NewzIntel.com

Category: Transport

  • MIL-OSI Security: Former Great Falls woman sentenced to prison for 2021 crash on the Blackfeet Indian Reservation that seriously injured passenger

    Source: Office of United States Attorneys

    GREAT FALLS — A former Great Falls woman who was convicted by a federal judge for a December 2021 crash on the Blackfeet Indian Reservation in which a juvenile passenger suffered serious injuries was sentenced on Feb. 12 to 14 months in prison, to be followed by three years of supervised release, Acting U.S. Attorney Timothy J. Racicot said today.

    After a one-day bench trial on Aug. 27, 2024, Chief U.S. District Judge Brian M. Morris found the defendant, Noblee Rose Littledog, 23, currently of Aberdeen, Washington, guilty of assault resulting in serious bodily injury as charged in an indictment. At sentencing, the court allowed Littledog to self-report to prison.

    In court documents and at trial, the government alleged that on Dec. 1, 2021, Littledog was driving a 2019 Jeep Cherokee on the Blackfeet Indian Reservation with the victim, a passenger identified as Jane Doe, who was 17 years old. While driving on Badger Creek Road, Littledog attempted to pass two vehicles at the same time while driving 105 mph. Littledog lost control of the vehicle and overcorrected, causing the vehicle to leave the roadway and roll several times before coming to rest right side up. Both Littledog and the victim were seriously injured. Jane Doe suffered severe trauma to her lower extremities, underwent multiple surgeries and has permanent damage.

    The government presented evidence at trial that seconds before the crash, Littledog was traveling at a minimum speed of 105 mph. The evidence also showed that both occupants were restrained at the time of the crash. Jane Doe reported that Littledog had consumed alcohol on the drive, and Littledog told law enforcement at the hospital that she had consumed two alcoholic beverages approximately 30 to 40 minutes before the crash.

    The U.S. Attorney’s Office prosecuted the case. Blackfeet Law Enforcement Services, the Montana Highway Patrol and the FBI, with assistance from the Cut Bank Police Department, conducted the investigation.

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    MIL Security OSI –

  • MIL-OSI Security: Will Thompson Concludes His Service as United States Attorney

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Will Thompson announced today that he has concluded his tenure as the United States Attorney for the Southern District of West Virginia, effective immediately.

    “Serving as the United States Attorney has genuinely been a career highlight,” Thompson said. “Thinking that a boy who grew up in Boone County, West Virginia, would be able to serve his country in such a prestigious and vital role leaves me in awe. I am proud of the office’s work under my leadership and that my team has strengthened its relationship and reputation with our federal, state, and local law enforcement partners, as well as with the judiciary and general public.”

    Thompson was nominated by President Joseph R. Biden, Jr., on August 10, 2021. The United States Senate confirmed Thompson by voice vote on October 5, 2021. After taking his oath of office on October 13, 2021, Thompson led an office of 34 attorneys and 41 non-attorney personnel located in offices in Charleston, Huntington, and Beckley.

    Thompson appreciates the role that former Senator Joe Manchin played in securing his nomination from President Biden, and the role that Manchin and Senator Shelley Moore Capito played in getting him confirmed by the United States Senate. Thompson also appreciates the relationships he built and strengthened with state officials and the district’s state prosecutors, sheriffs, and chiefs of police.

    Thompson commends the Assistant United States Attorneys and support personnel who served with him. He appreciates the career people who there when he entered the office and the employees he hired during his tenure.

    “The people of this office are the true backbone of federal prosecution and representation in this district,” Thompson said. “They all serve with dignity and respect for the rule of law.  They are vital to the mission of the Department of Justice, which is to keep our communities safe.”

    Thompson is most proud of three accomplishments while he was in office. The first is the significant decline in overdose deaths. He attributes that to his office’s change of strategy from targeting street-level drug dealers to mid- and upper-level drug distributors. This strategy has removed hundreds of pounds of this poison from communities throughout the district. His office has disrupted supply chains of fentanyl that were coming directly into the district from China and methamphetamine that was coming directly from the cartels in Mexico. As part of his plan to lower the overdose rates, Thompson also championed prevention and treatment opportunities across the district.

    Thompson is also proud of his work in reducing violent crime and overall crime in the district. Thompson attributes this reduction to several factors. He improved communications and relationships with the office’s law enforcement partners. Thompson also worked with state and local partners to obtain federal grants to give them more resources to their jobs more. Finally, given that the majority of crimes in West Virginia are connected to the drug trade, the office’s revised strategy has helped reduce the crime rate.

    The third accomplishment that Thompson is proud of is using his skills as a former trial court judge to instigate a vigorous review process of cases to ensure there were no evidentiary issues. Thompson met with law enforcement partners throughout the district and informed them of this new review process. He had his office work more closely with the officers to address the issues, assist with writing search warrants, and help with other search and seizure issues.

    As United States Attorney, Thompson was the chief federal law enforcement officer in the southern half of West Virginia. The office is responsible for prosecuting federal crimes in the district, including crimes related to terrorism, public corruption, child exploitation, firearms, and narcotics. The office also defends the United States in civil cases and collects debts owed to the United States.

    The results of the revised approach to drug cases under Thompson include Operation Smoke and Mirrors, which dismantled a high-volume drug trafficking organization (DTO) that operated in the Charleston area and yielded the largest methamphetamine seizure in West Virginia history.

    Following the trail of methamphetamine in West Virginia back to Los Angeles, California, and the U.S. southern border, investigators seized well over 400 pounds of methamphetamine, 40 pounds of cocaine, 3 pounds of fentanyl, 19 firearms, and $935,000 in cash. The DTO was directly involved in price fixing in the methamphetamine trade by raising the price of methamphetamine coming into the United States from Mexico based on fluctuations in the currency conversion rate.

    Four separate indictments led to the convictions of 31 defendants, including the DTO’s in-state leaders and California-based suppliers. Over 20 defendants have been sentenced to prison, including eight to terms of more than 10 years. Three low-level defendants were referred to the Alternative Treatment Court (ATC). Thompson also supported the ATC program, which provides a blend of treatment that focuses on drug and mental health treatment, and alternative sanctions to effectively address offender behavior, rehabilitation, and education and job skills training.

    Thompson also led the prosecution of a Kanawha County man who was sentenced to 14 years in prison for possession with the intent to distribute fentanyl. The defendant set up a workshop in a rented St. Albans apartment were he made fake 30-milligram oxycodone pills. The defendant admitted that the fentanyl came from a source outside the United States and that the pill press came from China. Investigators seized over 10,000 pills and nearly $80,000 in this case.

    Thompson’s office also obtained guilty verdicts against a Logan County physician for four counts of distribution of a controlled substance. The defendant had previously pleaded guilty to using a registration number in violation of federal law and engaging in monetary transactions in property derived from specified unlawful activity. His medical license and office are subject to forfeit to the government as a result of the latest convictions.

    The office under Thompson also secured convictions against the majority of the defendants in prosecutions that dismantled a Huntington-area DTO responsible for distributing large quantities of methamphetamine and fentanyl and a Beckley-area DTO that distributed methamphetamine, fentanyl, and cocaine base, also known as “crack.”

    While having the utmost respect for law enforcement officers, Thompson had zero tolerance for officers who break the law and violate people’s civil rights. In what Thompson considered the most critical civil rights case during his tenure, he personally participated in the investigation and prosecution of eight former West Virginia correctional officers who were charged and convicted in connection with a March 1, 2022, assault that resulted in the death of a Southern Regional Jail inmate and the subsequent cover-up. After four days of trial, the final defendant was found guilty on January 27, 2025.

    A former Fayette County law enforcement officer was sentenced to 25 years in prison, to be followed by 10 years of supervised release, and ordered to pay $80,000 in restitution for sex trafficking a 17-year-old minor female and obstructing the resulting investigation. Following four days of trial, a federal jury found the defendant guilty on April 28, 2023, of conspiracy to engage in sex trafficking of a minor via coercion, sex trafficking of a minor via coercion, and two counts of obstruction of justice.

    A former Nicholas County deputy sheriff was convicted of the production of child pornography and sentenced to 20 years in prison. The defendant took two videos of the child victim, who was under the age of 12 and was sleeping on a couch. In the first video, he walked toward her and zoomed in on her buttocks.  In the second video, he recorded his exposed penis and him masturbating near the sleeping girl. He then used Snapchat to distribute the videos to multiple users. When Snapchat shut down his account, he created another Snapchat account to distribute child pornography.

    A former Logan police officer was sentenced to nine years in prison after a jury convicted him of using excessive force against an arrestee.  At the trial, the jury heard evidence that he assaulted the victim in a bathroom, then dragged him into another room and rammed his head against a door frame, leaving the victim unconscious and lying in a pool of his own blood.

    The office successfully prosecuted 18 individuals in connection with a scheme to traffic over 140 firearms from southern West Virginia to Philadelphia, Pennsylvania. Over 50 of the firearms were recovered at crime scenes, primarily in Philadelphia, and were connected to two homicides, crimes of domestic violence, and other violent offenses. The ringleader was sentenced to 25 years in prison, to be followed by three years of supervised release.

    The Southern District of West Virginia became a national leader in prosecuting bankruptcy fraud under Thompson’s leadership. Among those cases, a Charleston developer was sentenced to one year and one day in prison, followed by three years of supervised release, and ordered to pay $730,326.43 in restitution for falsifying bankruptcy records. The former chief executive officer of the entity that operated the West Virginia Courtesy Patrol was sentenced to five years of federal probation and ordered to pay $205,802.49 for fraudulent receipt of property from a debtor. A Putnam County man was sentenced to 30 days in prison to be followed by three years of supervised release, including five months on home detention, and ordered to pay $24,662.56 in restitution for knowingly and fraudulently making a false declaration in a bankruptcy case.

    The office successfully prosecuted other forms of white-collar crime under Thompson. A Kentucky businessman pleaded guilty on behalf of himself and two limited liability companies for their roles in the January 2018 discharge of oil into the Big Sandy River. The defendants were sentenced to terms of probation and also ordered to pay $1,856,957.92 in restitution. The LLC defendants cannot conduct or operate any business during their five-year terms of corporate probation.

    Nine defendants were convicted in connection with multiple internet-based fraud schemes operated in the Huntington area that defrauded hundreds of individuals across the country. The schemes defrauded at least 200 victims, many of whom are elderly, of at least $2.5 million. The final convicted defendant was sentenced to one year and one day in prison, followed by three years of supervised release, ordered to pay $904,126.96 in restitution, and participated in a digital awareness campaign to alert West Virginians to online fraud scams.

    The office also secured 20 convictions related to COVID-19 benefits fraud under Thompson, with court-ordered restitution and a civil penalty in these cases exceeding $1,330,000.

    Under Thompson’s leadership, the office secured a 15-count indictment charging a Kanawha County man with wire fraud, money laundering, and obstruction. The indictment alleges the defendant conceived and carried out two real estate-related investment fraud schemes that caused losses of between $395,000 and $434,501.42. The defendant’s mother pleaded guilty late last year to aiding and abetting the sale and offer of unregistered securities as a result of the investigation in this case.

    The office also secured an 18-count indictment charging the former maintenance director for Boone County Schools with mail fraud, conspiracy to commit mail fraud, theft concerning programs receiving federal funds, and money laundering. The indictment alleges the defendant used his position to defraud the Boone County Board of Education out of approximately $3,400,000. To date, three other individuals have been charged as a result of this investigation.

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

    Before taking office as United States Attorney, Thompson was a Circuit Court Judge in West Virginia’s 25th Judicial Circuit. He was appointed to that position in 2007 and re-elected in 2008 and 2016. Thompson presided over several treatment courts, including the first family treatment court in West Virginia. Before becoming a Circuit Court Judge, Thompson practiced law at the Cook and Cook law firm in Boone County.  There, he focused on litigation, which included representing several hundred indigent clients in criminal defense and other matters. Thompson also previously served as President of Madison Healthcare, Inc. and as Vice President of Danville Lumber Company.

    Thompson was born in Charleston and raised in Boone County, West Virginia.  He earned a degree in civil engineering from West Virginia University and a law degree from West Virginia University College of Law.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia.

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    MIL Security OSI –

  • MIL-OSI Security: St. Louis County Man Accused of Child Sex Trafficking

    Source: Office of United States Attorneys

    ST. LOUIS – A man from Northwoods, in St. Louis County, Missouri, has been accused of child sex trafficking.

    Rodarius Servick, 50, was indicted in U.S. District Court in St. Louis Thursday on one count of child sex trafficking and one count of travel with intent to engage in illicit sexual conduct. He appeared in court and pleaded not guilty Tuesday.

    The indictment accuses Servick of recruiting, enticing, harboring, transporting or providing a minor for a commercial sex act between August 19, 2024, and Sept. 13, 2024, and transporting that minor across state lines for the purpose of prostitution on August 19.

    Charges set forth in an indictment are merely accusations and do not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    A motion seeking to have Servick held in jail until trial says law enforcement learned on Sept. 13, 2024, of a runaway juvenile that was being trafficked. Detectives found an advertisement with her picture online, and the St. Louis County Police Department conducted an undercover operation that recovered the girl days later.

    The FBI, the St. Louis County Police Department and the St. Louis Metropolitan Police Department investigated the case. Assistant U.S. Attorney Dianna Edwards is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department of Justice Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.
     

    MIL Security OSI –

  • MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

    • Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
    • Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
    • Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
    • Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
    • Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
    • Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
    • Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

    Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

    Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

    We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

    I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

    Fourth Quarter 2024 Highlights

    • Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
    • Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
    • Core net services fee income of $10.4 million, with service margin of 20.2%
    • Net investment income of $68.9 million and total investment result of $29.0 million
    • Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
    • Annualized return on average common equity of (4.0)%

    Year Ended December 31, 2024

    • Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
    • Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
    • Core net services fee income of $46.7 million, with service margin of 21.0%
    • Net investment income of $303.6 million and total investment result of $224.6 million
    • Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
    • Return on average common equity of 9.1%
    • Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

    Key Financial Metrics

    The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions, except for per share data and ratios)
    Combined ratio   94.4 %     93.6 %     88.3 %     84.5 %
    Core underwriting income (1) $ 56.3     $ 37.0     $ 200.0     $ 250.2  
    Core net services income (1) $ 10.4     $ 9.3     $ 44.6     $ 41.2  
    Core income (1) $ 66.7     $ 46.3     $ 244.6     $ 291.4  
    Core combined ratio (1)   90.2 %     93.4 %     91.0 %     89.1 %
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
    Book value per common share $ 14.92     $ 13.76     $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35     $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI (1) $ 14.64     $ 13.33     $ 14.64     $ 13.33  
    Tangible book value per diluted common share (1) $ 13.42     $ 12.47     $ 13.42     $ 12.47  
    (1) Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”
       

    Fourth Quarter 2024 Summary

    Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

    Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

    Reportable Segments

    The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

    Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Three months ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

    Core Results

    Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

    Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

    Year ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

    Core Results

    Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

    Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

    For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

    Reinsurance Segment

    Three months ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Year ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

    For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

    Insurance & Services Segment

    Three months ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

    Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    Year ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

    Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

    Investments

    Three months ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

    Year ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

    Webcast Details

    The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2024 earnings call.

    The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

    Safe Harbor Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

    All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    Non-GAAP Financial Measures and Other Financial Metrics

    In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

    About the Company

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) from Moody’s. For more information please visit www.siriuspt.com.

