    Long-term deferred revenue   21,626       21,332  
    Long-term deferred tax liability   1,770       1,805  
    Long-term operating lease liabilities   44,563       47,464  
    Other long-term liabilities   39,767       43,364  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.001 par value
    Authorized shares – 25,000 and no shares issued and outstanding    		   —       —  
    Common stock, $0.001 par value
    Authorized shares – 500,000 as of September 28, 2024 and December 30, 2023   
    Issued and outstanding shares – 236,296 as of September 28, 2024 and 230,994 as of December 30, 2023    		   236       231  
    Additional paid-in capital   2,012,820       1,976,014  
    Accumulated other comprehensive loss   (30,409 )     (34,848 )
    Accumulated deficit   (1,848,801 )     (1,724,806 )
    Total stockholders’ equity   133,846       216,591  
    Total liabilities and stockholders’ equity $ 1,505,757     $ 1,679,238  
     

    Infinera Corporation
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Nine months ended
      September 28,
    2024    		   September 30,
    2023
    Cash Flows from Operating Activities:      
    Net loss $ (123,995 )   $ (38,086 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
    Depreciation and amortization   46,744       59,403  
    Non-cash restructuring charges and other related costs   32       1,183  
    Amortization of debt issuance costs and discount   2,750       2,970  
    Operating lease expense   6,905       6,402  
    Stock-based compensation expense   38,721       49,393  
    Other, net   139       (683 )
    Changes in assets and liabilities:      
    Accounts receivable   92,364       89,248  
    Inventory   74,527       (82,983 )
    Prepaid expenses and other current assets   (48,141 )     16,811  
    Accounts payable   (57,127 )     (27,798 )
    Accrued expenses and other current liabilities   (5,386 )     (46,163 )
    Deferred revenue   (18,898 )     (59,839 )
    Net cash provided by (used in) operating activities   8,635       (30,142 )
    Cash Flows from Investing Activities:      
    Purchase of property and equipment   (46,748 )     (40,900 )
    Net cash used in investing activities   (46,748 )     (40,900 )
    Cash Flows from Financing Activities:      
    Proceeds from issuance of 2028 Notes, net of discount   —       98,751  
    Repayment of 2024 Notes   (18,747 )     (83,446 )
    Payment of debt issuance cost   —       (2,108 )
    Proceeds from asset-based revolving credit facility   50,000       —  
    Repayment of asset-based revolving credit facility   (40,000 )     —  
    Repayment of mortgage payable   (354 )     (381 )
    Principal payments on finance lease obligations   (469 )     (784 )
    Payment of term license obligation   (7,882 )     (7,720 )
    Proceeds from issuance of common stock   5       14,931  
    Tax withholding paid on behalf of employees for net share settlement   (1,860 )     (2,217 )
    Net cash (used in) provided by financing activities   (19,307 )     17,026  
    Effect of exchange rate changes on cash   (862 )     (8,551 )
    Net change in cash, cash equivalents and restricted cash   (58,282 )     (62,567 )
    Cash, cash equivalents and restricted cash at beginning of period   173,859       189,203  
    Cash, cash equivalents and restricted cash at end of period(1) $ 115,577     $ 126,636  
     

    Infinera Corporation
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Nine months ended
      September 28,
    2024    		   September 30,
    2023
    Supplemental disclosures of cash flow information:      
    Cash paid for income taxes, net $ 18,205   $ 9,955  
    Cash paid for interest $ 25,967   $ 21,579  
    Supplemental schedule of non-cash investing and financing activities:      
    Property and equipment included in accounts payable and accrued liabilities $ 26,779   $ 18,529  
    Transfer of inventory to fixed assets $ —   $ 1,207  
    Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities) $ 16,380   $ 16,510  
                 
                 

    (1) Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets (in thousands):

      September 28,
    2024    		   September 30,
    2023
    Cash and cash equivalents $ 115,089   $ 123,927  
    Short-term restricted cash   42     1,725  
    Long-term restricted cash   446     984  
    Total cash, cash equivalents and restricted cash $ 115,577   $ 126,636  
     

    Infinera Corporation
    Supplemental Financial Information
    (Unaudited)

          Q4’22   Q1’23   Q2’23   Q3’23   Q4’23   Q1’24   Q2’24   Q3’24
    GAAP Revenue $(Mil)   $ 485.9     $ 392.1     $ 376.2     $ 392.4     $ 453.5     $ 306.9     $ 342.7     $ 354.4  
    GAAP Gross Margin %     37.1 %     37.5 %     38.0 %     40.3 %     38.6 %     36.0 %     39.6 %     39.8 %
      Non-GAAP Gross Margin %(1)     38.7 %     38.8 %     39.3 %     41.9 %     39.6 %     36.6 %     40.3 %     40.4 %
    GAAP Revenue Composition:                                
    Domestic %     61 %     60 %     58 %     59 %     68 %     54 %     58 %     60 %
    International %     39 %     40 %     42 %     41 %     32 %     46 %     42 %     40 %
    Customers >10% of Revenue     1       —       1       1       1       —       —       2  
    Cash Related Information:                                
    Cash from Operations $(Mil)   $ (0.6 )   $ (1.8 )   $ 1.4     $ (29.7 )   $ 79.6     $ 24.0     $ (59.9 )   $ 44.5  
    Capital Expenditures $(Mil)   $ 8.3     $ 16.8     $ 10.8     $ 13.3     $ 21.4     $ 8.1     $ 14.6     $ 24.0  
    Depreciation & Amortization $(Mil)   $ 19.8     $ 19.6     $ 19.8     $ 20.0     $ 19.4     $ 15.4     $ 15.6     $ 15.7  
    DSOs(2)     79       78       79       76       77       79       76       74  
    Inventory Metrics:                                
    Raw Materials $(Mil)   $ 48.7     $ 67.6     $ 85.4     $ 110.4     $ 133.6     $ 132.5     $ 119.4     $ 105.2  
    Work in Process $(Mil)   $ 66.6     $ 71.8     $ 71.9     $ 69.9     $ 68.4     $ 68.6     $ 68.7     $ 67.6  
    Finished Goods $(Mil)   $ 259.6     $ 273.6     $ 270.1     $ 276.6     $ 229.2     $ 219.6     $ 196.1     $ 183.3  
    Total Inventory $(Mil)   $ 374.9     $ 413.0     $ 427.4     $ 456.9     $ 431.2     $ 420.7     $ 384.2     $ 356.1  
    Inventory Turns(3)     3.4       2.4       2.2       2.1       2.5       1.8       2.0       2.3  
    Worldwide Headcount     3,267       3,351       3,365       3,369       3,389       3,323       3,334       3,340  
    Weighted Average Shares Outstanding (in thousands):                                
    Basic     219,921       222,393       225,922       228,077       230,509       231,533       234,349       235,832  
    Diluted     258,030       265,921       262,712       257,219       259,210       260,980       265,591       267,999  
       
    (1) Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery. For a description of this non-GAAP financial measure, please see the section titled, “GAAP to Non-GAAP Reconciliations” of this press release for a reconciliation to the most directly comparable GAAP financial measures. For reconciliations of prior periods that are not otherwise provided herein, see the prior period earnings releases available on our Investor Relations webpage.
    (2) Infinera calculates DSO based on 91 days. Fiscal year 2022 was 53 weeks and the fourth quarter of fiscal year 2022 was 98 days. When calculation is based on 98 days, DSO was 85 days for the fourth quarter of fiscal year 2022.
    (3) Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue, which is calculated as GAAP cost of revenue less stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery, as illustrated in the reconciliation of gross profit above, divided by the average inventory for the quarter.
       

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Nov. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended September 28, 2024.

    For the first quarter of fiscal year 2025, Key Tronic reported total revenue of $131.6 million, compared to $150.1 million in the same period of fiscal year 2024. Revenue in the first quarter of fiscal year 2025 was adversely impacted by customer-driven design and qualification delays of three programs that we believe impacted revenue by approximately $9 million. These delays have since been resolved on two of these programs and shipments have resumed in the second quarter.   Production in Key Tronic’s Mexico facilities in the first quarter of fiscal year 2025 increased by approximately 10% sequentially from the prior quarter.  

    The Company saw significant improvement in its production efficiencies compared to the first quarter of fiscal year 2024, primarily as a result of recent headcount reductions, continued improvements in the supply chain and a favorable decline in the exchange rate of the Mexican Peso. Gross margins were 10.1% and operating margins were 3.4% in the first quarter of fiscal year 2025, up from 7.2% and 2.2%, respectively, in the same period of fiscal year 2024.

    Net income was $1.1 million or $0.10 per share for the first quarter of fiscal year 2025, compared to net income of $0.3 million or $0.03 per share for the same period of fiscal year 2024.   Adjusted net income was $1.2 million or $0.11 per share for the first quarter of fiscal year 2025, compared to $0.0 million or $0.00 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

    “While we did not meet revenue expectations in our first quarter of fiscal 2025 due to unavoidable delays for a few programs, we are pleased to see our improved operating efficiencies, margins, and liquidity,” said Brett Larsen, President and CEO. “The recent workforce reductions in Mexico, trimming of non-profitable programs, and making a concerted effort to improve working capital are starting to pay off.   We also continued to reduce our inventories, which are now much more in line with our revenue levels. Over the longer term, we expect that these strategic changes will improve our overall profitability.”  

    “During the first quarter, we also continued to win new business, including new programs in manufacturing equipment, vehicle lighting, and commercial pest control.   We believe we are well positioned for increased growth and profitability in coming periods.”

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

    Business Outlook

    For the second quarter of fiscal 2025, Key Tronic expects to report revenue in the range of $130 million to $140 million and earnings in the range $0.05 to $0.15 per diluted share. These expected results assume an effective tax rate of 20% in the coming quarter.

    Conference Call

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 7268667). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

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

    Forward-Looking Statements

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

    Non-GAAP Financial Measures

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

     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    Net sales $ 131,558     $ 150,112  
    Cost of sales   118,255       139,250  
    Gross profit   13,303       10,862  
    Research, development and engineering expenses   2,289       2,241  
    Selling, general and administrative expenses   6,570       5,784  
    Gain on insurance proceeds, net of losses   —       (431 )
    Total operating expenses   8,859       7,594  
    Operating income   4,444       3,268  
    Interest expense, net   3,263       3,011  
    Income before income taxes   1,181       257  
    Income tax (benefit) provision   57       (78 )
    Net income $ 1,124     $ 335  
    Net income per share — Basic $ 0.10     $ 0.03  
    Weighted average shares outstanding — Basic   10,762       10,762  
    Net income per share — Diluted $ 0.10     $ 0.03  
    Weighted average shares outstanding — Diluted   10,762       11,003  
     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
        September 28, 2024   June 29, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 6,555     $ 4,752  
    Trade receivables, net of credit losses of $3,129 and $2,918     133,984       132,559  
    Contract assets     23,626       21,250  
    Inventories, net     95,845       105,099  
    Other, net of credit losses of $1,642 and $1,679     28,273       24,739  
    Total current assets     288,283       288,399  
    Property, plant and equipment, net     27,910       28,806  
    Operating lease right-of-use assets, net     14,612       15,416  
    Other assets:        
    Deferred income tax asset     18,394       17,376  
    Other     6,735       5,346  
    Total other assets     25,129       22,722  
    Total assets   $ 355,934     $ 355,343  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable   $ 83,768     $ 79,394  
    Accrued compensation and vacation     6,870       6,510  
    Current portion of long-term debt     3,057       3,123  
    Other     18,450       15,149  
    Total current liabilities     112,145       104,176  
    Long-term liabilities:        
    Long-term debt, net     109,675       116,383  
    Operating lease liabilities     9,573       10,312  
    Deferred income tax liability     74       263  
    Other long-term obligations     124       219  
    Total long-term liabilities     119,446       127,177  
    Total liabilities     231,591       231,353  
    Shareholders’ equity:        
    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively     47,351       47,284  
    Retained earnings     78,045       76,921  
    Accumulated other comprehensive income (loss)     (1,053 )     (215 )
    Total shareholders’ equity     124,343       123,990  
    Total liabilities and shareholders’ equity   $ 355,934     $ 355,343  
             
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    Reconciliation of GAAP to non-GAAP measures
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    GAAP net income $ 1,124     $ 335  
    Gain on insurance proceeds (net of losses)   —       (431 )
    Stock-based compensation expense   67       59  
    Income tax effect of non-GAAP adjustments (1)   (13 )     74  
    Adjusted net income: $ 1,178     $ 37  
           
    Adjusted net income per share — non-GAAP Diluted $ 0.11     $ 0.00  
    Weighted average shares outstanding — Diluted   10,762       11,003  
           
    (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.
             
    CONTACTS:   Tony Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509)-927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI: Wilmington Announces 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reported net income for the three months ended September 30, 2024, of $0.05 million or $0.00 per share and net income for the nine months ended September 30, 2024 of $1.2 million or $0.09 per share, compared to net income of $2.4 million or $0.19 per share and $2.5 million and $0.20 per share for the same periods in 2023.

    A summary of the Corporation’s activities is set out below:

    Overview
    During the past 15 months the Corporation has monetized several of its investments in order to unlock the embedded value, which had been substantially realized, simplify its business, return capital to its shareholders and pursue transactions better suited to creating value and liquidity for shareholders.

    On May 7, 2024, the Corporation paid a special dividend and a return of capital distribution totaling $2.75 per Class A and Class B share, or $33.9 million. Class A shareholders received $1.25 per Class A share as a return of capital and $1.50 as an eligible dividend. Class B shareholders received $1.12 per Class B share as a return of capital and $1.63 as an eligible dividend.