    Contacts

    Investor Relations
    Liam Blackledge – Investor Relations and Strategy Manager
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Natalie King – Global Head of Marketing and External Communications
    Natalie.King@siriuspt.com
    + 44 20 3772 3102

           
    SIRIUSPOINT LTD.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    As of December 31, 2024 and December 31, 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      December 31,
    2024    		   December 31,
    2023
    Assets      
    Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6) $ 5,131.0     $ 4,755.4  
    Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)   162.2       534.9  
    Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)   95.8       371.6  
    Investments in related party investment funds, at fair value   116.5       105.6  
    Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))   200.0       310.1  
    Total investments   5,705.5       6,077.6  
    Cash and cash equivalents   682.0       969.2  
    Restricted cash and cash equivalents   212.6       132.1  
    Redemption receivable from related party investment fund   —       3.0  
    Due from brokers   11.2       5.6  
    Interest and dividends receivable   44.0       42.3  
    Insurance and reinsurance balances receivable, net   2,054.4       1,966.3  
    Deferred acquisition costs, net   327.5       308.9  
    Unearned premiums ceded   463.9       449.2  
    Loss and loss adjustment expenses recoverable, net   2,315.3       2,295.1  
    Deferred tax asset   297.0       293.6  
    Intangible assets   140.8       152.7  
    Other assets   270.7       175.9  
    Total assets $ 12,524.9     $ 12,871.5  
    Liabilities      
    Loss and loss adjustment expense reserves $ 5,653.9     $ 5,608.1  
    Unearned premium reserves   1,639.2       1,627.3  
    Reinsurance balances payable   1,781.6       1,736.7  
    Deposit liabilities   17.4       134.4  
    Deferred gain on retroactive reinsurance   8.5       27.9  
    Debt   639.1       786.2  
    Due to brokers   18.0       6.2  
    Deferred tax liability   76.2       68.7  
    Liability-classified capital instruments   —       67.3  
    Share repurchase liability   483.0       —  
    Accounts payable, accrued expenses and other liabilities   269.2       278.1  
    Total liabilities   10,586.1       10,340.9  
    Commitments and contingent liabilities      
    Shareholders’ equity      
    Series B preference shares (par value $0.10; authorized and issued: 8,000,000)   200.0       200.0  
    Common shares (issued and outstanding: 116,429,057; 2023 – 168,120,022)   11.6       16.8  
    Additional paid-in capital   945.0       1,693.0  
    Retained earnings   784.9       601.0  
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Shareholders’ equity attributable to SiriusPoint shareholders   1,937.4       2,513.9  
    Noncontrolling interests   1.4       16.7  
    Total shareholders’ equity   1,938.8       2,530.6  
    Total liabilities, noncontrolling interests and shareholders’ equity $ 12,524.9     $ 12,871.5  
                   
    SIRIUSPOINT LTD.
    CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
    For the three and twelve months ended December 31, 2024 and 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenues              
    Net premiums earned $ 590.3     $ 578.0     $ 2,343.5     $ 2,426.2  
    Net investment income   68.9       78.4       303.6       283.7  
    Net realized and unrealized investment losses   (40.7 )     (12.4 )     (88.7 )     (10.0 )
    Net realized and unrealized investment gains (losses) from related party investment funds   0.8       (1.0 )     9.7       (1.0 )
    Net investment income and net realized and unrealized investment gains (losses)   29.0       65.0       224.6       272.7  
    Other revenues   19.4       17.8       184.2       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments   (25.9 )     (15.0 )     (148.5 )     (59.4 )
    Total revenues   612.8       645.8       2,603.8       2,737.3  
    Expenses              
    Loss and loss adjustment expenses incurred, net   369.1       365.4       1,368.5       1,381.3  
    Acquisition costs, net   134.6       111.7       516.9       472.7  
    Other underwriting expenses   53.9       64.2       181.7       196.3  
    Net corporate and other expenses   58.1       64.5       232.1       258.2  
    Intangible asset amortization   3.0       2.9       11.9       11.1  
    Interest expense   19.6       19.8       69.6       64.1  
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Total expenses   625.4       647.7       2,370.7       2,418.6  
    Income (loss) before income tax (expense) benefit   (12.6 )     (1.9 )     233.1       318.7  
    Income tax (expense) benefit   (4.4 )     101.6       (30.7 )     45.0  
    Net income (loss)   (17.0 )     99.7       202.4       363.7  
    Net income attributable to noncontrolling interests   (0.3 )     (2.2 )     (2.5 )     (8.9 )
    Net income (loss) available to SiriusPoint   (17.3 )     97.5       199.9       354.8  
    Dividends on Series B preference shares   (4.0 )     (4.0 )     (16.0 )     (16.0 )
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Earnings (loss) per share available to SiriusPoint common shareholders              
    Basic earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.52     $ 1.06     $ 1.93  
    Diluted earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.50     $ 1.04     $ 1.85  
    Weighted average number of common shares used in the determination of earnings (loss) per share              
    Basic   161,378,360       166,640,624       166,537,394       163,341,448  
    Diluted   161,378,360       173,609,940       169,470,681       169,607,348  
                                   
    SIRIUSPOINT LTD.
    SEGMENT REPORTING
       
      Three months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 312.2     $ 450.3     $ 762.5     $ —     $ (3.0 )   $ —     $ 759.5  
    Net premiums written   237.5       322.7       560.2       —       4.8       —       565.0  
    Net premiums earned   265.9       315.7       581.6       —       8.7       —       590.3  
    Loss and loss adjustment expenses incurred, net   148.3       175.3       323.6       (1.4 )     46.9       —       369.1  
    Acquisition costs, net   73.1       77.8       150.9       (27.6 )     11.3       —       134.6  
    Other underwriting expenses   26.2       24.6       50.8       —       3.1       —       53.9  
    Underwriting income (loss)   18.3       38.0       56.3       29.0       (52.6 )     —       32.7  
    Services revenues   —       51.6       51.6       (31.4 )     —       (20.2 )     —  
    Services expenses   —       41.2       41.2       —       —       (41.2 )     —  
    Net services income   —       10.4       10.4       (31.4 )     —       21.0       —  
    Segment income (loss)   18.3       48.4       66.7       (2.4 )     (52.6 )     21.0       32.7  
    Net investment income                   68.9       —       68.9  
    Net realized and unrealized investment losses     (40.7 )     —       (40.7 )
    Net realized and unrealized investment gains from related party investment funds     0.8       —       0.8  
    Other revenues                   (0.8 )     20.2       19.4  
    Loss on settlement and change in fair value of liability-classified capital instruments     (25.9 )     —       (25.9 )
    Net corporate and other expenses                   (16.9 )     (41.2 )     (58.1 )
    Intangible asset amortization                   (3.0 )     —       (3.0 )
    Interest expense                   (19.6 )     —       (19.6 )
    Foreign exchange gains                   12.9       —       12.9  
    Income (loss) before income tax expense $ 18.3     $ 48.4       66.7       (2.4 )     (76.9 )     —       (12.6 )
    Income tax expense           —       —       (4.4 )     —       (4.4 )
    Net income (loss)           66.7       (2.4 )     (81.3 )     —       (17.0 )
    Net income attributable to noncontrolling interest     —       —       (0.3 )     —       (0.3 )
    Net income (loss) available to SiriusPoint   $ 66.7     $ (2.4 )   $ (81.6 )   $ —     $ (17.3 )
                               
    Attritional losses $ 154.9     $ 188.2     $ 343.1     $ (1.4 )   $ 26.1     $ —     $ 367.8  
    Catastrophe losses   35.2       3.4       38.6       —       —       —       38.6  
    Prior year loss reserve development   (41.8 )     (16.3 )     (58.1 )     —       20.8       —       (37.3 )
    Loss and loss adjustment expenses incurred, net $ 148.3     $ 175.3     $ 323.6     $ (1.4 )   $ 46.9     $ —     $ 369.1  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   58.3 %     59.6 %     59.0 %                 62.3 %
    Catastrophe loss ratio   13.2 %     1.1 %     6.6 %                 6.5 %
    Prior year loss development ratio (15.7 )%   (5.2 )%   (10.0 )%               (6.3 )%
    Loss ratio   55.8 %     55.5 %     55.6 %                 62.5 %
    Acquisition cost ratio   27.5 %     24.6 %     25.9 %                 22.8 %
    Other underwriting expenses ratio   9.9 %     7.8 %     8.7 %                 9.1 %
    Combined ratio   93.2 %     87.9 %     90.2 %                 94.4 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Three months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 251.7     $ 468.1     $ 719.8     $ —     $ (4.2 )   $ —     $ 715.6  
    Net premiums written   194.9       263.3       458.2       —       (3.6 )     —       454.6  
    Net premiums earned   243.2       315.2       558.4       —       19.6       —       578.0  
    Loss and loss adjustment expenses incurred, net   121.8       206.6       328.4       (1.4 )     38.4       —       365.4  
    Acquisition costs, net   65.5       66.8       132.3       (31.6 )     11.0       —       111.7  
    Other underwriting expenses   28.1       32.6       60.7       —       3.5       —       64.2  
    Underwriting income (loss)   27.8       9.2       37.0       33.0       (33.3 )     —       36.7  
    Services revenues   1.7       54.0       55.7       (40.0 )     —       (15.7 )     —  
    Services expenses   —       43.6       43.6       —       —       (43.6 )     —  
    Net services fee income   1.7       10.4       12.1       (40.0 )     —       27.9       —  
    Services noncontrolling income   —       (2.8 )     (2.8 )     —       —       2.8       —  
    Net services income   1.7       7.6       9.3       (40.0 )     —       30.7       —  
    Segment income (loss)   29.5       16.8       46.3       (7.0 )     (33.3 )     30.7       36.7  
    Net investment income                   78.4       —       78.4  
    Net realized and unrealized investment losses     (12.4 )     —       (12.4 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   2.1       15.7       17.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (15.0 )     —       (15.0 )
    Net corporate and other expenses                   (20.9 )     (43.6 )     (64.5 )
    Intangible asset amortization                   (2.9 )     —       (2.9 )
    Interest expense                   (19.8 )     —       (19.8 )
    Foreign exchange losses                   (19.2 )     —       (19.2 )
    Income (loss) before income tax benefit $ 29.5     $ 16.8       46.3       (7.0 )     (44.0 )     2.8       (1.9 )
    Income tax benefit           —       —       101.6       —       101.6  
    Net income           46.3       (7.0 )     57.6       2.8       99.7  
    Net (income) loss attributable to noncontrolling interest     —       —       0.6       (2.8 )     (2.2 )
    Net income available to SiriusPoint   $ 46.3     $ (7.0 )   $ 58.2     $ —     $ 97.5  
                               
    Attritional losses $ 143.5     $ 222.8     $ 366.3     $ (1.4 )   $ 11.7     $ —     $ 376.6  
    Catastrophe losses   (0.6 )     0.4       (0.2 )     —       0.1       —       (0.1 )
    Prior year loss reserve development   (21.1 )     (16.6 )     (37.7 )     —       26.6       —       (11.1 )
    Loss and loss adjustment expenses incurred, net $ 121.8     $ 206.6     $ 328.4     $ (1.4 )   $ 38.4     $ —     $ 365.4  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   59.0 %     70.7 %     65.6 %                 65.2 %
    Catastrophe loss ratio (0.2 )%     0.1 %     — %                 — %
    Prior year loss development ratio (8.7 )%   (5.3 )%   (6.8 )%               (1.9 )%
    Loss ratio   50.1 %     65.5 %     58.8 %                 63.2 %
    Acquisition cost ratio   26.9 %     21.2 %     23.7 %                 19.3 %
    Other underwriting expenses ratio   11.6 %     10.3 %     10.9 %                 11.1 %
    Combined ratio   88.6 %     97.0 %     93.4 %                 93.6 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,335.6     $ 1,840.8     $ 3,176.4     $ —     $ 68.2     $ —     $ 3,244.6  
    Net premiums written   1,104.7       1,236.2       2,340.9       —       11.2       —       2,352.1  
    Net premiums earned   1,045.1       1,154.0       2,199.1       —       144.4       —       2,343.5  
    Loss and loss adjustment expenses incurred, net   554.3       714.1       1,268.4       (5.5 )     105.6       —       1,368.5  
    Acquisition costs, net   279.9       284.7       564.6       (121.4 )     73.7       —       516.9  
    Other underwriting expenses   86.1       80.0       166.1       —       15.6       —       181.7  
    Underwriting income (loss)   124.8       75.2       200.0       126.9       (50.5 )     —       276.4  
    Services revenues   —       222.9       222.9       (132.8 )     —       (90.1 )     —  
    Services expenses   —       176.2       176.2       —       —       (176.2 )     —  
    Net services fee income   —       46.7       46.7       (132.8 )     —       86.1       —  
    Services noncontrolling income   —       (2.1 )     (2.1 )     —       —       2.1       —  
    Net services income   —       44.6       44.6       (132.8 )     —       88.2       —  
    Segment income (loss)   124.8       119.8       244.6       (5.9 )     (50.5 )     88.2       276.4  
    Net investment income                   303.6       —       303.6  
    Net realized and unrealized investment losses     (88.7 )     —       (88.7 )
    Net realized and unrealized investment gains from related party investment funds     9.7       —       9.7  
    Other revenues                   94.1       90.1       184.2  
    Loss on settlement and change in fair value of liability-classified capital instruments     (148.5 )     —       (148.5 )
    Net corporate and other expenses                   (55.9 )     (176.2 )     (232.1 )
    Intangible asset amortization                   (11.9 )     —       (11.9 )
    Interest expense                   (69.6 )     —       (69.6 )
    Foreign exchange gains                   10.0       —       10.0  
    Income (loss) before income tax expense $ 124.8     $ 119.8       244.6       (5.9 )     (7.7 )     2.1       233.1  
    Income tax expense           —       —       (30.7 )     —       (30.7 )
    Net income (loss)           244.6       (5.9 )     (38.4 )     2.1       202.4  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (2.1 )     (2.5 )
    Net income (loss) available to SiriusPoint   $ 244.6     $ (5.9 )   $ (38.8 )   $ —     $ 199.9  
                               
    Attritional losses $ 579.8     $ 734.5     $ 1,314.3     $ (5.5 )   $ 112.8     $ —     $ 1,421.6  
    Catastrophe losses   49.5       5.3       54.8       —       —       —       54.8  
    Prior year loss reserve development   (75.0 )     (25.7 )     (100.7 )     —       (7.2 )     —       (107.9 )
    Loss and loss adjustment expenses incurred, net $ 554.3     $ 714.1     $ 1,268.4     $ (5.5 )   $ 105.6     $ —     $ 1,368.5  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   55.5 %     63.6 %     59.8 %                 60.7 %
    Catastrophe loss ratio   4.7 %     0.5 %     2.5 %                 2.3 %
    Prior year loss development ratio (7.2 )%   (2.2 )%   (4.6 )%               (4.6 )%
    Loss ratio   53.0 %     61.9 %     57.7 %                 58.4 %
    Acquisition cost ratio   26.8 %     24.7 %     25.7 %                 22.1 %
    Other underwriting expenses ratio   8.2 %     6.9 %     7.6 %                 7.8 %
    Combined ratio   88.0 %     93.5 %     91.0 %                 88.3 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,271.0     $ 2,039.7     $ 3,310.7     $ —     $ 116.7     $ —     $ 3,427.4  
    Net premiums written   1,061.0       1,282.7       2,343.7       —       94.2       —       2,437.9  
    Net premiums earned   1,031.4       1,249.2       2,280.6       —       145.6       —       2,426.2  
    Loss and loss adjustment expenses incurred, net   490.3       815.4       1,305.7       (5.4 )     81.0       —       1,381.3  
    Acquisition costs, net   252.2       295.5       547.7       (137.2 )     62.2       —       472.7  
    Other underwriting expenses   82.7       94.3       177.0       —       19.3       —       196.3  
    Underwriting income (loss)   206.2       44.0       250.2       142.6       (16.9 )     —       375.9  
    Services revenues   (1.1 )     238.6       237.5       (149.6 )     —       (87.9 )     —  
    Services expenses   —       187.8       187.8       —       —       (187.8 )     —  
    Net services fee income (loss)   (1.1 )     50.8       49.7       (149.6 )     —       99.9       —  
    Services noncontrolling income   —       (8.5 )     (8.5 )     —       —       8.5       —  
    Net services income (loss)   (1.1 )     42.3       41.2       (149.6 )     —       108.4       —  
    Segment income (loss)   205.1       86.3       291.4       (7.0 )     (16.9 )     108.4       375.9  
    Net investment income                   283.7       —       283.7  
    Net realized and unrealized investment losses     (10.0 )     —       (10.0 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   9.9       87.9       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (59.4 )     —       (59.4 )
    Net corporate and other expenses                   (70.4 )     (187.8 )     (258.2 )
    Intangible asset amortization                   (11.1 )     —       (11.1 )
    Interest expense                   (64.1 )     —       (64.1 )
    Foreign exchange losses                   (34.9 )     —       (34.9 )
    Income before income tax benefit $ 205.1     $ 86.3       291.4       (7.0 )     25.8       8.5       318.7  
    Income tax benefit           —       —       45.0       —       45.0  
    Net income           291.4       (7.0 )     70.8       8.5       363.7  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (8.5 )     (8.9 )
    Net income available to SiriusPoint   $ 291.4     $ (7.0 )   $ 70.4     $ —     $ 354.8  
                               
    Attritional losses $ 618.9     $ 840.7     $ 1,459.6     $ (5.4 )   $ 76.5     $ —     $ 1,530.7  
    Catastrophe losses   12.2       1.3       13.5       —       11.3       —       24.8  
    Prior year loss reserve development   (140.8 )     (26.6 )     (167.4 )     —       (6.8 )     —       (174.2 )
    Loss and loss adjustment expenses incurred, net $ 490.3     $ 815.4     $ 1,305.7     $ (5.4 )   $ 81.0     $ —     $ 1,381.3  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   60.0 %     67.3 %     64.0 %                 63.1 %
    Catastrophe loss ratio   1.2 %     0.1 %     0.6 %                 1.0 %
    Prior year loss development ratio (13.7 )%   (2.1 )%   (7.3 )%               (7.2 )%
    Loss ratio   47.5 %     65.3 %     57.3 %                 56.9 %
    Acquisition cost ratio   24.5 %     23.7 %     24.0 %                 19.5 %
    Other underwriting expenses ratio   8.0 %     7.5 %     7.8 %                 8.1 %
    Combined ratio   80.0 %     96.5 %     89.1 %                 84.5 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       

    SIRIUSPOINT LTD.
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

    Non-GAAP Financial Measures

    Core Results

    Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

    Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

    Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

    Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

    Book Value Per Diluted Common Share Metrics

    Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

    The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and December 31, 2023:

           
      December 31,
    2024    		   December 31,
    2023
      ($ in millions, except share and per share amounts)
    Common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,737.4     $ 2,313.9  
           
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   1,741.5       2,310.8  
           
    Intangible assets   140.8       152.7  
    Tangible common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,596.6     $ 2,161.2  
           
    Common shares outstanding   116,429,057       168,120,022  
    Effect of dilutive stock options, restricted share units and warrants   2,559,359       5,193,920  
    Book value per diluted common share denominator   118,988,416       173,313,942  
           
    Book value per common share $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI $ 14.64     $ 13.33  
    Tangible book value per diluted common share $ 13.42     $ 12.47  
                   

    Underlying Net Income

    Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

    The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Non-recurring adjustments:              
    Gains on sale or deconsolidation of consolidated MGAs   —       —       (96.0 )     —  
    Losses on strategic and other investments   34.3       15.4       90.5       40.2  
    MGA & Strategic Investment Rationalization   34.3       15.4       (5.5 )     40.2  
                   
    Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)   25.9       15.0       148.5       59.4  
    COVID-19 favorable reserve development (1)   —       —       (19.9 )     —  
    CMIG Instruments & Transactions   25.9       15.0       128.6       59.4  
                   
    (Income) expense related to loss portfolio transfers   28.9       2.1       44.6       (101.6 )
    Bermuda corporate income tax enactment   —       (100.8 )     —       (100.8 )
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Income tax expense on adjustments (2)   (11.4 )     (7.8 )     (38.1 )     (4.9 )
                   
    Underlying net income available to SiriusPoint common shareholders $ 43.5     $ 36.6     $ 303.5     $ 266.0  
                                   
    Return on average common shareholders’ equity attributable to SiriusPoint common shareholders   (4.0 )%     17.1 %     9.1 %     16.2 %
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period $ 2,494.9     $ 2,050.0     $ 2,313.9     $ 1,874.7  
    Accumulated other comprehensive income (loss), net of tax   81.5       (135.4 )     3.1       (45.0 )
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period   2,413.4       2,185.4       2,310.8       1,919.7  
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Impact of adjustments from above   64.8       (56.9 )     119.6       (72.8 )
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1       (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period   1,806.3       2,253.9       1,861.1       2,238.0  
                   
    Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI $ 2,109.9     $ 2,219.7     $ 2,086.0     $ 2,078.9  
                   
    Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   8.2 %     6.6 %     14.5 %     12.8 %
    (1) This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
    (2) An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.
       

    Other Financial Measures

    Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2024 and 2023 was calculated as follows:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions)
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period   2,494.9       2,050.0       2,313.9       1,874.7  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Average common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,116.2     $ 2,182.0     $ 2,025.7     $ 2,094.3  
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
                               

    The MIL Network –

  • MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2024 FINANCIAL AND OPERATING RESULTS

    Source: GlobeNewswire (MIL-OSI)

    FRISCO, TX, Feb. 18, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2024.

    Highlights of 2024‘s Fourth Quarter

    • Natural gas and oil sales, including realized hedging gains, were $336 million.
    • Operating cash flow was $223 million or $0.76 per share.
    • Adjusted EBITDAX for the quarter was $252 million.
    • Adjusted net income was $46.3 million or $0.16 per share for the quarter.
    • Six successful wells were turned to sales in the Western Haynesville with an average daily initial production rate of 40 MMcf per well.
    • Added over 64,000 net acres in the Western Haynesville, increasing total acreage in the play to 518,000 net acres.

    Financial Results for the Three Months Ended December 31, 2024

    Comstock produced 124.2 Bcfe in the fourth quarter as compared to 140.6 Bcfe in the fourth quarter of 2023. The lower production in the quarter was related to the decision to drop two operated rigs in early 2024 and to defer completion activity in the third quarter of 2024. Comstock’s realized natural gas price for the fourth quarter of 2024 averaged $2.32 per Mcf before hedging and $2.70 per Mcf after hedging. Natural gas and oil sales in the fourth quarter of 2024 totaled $336.1 million (including realized hedging gains of $47.8 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2024 was $222.8 million, and the net loss for the fourth quarter was $55.3 million or $0.19 per share. Net loss in the quarter included a pre-tax $126.9 million unrealized loss on hedging contracts held for natural gas price risk management. Excluding this item, adjusted net income for the fourth quarter of 2024 was $46.3 million, or $0.16 per share.

    Comstock’s production cost per Mcfe in the fourth quarter averaged $0.72 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.25 for lease operating costs, $0.06 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 69% in the fourth quarter of 2024 and 73% after hedging.

    Financial Results for the Year Ended December 31, 2024

    Production in 2024 was 527.8 Bcfe as compared to 524.9 Bcfe in 2023. Natural gas and oil sales for the year ended December 31, 2024 totaled $1.3 billion (including realized hedging gains of $207.8 million). Operating cash flow (excluding changes in working capital) generated during the year was $675.2 million, and the net loss was $218.8 million or $0.76 per share. The adjusted net loss excluding a pre-tax $197.6 million unrealized loss on hedging contracts for the year ended December 31, 2024 was $69.0 million or $0.24 per share.

    Comstock’s production cost per Mcfe during the year ended December 31, 2024 averaged $0.78 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.25 for lease operating costs, $0.11 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 61% during 2024 and 68% after hedging.

    2024 Drilling Results

    Comstock drilled 50 (42.9 net) operated horizontal Haynesville/Bossier shale wells in 2024, which had an average lateral length of 10,759 feet. Comstock also turned 48 (42.9 net) operated wells to sales in 2024, which had an average initial production rate of 26 MMcf per day.

    Since its last operational update in October, Comstock turned an additional six (6.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

    Well   Vertical Depth (feet)   Completed Lateral (feet)   Initial Production Rate (MMcf per day)
                 
    Hodges #1   16,705   11,405   39
    Powell #1   18,081   9,758   42
    Hogue #1   18,872   12,055   44
    Deornellas A #1   18,975   10,884   42
    Deornellas B #2   17,552   9,473   40
    Miles #1   15,921   10,584   34

    These wells had average initial daily production rates of 40 MMcf per day and average completed lateral lengths of 10,693 feet.

    2024 Proved Oil and Gas Reserves

    Comstock also announced that proved natural gas and oil reserves as of December 31, 2024 were estimated at 3.8 trillion cubic feet equivalent (“Tcfe”) as compared to 4.9 Tcfe as of December 31, 2023. The reserve estimates were determined under SEC guidelines and were audited by the Company’s independent reserve engineering firm. The 3.8 Tcfe of proved reserves at December 31, 2024 were substantially all natural gas, 73% developed and 98% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the “PV-10 Value”), was approximately $1.6 billion using the Company’s average first of month 2024 prices of $1.84 per Mcf of natural gas and $71.07 per barrel of oil. The natural gas and oil prices used in determining the December 31, 2024 proved reserve estimates were 23% lower for natural gas and 2% lower for oil as compared to prices used at December 31, 2023.

    The very low natural gas prices used to determine proved reserves resulted in many of the Company’s proved undeveloped locations being excluded from the year-end proved reserve estimates as they did not generate an adequate return at that natural gas price. Using NYMEX future market prices as of December 31, 2024 of $3.26 per Mcf for natural gas and $59.10 per barrel of oil, as adjusted for the Company’s basis differentials, proved reserves would have been 7.0 Tcfe with a PV-10 value of $5.7 billion.

    The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2023:

      SEC     NYMEX  
      (Bcfe)  
    Proved Reserves:          
    Proved Reserves at December 31, 2023   4,943.5       6,654.4  
    Production   (527.8 )     (528.0 )
    Extensions and discoveries   531.3       899.4  
    Divestitures   (2.4 )     (3.0 )
    Revisions   (1,180.5 )     (0.3 )
    Proved Reserves at December 31, 2024   3,764.1       7,022.5  

    Comstock replaced 101% of its 2024 production excluding revisions under SEC pricing and replaced 170% of its 2024 production under NYMEX pricing.

    2025 Budget

    In response to improved natural gas prices, the Company plans to increase the number of operating drilling rigs it is running from five to seven during 2025. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.0 billion to $1.1 billion in 2025 on its development and exploration projects to drill 46 (40.3 net) operated horizontal wells and to turn 46 (39.7 net) operated wells to sales in 2025. Comstock expects to spend $130 million to $150 million on its Western Haynesville midstream system, which will be funded by its midstream partnership.

    Earnings Call Information

    Comstock has planned a conference call for 10:00 a.m. Central Time on February 19, 2025, to discuss the fourth quarter 2024 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
    https://register.vevent.com/register/BI6e0b4d6ba76e49049b0b8093ff4a87a6

    Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/siuhk9j5.

    If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 19, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/siuhk9j5.

    This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at sec.gov.

    Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Revenues:                        
    Natural gas sales   $ 287,626     $ 348,385     $ 1,043,886     $ 1,259,450  
    Oil sales     672       1,050       3,597       5,161  
    Total natural gas and oil sales     288,298       349,435       1,047,483       1,264,611  
    Gas services     78,208       61,148       206,097       300,498  
    Total revenues     366,506       410,583       1,253,580       1,565,109  
    Operating expenses:                        
    Production and ad valorem taxes     7,707       31,912       57,437       91,803  
    Gathering and transportation     44,434       46,925       194,890       184,906  
    Lease operating     31,379       31,678       130,504       132,203  
    Exploration     —       —       —       1,775  
    Depreciation, depletion and amortization     202,116       185,558       795,397       607,908  
    Gas services     72,611       57,733       205,407       282,050  
    General and administrative     10,164       6,000       39,435       37,992  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Total operating expenses     368,446       359,806       1,422,195       1,338,512  
    Operating income (loss)     (1,940 )     50,777       (168,615 )     226,597  
    Other income (expenses):                        
    Gain (loss) from derivative financial instruments     (79,022 )     111,449       10,196       187,639  
    Other income     284       304       1,211       1,771  
    Interest expense     (54,616 )     (47,936 )     (210,621 )     (169,018 )
    Total other income (expenses)     (133,354 )     63,817       (199,214 )     20,392  
    Income (loss) before income taxes     (135,294 )     114,594       (367,829 )     246,989  
    (Provision for) benefit from income taxes     79,981       (6,217 )     149,075       (35,095 )
    Net income (loss)     (55,313 )     108,377       (218,754 )     211,894  
    Net income attributable to noncontrolling interest     (2,816 )     (777 )     (10,897 )     (777 )
    Net income (loss) attributable to Comstock   $ (58,129 )   $ 107,600     $ (229,651 )   $ 211,117  
                             
    Net income (loss) per share:                        
    Basic   $ (0.19 )   $ 0.39     $ (0.76 )   $ 0.76  
    Diluted   $ (0.19 )   $ 0.39     $ (0.76 )   $ 0.76  
    Weighted average shares outstanding:                        
    Basic     290,170       276,999       287,010       276,806  
    Diluted     290,170       276,999       287,010       276,806  
    Dividends per share   $ —     $ 0.125     $ —     $ 0.500  

    COMSTOCK RESOURCES, INC.
    OPERATING RESULTS
    (In thousands, except per unit amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Natural gas production (MMcf)     124,128       140,565       527,548       524,467  
    Oil production (Mbbls)     10       13       50       70  
    Total production (MMcfe)     124,185       140,649       527,847       524,890  
                             
    Natural gas sales   $ 287,626     $ 348,385     $ 1,043,886     $ 1,259,450  
    Natural gas hedging settlements (1)     47,847       4,107       207,803       80,328  
    Total natural gas including hedging     335,473       352,492       1,251,689       1,339,778  
    Oil sales     672       1,050       3,597       5,161  
    Total natural gas and oil sales including hedging   $ 336,145     $ 353,542     $ 1,255,286     $ 1,344,939  
                             
    Average natural gas price (per Mcf)   $ 2.32     $ 2.48     $ 1.98     $ 2.40  
    Average natural gas price including hedging (per Mcf)   $ 2.70     $ 2.51     $ 2.37     $ 2.55  
    Average oil price (per barrel)   $ 67.20     $ 80.77     $ 71.94     $ 73.73  
    Average price (per Mcfe)   $ 2.32     $ 2.48     $ 1.98     $ 2.41  
    Average price including hedging (per Mcfe)   $ 2.71     $ 2.51     $ 2.38     $ 2.56  
                             
    Production and ad valorem taxes   $ 7,707     $ 31,912     $ 57,437     $ 91,803  
    Gathering and transportation     44,434       46,925       194,890       184,906  
    Lease operating     31,379       31,678       130,504       132,203  
    Cash general and administrative (2)     6,282       3,141       24,174       28,125  
    Total production costs   $ 89,802     $ 113,656     $ 407,005     $ 437,037  
                             
    Production and ad valorem taxes (per Mcfe)   $ 0.06     $ 0.23     $ 0.11     $ 0.18  
    Gathering and transportation (per Mcfe)     0.36       0.33       0.37       0.35  
    Lease operating (per Mcfe)     0.25       0.23       0.25       0.25  
    Cash general and administrative (per Mcfe)     0.05       0.02       0.05       0.05  
    Total production costs (per Mcfe)   $ 0.72     $ 0.81     $ 0.78     $ 0.83  
                             
    Unhedged operating margin     69 %     67 %     61 %     65 %
    Hedged operating margin     73 %     68 %     68 %     68 %
                             
    Gas services revenues   $ 78,208     $ 61,148     $ 206,097     $ 300,498  
    Gas services expenses     72,611       57,733       205,407       282,050  
    Gas services margin   $ 5,597     $ 3,415     $ 690     $ 18,448  
                             
    Natural Gas and Oil Capital Expenditures:                        
    Unproved property acquisitions   $ 18,448     $ 21,907     $ 106,386     $ 98,553  
    Total natural gas and oil properties acquisitions   $ 18,448     $ 21,907     $ 106,386     $ 98,553  
    Exploration and Development:                        
    Development leasehold   $ 1,308     $ 8,818     $ 13,461     $ 27,905  
    Exploratory drilling and completion     134,779       65,079       354,557       244,129  
    Development drilling and completion     96,021       233,856       503,550       974,664  
    Other development costs     8,325       6,262       30,500       25,130  
    Total exploration and development capital expenditures   $ 240,433     $ 314,015     $ 902,068     $ 1,271,828  

    (1)   Included in gain (loss) from derivative financial instruments in operating results.

    (2)   Excludes stock-based compensation.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    ADJUSTED NET INCOME (LOSS):                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Exploration expense     —       —       —       1,775  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Adjustment to income taxes     (25,333 )     26,868       (46,981 )     26,450  
    Adjusted net income (loss) (1)   $ 46,258     $ 27,903     $ (69,003 )   $ 132,683  
                             
    Adjusted net income (loss) per share (2)   $ 0.16     $ 0.10     $ (0.24 )   $ 0.47  
    Diluted shares outstanding     292,983       276,999       287,010       276,806  
                             
                             
    ADJUSTED EBITDAX:                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Interest expense     54,616       47,936       210,621       169,018  
    Income taxes     (79,981 )     6,217       (149,075 )     35,095  
    Depreciation, depletion, and amortization     202,116       185,558       795,397       607,908  
    Exploration     —       —       —       1,775  
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Stock-based compensation     3,881       2,861       15,261       9,867  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Total Adjusted EBITDAX (3)   $ 252,223     $ 243,607     $ 850,182     $ 928,121  

    (1)   Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company’s profitability excluding, non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets and other unusual items.