    On August 7, 2024, the Shareholders of the Corporation approved the disposition of all or substantially all of the assets of the Corporation. The Corporation completed the sale of the assets of Bow City 2 Limited Partnership (“Bow City Seton”), a wholly owned subsidiary of the Corporation on August 30, 2024. The assets were sold on a cost recovery basis. On November 1, 2024, the Corporation completed the sale of its interest in the Sunchaser RV Resorts Limited Partnership (“Sunchaser Partnership”) for proceeds of $ 4.7 million. The Corporation is evaluating options to sell its 18.2% interest in the Bay Moorings Partnership, which is its remaining asset. The Bay Moorings Partnership is reviewing various options to repay advances made by the Corporation. The Corporation estimates that the sale of its interest in the Bay Moorings Partnership together with the repayment of advances will generate proceeds of approximately $5.5 million.

    Outlook
    The Corporation has taken great strides to reassess its business opportunities in the context of a changing economic environment, simplify its business, and reward shareholders for their support through the payment of dividends and return of capital. As at November 5, 2024, and taking into account the sale of the Corporation’s investment in the Sunchaser Partnership, the Corporation had cash on hand of approximately $32 million. At the completion of monetizing its remaining investments, the Corporation expects to have cash on hand, net of liabilities, of $35 million. The Corporation is actively seeking out opportunities to scale its public platform through transactions which will create value and liquidity for shareholders.  

    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
     
    (unaudited) Three months ended
    September 30    		   Nine months ended
    September 30,    		  
    ($ thousands, except per share amounts) 2024   2023   2024   2023  
    Revenues        
    Management fee revenue 240   305   640   640  
    Interest, distributions and other income 315   1,022   1,401   2,660  
      555   1,327   2,041   3,300  
    Expenses        
    General and administrative (440 ) (423 ) (1,887 ) (1,331 )
    Amortization (7 ) (7 ) (21 ) (21 )
    Finance costs (1 ) (2 ) (4 ) (5 )
    Stock-based compensation —   (23 ) (18 ) (94 )
      (448 ) (455 ) (1,930 ) (1,451 )
    Fair value adjustments and other activities        
    Fair value changes to investments (30 ) 1,700   164   1,180  
    Gain from dispositions —   —   947   —  
    Equity accounted income (loss) —   19   —   (6 )
      (30 ) 1,719   1,111   1,174  
    Income before income taxes 77   2,591   1,222   3,023  
    Current income tax expense (20 ) (347 ) (481 ) (540 )
    Deferred income tax recovery —   140   453   37  
    Provision for income taxes (20 ) (207 ) (28 ) (503 )
    Net income 57   2,384   1,194   2,520  
    Other comprehensive income        
    Items that will not be reclassified to net income (loss):        
    Fair value changes to investments —   (518 ) —   (688 )
    Related income taxes —   (30 ) 36   (17 )
    Other comprehensive income (loss), net of income taxes —   (548 ) 36   (705 )
    Comprehensive income 57   1,836   1,230   1,815  
             
    Net income per share        
    Basic —   0.19   0.09   0.20  
    Diluted —   0.19   0.09   0.20  
     
    CONSOLIDATED BALANCE SHEETS
     
    (unaudited) September 30,   December 31,  
    ($ thousands) 2024   2023  
             
    Assets        
    NON-CURRENT ASSETS        
    Investment in Maple Leaf Partnerships 910   22,910  
    Investment in Sunchaser Partnership —   4,700  
    Investment in Energy Securities —   7,584  
    Land held for development —   6,632  
    Right-of-use asset 42   64  
      952   41,890  
    CURRENT ASSETS        
    Cash 27,849   10,664  
    Short term securities —   17,000  
    Amounts receivable and other 5,423   4,616  
    Asset classified as held for sale 4,670   —  
    Total assets 38,894   74,170  
             
    Liabilities        
    NON-CURRENT LIABILITIES        
    Deferred income tax liabilities 196   1,773  
    Lease liabilities 70   85  
      266   1,858  
    CURRENT LIABILITIES        
    Lease liabilities 38   38  
    Income taxes payable 905   171  
    Amounts payable and other 607   800  
    Total liabilities 1,816   2,867  
             
    Equity        
    Shareholders’ equity 35,619   51,324  
    Contributed surplus —   1,132  
    Retained earnings 1,240   10,364  
    Accumulated other comprehensive income 219   8,483  
    Total equity 37,078   71,303  
    Total liabilities and equity 38,894   74,170  
       

    Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
    Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

    While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.

    The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.

    The MIL Network –

  • MIL-OSI: Institute for Catastrophic Loss Reduction formally opens Winnipeg Climate Resilience Centre

    Source: GlobeNewswire (MIL-OSI)

    WINNIPEG, Manitoba, Nov. 05, 2024 (GLOBE NEWSWIRE) — The Institute for Catastrophic Loss Reduction (ICLR) is very pleased to announce the formal launch of its Climate Resilience Centre in downtown Winnipeg. The centre was made possible through generous contributions from Wawanesa, including the provision of office space in the company’s former executive office at 191 Broadway and operating funds.

    “ICLR is thrilled to partner with Wawanesa on this trailblazing facility,” said Paul Kovacs, Executive Director of the Institute for Catastrophic Loss Reduction. “After this year’s horrendous series of storm and wildfire-related losses that have led to a record $8 billion in insurance claims, it has never been more clear that all facets of Canadian society must work together to foster resilience to extremes. In the context of making Canadian homes, both existing and new, stronger against nature’s extremes, we know what features need to be added. The new ICLR Climate Resilience Centre in Winnipeg allows attendees to see these features in action.”

    “As Canada’s leading property and casualty mutual insurer, we see firsthand the devastating impact of severe weather across the country,” said Jeff Goy, President & CEO of Wawanesa. “Driven by our commitment to building stronger, more resilient communities, Wawanesa is proud to support the Institute for Catastrophic Loss Reduction’s new Climate Resilience Centre in our former executive office in Winnipeg. This facility will serve as a critical resource in equipping Canadians with the knowledge to better protect themselves against the growing threats of climate change, helping them to reduce their risk of loss.”

    The Climate Resilience Centre will serve as a destination for various stakeholders, such as insurers, reinsurers, brokers, home builders, building code officials and others to come together and learn about best practices and the issues involved in becoming more climate resilient. This includes:

    • Developing programming with national reach, distributing information to various stakeholders that is relevant to climate risks across the country.
    • Free attendance, allowing groups to book the premises for education sessions, host events and to collaborate in person.
    • Multimedia and other hands-on displays highlighting practical strategies for property loss mitigation developed by ICLR and sponsored by Wawanesa. The displays will be able to travel to communities for education events to address hazards such as basement flooding/sewer backup, wildfire, overland flooding, extreme wind, and hail.
    • A dedicated space sponsored by Wawanesa that will encourage attendees to come together to share knowledge and learn.

    Tours of the ICLR Climate Resilience Centre can be booked, and inquiries about borrowing the displays can be made by visiting www.iclr.org/climatecentre/.

    About The Institute for Catastrophic Loss Reduction (ICLR)
    Canada’s leading disaster research institute, the Institute for Catastrophic Loss Reduction (ICLR), was established by the insurance industry in 1997 as an independent, not-for-profit research and outreach institute to champion disaster resilience in Canada. ICLR is an international centre of excellence affiliated with Western University, London, Ontario. The Institute develops and champions evidence-based disaster safety solutions that can be implemented by homeowners, businesses and governments to enhance their disaster resilience. Visit www.iclr.org for more information.

    About The Wawanesa Mutual Insurance Company
    The Wawanesa Mutual Insurance Company, founded in 1896, is one of Canada’s largest mutual insurers, with over $3.5 billion in annual revenue and assets of $10 billion. Wawanesa Mutual, with its National Headquarters in Winnipeg, is the parent company of Wawanesa Life, which provides life insurance products and services throughout Canada, and Western Financial Group, which distributes personal and business insurance across Canada. Wawanesa proudly serves more than 1.7 million members in Canada. The company actively gives back to organizations that strengthen communities, donating more than $3.5 million annually to charitable organizations, including over $2 million annually in support of people on the front lines of climate change. Learn more at wawanesa.com.

    For more information:
    Michel Rosset
    Manager, Corporate Communications & Media Relations
    The Wawanesa Mutual Insurance Company
    media@wawanesa.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2b304c1a-bceb-4c48-81ab-b15fbf482fd5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df5d68f1-6b5a-4a3e-aef0-b2630d979275

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ec5a4ca6-49a7-425f-a354-f6b7a926aa64

    The MIL Network –

  • MIL-OSI Security: Two National MS-13 Gang Leaders and Other MS-13 Members and Associates Indicted for Murders in Queens and Long Island

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Superseding Indictment Adds Charges Relating to Three Murders, Including Charges Against National Gang Leaders Edenilson Velasquez Larin and Hugo Diaz Amaya

    A 49-count superseding indictment was unsealed today in federal court in Brooklyn that includes new charges relating to murders allegedly ordered and committed by national leaders, members and associates of the violent transnational criminal organization La Mara Salvatrucha, also known as MS-13.  To date, multiple MS-13 members and associates have been charged in the case for numerous crimes including the murders of Andy Peralta in 2018, Victor Alvarenga in 2018, Abel Mosso in 2019 and Eric Monge in 2020.  The superseding indictment filed today includes new charges against the following MS-13 members and associates:

    • Edenilson Velasquez Larin, also known as “Agresor,” “Saturno,” “Tiny,” “Erick” and “Paco,” allegedly a national leader of MS-13 and the Fulton Locos Salvatruchas (Fulton) clique, who is charged with the 2016 murder of Kenney Reyes and for ordering the murders of Monge in 2020 and Oswaldo Gutierrez Medrano in 2022.
    • Hugo Diaz Amaya, also known as “21” and “Splinter,” allegedly another national leader of MS-13 and the Park View Locos Salvatruchas clique, who is charged with racketeering conspiracy and the murder of Gutierrez Medrano in 2022.
    • Numerous other members of the Fulton clique, all of whom were previously charged in the case, have also now been charged with the murders of Reyes, Monge and Gutierrez Medrano.  

    Breon Peace, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), William S. Walker, Special Agent in Charge, Homeland Security Investigations (HSI), New York, Thomas G. Donlon, Interim Commissioner, New York City Police Department (NYPD), and Patrick Ryder, Commissioner, Nassau County Police Department (NCPD), announced the arrests and charges.

    “My Office and our law enforcement partners have worked tirelessly to hold MS-13 accountable for the unspeakable harm it has done to its victims and our communities.  As these charges make clear, our pursuit of those responsible will not be deterred by the passage of time or by the leaders of MS-13’s futile attempts to hide in the shadows,” stated United States Attorney Peace.  “This indictment strikes yet another blow at MS-13’s leadership and demonstrates our work to dismantle MS-13 from top to bottom.”

    Mr. Peace also thanked the FBI Baltimore Field Office’s Cross Border Task Force, the Nassau County District Attorney’s Office and the Suffolk County District Attorney’s Office for their valuable coordination with the investigation.

    “Edenilson Velasquez Larin and Hugo Diaz Amaya, national MS-13 leaders, allegedly assumed the role of executioner by ordering and participating with the other charged defendants in a series of brutal murders to achieve status and revenge. These alleged conspiracies highlight the fearmongering and callousness in which MS-13 leaders and members operate. May today’s charges reflect the FBI’s commitment to continue its close collaboration with our law enforcement partners to rigorously dismantle the MS-13 hierarchy and disrupt all gang violence terrorizing our communities,” stated FBI Assistant Director in Charge Dennehy.

    “The defendants’ ruthless violence, in furtherance of the MS-13 gang, has no place in society and our communities,” said Special Agent in Charge William S. Walker. “Everyday, HSI New York and our law enforcement partners are utilizing every tool at our disposal to dismantle transnational gangs that jeopardize the safety of New Yorkers, as demonstrated with today’s announcement. No stone will be left unturned in our pursuit of justice on behalf of the victims slain by MS-13 gang members.”

    “These new charges highlight the NYPD’s relentless pursuit of individuals terrorizing our communities,” stated NYPD Interim Commissioner Donlon. “We and our law enforcement partners must continue to find and dismantle the gangs that fuel crime on our streets, and we must hold their members accountable for their senseless acts of violence. I express my gratitude to all of our federal, state, and local partners for their steadfast dedication to our shared public safety goal.”

    “We want to thank our partners in federal law enforcement, particularly the United States Attorney’s Office, for this collaborative effort to bring these violent and destructive criminals to justice,” stated Nassau County Police Commissioner Patrick Ryder.  “From our patrol officers on the street to the dedicated investigators in our Detective Division, the Nassau County Police Department is committed to fighting gang violence and rooting out those who bring destruction to our communities.”

    The U.S. Program

    As alleged in court filings, MS-13 is an extraordinarily violent street gang operating through “cliques” or chapters in Queens, Long Island and communities across the United States, as well as El Salvador, Honduras and other countries in the Americas and Europe.  The gang primarily makes money through drug trafficking and extortion, and is known for its gruesome murders of perceived gang rivals and gang members and associates who have violated the gang’s rules.  MS-13 has been responsible for dozens of murders in the Eastern District of New York alone.

    Since approximately 2021, virtually all MS-13 cliques in the United States have been united under a single hierarchy known as the “U.S. Program.”  The U.S. Program is led by a group of senior gang leaders, most of whom are incarcerated, known as “La Mesa” or “The Table.”  La Mesa, among other roles, allegedly authorizes and directs murders throughout the country, including in New York.  Prior to their arrests, Velasquez Larin and Diaz Amaya were allegedly two of the few members of La Mesa outside of prison — Velasquez Larin was living in Colorado and Diaz Amaya was living in Kansas — and were among the top leaders responsible for the gang’s operations on the East Coast.

    Murder of Kenny Reyes

    The superseding indictment adds charges for the 2016 murder in Uniondale, New York, of 18-year-old Kenny Reyes, who had recently come to the United States from Honduras.  As alleged in court filings, Fulton clique member Jose Espinoza Sanchez befriended Reyes and learned that he had been associated with the 18th Street gang, rivals of MS-13.  Velasquez Larin and Espinoza Sanchez plotted with other members of MS-13 in Nassau County to murder Reyes to increase their positions in the gang.  On May 23, 2016, Velasquez Larin, Espinoza Sanchez and two others lured Reyes to a wooded area to smoke marijuana, where they killed him with machetes and buried his body.  For years after the murder, Velasquez Larin bragged about their roles in the killing to other MS-13 members.