    (2)   Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.

    (3)   Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized (gain) loss from derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    OPERATING CASH FLOW (1):                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Reconciling items:                        
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Deferred income taxes     (57,754 )     15,423       (124,919 )     44,301  
    Depreciation, depletion and amortization     202,116       185,558       795,397       607,908  
    Amortization of debt discount and issuance costs     2,957       1,984       11,476       7,964  
    Stock-based compensation     3,881       2,861       15,261       9,867  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Operating cash flow   $ 222,791     $ 206,861     $ 675,193     $ 774,498  
    (Increase) decrease in accounts receivable     (18,989 )     (16,626 )     56,584       278,697  
    (Increase) decrease in other current assets     (22,144 )     1,369       (22,893 )     745  
    Increase (decrease) in accounts payable and other accrued expenses     85,395       36,603       (88,547 )     (37,094 )
    Net cash provided by operating activities   $ 267,053     $ 228,207     $ 620,337     $ 1,016,846  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    FREE CASH FLOW (2):                        
    Operating cash flow   $ 222,791     $ 206,861     $ 675,193     $ 774,498  
    Less:                        
    Exploration and development capital expenditures     (240,433 )     (314,015 )     (902,068 )     (1,271,828 )
    Midstream capital expenditures     (38,638 )     (14,098 )     (85,377 )     (35,694 )
    Other capital expenditures     (558 )     (11 )     (2,264 )     (491 )
    Contributions from midstream partnership     24,500       24,000       60,500       24,000  
    Free cash deficit from operations   $ (32,338 )   $ (97,263 )   $ (254,016 )   $ (509,515 )
    Acquisitions     (18,448 )     (21,907 )     (106,386 )     (98,553 )
    Proceeds from divestitures     —       —       1,214       41,295  
    Free cash deficit after acquisition and divestiture activity   $ (50,786 )   $ (119,170 )   $ (359,188 )   $ (566,773 )

    (1)   Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

    (2)   Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company’s ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)

        December 31,
    2024    		     December 31,
    2023    		  
    ASSETS            
    Cash and cash equivalents   $ 6,799     $ 16,669  
    Accounts receivable     174,846       231,430  
    Derivative financial instruments     4,865       126,775  
    Other current assets     97,524       86,619  
    Total current assets     284,034       461,493  
    Property and equipment, net     5,688,389       5,384,771  
    Goodwill     335,897       335,897  
    Operating lease right-of-use assets     73,777       71,462  
        $ 6,382,097     $ 6,253,623  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Accounts payable   $ 421,814     $ 523,260  
    Accrued costs     146,173       134,466  
    Operating leases     35,927       23,765  
    Derivative financial instruments     8,940       —  
    Total current liabilities     612,854       681,491  
    Long-term debt     2,952,090       2,640,391  
    Deferred income taxes     345,116       470,035  
    Derivative financial instruments     66,757       —  
    Long-term operating leases     37,740       47,742  
    Asset retirement obligation     33,996       30,773  
    Total liabilities     4,048,553       3,870,432  
    Stockholders’ Equity:            
    Common stock     146,130       139,214  
    Additional paid-in capital     1,366,274       1,260,930  
    Accumulated earnings     728,619       958,270  
    Total stockholders’ equity attributable to Comstock     2,241,023       2,358,414  
    Noncontrolling interest     92,521       24,777  
    Total stockholders’ equity     2,333,544       2,383,191  
        $ 6,382,097     $ 6,253,623  

    The MIL Network –

  • MIL-OSI: Occidental Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON , Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced its fourth quarter 2024 financial results. The earnings release and accompanying financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission’s website at sec.gov.

    The company will hold a conference call to discuss the results on Wednesday, February 19, 2025, at 1 p.m. Eastern/12 p.m. Central. The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors. Participants may pre-register for the conference call at https://dpregister.com/sreg/10195053/fe1bf33c4f. A recording of the webcast will be posted on the Investor Relations section of the company’s website within several hours after the call is completed.

    About Occidental
    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

    Contacts

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024.

    Fourth Quarter 2024 Highlights

    • Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.
    • Gross profit margin of 37.5%, up from 36.6% in Q4-23  
    • GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23  
    • Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23  
    • Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23  
    • Completed acquisition of Enercon, making aerospace and defense Bel’s largest end market served

    Full Year 2024 Highlights

    • Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%.  
    • Gross profit margin of 37.8%, up from 33.7% in 2023  
    • GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023  
    • Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023  
    • Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023

    “Bel’s profitability levels remained strong throughout 2024 despite a challenging top line environment,” said Daniel Bernstein, President and CEO. “Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel’s foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,” concluded Mr. Bernstein.

    Farouq Tuweiq, CFO, added, “Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficiencies. In this regard, we were successful in achieving a series of initiatives. During the fourth quarter, we closed on our acquisition of Enercon, the largest transaction in Bel’s history. Enercon adds scale, diversity and a strong financial profile to Bel’s legacy business. Further, in October 2024, Uma Pingali joined Bel as our first Global Head of Sales. Under Uma’s leadership, we are laying the foundation of a new cohesive global sales structure and strategy aimed at driving top line growth across all product groups, geographies and end markets. On the internal initiative side, we announced two additional facility consolidation projects in 2024 and have initiated a strategic focus on global procurement with the hiring of Anubhav Gothi. Each of these actions completed in 2024 will serve to support Bel’s growth and profitability objectives for 2025.

    “Looking ahead, we are encouraged to see the tide turning in terms of demand from our networking and distribution partners. We anticipate the rebound in these areas will be slow and steady throughout 2025. Based on information available today, GAAP net sales in the first quarter of 2025 are expected to be in the range of $144 to $154 million, with gross margin in the range of 36% to 38%. We are excited entering 2025 as a more nimble organization and look forward to executing on the growth opportunities in the year ahead,” concluded Mr. Tuweiq.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

     

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 19, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13750153 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Farouq Tuweiq  
    Chief Financial Officer  
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product groups, customers, geographies and end markets; statements about the anticipated benefits of the recently-closed Enercon acquisition, including our beliefs about the potential future advantages of the acquisition for Bel’s operations, team, and with respect to revenue synergy opportunities; statements expressing management’s optimism for 2025 and for the future generally; statements about the process of transitioning the roles of President and CEO to the next generation; statements regarding Bel’s plans and intentions in respect of corporate projects and objectives, including plans for initiatives and efficiencies, and including statements about the intention to drive future top line growth and refine the organizational structure to enhance operational efficiencies; statements about the anticipated future contributions of new employees recently joining Bel and the role of such newly-created positions in the corporate team; statements about Bel’s sales structure and strategy aimed at driving top line growth across product groups, geographies and end markets; statements about facility consolidation projects and strategic focus on global procurement, and the anticipated benefits thereof including with respect to supporting Bel’s growth and profitability objectives for 2025; Anticipated demand from networking and distribution partners; size and capabilities of the organization; statements about executing on growth opportunities; statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on US. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures
    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    Net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Cost of sales     93,652       88,827       332,434       423,964  
    Gross profit     56,207       51,183       202,358       215,849  
    As a % of net sales     37.5 %     36.6 %     37.8 %     33.7 %
                                     
    Research and development costs     6,934       5,966       23,586       22,487  
    Selling, general and administrative expenses     34,831       24,942       110,616       99,091  
    As a % of net sales     23.2 %     17.8 %     20.7 %     15.5 %
    Impairment of CUI tradename     400       –       400       –  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Gain on sale of property     –       –       –       (3,819 )
    Income from operations     12,373       16,467       64,297       87,976  
    As a % of net sales     8.3 %     11.8 %     12.0 %     13.8 %
                                     
    Gain on sale of Czech Republic business     –       –       –       980  
    Interest expense     (2,815 )     (448 )     (4,078 )     (2,850 )
    Interest income     1,013       –       4,754       –  
    Other expense, net     (3,186 )     (2,520 )     (3,165 )     (2,806 )
    Earnings before income taxes     7,385       13,499       61,808       83,300  
                                     
    Provision for income taxes     953       1,463       12,616       9,469  
    Effective tax rate     12.9 %     10.8 %     20.4 %     11.4 %
    Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    As a % of net sales     4.3 %     8.6 %     9.2 %     11.5 %
                                     
    Less: Net earnings attributable to noncontrolling interest     484       –       484       –  
    Redemption value adjustment attributable to noncontrolling interest     7,748       –       7,748       –  
    Net (loss) earnings attributable to Bel Fuse Shareholders   $ (1,800 )   $ 12,036     $ 40,960     $ 73,831  
                                     
    Weighted average number of shares outstanding:                                
    Class A common shares – basic and diluted     2,115       2,142       2,124       2,142  
    Class B common shares – basic and diluted     10,429       10,628       10,491       10,634  
                                     
    Net (loss) earnings per common share:                                
    Class A common shares – basic and diluted   $ (0.14 )   $ 0.90     $ 3.09     $ 5.52  
    Class B common shares – basic and diluted   $ (0.14 )   $ 0.95     $ 3.28     $ 5.83  
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
                 
        December 31, 2024     December 31, 2023  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 68,253     $ 89,371  
    Held to maturity U.S. Treasury securities     950       37,548  
    Accounts receivable, net     111,376       84,129  
    Inventories     161,370       136,540  
    Other current assets     31,581       33,890  
    Total current assets     373,530       381,478  
    Property, plant and equipment, net     47,879       36,533  
    Right-of-use assets     25,125       20,481  
    Related-party note receivable     2,937       2,152  
    Equity method investment     9,265       10,282  
    Goodwill and other intangible assets, net     439,984       76,033  
    Other assets     51,069       44,672  
    Total assets   $ 949,789     $ 571,631  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 49,182     $ 40,441  
    Operating lease liability, current     7,954       6,350  
    Other current liabilities     70,933       63,818  
    Total current liabilities     128,069       110,609  
    Long-term debt     287,500       60,000  
    Operating lease liability, long-term     17,763       14,212  
    Other liabilities     75,295       46,252  
    Total liabilities     508,627       231,073  
    Redeemable noncontrolling interests     80,586       –  
    Stockholders’ equity     360,576       340,558  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 949,789     $ 571,631  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
           
        Year Ended  
        December 31,  
        2024     2023  
                     
    Cash flows from operating activities:                
    Net earnings   $ 49,192     $ 73,831  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     16,457       13,312  
    Stock-based compensation     3,738       3,486  
    Amortization of deferred financing costs     151       33  
    Deferred income taxes     (6,267 )     (3,872 )
    Net unrealized losses on foreign currency revaluation     1,456       1,356  
    Gain on sale of property     –       (2,117 )
    Gain on sale of Czech Republic business     –       (980 )
    Other, net     2,347       (1,037 )
    Changes in operating assets and liabilities:                
    Accounts receivable, net     (6,817 )     22,500  
    Unbilled receivables     7,800       5,451  
    Inventories     15,121       33,613  
    Accounts payable     139       (22,745 )
    Accrued expenses     (7,068 )     5,356  
    Accrued restructuring costs     215       (1,228 )
    Income taxes payable     (1,009 )     (4,976 )
    Other operating assets/liabilities, net     2,199       (13,634 )
    Net cash provided by operating activities     77,654       108,349  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (14,108 )     (12,126 )
    Purchases of held to maturity U.S. Treasury securities     (131,309 )     (59,992 )
    Proceeds from held to maturity securities     167,907       19,918  
    Payment for equity method investment     –       (10,282 )
    Investment in related party notes receivable     (785 )     (2,152 )
    Proceeds from sale of property, plant and equipment     883       6,036  
    Payment of acquisition, net of cash acquired     (324,071 )        
    Proceeds from sale of business     –       5,063  
    Net cash used in investing activities     (301,483 )     (53,535 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (3,453 )     (3,492 )
    Deferred financing costs     (1,736 )     –  
    Repayments under revolving credit line     (15,000 )     (40,000 )
    Borrowings under revolving credit line     242,500       5,000  
    Purchases of common stock     (16,053 )     (105 )
    Net cash provided by (used in) financing activities     206,258       (38,597 )
                     
    Effect of exchange rate changes on cash and cash equivalents     (3,547 )     2,888  
                     
    Net (decrease) increase in cash and cash equivalents     (21,118 )     19,105  
    Cash and cash equivalents – beginning of period     89,371       70,266  
    Cash and cash equivalents – end of period   $ 68,253     $ 89,371  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 22,952     $ 25,056  
    Interest payments   $ 5,795     $ 4,729  
    ROU assets obtained in exchange for lease obligations   $ 6,870     $ 5,999  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
                 
        Sales     Gross Margin  
        Q4-24     Q4-23     % Change     Q4-24     Q4-23     Basis Point Change  
    Power Solutions and Protection   $ 78,073     $ 68,971       13.2 %     40.6 %     40.2 %     40  
    Connectivity Solutions     52,548       50,562       3.9 %     36.6 %     29.3 %     730  
    Magnetic Solutions     19,238       20,477       -6.1 %     29.1 %     17.1 %     1,200  
    Total   $ 149,859     $ 140,010       7.0 %     37.5 %     36.6 %     90  
        Sales     Gross Margin  
        FY 2024     FY 2023     % Change     FY 2024     FY 2023     Basis Point Change  
    Power Solutions and Protection   $ 245,551       314,105       -21.8 %     42.4 %     38.1 %     430  
    Connectivity Solutions     220,370       210,572       4.7 %     37.1 %     34.2 %     290  
    Magnetic Solutions     68,871       115,136       -40.2 %     25.3 %     22.0 %     330  
    Total   $ 534,792     $ 639,813       -16.4 %     37.8 %     33.7 %     410  
                                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    GAAP net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Expedite fee revenue     –       425       57       14,850  
    Non-GAAP adjusted net sales   $ 149,859     $ 139,585     $ 534,735     $ 624,963  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
                             
        2024     2023     2024     2023  
                                     
    GAAP Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    Provision for income taxes     953       1,463       12,616       9,469  
    Other income/expense, net     3,186       2,520       3,165       2,806  
    Interest income     (1,013 )     –       (4,754 )     –  
    Interest expense     2,815       448       4,078       2,850  
    GAAP Operating Income   $ 12,373     $ 16,467     $ 64,297     $ 88,956  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Acquisition related costs     8,592       –       12,884       –  
    Amortization of inventory step-up     639       –       639       –  
    Impairment of CUI tradename     400       –       400       –  
    Loss on liquidation of foreign subsidiary     –       2,724       –       2,724  
    MPS litigation costs     –       128       –       3,031  
    Gain on sale of Czech Republic business     –       –       –       (980 )
    Gain on sale of properties     –       –       –       (3,819 )
    Stock compensation     956       774       3,738       3,486  
    Non-GAAP Operating Income   $ 24,629     $ 23,901     $ 85,417     $ 103,512  
    Depreciation and amortization     5,698       3,350       16,457       13,312  
    Adjusted EBITDA   $ 30,327     $ 27,251     $ 101,874     $ 116,824  
    % of net sales     20.2 %     19.5 %     19.0 %     18.3 %
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
                 
        Three Months Ended December 31, 2024     Three Months Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 7,385     $ 953     $ (1,800 )   $ (0.14 )   $ (0.14 )   $ 13,499     $ 1,463     $ 12,036     $ 0.90     $ 0.95  
    Restructuring charges     1,669       270       1,399       0.11       0.11       3,808       675       3,133       0.24       0.25  
    Acquisition related costs     8,592       1,516       7,076       0.54       0.57       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    MPS litigation costs     –       –       –       –       –       128       29       99       0.01       0.01  
    Share-based compensation     956       197       759       0.06       0.06       774       160       614       0.05       0.05  
    Amortization of intangibles     2,843       493       2,349       0.18       0.19       1,160       254       906       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     908       201       707       0.05       0.06       829       203       626       0.05       0.05  
    Non-GAAP measures   $ 23,392     $ 3,869     $ 19,039     $ 1.45     $ 1.53     $ 22,922     $ 3,465     $ 19,457     $ 1.46     $ 1.54  
        Year Ended December 31, 2024     Year Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 61,808     $ 12,616     $ 40,960     $ 3.09     $ 3.28     $ 83,300     $ 9,469     $ 73,831     $ 5.52     $ 5.83  
    Restructuring charges     3,459       587       2,872       0.22       0.23       10,114       1,682       8,432       0.63       0.67  
    Acquisition related costs     12,884       2,503       10,381       0.79       0.83       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    MPS litigation costs     –       –       –       –       –       3,031       696       2,335       0.18       0.18  
    Gain on sale of Czech Republic business     –       –       –       –       –       (980 )     (49 )     (931 )     (0.07 )     (0.07 )
    Gain on sale of properties     –       –       –       –       –       (3,819 )     (763 )     (3,056 )     (0.23 )     (0.24 )
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    Share-based compensation     3,738       770       2,968       0.23       0.24       3,486       718       2,768       0.21       0.22  
    Amortization of intangibles     6,537       1,236       5,301       0.40       0.42       4,663       1,019       3,644       0.28       0.29  
    Unrealized foreign currency exchange (gains) losses     1,455       340       1,115       0.08       0.09       831       270       561       0.04       0.04  
    Non-GAAP measures   $ 90,919     $ 18,291     $ 72,144     $ 5.47     $ 5.77     $ 103,350     $ 13,723     $ 89,627     $ 6.72     $ 7.08  
                                                                                     
    (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2)In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3)Individual amounts of earnings per share may not agree to the total due to rounding.
    (4)In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     

    The MIL Network –

  • MIL-OSI: Occidental Announces Further Progress on Debt Reduction

    Source: GlobeNewswire (MIL-OSI)

    • Achieved near-term debt repayment target of $4.5 billion in the fourth quarter of 2024
    • Announced proceeds from $1.2 billion of divestitures signed in the first quarter of 2025 will go toward current year debt maturities

    HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced it achieved its near-term debt repayment target of $4.5 billion in the fourth quarter of 2024 and signed two agreements in the first quarter of 2025 to divest upstream assets to undisclosed buyers for a combined total of $1.2 billion.