    Murder of Eric Monge

    The superseding indictment charges Velasquez Larin and Espinoza Sanchez for their roles in ordering the murder of Eric Monge, and Jose Guevara Aguilar, Jose Arevalo Iraheta and Erick Zavala Hernandez for their participation in the murder.  As alleged, in the early morning hours of September 6, 2020, Guevara Aguilar and fellow Fulton clique member Oscar Hernandez Baires shot and killed Monge while he was seated in the front passenger seat of his parked car near his home in Queens. Monge’s wife had just returned to the car after bringing their young children inside their residence when Hernandez Baires and Guevara Aguilar began shooting.  After the shooting, Guevara Aguilar and Hernandez Baires ran back to a car where Arevalo Iraheta and Zavala Hernandez were waiting to help them escape. As they fled to the car, Guevara Aguilar dropped his hat, which was later found to have his DNA on it.

    Murder of Oswaldo Gutierrez Medrano

    The superseding indictment also adds charges relating to the 2022 murder in Nassau County of 20-year-old Oswaldo Gutierrez Medrano, a member of the Sailors clique of MS-13.  As alleged, Velasquez Larin and Diaz Amaya ordered the murder of Gutierrez Medrano, and Diaz Amaya coordinated luring Gutierrez Medrano to meet other MS-13 members under the false pretense that he would be receiving a promotion within MS-13. In Nassau County, on February 13, 2022, Gutierrez Medrano allegedly met with those other members of MS-13, including defendants Arevalo Iraheta, Carlos Alvarado, Erick Galdamez Leon and Jose Mejia Hernandez, who allegedly killed him with machetes and knives, dismembered his body and buried him in a wooded area.

    The charges in the superseding indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.

    This case was investigated as part of the ongoing efforts by the OCDETF, a partnership that brings together the combined expertise of federal, state and local law enforcement agencies.  The principal mission of the OCDETF program is to identify, disrupt and dismantle the most serious drug trafficking, weapons trafficking and money laundering organizations, and those primarily responsible for the nation’s illegal drug supply.

    Today’s charges are the latest in a series of federal prosecutions by the United States Attorney’s Office for the Eastern District of New York targeting members of the MS-13.  Since 2003, hundreds of MS-13 members, including dozens of clique leaders, have been convicted on federal felony charges in the Eastern District of New York.  A majority of those MS-13 members have been convicted on federal racketeering charges for participating in murders, attempted murders and assaults.  Since 2009, this Office has obtained indictments charging MS-13 members with carrying out more than 70 murders in the district and has convicted dozens of MS-13 leaders and members in connection with those murders.  These prosecutions are the product of investigations led by our law enforcement partners.

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section. Assistant United States Attorneys Jonathan Siegel, Michael W. Gibaldi, Anna L. Karamigios and Sophia M. Suarez are in charge of the prosecution, with the assistance of Paralegal Specialist Eleanor Jaffe-Pachuilo.

    New Defendant:

    HUGO DIAZ AMAYA (also known as “21” and “Splinter”)
    Age:  36
    Kansas City, Kansas

    Defendants Previously Indicted:

    RAMIRO GUTIERREZ (also known as “Cara de Malo”)
    Age:  31
    Flushing, New York

    VICTOR LOPEZ (also known as “Curioso”)
    Age:  26
    Flushing, New York

    TITO MARTINEZ-ALVARENGA (also known as “Imprudente”)
    Age:  24
    Flushing, New York

    ISMAEL SANTOS-NOVOA (also known as “Profe” and “Travieso”)
    Age:  36
    Flushing, New York

    EDENILSON VELASQUEZ LARIN (also known as “Agresor,” “Saturno,” “Tiny,” “Erick” and “Paco”)
    Age:  35
    Thornton, Colorado

    CHRISTIAN ALAS LEON (also known as “Pata de Chucho”)
    Age:  26
    Westbury, New York

    CARLOS ALVARADO (also known as “Brayle” and “Danny”)
    Age:  21
    Westbury, New York

    JOSE AREVALO IRAHETA (also known as “Splinter,” “Inesperado” and “Daniel”)
    Age:  27
    Queens, New York

    JOSE ESPINOZA SANCHEZ (also known as “Cable,” “Bleca,” “Clave,” “Fantasma” and “Victor”)
    Age:  25
    Carrboro, North Carolina

    ERICK GALDAMEZ LEON (also known as “Truco,” “Burro,” and “Chicle”)
    Age:  24
    Westbury, New York

    JOSE GUEVARA AGUILAR (also known as “Tranquilo,” “Malhechor,” and “Angel”
    Age:  25
    Queens, New York

    KEILA HERNANDEZ MAY
    Age:  37
    Carrboro, North Carolina

    YONATHAN HERNANDEZ
    Age:  25
    Hempstead, New York

    JOSE MEJIA HERNANDEZ (also known as “Mismo” and “Timbre”)
    Age:  22
    Westbury, New York

    JOSE PEREZ OVANDO (also known as “Domino” and “Incompleto”)
    Age:  24
    Westbury, New York

    ERICK ZAVALA HERNANDEZ (also known as “Berry,” “Berro,” and “Alex”)
    Age:  26
    Queens, New York

    E.D.N.Y. Docket No. 20-CR-228 (S-3) (LDH)

    MIL Security OSI –

  • MIL-OSI Security: Romance Scammer Who Took U.S. Citizens Hostage in the Dominican Republic Sentenced to 25 Years in Prison

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

                WASHINGTON – Deivy Jose Rodriguez Delgado, 30, a Venezuelan national, was sentenced today in U.S. District Court for the District of Columbia to 25 years in federal prison for the 2022 armed hostage takings of three U.S. citizens in the Dominican Republic, announced U.S. Attorney Matthew M. Graves and FBI Special Agent in Charge Jeffrey B. Veltri of the Miami Field Office.

                On December 11, 2023, after a nearly two week trial, a jury convicted Delgado of one count of conspiracy to commit hostage taking and three counts of hostage taking. In addition to the prison sentence, U.S. District Court Chief Judge James E. Boasberg ordered Delgado to serve five years of supervised release. Following his release from prison, Delgado will be subject to deportation proceedings. 

                According to the government’s evidence, Delgado, also known as “Sebastian,” kidnapped three men in separate instances between July 5 and July 30, 2022. In each of the three hostage-takings, Delgado lured his victim online with the promise of a friendly “date” and picked the victim up in his car. After driving a short distance, Delgado suddenly stopped to let an accomplice into the backseat, at which point Delgado and his accomplice held the victim at knifepoint, physically restrained the victim, and demanded ransom for his release. Delgado ordered that the ransoms be paid to online banking accounts, including the same CashApp account.

                Each of the three victims was forced at knifepoint to call his friends and family and ask for money to secure his release. The victims were held in captivity by Delgado and his accomplice(s) for up to an hour and were only released after Delgado believed a ransom payment had been made by the victims’ friends and family. In all three hostage takings, the victims were also robbed of their personal belongings before being released on the streets of the Dominican Republic.