    The divestiture transactions, which are expected to close in the first quarter of 2025, include Rockies non-operated assets and Permian Basin assets not included in Occidental’s near-term development plan. The resulting proceeds will be applied to the company’s remaining 2025 debt maturities.

    “We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal,” said President and CEO Vicki Hollub. “The transactions announced today continue to high grade our portfolio and accelerate the progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”

    Occidental will continue to advance deleveraging via free cash flow and divestitures.

    About Occidental
    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “will,” “should,” “could,” “may,” “anticipate,” “plan,” “intend,” “expect,” “goal,” “target,” “advance,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

    Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause actual results to differ include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced GHG emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

    Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contacts

    The MIL Network –

  • MIL-OSI USA: Sen. Cramer Announces Mobile Office Hours in Larimore and Mayville

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. – U.S. Senator Kevin Cramer (R-ND) announced members of his staff will hold mobile office hours in Larimore and Mayville on Thursday, February 27.
    “Since it’s not always possible for people to travel to my in-state offices, these mobile office opportunities help bring the services we offer closer to the constituents who need them,” said Cramer. “Having members of my staff in Larimore and Mayville will give North Dakotans more chances to explore solutions to the problems they face with people who are in a position to help.”
    Individuals from the Larimore and Mayville areas are encouraged to stop by the mobile office for help with veterans and Social Security benefits, Medicare difficulties, immigration issues, military records or medals, or other assistance with federal agencies. 
    Mobile Office Hours – Thursday, February 27
    Larimore City Hall 
         119 Booth Ave
         Larimore
         9:00 a.m. – 10:00 a.m. CT
    Mayville City Hall
         21 1st St NE
         Mayville
         11:00 a.m. – 12:00 p.m. CT
    Constituents should contact Cramer’s Constituent Services Representative Brooke Doss at Brooke_Doss@cramer.senate.gov for more information.
    For press inquiries, please contact Rachel Buening at Rachel_Buening@cramer.senate.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Kaine Introduces Bill to Raise Minimum Age to Buy Assault Weapons to 21

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – U.S. Senator Tim Kaine (D-VA) joined 18 Senate colleagues to introduce the Age 21 Act, legislation that would raise the minimum age to purchase assault weapons and high-capacity ammunition magazines from 18 to 21, the same age requirement that already applies to purchasing handguns from federally-licensed dealers. Assault weapons have been used by individuals under 21 to carry out some of the most devasting school shootings in U.S. history, including the shooting at Marjory Stoneman Douglas High School in Parkland, Florida that killed 17 people on February 14, 2018.

    “Everyone in America should be able to live free from the fear of injury or death caused by a firearm,” said Kaine. “One of many commonsense steps we can take to reduce that risk is limiting young people’s access to assault weapons—just like we already limit their access to handguns. I’m proud to help introduce this bill to raise the legal purchasing age for assault weapons to 21, and will keep pushing for additional legislation to make our communities safer from gun violence.”

    Gun violence is a national crisis, claiming over 46,000 lives in 2023. Firearms are the leading cause of death for children and teenagers in America. Assault weapons, originally engineered for the battlefield to maximize damage inflicted on enemy soldiers, are frequently used in mass shootings. More than 85 percent of deaths in public mass shootings involving four or more fatalities were caused by assault rifles, and shootings involving assault weapons or large-capacity magazines result in twice as many deaths and fourteen-times as many injuries compared to incidents involving other firearms.

    The Age 21 Act is endorsed by organizations including Brady: United Against Gun Violence, March for Our Lives, Giffords, Newtown Action Alliance, and Everytown for Gun Safety.

    “Six of the deadliest mass shootings since 2018 were committed by individuals 21 and under. The Age 21 Act could have saved lives then, and will continue to do so if passed into law,” said Alexa Browning, Policy Manager at March For Our Lives. “Firearms are still the leading cause of death for young people, yet we continue to allow access to deadly weapons while restricting substances like alcohol and tobacco. We are deeply grateful to Senator Padilla for taking decisive action in this fight to prevent further tragedies and protect our future.”

    “People ages 18 to 20 are responsible for perpetrating a disproportionate share of school shootings, public mass shootings, and gun homicides overall. Raising the minimum age of purchase not only protects communities, but kids as well, as states with minimum age laws have seen significant declines in firearm suicides and other types of gun violence among young adults and children. Senator Padilla’s bill sets a national standard for something that has already proven effective at the state level, and we urge Congress to implement this common sense legislation,” said Vanessa Gonzalez, Vice President of Government & Political Affairs at GIFFORDS.

    The Age 21 Act is led by U.S. Senator Alex Padilla (D-CA) and cosponsored by U.S. Senators Richard Blumenthal (D-CT), Cory Booker (D-NJ), Chris Coons (D-DE), Tammy Duckworth (D-IL), Dick Durbin (D-IL), Kirsten Gillibrand (D-NY), Mazie Hirono (D-HI), Amy Klobuchar (D-MN), Chris Murphy (D-CT), Patty Murray (D-WA), Jack Reed (D-RI), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR).

    The full text of the bill is available here. A one-pager is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Peters Reintroduces Bipartisan Bill to Strengthen FEMA’s Workforce Planning and Accountability

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, D.C. – U.S. Senator Gary Peters (D-MI), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, reintroduced bipartisan legislation to improve the Federal Emergency Management Agency’s (FEMA) workforce planning and management. The Federal Emergency Mobilization Accountability Workforce Planning Act would require FEMA to develop and submit detailed workforce plans to Congress to ensure the agency can effectively respond to natural disasters and other emergencies. This legislation would also require FEMA to improve employee recruitment and retention efforts, develop strategies to train and deploy their workforce in efficient ways, and utilize data to address and fix staffing gaps.    

    “When disaster strikes, communities in Michigan and across the nation rely on FEMA to help them recover and rebuild. However, FEMA continues to face challenges in maintaining a qualified workforce that can be quickly deployed to help disaster survivors,” said Senator Peters. “This bipartisan legislation will ensure FEMA develops comprehensive strategies to recruit and retain the skilled workers they need to carry out their vital mission.”    

    Recent reports from the Government Accountability Office (GAO) have highlighted significant workforce management issues at FEMA, including with deploying qualified staff and recruitment efforts. In 2017, at the height of multiple disaster responses, GAO found that more than half of deployed FEMA staff were serving in positions for which they were not qualified. A 2023 GAO audit found that FEMA was not collecting necessary data to monitor hiring progress to close staffing gaps.   

    The Federal Emergency Mobilization Accountability Workforce Planning Act would require FEMA to submit a detailed human capital operating plan to Congress that includes specific performance measures and goals for recruitment and retention, analysis of current workforce gaps and strategies to address them, plans for training and deploying qualified staff, and detailed efforts and strategies to increase cost-efficiency in workforce operations. Additionally, the bill would require GAO to audit the plan within 6 months of submission to analyze whether it meets the requirements set in law, and, if not, offer recommendations to ensure subsequent plans do.     

    MIL OSI USA News –

  • MIL-OSI USA: Senator Peters Helps Lead Legislation to Protect Access to Contraception

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) helped reintroduce legislation to guarantee Americans the right to access contraceptives. The Right to Contraception Act would prohibit government from restricting the use of – and health care providers’ ability to prescribe – contraception. Peters cosponsored the Right to Contraception Act in response to continued efforts across the U.S. to limit access to reproductive health care, including efforts to ban some or all forms of contraception despite overwhelming support among Americans.

    “Republican lawmakers across the country are actively working to strip women of their reproductive freedoms, despite more than 90 percent of Americans believing everyone should be able to access the contraceptives that they need,” said Senator Peters. “This legislation is simple. It would guarantee every single American the right to access contraception and ensure that health care professionals can do their jobs without interference from extreme politicians.” 

    Peters has been a strong advocate for protecting access to essential care and the right of all Americans to make health care decisions privately with their doctors and family. Peters spoke on the Senate floor last year in support of the Right to Contraception Act. Peters also spoke on the Senate floor last year to urge his colleagues to support the Access to Family Building Act, legislation Peters cosponsored that would protect every American’s right to access in vitro fertilization (IVF) treatment, as well as other assisted reproductive technology (ART) services that families depend on to start a family. In previous years, Peters joined his colleagues in introducing the Women’s Health Protection Act of 2023, legislation seeking to restore the right to comprehensive health care for millions of Americans following the U.S. Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization which repealed Roe v. Wade. In 2020, Peters was the first U.S. Senator to publicly share his family’s personal abortion story. 

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin, Colleagues Tell Trump and Republicans: Hands Off Medicare and Medicaid

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) member of the Senate Health, Education, Labor and Pensions (HELP) Committee, and a group of her colleagues are demanding the Trump administration, Elon Musk, and the Department of Government Efficiency (DOGE) make no cuts to Medicare and Medicaid to pay for tax cuts for billionaires. This follows reports that Elon Musk and DOGE officials gained access to key payment and contracting systems at the Centers for Medicaid & Medicare Services (CMS). CMS is in charge of Medicare and Medicaid.

    “We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs,” wrote Baldwin and the lawmakers. “Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.”

    In 2024, 68 million seniors and people with disabilities relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. This includes the nearly 1.2 million Wisconsin veterans, children, and seniors who rely on Medicaid for health care.

    “We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder,” continued the lawmakers. “Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.”

    “It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans,” Baldwin and the lawmakers urged. “No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.”

    A full version of this letter is available here and below.

    Dear President Trump:

    We write with alarm at recent actions by your Administration that put Medicare and Medicaid at risk – threatening access to care for 140 million Americans. On February 5, Elon Musk and representatives of his Department of Government Efficiency (DOGE) gained access to key payment and contracting systems at the Centers for Medicare & Medicaid Services (CMS), the agency that administers these vital programs. Masquerading as a false crusade against waste, fraud, and abuse, Musk appears intent to break the programs that seniors, people with disabilities, children, and families rely on to get their health care. We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs.

    Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Medicare and Medicaid are lifelines for millions of Americans. In 2024, 68 million seniors and people with disabilities seniors relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. Nearly 80 million Americans relied on Medicaid, making it the largest public health insurance program in the United States. Medicaid provides funding to states for services at nursing homes, hospitals, rural health clinics as well as home health services, addiction and mental health services, and family planning. Americans rely on Medicaid for pregnancy and childbirth, as well as long-term services and supports to care for people with disabilities, older adults, and chronically ill Americans.

    But now, DOGE is invading CMS, posing immeasurable risks to Americans’ health care. DOGE representatives, with no training or expertise, could make unilateral, politically motivated decisions to target both beneficiaries and health care providers while blocking access to care and essential payments for services. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.

    We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder. Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.

    It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans. No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: NEWS: Sanders Calls on Trump Admin to Rehire VA Workers, Ensure Veterans’ Health Care Access

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders

    WASHINGTON, Feb. 18 – After the Department of Veterans Affairs (VA) dismissed more than 1,000 employees last week, Sen. Bernie Sanders (I-Vt.), former chair of the Senate Committee on Veterans’ Affairs, today sent a letter to VA Secretary Doug Collins urging him to reverse the layoffs to ensure that America’s veterans have the health care they deserve – especially as VA facilities across the country already face severe understaffing challenges. Earlier this month, Sanders voted to confirm Collins as VA secretary.

    “One of the reasons I voted for you to become Secretary of Veterans Affairs was your promise to protect the needs of veterans and oppose the privatization of the VA. And then, in your first few weeks on the job, you lay off over 1,000 VA employees at a department that is already understaffed,” wrote Sanders. “There is no way that these layoffs will not negatively impact the veterans of our country in terms of the health care and benefits they receive.”

    These reductions to the VA’s workforce come after the VA Office of Inspector General in August detailed existing “severe occupational staffing shortages” that delay care for veterans in Vermont and across the country. This chronic understaffing included an astounding 86% of facilities reporting shortages of medical officers including physicians, and 82% of facilities reporting shortages of nurses. Among the 139 facilities the VA surveyed for this report, all but two reported significant understaffing.

    In his letter, Sanders also calls out the Trump administration’s defense of these layoffs – which they claim will save the department only $98 million – as the administration simultaneously proposes more than $1 trillion in tax cuts for the wealthiest Americans.

    “In other words, you are sacrificing the needs of veterans, who put their lives on the line to defend our country, in order to make billionaires even richer. That is unacceptable,” continued Sanders. “I am writing to demand that you rescind these layoffs and restore these workers, many of whom are themselves veterans, to their jobs.”

    Read the text of the letter here and below.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Safety improvements for busy SH5 intersection

    Source: New Zealand Government

    A busy intersection on SH5 will be made safer with the construction of a new roundabout at the intersection of SH28/Harwoods Road, as we deliver on our commitment to help improve road safety through building safer infrastructure, Transport Minister Chris Bishop says.

    “Safety is one of the Government’s strategic priorities in transport investment, alongside economic growth and productivity, and funding is available for safety improvements to be made at the highest-risk locations, like this one between Tīrau and Tārukenga,” Mr Bishop says.

    “SH5 between Tīrau and Tārukenga is an important route for locals and tourists, freight and agricultural vehicles travelling between Waikato and Bay of Plenty. Planned safety improvements will complement work already completed between Ngongotahā on SH5 and locations along SH1 between Cambridge and Taupō.

    “The Harwoods Road roundabout will start construction this year in September and take about 8 months to build. It is one of several safety improvements planned for the stretch of SH5 between Tīrau and Tārukenga Marae Road. 

    “The Waimakariri Road right-turn bay construction includes some road widening near the intersection and will be built as part of resealing work next month.

    “Funding has also been allocated to complete design work for a roundabout at SH28/Whites Road and general widening between Whites and Harwoods Roads to allow for wide centrelines. Completing this design work means they will be ready to go as further funding becomes available.

    “The Government is focused on improving road safety through better maintenance and resilience of the state highway network, fixing potholes, strong enforcement by Police on the leading causes of deaths and serious injuries, and building new and safer roads.

    “Around 8,500 vehicles use the SH28/Harwoods Road intersection every day, and up to 20% of them are heavy vehicles. Building new and safer infrastructure is all part of our plan to help Kiwis get to where they need to go quickly and safely, and I look forward to this work getting underway later this year.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: New Kensington Felon Sentenced to Prison for Theft of Two Dozen Firearms

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A former resident of New Kensington, Pennsylvania, has been sentenced in federal court to 20 months of imprisonment, to be followed by three years of supervised release, on his conviction of federal firearms charges, Acting United States Attorney Troy Rivetti announced today.