                Following multiple victim reports, Dominican authorities began an investigation in August 2022. Local law enforcement in the Dominican Republic traced a vehicle used in one of the hostage takings to Delgado and arrested him on Sept. 14, 2022. During a search of the vehicle, Dominican authorities found two serrated knifes like those used in the hostage takings.

                This case was investigated by the FBI’s Miami Field Office with valuable assistance provided by the Justice Department’s Office of International Affairs and the Dominican Republic’s Division Especial de Investigacion de Crimen Organizado Internacional (DECROI). The case was prosecuted by Assistant U.S. Attorneys John Korba and Jolie Zimmerman of the U.S. Attorney’s Office for the District of Columbia with assistance from paralegal Michael Watts. 

    ##

               Deivy Jose Rodriguez Delgado, 30, a Venezuelan national, used this image of himself to meet his victims on a social media dating application.

       

    During a search of the vehicle linked to Delgado, Dominican authorities found two serrated knifes like those used in the hostage takings.

    An image Delgado used on his social media app to lure victims.

    ##

    22cr0304

    MIL Security OSI –

  • MIL-OSI Security: Marion County Man Indicted for Drug, Firearms Charges

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

    CLARKSBURG, WEST VIRGINIA – Vincent Irving Jones, 33, of Fairmont, West Virginia, has been indicted on methamphetamine and firearms charges.

    Jones is charged with possession with intent to distribute methamphetamine, unlawful possession of a firearm, and possession of a firearm with an obliterated serial number. According to the court documents, Jones was found with methamphetamine and a .32 caliber pistol in Marion County. Jones is prohibited from having firearms because of prior felony convictions of voluntary manslaughter, escape from custody, and fleeing while under the influence of alcohol.

    Jones faces up to 20 years in federal prison for the drug charge, up to 15 years for the unlawful firearms charge, and up to five years for the obliterated serial number charge. If convicted, a federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant U.S. Attorney Brandon Flower is prosecuting the case on behalf of the government.

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Fairmont Police Department.

    An indictment is merely an allegation, and each defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

    Third Quarter Fiscal Year 2025 Outlook:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Cautionary Statement:

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

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

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

    About Microchip:

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    ABOUT RUMBLE

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

    Contact: press@rumble.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Preliminary Financial Results for Third Quarter 2024

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

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

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

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

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

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

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

    Statement Regarding FTC Matter

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

    Full Earnings Release and Conference Call

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

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

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

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

    About Dave

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

    Forward-Looking Statements

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

    Preliminary Financial and Operating Results

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

    Non-GAAP Financial Information

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

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

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

    Investor Relations Contact

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

    Media Contact

    Dan Ury
    press@dave.com

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

    The MIL Network –

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

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

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

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

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

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

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

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

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

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

    The biggest battery factories are on track

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

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

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

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

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

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

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

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

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

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

    2024 election could end or accelerate the boom

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

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

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

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

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

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

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

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

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

    MIL OSI – Global Reports –

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

    Source: US Department of Health and Human Services – 3

    Summary

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

    Recall Reason Description

    Potential Foodborne Illness – Listeria monocytogens

    Company Name:
    Savencia Cheese USA
    Brand Name:

    Brand Name(s)

    Aldi, La Bonne Vie and others

    Product Description:

    Product Description

    Soft ripened cheeses

    Company Announcement

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

    The following products are affected by this recall:

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

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

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

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

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

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

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

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

    Labels for Identification Purposes:

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

    Initial Press

    Company Contact Information

    Product Photos

    MIL OSI USA News –

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

    Source: New Zealand Government

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI New Zealand News –

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

    Source: Government of Canada regional news

    .
    .

    [embedded content]

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

    Electoral Boundaries Commission Act

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

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

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

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

    Mickey Amery, Minister of Justice and Attorney General

    Public’s Right to Know Act

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

    Critical Infrastructure Defence Act

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

    Alberta Evidence Act

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

    Quick facts

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

    Related information

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

    Multimedia

    • Watch the news conference
    • Listen to the news conference


    MIL OSI Canada News –

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

    Source: US Department of Health and Human Services – 3

    For Immediate Release:

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

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

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

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

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

    Related Information

    Related Information

    ###

    Boilerplate

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

    Inquiries

    Consumer:
    888-INFO-FDA

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

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

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

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

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

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

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

    Third Quarter 2024 Financial Results

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

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

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

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

    September 30, 2024 Financial Condition

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: Green Party

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

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

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

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

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

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

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

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

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Near four-year high unemployment reveals dire need for new direction

    Source: Green Party

    Today, Statistics New Zealand’s latest labour market report revealed that unemployment has reached 4.8 per cent, the highest rate since late 2020, during the COVID pandemic.

    “The Government’s economy for the rich is leaving thousands behind,” says the Green Party’s Spokesperson for Social Development and Employment, Ricardo Menéndez-March.

    “We can build an economy that works for everyone and leaves nobody behind by investing in the public services and infrastructure which support our communities as well as programmes like jobs for nature that provide people with meaningful and stable work. 

    “The unemployment rate has hit the highest level since COVID, and this is down to the coalition government relying on making people unemployed to lower inflation while prioritising tax cuts, slashing public investment, and undermining the construction industry.

    “Losing a job shouldn’t condemn families to poverty, yet successive Governments have set benefit levels below the poverty line and pushed ahead with sanctions that entrench hardship. 

    “Instead of punching down on those doing it the toughest and pushing more children into hardship, the Greens will lift all families out of poverty with a Guaranteed Minimum Income. 

    “This Government’s punitive approach to welfare and public investment is clearly not working. The Government has engineered an economy that punches down on our communities, one without jobs that simultaneously punishes people for not being able to find work. 

    “Poverty is a political choice, one that successive governments have chosen not to address. However, with unemployment rising and households experiencing wave after wave of financial strain, there is no better time than the present to end poverty and introduce an Income Guarantee. 

    “This is a policy we campaigned on and will continue to push as disparities in wealth widen and the incomes of people on the breadline stagnate. 

    “The Income Guarantee is a commitment to every New Zealander that no matter what, your income will never fall below $390 per week, after tax. For couples, our Income Guarantee will be at least $780, and a single parent will always have an income of at least $750.

    “The Greens would support people into work with a supportive welfare system, more training opportunities, and restarting public investment in healthcare, schools, and houses that create good jobs,” says Ricardo Menéndez-March.