    Senior United States District Judge Nora Barry Fischer imposed the sentence on Michael Guin, 27.

    According to information presented to the Court, on or about January 22, 2024, Guin and his co-defendant, Steyn Sarduy, conspired to steal a truck and used the stolen vehicle to crash into and gain access to a firearms store in New Kensington. The defendants broke multiple display cases and stole 24 firearms. As a previously convicted felon, Guin was prohibited from possessing a firearm.

    Assistant United States Attorney Jonathan D. Lusty prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Bureau of Alcohol, Tobacco, Firearms and Explosives for the investigation leading to the successful prosecution of Guin.

    MIL Security OSI –

  • MIL-OSI: Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase

    Source: GlobeNewswire (MIL-OSI)

    All financial figures are in Canadian dollars unless otherwise noted

    CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and twelve months ended December 31, 2024.

    “We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway,” said Curtis Philippon, President & Chief Executive Officer. “Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway. I am pleased with the progress we are making on setting up the Gibson team, increasing our focus on the business, strengthening our growth pipeline and building a high-performance culture.”

    Financial Highlights:

    • Revenue of $11,780 million for the full year, including $2,358 million in the fourth quarter, relatively consistent year over year primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal
    • Infrastructure Adjusted EBITDA(1) of $601 million for the full year, including $147 million in the fourth quarter, a $107 million or 22% increase over full year 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items
    • Marketing Adjusted EBITDA(1) of $63 million for the full year, including a $5 million loss in the fourth quarter, an $82 million or 57% decrease over full year 2023 principally due to significantly tighter crude oil differentials and crack spreads, and increased demand for Canadian heavy oil triggering steep backwardation and limited volatility, impacting storage, quality and time-based opportunities
    • Adjusted EBITDA(1) on a consolidated basis of $610 million for the full year, including $130 million in the fourth quarter, a $20 million or 3% increase over full year 2023, due to the impact of unrealized gains and losses on financial instruments recorded in both periods and the factors noted above, partially offset by the add back of certain one-time items, and an increase in general and administrative expenses, net of executive transition and restructuring costs
    • Net income of $152 million for the full year 2024, including a $6 million loss in the fourth quarter, a $62 million or 29% decrease over full year 2023 due to the impact of items noted above, higher general and administrative costs primarily due to executive transition and restructuring costs, the impact of the Gateway acquisition that resulted in higher finance costs, depreciation and amortization expenses, and an environmental remediation provision, partially offset by acquisition and integration costs in the prior year and a lower income tax expense
    • Distributable Cash Flow(1) of $375 million for the full year, including $71 million in the fourth quarter, an $11 million or 3% decrease over full year 2023, primarily due to higher finance costs, partially offset by higher Adjusted EBITDA and lower lease payments
    • Dividend Payout ratio(2) on a trailing twelve-month basis of 71%, which is at the low end of the 70% – 80% target range
    • Net debt to Adjusted EBITDA ratio(2) of 3.5x for the twelve months ended December 31, 2024, which is at the high end of the 3.0x – 3.5x target range, compared to 3.7x for the twelve months ended December 31, 2023

    Strategic Developments and Highlights:

    • Appointed Curtis Philippon as the President and Chief Executive Officer, effective August 29, 2024
    • Announced the extension of a long-term contract with an investment grade global E&P company at the Gateway Terminal and the sanction of a connection to the Cactus II Pipeline in July
    • Refinanced $350 million 5.80% senior unsecured notes due 2026 with $350 million of 4.45% senior unsecured notes due in November 2031, resulting in annual cost savings of approximately $5 million
    • Announced the extension of a long-term contract and the sanctioning of the dredging project at the Gateway Terminal in December which, along with the earlier announcements, will allow the Company to achieve its Gateway targets
    • Placed in-service two new 435,000 barrel tanks under a long-term take-or-pay agreement with an investment grade customer at the Edmonton Terminal in December
    • Achieved a new milestone, recording 8.8 million hours without a lost time injury for our employee and contract workforce
    • Subsequent to the quarter, appointed Riley Hicks as the Senior Vice President and Chief Financial Officer, effective February 4, 2025
    • Subsequent to the quarter, Gibson’s Board of Directors also approved a quarterly dividend of $0.43 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April
    (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
    (2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.


    Management’s Discussion and Analysis and Financial Statements
    The 2024 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2024, as compared to the three months and year ended December 31, 2023. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

    Earnings Conference Call & Webcast Details
    A conference call and webcast will be held to discuss the 2024 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 19, 2025.

    To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

    Registration at least five minutes prior to the conference call is recommended.

    This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

    The webcast will remain accessible for a 12-month period at the above URL.

    Supplementary Information
    Gibson has also made available certain supplementary information regarding the 2024 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, the Company’s plans and targets, including its focus on delivering shareholder returns and progressing its cost focus campaign, and dividend payment dates and amounts thereof. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will,” “anticipate”, “continue”, “expect”, “intend”, “may”, “should”, “could”, “believe”, “further” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form and Management’s Discussion and Analysis, each dated February 18, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    Specified Financial Measures

    This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

    For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the years ended December 31, 2024 and 2023, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

    a)   Adjusted EBITDA

    Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months and years ended December 31, 2024, and 2023:

    Three months ended December 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2024 2023   2024   2023 2024   2023   2024   2023  
                     
    Segment profit 127,444 157,968   (16,435 ) 24,474 —   —   111,009   182,442  
    Unrealized loss (gain) on derivative financial instruments 6,359 (5,377 ) 11,662   3,388 —   —   18,021   (1,989 )
    General and administrative — —   —   — (18,065 ) (10,893 ) (18,065 ) (10,893 )
    Adjustments to share of profit from equity accounted investees 1,169 155   —   — —   —   1,169   155  
    Executive transition and restructuring costs — —   —   — 6,304   —   6,304   —  
    Environmental remediation provision (1) 9,287 —   —   — —   —   9,287   —  
    Post-close purchase price adjustment (1) 2,670 —   —   — —   —   2,670   —  
    Renewable power purchase agreement — —   —   — (713 ) —   (713 ) —  
    Other — —   —   — —   (34 ) —   (34 )
    Adjusted EBITDA 146,929 152,746   (4,773 ) 27,862 (12,474 ) (10,927 ) 129,682   169,681  
    Years ended December 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2024 2023   2024 2023   2024   2023   2024   2023  
                     
    Segment profit 574,010 494,451   52,956 148,436   —   —   626,966   642,887  
    Unrealized loss (gain) on derivative financial instruments 10,105 (4,637 ) 9,778 (3,484 ) —   —   19,883   (8,121 )
    General and administrative — —   — —   (69,985 ) (49,570 ) (69,985 ) (49,570 )
    Adjustments to share of profit from equity accounted investees 5,240 4,448   — —   —   —   5,240   4,448  
    Executive transition and restructuring costs — —   — —   16,969   —   16,969   —  
    Environmental remediation provision (1) 9,287 —   — —   —   —   9,287   —  
    Post-close purchase price adjustment (1) 2,670 —   — —   —   —   2,670   —  
    Renewable power purchase agreement — —   — —   (888 ) —   (888 ) —  
    Other — —   — —   —   184   —   184  
    Adjusted EBITDA 601,312 494,262   62,734 144,952   (53,904 ) (49,386 ) 610,142   589,828  

    (1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.

      Three months ended December 31,
    		  
    ($ thousands) 2024   2023  
         
    Net (Loss) Income (5,563 ) 53,301  
         
    Income tax expense 7,575   20,259  
    Depreciation, amortization, and impairment charges 55,217   47,690  
    Finance costs, net 34,033   35,919  
    Unrealized loss (gain) on derivative financial instruments 18,021   (1,989 )
    Unrealized (gain) loss on renewable power purchase agreement (4,375 ) 866  
    Share-based compensation 6,882   5,600  
    Acquisition and integration costs —   2,083  
    Adjustments to share of profit from equity accounted investees 1,169   155  
    Corporate foreign exchange (gain) loss and other (1,538 ) 5,797  
    Environmental remediation provision (1) 9,287   —  
    Post-close purchase price adjustment (1) 2,670   —  
    Executive transition and restructuring costs 6,304   —  
    Adjusted EBITDA 129,682   169,681  
      Years ended December 31,
    		  
    ($ thousands) 2024   2023  
         
    Net Income 152,174   214,211  
         
    Income tax expense 53,780   71,123  
    Depreciation, amortization, and impairment charges 186,669   142,478  
    Finance costs, net 138,318   116,276  
    Unrealized loss (gain) on derivative financial instruments 19,883   (8,121 )
    Corporate unrealized loss on derivative financial instruments 2,332   1,296  
    Share-based compensation 22,040   20,944  
    Acquisition and integration costs 1,371   22,042  
    Adjustments to share of profit from equity accounted investees 5,240   4,448  
    Corporate foreign exchange (gain) loss and other (591 ) 5,131  
    Environmental remediation provision (1) 9,287   —  
    Post-close purchase price adjustment (1) 2,670   —  
    Executive transition and restructuring costs 16,969   —  
    Adjusted EBITDA 610,142   589,828  

    (1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.

    b)   Distributable Cash Flow

    The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

    Three months ended December 31,
    		   Years ended December 31,
    		  
    ($ thousands) 2024   2023   2024   2023  
             
    Cash flow from operating activities 67,276   155,602   598,454   574,856  
    Adjustments:        
    Changes in non-cash working capital and taxes paid 53,978   7,487   (10,642 ) (7,434 )
    Replacement capital (11,727 ) (10,226 ) (35,987 ) (35,928 )
    Cash interest expense, including capitalized interest (31,931 ) (34,456 ) (134,336 ) (100,133 )
    Acquisition and integration costs (1) —   2,083   1,371   22,042  
    Executive transition and restructuring costs (1) 6,304   —   16,969   —  
    Lease payments (6,063 ) (9,628 ) (30,241 ) (35,896 )
    Current income tax (6,685 ) (7,917 ) (30,318 ) (31,717 )
    Distributable cash flow 71,152   102,945   375,270   385,790  

    (1) Costs adjusted on an incurred basis.

    c)   Dividend Payout Ratio

      Years ended December 31,  
      2024   2023  
    Distributable cash flow 375,270   385,790  
    Dividends declared 266,858   236,907  
    Dividend payout ratio 71 % 61 %


    d)       Net Debt To Adjusted EBITDA Ratio

      Years ended December 31,
    		  
      2024   2023  
         
    Current and long-term debt 2,598,635   2,711,543  
    Lease liabilities 48,180   62,005  
    Less: unsecured hybrid debt (450,000 ) (450,000 )
    Less: cash and cash equivalents (57,069 ) (143,758 )
         
    Net debt 2,139,746   2,179,790  
    Adjusted EBITDA 610,142   589,828  
    Net debt to adjusted EBITDA ratio 3.5   3.7  

    The MIL Network –

  • MIL-OSI: Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Summary & Recent Business Highlights:

    • Total revenue increased 10% year-over-year to $85.6 million
    • Gross margin of 75% versus 72% in Q4 2023
    • Net income of $9.7 million versus $8.2 million in Q4 2023
    • Adjusted EBITDA of $16.2 million versus $15.4 million in Q4 2023
    • Expanded launch of Nimbl to include patients with lower extremity lymphedema
    • Appointed Laura King to Board of Directors
    • Promoted Aaron Snodgrass to Senior Vice President, Sales, effective February 18, 2025

    Full Year 2024 Summary:

    • Total revenue increased 7% year-over-year in 2024 to $293.0 million
    • Gross margin of 74% in 2024, compared to 71% in 2023
    • Operating cashflow of $40.7 million in 2024, compared to $35.9 million in 2023
    • Ended 2024 with $94.4 million in cash, up from $61.0 million at the end of 2023

    “Our fourth quarter results capped off a dynamic year for Tactile, during which we launched our next-generation lymphedema platform, generated clinical evidence supporting the value of our therapies, deployed new workflow-related tools to enhance speed and efficiency in order operations, and served over 79,000 patients with our lymphedema and airway clearance solutions,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical. “Financially, we demonstrated a consistent ability to strengthen our balance sheet and expand profitability, while also delivering double-digit revenue growth in the fourth quarter.”

    Ms. Dodd concluded, “Our financial and operational progress in 2024, coupled with strong market fundamentals and an innovative portfolio, leaves us confident that we are well-positioned to advance our market leadership this year and over the long-term while delivering sustainable, profitable growth. In 2025, we will also continue investing in our strategic priority to enhance the overall patient experience, including through improving access to care, expanding treatment options, and supporting the end-to-end patient journey.”

    Fourth Quarter 2024 Financial Results

    Total revenue in the fourth quarter of 2024 increased $7.9 million, or 10%, to $85.6 million, compared to $77.7 million in the fourth quarter of 2023. The increase in total revenue was attributable to an increase of $7.6 million, or 11%, in sales and rentals of the lymphedema product line and an increase of $0.3 million, or 4%, in sales of the airway clearance product line in the quarter ended December 31, 2024, compared to the fourth quarter of 2023.

    Gross profit in the fourth quarter of 2024 increased $8.4 million, or 15%, to $64.4 million, compared to $56.0 million in the fourth quarter of 2023. Gross margin was 75.2% of revenue, compared to 72.1% of revenue in the fourth quarter of 2023.

    Operating expenses in the fourth quarter of 2024 increased $7.6 million, or 17%, to $51.9 million, compared to $44.2 million in the fourth quarter of 2023.

    Operating income was $12.5 million in the fourth quarter of 2024, compared to $11.8 million in the fourth quarter of 2023.

    Interest income was $0.9 million in each of the fourth quarters of 2024 and 2023.

    Interest expense was $0.5 million in the fourth quarter of 2024, compared to $0.9 million in the fourth quarter of 2023.

    Income tax expense was $3.3 million in the fourth quarter of 2024, compared to $3.6 million in the fourth quarter of 2023.

    Net income in the fourth quarter of 2024 was $9.7 million, or $0.40 per diluted share, compared to $8.2 million, or $0.35 per diluted share, in the fourth quarter of 2023.

    Weighted average shares used to compute diluted net income per share were 24.5 million and 23.8 million for the fourth quarters of 2024 and 2023, respectively.

    Adjusted EBITDA was $16.2 million in the fourth quarter of 2024, compared to $15.4 million in the fourth quarter of 2023.

    Full Year 2024 Financial Results

    Total revenue in the full year of 2024 increased $18.6 million, or 7%, to $293.0 million, compared to $274.4 million in the full year of 2023. The increase in total revenue was attributable to an increase of $17.6 million, or 7%, in sales and rentals of the lymphedema product line and an increase of $0.9 million, or 3%, in sales of the airway clearance product line in the full year of 2024, compared to the full year of 2023.

    Net income in the full year of 2024 was $17.0 million, or $0.70 per diluted share, compared to $28.5 million, or $1.23 per diluted share, in the full year of 2023.

    Weighted average shares used to compute diluted net income per share were 24.1 million and 23.2 million in the full year of 2024 and 2023, respectively.

    Adjusted EBITDA was $37.1 million in the full year of 2024, compared to $29.7 million in the full year of 2023.

    Balance Sheet Summary

    As of December 31, 2024, the Company had $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement, compared to $61.0 million in cash and $29.3 million of outstanding borrowings under its credit agreement as of December 31, 2023. As of December 31, 2024, $26.5 million remained available under the Company’s $30.0 million share repurchase program, which became effective on October 30, 2024, and expires October 31, 2026.

    2025 Financial Outlook

    The Company expects full year 2025 total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year, compared to total revenue of $293.0 million in 2024. The Company also expects full year 2025 adjusted EBITDA in the range of $35 million to $37 million, compared to adjusted EBITDA of $37.1 million in 2024.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on February 18, 2025, to discuss the results of the quarter and fiscal year. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13751026. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13751026. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Legal Notice Regarding Forward-Looking Statements

    This release contains forward-looking statements, including guidance for the full year 2025. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including prior to identifying a successor; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus or minus the change in fair value of earn-out and plus executive transition costs. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

    This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

    The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

    Tactile Systems Technology, Inc.
    Consolidated Balance Sheets
        December 31,   December 31,
    (In thousands, except share and per share data)   2024   2023
    Assets          
    Current assets            
    Cash   $ 94,367   $ 61,033
    Accounts receivable     44,937     43,173
    Net investment in leases     14,540     14,195
    Inventories     18,666     22,527
    Prepaid expenses and other current assets     5,053     4,366
    Total current assets     177,563     145,294
    Non-current assets            
    Property and equipment, net     5,603     6,195
    Right of use operating lease assets     16,633     19,128
    Intangible assets, net     42,789     46,724
    Goodwill     31,063     31,063
    Accounts receivable, non-current     —     10,936
    Deferred income taxes     18,311     19,378
    Other non-current assets     5,962     2,720
    Total non-current assets     120,361     136,144
    Total assets   $ 297,924   $ 281,438
    Liabilities and Stockholders’ Equity            
    Current liabilities            
    Accounts payable   $ 5,648   $ 6,659
    Note payable     2,956     2,956
    Accrued payroll and related taxes     17,923     16,789
    Accrued expenses     7,780     5,904
    Income taxes payable     270     1,467
    Operating lease liabilities     2,980     2,807
    Other current liabilities     3,147     4,475
    Total current liabilities     40,704     41,057
    Non-current liabilities            
    Note payable, non-current     23,220     26,176
    Accrued warranty reserve, non-current     1,209     1,681
    Income taxes payable, non-current     239     446
    Operating lease liabilities, non-current     15,955     18,436
    Total non-current liabilities     40,623     46,739
    Total liabilities     81,327     87,796
                 
    Stockholders’ equity:            
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023     —     —
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,883,475 shares issued and outstanding as of December 31, 2024; 23,600,584 shares issued and outstanding as of December 31, 2023     24     24
    Additional paid-in capital     180,719     174,724
    Retained earnings     35,854     18,894
    Total stockholders’ equity     216,597     193,642
    Total liabilities and stockholders’ equity   $ 297,924   $ 281,438
                 
    Tactile Systems Technology, Inc.
    Consolidated Statements of Operations
                             
                             
        Three Months Ended   Year Ended
        December 31,   December 31,
    (In thousands, except share and per share data)   2024   2023   2024   2023
    Revenue                        
    Sales revenue   $ 75,270     $ 67,407     $ 256,012     $ 239,493  
    Rental revenue     10,315       10,245       36,972       34,930  
    Total revenue     85,585       77,652       292,984       274,423  
    Cost of revenue                        
    Cost of sales revenue     18,005       18,190       64,815       66,713  
    Cost of rental revenue     3,211       3,455       11,481       12,577  
    Total cost of revenue     21,216       21,645       76,296       79,290  
    Gross profit                        
    Gross profit – sales revenue     57,265       49,217       191,197       172,780  
    Gross profit – rental revenue     7,104       6,790       25,491       22,353  
    Gross profit     64,369       56,007       216,688       195,133  
    Operating expenses                        
    Sales and marketing     29,206       26,581       112,009       107,119  
    Research and development     2,038       1,793       8,832       7,823  
    Reimbursement, general and administrative     19,977       15,200       71,135       62,074  
    Intangible asset amortization and earn-out     633       633       2,531       76  
    Total operating expenses     51,854       44,207       194,507       177,092  
    Income from operations     12,515       11,800       22,181       18,041  
    Interest income     948       859       3,384       1,874  
    Interest expense     (472 )     (897 )     (2,085 )     (4,147 )
    Other income     —       2       9       2  
    Income before income taxes     12,991       11,764       23,489       15,770  
    Income tax expense (benefit)     3,275       3,562       6,529       (12,745 )
    Net income   $ 9,716     $ 8,202     $ 16,960     $ 28,515  
    Net income per common share                        
    Basic   $ 0.40     $ 0.35     $ 0.71     $ 1.24  
    Diluted   $ 0.40     $ 0.35     $ 0.70     $ 1.23  
    Weighted-average common shares used to compute net income per common share                        
    Basic     24,007,863       23,551,388       23,883,729       22,925,497  
    Diluted     24,473,898       23,771,490       24,138,244       23,176,169  
                                     
    Tactile Systems Technology, Inc.
    Consolidated Statements of Cash Flows
         
        Year Ended December 31,
    (In thousands)   2024   2023
    Cash flows from operating activities            
    Net income   $ 16,960     $ 28,515  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     6,792       6,539  
    Deferred income taxes     1,067       (19,378 )
    Stock-based compensation expense     7,819       7,547  
    Loss on disposal of property and equipment and intangibles     308       3  
    Change in fair value of earn-out liability     —       (2,475 )
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable     (1,764 )     11,653  
    Net investment in leases     (345 )     1,935  
    Inventories     3,861       597  
    Income taxes     (1,404 )     (721 )
    Prepaid expenses and other assets     (3,929 )     72  
    Right of use operating lease assets     187       71  
    Accounts receivable, non-current     10,936       12,125  
    Accounts payable     (1,087 )     (3,853 )
    Accrued payroll and related taxes     1,134       (311 )
    Accrued expenses and other liabilities     120       (6,464 )
    Net cash provided by operating activities     40,655       35,855  
    Cash flows from investing activities            
    Purchases of property and equipment     (2,392 )     (2,324 )
    Proceeds from sale of property and equipment     12       —  
    Intangible assets expenditures     (117 )     (157 )
    Net cash used in investing activities     (2,497 )     (2,481 )
    Cash flows from financing activities            
    Proceeds from issuance of note payable     —       8,250  
    Payments on earn-out     —       (10,575 )
    Payments on note payable     (3,000 )     (3,000 )
    Payments on revolving line of credit     —       (25,000 )
    Payments of deferred debt issuance costs     —       (125 )
    Proceeds from exercise of common stock options     24       14  
    Proceeds from the issuance of common stock from the employee stock purchase plan     1,660       1,541  
    Payments for repurchases of common stock     (3,508 )     —  
    Proceeds from issuance of common stock at market     —       34,625  
    Net cash (used in) provided by financing activities     (4,824 )     5,730  
    Net increase (decrease) in cash     33,334       39,104  
    Cash – beginning of period     61,033       21,929  
    Cash – end of period   $ 94,367     $ 61,033  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 2,106     $ 4,560  
    Cash paid for taxes   $ 6,848     $ 5,815  
    Capital expenditures incurred but not yet paid   $ 76     $ 528  
                     

    The following table summarizes revenue by product line for the three and twelve months ended December 31, 2024 and 2023:

        Three Months Ended   Year Ended
        December 31,   December 31,
    (In thousands)   2024   2023   2024   2023
    Revenue                        
    Lymphedema products   $ 77,083     $ 69,464     $ 259,361     $ 241,721  
    Airway clearance products     8,502       8,188       33,623       32,702  
    Total   $ 85,585     $ 77,652     $ 292,984     $ 274,423  
                             
    Percentage of total revenue                        
    Lymphedema products     90 %     89 %     89 %     88 %
    Airway clearance products     10 %     11 %     11 %     12 %
    Total     100 %     100 %     100 %     100 %
                                     

    The following table contains a reconciliation of net income to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:

    Tactile Systems Technology, Inc.
    Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
    (Unaudited)
                                                     
        Three Months Ended   Increase   Year Ended   Increase
        December 31,   (Decrease)   December 31,   (Decrease)
    (Dollars in thousands)   2024   2023   $   %   2024   2023   $   %
    Net income   $ 9,716     $ 8,202   $ 1,514     18   %   $ 16,960     $ 28,515     $ (11,555 )   41   %
    Interest (income) expense, net     (476 )     38     (514 )   N.M.   %     (1,299 )     2,273       (3,572 )   (157 ) %
    Income tax expense (benefit)     3,275       3,562     (287 )   (8 ) %     6,529       (12,745 )     19,274     (151 )  
    Depreciation and amortization     1,714       1,624     90     6   %     6,793       6,539       254     4   %
    Stock-based compensation     1,850       1,950     (100 )   (5 ) %     7,819       7,547       272     4   %
    Change in fair value of earn-out     —       —     —     —   %     —       (2,475 )     2,475     (100 ) %
    Executive transition costs     137       —     137     —   %     248       —       248     —   %
    Adjusted EBITDA   $ 16,216     $ 15,376   $ 840     5   %   $ 37,050     $ 29,654     $ 7,396     25   %
                                                                   

    The following table contains a reconciliation of GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ended December 31, 2025:

                 
    Tactile Systems Technology, Inc.
    Reconciliation of FY 2025 GAAP Net Income to Adjusted EBITDA Guidance
    (Unaudited)
                 
        Year Ended
        December 31, 2025
    (Dollars in thousands)      Low      High
    Net income   $ 15,750     $ 17,150  
    Interest income, net     (2,500 )     (2,500 )
    Income tax expense benefit     6,100       6,700  
    Depreciation and amortization     6,700       6,700  
    Stock-based compensation     8,800       8,800  
    Executive transition costs     150       150  
    Adjusted EBITDA   $ 35,000     $ 37,000  
                     

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

  • MIL-OSI: Fidus Investment Corporation Declares First Quarter 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    EVANSTON, Ill., Feb. 18, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”) today announced that its Board of Directors on February 18, 2025 declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the first quarter of 2025. The Company’s dividends will be payable on March 27, 2025 to stockholders of record as of March 20, 2025.

    When declaring dividends, the Company’s Board of Directors reviews estimates of taxable income available for distribution, which differs from consolidated income under U.S. generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

    Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of the Company’s common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

    ABOUT FIDUS INVESTMENT CORPORATION

    Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

    Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated for U.S. federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a small business investment company.

    Company Contact: Investor Relations Contact:
    Shelby E. Sherard Jody Burfening
    Chief Financial Officer Alliance Advisors IR
    (847) 859-3940 (212) 838-3777
    ssherard@fidusinv.com jburfening@allianceadvisors.com

    The MIL Network –

  • MIL-OSI: NextNRG, Inc. Announces Closing of Public Offering

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 18, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (“NextNRG” and the “Company”) (Nasdaq: NXXT), a company focused on renewable energy, mobile fueling, and next-generation energy infrastructure, today announced the closing of a public offering of 5,000,000 shares of common stock at a price to the public of $3.00 per share, for gross proceeds of $15,000,000, before deducting underwriting discounts and offering expenses. In addition, NextNRG has granted the underwriters a 45-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.

    NextNRG previously announced the closing of its previous share exchange agreement with EzFill Holdings, Inc. Effective February 14, 2025, the Company changed its name from “EzFill Holdings, Inc.” to “NextNRG, Inc.” The Company’s common stock ceased trading under the ticker symbol “EZFL” and began trading on the Nasdaq Capital Market under the ticker symbol “NXXT” and the new CUSIP number 652941105 as of the commencement of trading on February 14, 2025.

    The Company intends to use the proceeds to expand its business, repay outstanding indebtedness, and general corporate purposes, including working capital.

    ThinkEquity acted as sole book-runner for the offering.

    Anthony, Linder & Cacomanolis, PLLC acted as legal counsel to NextNRG and Loeb & Loeb LLP acted as legal counsel to ThinkEquity in connection with the offering.

    A registration statement on Form S-1 (File No. 333-275761) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and a post-effective amendment thereto became effective on February 13, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.  

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

    About NextNRG, Inc. (f/k/a EzFill Holdings, Inc.)

    NextNRG Holding Corp. (NextNRG) and EzFill have merged to form a combined entity focused on renewable energy, mobile fueling, and next-generation energy infrastructure. By leveraging artificial intelligence (AI) and machine learning (ML) technologies, NextNRG is developing an integrated ecosystem that combines solar energy generation, battery storage, wireless electric vehicle (EV) charging, and on-demand fuel delivery.

    At the core of NextNRG’s strategy is the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    Following the merger with EzFill, NextNRG is integrating sustainable energy solutions into mobile fueling operations. The company will provide renewable energy to its fueling partners, supporting more efficient fuel delivery while advancing clean energy adoption. It continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division, further solidifying its position as a leader in the on-demand fueling industry.

    By combining renewable energy innovation with mobile fueling expertise, NextNRG is building a sustainable energy ecosystem that bridges traditional fuel needs with AI-powered clean energy solutions.

    The combined entity, NextNRG, is trading under the symbol NXXT on the Nasdaq Capital Market. To find out more visit NextNRG.com.

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include statements regarding, among other things, NextNRG’s expectations regarding NextNRG’s expectations with respect to granting the underwriters a 45-day option to purchase additional shares and NextNRG’s anticipated use of the net proceeds from the proposed offering. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in the prospectus related to the offering to be filed with the SEC. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact:

    Jeff Ramson, CEO

    PCG Advisory, Inc.

    jramson@pcgadvisory.com

    The MIL Network –

  • MIL-OSI New Zealand: Serious crash in Hunua

    Source: New Zealand Police (District News)

    Police are attending a serious crash in Hunua.

    At around 9am, two vehicles collided at the intersection of Paparimu and Hunua roads.

    One person is currently in a critical condition and will be airlifted to Auckland City Hospital.

    The Serious Crash Unit will examine the scene.

    Diversions are in place in the area and an investigation will commence into the crash in due course.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI Security: Washington, D.C. Man Sentenced to 22 Years in Federal Prison for Role in Armed Robberies of Four Maryland Cell Phone Stores

    Source: Office of United States Attorneys

    Baltimore, Maryland – Today, U.S. District Judge Matthew J. Maddox sentenced Xavier Jones, 26, of Washington, D.C., to 22 years in federal prison and three years of supervised release for his role in robbing four cell phone stores in Baltimore County, Howard County, and Prince George’s County, Maryland. Jones was also ordered to pay $74,141.26 in restitution. 

    Phil Selden, Acting U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation, Baltimore Field Office, and Chief Robert McCullough, Baltimore County Police Department.

    According to the parties’ plea agreement, Jones and his co-conspirators brandished firearms during the robberies, threatened to kill employees and customers, physically moved victims throughout the stores, and pepper sprayed victims during one of the robberies.

    The final robbery occurred on December 23, 2020, at an AT&T store in Owings Mills, Maryland.  Co-conspirator Rico Dashiell, 26, of Fort Washington, Maryland, entered the AT&T store pretending to be a customer.  After Jones and co-conspirator Donte Herring, 25, of Washington, DC, entered the store, Dashiell brandished a firearm announcing a robbery.  Jones and Herring stole $48,767 worth of Apple and Samsung Galaxy devices, 76 in total.

    Additionally, Dashiell directed an employee to open the store’s cash register before stealing $322.  The perpetrators forced three victims into a room containing a safe and then proceeded to pepper spray them.  The robbers then fled the store in a stolen Kia Niro with registration tags from another vehicle.  During the course of their conduct, the robbers inadvertently took a 3SI GPS tracker which was in one of the stolen cell phone boxes.  As the perpetrators fled, the tracker was activated.  Law enforcement tracked the stolen vehicle to a single-family residence in Catonsville, Maryland where a friend of Jones lived.  Aviation units observed and filmed the robbers outside of the residence unloading the stolen AT&T merchandise and taking the items into the residence.  Law enforcement also found a stolen Dodge Caravan from a previous robbery at the residence.     

    The initial robbery happened on October 23, 2020, at a Verizon store in College Park, Maryland. Jones and a co-conspirator forced victims into a backroom before directing an employee to open a safe. The robbers then proceeded to steal $21,440.93 in mobile devices.

    Then on December 8, 2020, Jones and a co-conspirator robbed the Russell Cellular Verizon store in Columbia, Maryland.  Jones and a co-conspirator initially posed as customers before pulling a firearm on an employee.  The robbers then moved the employee into a backroom, ordering him to open the safe.  Jones and his co-conspirator stole $22,000.33 worth of mobile devices — including numerous iPhones — and $1,273, from the safe.

    On December 17, 2020, Jones and Herring robbed another Russell Cellular Verizon store – this time in Halethorpe, Maryland. The perpetrators again initially posed as customers before brandishing firearms and pointing them at an employee. Herring ordered the employee to open a safe and then they proceeded to steal various electronic devices — including multiple boxes of Apple cellular phones, watches, and iPads — worth approximately $27,940.  Additionally, Herring forced the employee to give him $1,313 from the cash register. They then fled in a stolen Dodge Caravan.    

    Dashiell previously pleaded guilty for his role in the robbery and was sentenced to 12 years in federal prison.  Herring was convicted at trial and has been sentenced to 20 years in federal prison.