    • Statistics NZ data for the September quarter can be found here. 
    • The Reserve Bank’s Financial Stability report can be found here. 
    • The Income Guarantee 2023 election policy can be found here. Rates have been adjusted for inflation.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Hancock and Sevier Counties Eligible for FEMA Public Assistance

    Source: US Federal Emergency Management Agency

    Headline: Hancock and Sevier Counties Eligible for FEMA Public Assistance

    Hancock and Sevier Counties Eligible for FEMA Public Assistance

    FEMA has added Hancock and Sevier counties to the Oct. 2 major presidential declaration for Tropical Storm Helene, meaning state and local governments and certain nonprofit organizations in both counties may seek funding under FEMA’s Public Assistance program. Hancock and Sevier counties are now authorized to recover eligible costs under FEMA Public Assistance funding for emergency work including debris removal and emergency protective measures; and permanent work that includes projects to permanently restore community infrastructure affected by Helene.FEMA had previously approved Carter, Claiborne, Cocke, Grainger, Greene, Hamblen, Hawkins, Jefferson, Johnson, Sullivan, Unicoi and Washington counties for Public Assistance funding for Helene, which swept across Eastern Tennessee Sept. 26-30.The Public Assistance program is FEMA’s largest grant program, providing funding to help communities pay for emergency work to save lives and protect property, for debris removal, and for repairs to roads, bridges, water control facilities, public buildings, public utilities, parks and recreational facilities.Federal funding is typically available on a cost-sharing basis, with FEMA reimbursing Tennessee applicants 75% of eligible costs and the state responsible for the non-federal share, or up to 25%. For Helene damage in Tennessee, President Biden authorized 100% federal funding for emergency work generated by the disaster. This means FEMA may cover all eligible costs incurred during any 45-day period of the state’s choosing during the first 120 days from the start of the disaster, or Sept. 26. This allows communities to maximize cost savings by selecting the 45 days when the greatest costs occurred.FEMA’s Public Assistance program provides reimbursement for eligible costs to local and state government agencies, and certain private nonprofits including houses of worship. Learn about Assistance for Governments and Private Non-Profits After a Disaster | FEMA.gov.
    kwei.nwaogu
    Tue, 11/05/2024 – 22:03

    MIL OSI USA News –

  • MIL-OSI: Hut 8 Operations Update for October 2024

    Source: GlobeNewswire (MIL-OSI)

    20.1 EH/s and 967 MW under management in mining with path to ~35 EH/s

    Vega site buildout advancing on track for Q2 2025 energization

    MIAMI, Nov. 05, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for October 2024.

    “Following the announcement of our partnership with BITMAIN to launch the U3S21EXPH with a 15 EH/s hosting deployment, progress continues on our 205-megawatt Vega site, which will feature the custom rack-based architecture we developed in-house for the project,” said Asher Genoot, CEO of Hut 8. “With groundwork progressing rapidly, we are on track to energize the site in Q2 2025. Our hosting agreement with BITMAIN is expected to generate up to $135 million in annualized revenue on a fully ramped basis.”

    “In parallel, we are preparing our existing sites for a near-term fleet upgrade as we finalize a commercial agreement. At Salt Creek, we launched an immersion cooling pilot as we continue to advance our technological innovation efforts. More broadly, we are focused on identifying further opportunities for technical and commercial innovation as we advance discussions for large-scale AI data center development opportunities across multiple sites in our development pipeline.”

    Highlights:

    • Groundwork at Vega progressing on track for Q2 2025 energization with ~15 EH/s hosting deployment of U3S21EXPH ASIC miner
    • Began preparing existing sites for expected near-term ASIC fleet upgrade
    • Launched immersion cooling pilot at Salt Creek as part of continued technological innovation efforts
    • Advanced discussions for large-scale AI data center development opportunities across multiple sites in development pipeline

    Operating Metrics

    Average during the period unless otherwise noted October 2024 September 2024
    Total energy capacity under management (mining)1,2 967 MW3 762 MW
    Total deployed miners under management4 194.2K 189.9K
    Total hashrate under management5 20.1 EH/s 19.5 EH/s
         
    Self-Mining6    
    Deployed miners7 57.1K 58.6K
    Deployed hashrate8 5.6 EH/s 5.6 EH/s
    Bitcoin produced1,9 100 BTC 85 BTC
    Bitcoin on balance sheet1 9,110 BTC 9,106 BTC
         
    Managed Services10    
    Energy capacity under management1 582 MW 582 MW
    Deployed miners under management 146.5K 140.8K
    Hashrate under management 15.5 EH/s 14.9 EH/s
         
    Hosting    
    Deployed miners under management11,12 76.7K 76.7K
    Hashrate under management13 8.5 EH/s 8.6 EH/s
         

    Energy Infrastructure Platform1

            Current/Contracted Revenue Stream(s)14
    Site Location Owner15 Power
    Capacity    		 Self-
    Mining    		 Managed
    Services    		 Hosting HPC Power
    Sales
    Vega16 Texas Panhandle Hut 8 205 MW     Yes17    
    Medicine Hat Medicine Hat, AB Hut 8 67 MW Yes        
    Salt Creek Orla, TX Hut 8 63 MW Yes        
    Alpha Niagara Falls, NY Hut 8 50 MW Yes   Yes    
    Drumheller18 Drumheller, AB Hut 8 42 MW          
    Kelowna Kelowna, BC Hut 8 1.1 MW       Yes  
    Mississauga Mississauga, ON Hut 8 0.9 MW       Yes  
    Vaughan Vaughan, ON Hut 8 0.6 MW       Yes  
    Vancouver II Vancouver, BC Hut 8 0.5 MW       Yes  
    Vancouver I Vancouver, BC Hut 8 0.3 MW       Yes  
    King Mountain19 McCamey, TX Hut 8 (JV) 280 MW Yes Yes Yes   Yes
    Iroquois Falls20 Iroquois Falls, ON Hut 8 (JV) 120 MW         Yes
    Kingston20 Kingston, ON Hut 8 (JV) 110 MW         Yes
    North Bay20 North Bay, ON Hut 8 (JV) 40 MW         Yes
    Kapuskasing20 Kapuskasing, ON Hut 8 (JV) 40 MW         Yes
    Cedarvale3,16 Barstow, TX Managed 215 MW   Yes      
    East Stiles Midland, TX Managed 30 MW   Yes      
    Rebel Midland, TX Managed 25 MW   Yes      
    Stiles Midland, TX Managed 20 MW   Yes      
    Garden City Midland, TX Managed 12 MW   Yes      
    Total     1,322 MW          
                     

    Conference Call to Discuss Third Quarter 2024 Results

    Who: Analysts, media, and investors are invited to attend.
    What: Hut 8 executives will review the Company’s financial results for the third quarter of 2024.
    When: Results will be shared via media release and on the Company’s website at https://hut8.com/investors/ on November 13 2024. The conference call and webinar will begin at 8:30 a.m. ET.
    Where: The webcast can be viewed at: https://www.hut8.com/q3-2024/.
      Analysts can register here.
       

    Upcoming Conferences & Events:

    • November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024
    • November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference
    • November 19, 2024: Benzinga Future of Digital Assets Conference 2024

    Notes:

    (1) As of the end of the period
    (2) Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, (iii) 280 MW of capacity under management at King Mountain, and (iv) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
    (3) Starting October 2024, Hut 8 includes the full 205 MW of capacity at Vega as energy capacity under management (mining) as Vega is expected to host miners for BITMAIN. This was not reflected in Hut 8’s September 2024 figure.
    (4) Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
    (5) Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
    (6) Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
    (7) Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 48.2K during October and 49.6K during September.
    (8) Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during September and August, respectively.
    (9) Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 83 BTC during October and 72 BTC during September.
    (10) Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
    (11) Miners are rounded to the nearest 100.
    (12) 42.6K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during October and September, respectively.
    (13) 4.7 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during October and September, respectively.
    (14) Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
    (15) Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
    (16) Site is currently under development.
    (17) Anticipated to begin generating revenue by Q2 2025.
    (18) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
    (19) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
    (20) Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.
       

    About Hut 8

    Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the execution, timing and potential revenues for the hosting deployment at our Vega site, the timing and completion of a fleet upgrade, and the advancement of the Company’s pipeline.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI Canada: Province Announces Memorial to Honour Justice Murray Sinclair

    Source: Government of Canada regional news

    November 5, 2024

    Province Announces Memorial to Honour Justice Murray Sinclair

    Today the Manitoba government announced plans to honour the life of Murray Sinclair, the first Indigenous judge to be named to the Manitoba provincial court and the Court of Queen’s Bench of Manitoba.

    Starting tomorrow, a book of condolences will be placed at the base of the Grand Staircase in the Manitoba Legislative Building. Members of the public are invited to begin signing the book starting tomorrow through Sunday, Nov. 10 from 8 a.m. to 8 p.m.

    The province, alongside the Government of Canada, is organizing a memorial for Sinclair, which will take place Sunday, Nov. 10 at Canada Life Centre. Doors open to the public at 1 p.m. and the service will begin at 2 p.m. Books of condolences will also be available to sign at the memorial.

    Additionally, tomorrow from 10 a.m. to 2 p.m., there will be a public visitation at Centro Caboto Centre. While this event is open to the public, it is not open to the media. This will be a sacred event that cannot be photographed or filmed. Members of the public are prohibited from using cameras, recording equipment and personal devices to capture the event.

    A book of condolence will also be available at the Caboto Centre during the public viewing time on Wednesday, Nov. 6 from 10 a.m. to 2 p.m.

    The flags at the Legislative Building in Winnipeg and Parliament Building in Ottawa will stay lowered to half-mast until after the memorial on Sunday.

    – 30 –

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Agriculture – Breeding for low methane a winning approach for productivity and environment – AgResearch

    Source: AgResearch

    Livestock can be bred for lower methane emissions while also improving productivity at a rate greater than what the industry is currently achieving, research has shown.

    AgResearch scientists today presented their analysis to the joint New Zealand Society of Animal Production and New Zealand Grassland Association conferences in Oamaru, which challenges assumptions from critics that breeding for a low methane trait will be at the expense of key genetic traits for productivity.

    The scientists drew on data from a performance recorded sheep flock maintained by AgResearch, which is also recorded for methane emissions, compared to average dual-purpose sheep on a NZ production index incorporating reproduction, survival, growth and adult size traits.

    “We investigated if the rate of reduction in methane emissions that has been seen in our low methane flock over the past six years was sufficient to achieve New Zealand’s targeted methane reductions by the year 2050,” says AgResearch scientist John McEwan.

    “Assuming the rate of methane reduction of 0.95% per year as has been shown in the flock so far will be maintained, and accounting for the genetic lag for use of rams in commercial flocks, the result we reached was a 27% decrease in commercial flocks methane emissions by the year 2050, while increasing per head productivity  (using the current Beef + Lamb New Zealand Genetics index) by $51.80.”

    The current New Zealand target is to reduce biogenic methane emissions by 24 to 47 per cent below 2017 levels; however, the methane targets are currently being reviewed. Productivity gains are also in the sights of the Government, with a goal of doubling exports by value within a decade.    

    “Continuation with current industry progress would achieve a 2.8% reduction in methane emissions and $30.80 increase in per head productivity. In other words, methane emissions can be reduced while also increasing productivity faster than current industry progress,” McEwan says.

    “While our analysis does not account for all factors, it does suggest that genetic selection, if appropriately applied, could contribute a substantial proportion of the currently proposed reduction in methane emissions from the sheep industry. And it can be done without any change in ewe numbers.”

    “The fact that these results have been obtained from a B+LNZ Genetics recorded flock and using the current industry breeding evaluation system adds strength to the fact that this is possible using existing industry tools available to all New Zealand breeders.

    The challenge is its rapid adoption by the industry.”

    Find out more about breeding for low methane, and the research partnership with industry, at:https://www.agresearch.co.nz/our-research/low-methane-sheep/; and learn more about the related Cool Sheep programme at: https://www.blnzgenetics.com/cool-sheep-programme.

    AgResearch’s core focus is to deliver high quality science to enhance the value, productivity and sustainability of New Zealand’s pastoral, agri-food and agri-technology sectors. More at www.agresearch.co.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: BusinessNZ – Small business welcome new procurement rules

    Source: BusinessNZ

    Small businesses will welcome the Government’s firm direction to government agencies to pay their bills on time, BusinessNZ says.
    Chief Executive Katherine Rich says many businesses supply goods and services to government agencies and can experience hardship from late payment times.
    “Businesses can look forward to their invoices being paid within 10 business days, given explicit requirements now placed on government agencies.”
    Mrs Rich also welcomed the Government’s intention to require government agencies to use e-invoicing from 2026.
    “BusinessNZ has consistently advocated for improvements to procurement practices, and we are grateful for this e-invoicing requirement and other planned changes to the Procurement Rules.”
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

  • MIL-OSI China: Chinese premier meets Serbian PM

    Source: People’s Republic of China – State Council News

    Chinese Premier Li Qiang meets with Serbian Prime Minister Milos Vucevic, who is in China to attend the 7th China International Import Expo, in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 5 — Chinese Premier Li Qiang met with Serbian Prime Minister Milos Vucevic in Shanghai on Tuesday, who is here to attend the 7th China International Import Expo (CIIE).

    Noting that China always attaches great importance to its relations with Serbia, Li said that China stands ready to work with Serbia to further implement the important consensus reached by the two heads of state, maintain close strategic communication, deepen political mutual trust, firmly support each other’s core interests and major concerns, take bilateral cooperation in various fields to a new level, and advance the building of a China-Serbia community with a shared future in a new era with high quality.

    Li said that China is willing to work with Serbia to strengthen the docking of development strategies, jointly implement the China-Serbia free trade agreement, build and operate key cooperation projects, accelerate cooperation in green, digital and artificial intelligence innovation areas, and achieve more mutually beneficial and win-win results.

    It is hoped that Serbia will continue to provide a sound business environment for Chinese enterprises to invest and do business in Serbia, Li said, adding that the two sides should further deepen exchanges and cooperation on culture, tourism, education, sports, media and youth to consolidate popular support for building a China-Serbia community with a shared future.

    Vucevic said Serbia firmly abides by the one-China principle, appreciates China for its firm support on issues concerning Serbia’s sovereignty and territorial integrity, and looks forward to closer exchanges with China, well implementing the bilateral free trade agreement under the framework of the Belt and Road Initiative, deepening practical cooperation in such fields as economy and trade, education, science and technology, medical and health care, transportation and agriculture, and strengthening people-to-people exchanges.

    Chinese Premier Li Qiang meets with Serbian Prime Minister Milos Vucevic, who is in China to attend the 7th China International Import Expo, in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    MIL OSI China News –