    Acting U.S. Attorney Selden commended the FBI, Baltimore County Police Department, Howard County Police Department, and Prince George’s County Police Department for their work in the investigation.  Mr. Selden also thanked Assistant U.S. Attorneys Paul A. Riley and Michael F. Aubin who are prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit https://www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

     

    MIL Security OSI –

  • MIL-OSI United Nations: Amid Evolving Threat Landscape, UN Peacekeepers Must Have Adequate Resources to Protect Vulnerable Populations in Conflict Zones, Speakers Tell Special Committee

    Source: United Nations General Assembly and Security Council

    In an ever-shifting security landscape, ensuring sufficient funding, technology and training, and promoting gender equality in peacekeeping operations while also recognizing the importance of safeguarding vulnerable populations in conflict zones is more critical than ever, speakers told the opening of the Special Committee on Peacekeeping Operations, which also marked 60 years since its establishment.

    Vice-President of the General Assembly Cherdchai Chaivaivid (Thailand), speaking on behalf of Assembly President Philémon Yang (Cameroon), said that, for nearly 80 years, UN peacekeepers have protected civilians from violence and supported vital political dialogue between parties to conflict.

    “The safety and security of United Nations peacekeepers remains of utmost importance,” he stressed, adding that since 1948 over 3,500 blue helmets have lost their lives serving in UN peacekeeping operations.  “Going forward, we will need mandates suited for an evolving threat landscape,” he said, also emphasizing the need for improved capacity to assess conflict situations, as well as effective planning and management throughout the peacekeeping cycle.

    “It is also vital to improve cooperation of poor countries with other critical partners, increase trust among stakeholders and manage local and international expectations in the Pact for the Future,” he went on to say.  Further, Member States must enhance collaboration between the UN and regional and subregional organizations, particularly the African Union.

    Adoption of Pact for the Future Created ‘Transformative Moment’ for Peacekeeping

    Martha Ama Akyaa Pobee, Assistant Secretary-General for Africa in the Departments of Political and Peacebuilding Affairs and Peace Operations, speaking on behalf of Jean-Pierre Lacroix, UN Under-Secretary-General for Peace Operations, said that this annual engagement by Member States is a key source of the “enduring strength as a preeminent symbol of multilateral resolve”.  Peacekeepers can be a “lifeline” for hundreds of thousands of civilians caught in conflict.

    The Committee’s sixtieth anniversary comes at a transformative moment for peacekeeping following the adoption of the Pact for the Future, where Member States equivocally reaffirmed peacekeeping as a critical tool to maintain international peace and security, she said.  “You have a unique opportunity to build on those efforts by providing a platform for dialogue, presenting innovative ideas and ensuring the effectiveness and accountability of UN peacekeeping operations,” she added.

    More Peacekeeper Resources Key amid Complex Terrain Marked by Geopolitical Challenges and Volatility

    As delegates took the floor, many stressed the need for more resources so that peacekeepers can carry out their work in an ever-shifting security landscape, with Morocco’s delegate, speaking for Non-Aligned Movement, noting that UN peacekeeping operations are currently navigating a complex terrain marked by geopolitical challenges.  “Funding and limited resources remain a significant issue,” she stressed.  “As a result, peacekeeping operations find themselves in a delicate position, needing to adapt to the realities on the ground while responding to international expectations.”

    Troop- and Police-Contributing Countries Stress Consultation with Them Key for Drafting Clear, Achievable Mandates

    Speakers from troop- and police-contributing countries stressed the Security Council must further consult with them to draft clear and achievable mandates that preserve the primacy of political solutions and help peacekeeping operations better address the evolving nature of global conflicts.

    “Our peacekeepers continue to serve in nations where security situations are volatile, but despite such challenges, our peacekeepers are striving to fulfil their mandates, and therefore we must ensure their safety and security,” said Indonesia’s delegate, speaking for the Association of Southeast Asian Nations (ASEAN).  Noting that its member States contribute over 5,000 peacekeepers across various UN missions, he called for better quality training and equipment for the troops.

    Canada’s representative, also speaking for Australia and New Zealand, and echoing other speakers, emphasized the importance of including women in all areas of peacekeeping missions, and commitment to the women, peace and security agenda as a cornerstone of the UN’s efforts to promote gender equality and lasting peace, reduce training obstacles in order to guarantee women’s full, equal participation.  “We urge missions to step up efforts to support the role of women in conflict prevention, resolution and peacebuilding,” he said.  He further underscored the importance of planning and the deliberate implementation of transitions and drawdowns in peacekeeping operations, stressing:  “Several agencies need to be involved from the very beginning of these processes to identify the capacity of the host Government, the UN and civil society actors to support those transitions.”

    Countries Hosting Peacekeeping Missions Urge Focus on Linguistic Capacity-Building, Improved Cooperation

    Speakers from countries hosting peacekeeping missions laid out their priorities and concerns, as well, with the representative of the Democratic Republic of the Congo, speaking for the French-Speaking Ambassadors Group, emphasizing that French-speaking areas host several operations that face growing and complex challenges.  “The fragility of ceasefire agreements, the high cost of conflict for the civilian population and the complexity of peace processes are making the work of the blue helmets more essential than ever,” he stressed. Recalibrating peacekeeping capacities is vital to improve cooperation with host States and “strengthen the links of trust” with the local population.

    “This is a priority that must also be looked at from the point of view of linguistic and intellectual capacity-building,” he said, calling for a focus on language abilities from the strategic planning to the operational phases.  Many countries in the Francophone space want to contribute more to peacekeeping operations, but they are being held back by language barriers at every stage of their engagement.

    Donor Countries Pledge Continued Support

    Donor countries, meanwhile, pledged to continue to support UN peacekeeping missions, and echoed many other Member States in calling attention to the unique opportunity created by the adoption of the Pact for the Future.  The European Union’s speaker, noting that the bloc provided almost one quarter of the UN’s peacekeeping budget last year, said it will continue to contribute constructively to the upcoming negotiations with the intent to improve UN peacekeeping in accordance with the Pact.  “We currently deploy almost 4,000 military police and civilian personnel to UN peace operations,” he said, adding:  “We cannot continue to demand more from our peacekeeping missions by expanding their mandates without providing the necessary resources for their implementation.”

    UN peacekeeping operations are confronted with increasingly complex challenges, he observed, citing regional threats, the effects of climate change, mis- and disinformation, increased presence of non-State actors, such as private military companies, transnational criminal activities and the weaponization of new and emerging technology, as demonstrated by the first attack ever last September on UN peacekeepers with an improvised armed unmanned aerial system.

    Election of Officers

    At the opening of the meeting, the Committee by acclamation elected Francisco Tropepi (Argentina), Michael Gort (Canada), Takayuki Iriya (Japan) and Michal Miarka (Poland) as Vice-Chairs; and Mohamed Soliman (Egypt) as Rapporteur.  Michael Gort (Canada) was elected to serve as Chair of the Working Group of the Whole.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Serious crash in Pukekohe

    Source: New Zealand Police (District News)

    Police are attending a serious crash in Pukekohe this morning.

    The crash occurred at around 9.15am, involving a vehicle and pedestrian at the intersection of Ward and Wellington streets.

    The pedestrian is currently in a serious condition.

    Police are aware that traffic has built up in the area, and we are advising the community that there will be diversions put in place.

    Please avoid the area if at all possible.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI USA: Attorney General Bonta Joins Multistate Coalition to Continue Supporting Pennsylvania’s Commonsense Age-Based Firearm Restrictions

    Source: US State of California

    Tuesday, February 18, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    OAKLAND — California Attorney General Rob Bonta, as part of a coalition of 19 attorneys general, filed a brief in support of the State of Pennsylvania’s petition for rehearing en banc in Lara v. Commissioner of Pennsylvania State Police. Pennsylvania law sets the minimum age at 21 for securing a permit to carry a concealed handgun in public and during states of emergency. The case is currently pending in the U.S. Court of Appeals for the Third Circuit after remand from the U.S. Supreme Court for further consideration in light of the Supreme Court’s decision in United States v. Rahimi. The coalition’s brief argues that the Third Circuit’s three-judge panel erred in its decision to strike down the laws as unconstitutional under the Second Amendment and that the panel’s reasoning could undermine efforts by states to protect their citizens through the application of similar age-limitation laws. In fact, most states across the nation impose some age-based restrictions on the possession, purchase, or use of firearms reflecting their collective judgment that such laws promote public safety and curb gun violence within their borders.

    “States must have the ability to protect citizens and communities from the harmful effects of gun violence and promote the safe use of firearms,” said Attorney General Bonta. “The Third Circuit’s decision to overturn Pennsylvania’s law is inconsistent with our nation’s historical tradition as well as longstanding state and federal laws imposing age-based restrictions on the purchase and possession of firearms. We stand with Pennsylvania and other states in their efforts to curb gun violence through these kinds of commonsense laws that improve public safety.” 

    In the brief, the coalition asserts that Pennsylvania’s law is constitutional under the Second Amendment and is consistent with states’ authority and a historical tradition of state regulations promoting gun safety and protecting communities from gun violence. The coalition argues that the Third Circuit’s decision to strike down Pennsylvania’s law misreads the U.S. Supreme Court’s Bruen decision, which preserves states’ authority to regulate firearms through laws that are “consistent with the Second Amendment’s text and historical understanding.” States still retain meaningful authority to regulate access to firearms even after Bruen and Rahimi.

    Attorney General Bonta urges the Court of Appeals sitting en banc to overturn the panel’s decision because: 

    • The Second Amendment allows states to enact varied measures to promote gun safety and protect against gun violence consistent with historical tradition, and states have long exercised this power by enacting laws to promote safety, prevent crime, and minimize gun violence within their borders.
    • Pennsylvania’s age-based restrictions are consistent with measures taken by other states and fall comfortably within states’ authority to regulate firearms. Most states and the District of Columbia impose age-based restrictions regarding the use, purchase, or possession of firearms, and a majority of states have determined that those under the age of 21 should be more restricted in their ability to carry firearms in public. Courts have previously upheld these restrictions relying on the historical record as is now required by Bruen.
    • The panel’s categorical rejection of relevant historical evidence from the time period when the Fourteenth Amendment incorporated the Second Amendment against the states is inconsistent with Supreme Court precedent and fundamental principles of constitutional adjudication.

    Attorney General Bonta joins the attorneys general of Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont and Washington in filing the brief.

    A copy of the brief can be found here.

    # # #

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Marshals Arrest Cleveland Homicide Suspect and Barberton Shooting Suspect

    Source: US Marshals Service

    Garfield Heights, OH – This afternoon, members of the U.S. Marshals led Northern Ohio Violent Fugitive Task Force (NOVFTF) arrested Oturi Germany, 46 and Oturiana Germany, 28.  Oturi Germany was wanted by the Cleveland Division of Police for aggravated murder. Oturiana Germany was wanted by the Barberton Police Department for felonious assault.

    On January 10, 2025, officers from the Cleveland Division Police, 3rd District, located a deceased male inside a storage room in the basement of an apartment building located in the 2100 block of E. 78th Street, Cleveland, Ohio. The male victim had suffered a gunshot wound to his back. Oturi Germany was later identified as a suspect in this fatal incident and a warrant for aggravated murder was issued for his arrest.

    On February 17, 2025, a male was shot three times at the Washington Square Apartments in Barberton, Ohio. The male victim suffered three non-life-threatening gun shot wounds. The Barberton Police Department identified Oturiana Germany as a suspect in the shooting and a warrant was issued for her arrest.

    This afternoon, members of the NOVFTF arrested both Oturi and Oturiana Germany inside a vehicle near the 5100 block of E. 117th Street, Garfield Heights, Ohio. Two firearms were located during the arrest and seized by officers on scene.

    U.S. Marshal Pete Elliott stated, “Thankfully, no one was hurt during the arrest and our task force was able to take two violent fugitives and firearms off the street today. Our task force is comprised of outstanding officers who are highly trained, which results in safe arrests like the ones today in Garfield Heights.”

    Anyone with information concerning a wanted fugitive can contact the Northern Ohio Violent Fugitive Task Force at 1-866-4WANTED (1-866-492-6833), or you can submit a web tip. Reward money is available, and tipsters may remain anonymous.  Follow the U.S. Marshals on Twitter @USMSCleveland.  

    MIL Security OSI –

  • MIL-OSI USA: Reed: Trump Should Urgently Address Air Traffic Controller Staffing Shortages, Not Indiscriminately Fire FAA Employees

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    PROVIDENCE, RI — Hundreds of Federal Aviation Administration (FAA) employees are in the process of being fired — not because of their performance or because they weren’t delivering critical services for taxpayers — but as part of the Trump Administration’s and billionaire Elon Musk’s partisan mass terminations of federal workers.

    U.S. Senator Jack Reed (D-RI), a member of the Appropriations subcommittee that oversees FAA funding, says FAA staffing decisions should be based on the agency’s mission-critical needs, not partisan whims. 

    Senator Reed says Trump’s shortsighted mass-firing of new FAA employees will have a ripple effect, leading to understaffing at the FAA now and in the future, which could then cause airports to slow down air traffic to match staffing levels.

    “Our air traffic control system is already overtaxed and firing these dedicated FAA professionals will make it harder to keep the traveling public safe.  There should be an FAA hiring push right now, not a mass-firing purge.  FAA staffing shortages can have a detrimental impact on air travel and operations.  Understaffing in control towers leads to more planes on the ground and flight delays.  Every member of Congress should be calling on President Trump and Elon Musk to strengthen, not weaken the FAA’s workforce,” said Reed. 

    Air traffic controllers at the nation’s 313 air traffic control locations across the country help safeguard more than 45,000 flights and 2.9 million airline passengers nationwide per day.

    The Trump administration has begun firing hundreds of the FAA’s most recent hirees — known as ‘probationary workers’ during their first year or two of public service — who were sent termination emails over the weekend and could be barred from entering their FAA job sites on Tuesday.

    According to the Associated Press, the impacted workers include personnel hired for FAA radar, landing and navigational aid maintenance.  Many of these workers are veterans, as the FAA continuously recruits employees with prior air traffic experience from the military and private industry.  

    The Trump Administration’s FAA purge comes after he fired all the members of the Aviation Security Advisory Committee, a panel mandated by Congress that is charged with examining safety issues at airlines and airports around the country.

    Air traffic control is one of the most specialized and skilled professions in the federal government. Air traffic controllers work in towers at airports and radar rooms at FAA facilities nationwide. Their job is to separate planes, navigate them through weather, and ensure that everyone reaches their respective destinations safely.

    MIL OSI USA News –

  • MIL-OSI USA: Preparing to Deploy NY National Guard to Correctional Facilities

    Source: US State of New York

    Governor Kathy Hochul today announced preparations to utilize the New York National Guard to protect correction officers who are currently on the job, individuals in DOCCS care and the communities surrounding these correctional facilities. The Governor also directed Department of Corrections and Community Supervision Commissioner Daniel Martuscello and senior Administration officials to meet with leaders from the New York State Correctional Officers & Police Benevolent Association to call for an end to the unlawful work stoppage that is causing significant public safety concerns across New York.

    “The illegal and unlawful actions being taken by a number of correction officers must end immediately,” Governor Hochul said. “We will not allow these individuals to jeopardize the safety of their colleagues, incarcerated people, and the residents of communities surrounding our correctional facilities. I have directed my Administration to meet with union leadership to resolve this situation and have also ordered the National Guard be mobilized to secure our correctional facilities in the event it is not resolved by tomorrow. Correction officers do difficult work under challenging circumstances, and I have consistently fought for them to have better pay and working conditions and will continue to do so.”

    Governor Hochul is preparing to deploy members of the New York National Guard to DOCCS facilities tomorrow if the unlawful work stoppage does not end, and will begin to take appropriate disciplinary action as necessary. The Governor has also directed her Counsel to work with the Office of the Attorney General on legal mechanisms such as the Taylor Law which will compel employees to return to work.

    DOCCS Commissioner Daniel F. Martuscello III said, “Earlier today we met with NYSCOPBA President Summers and his Executive Board to discuss a path forward to returning all facilities to normal operations and ending this illegal strike. The safety and security of the staff and incarcerated population is paramount to me. I value the hard work and commitment of the men and women at DOCCS who have had to sacrifice time with their families due to the current staffing shortage. However, this illegal job action involving NYSCOPBA members is causing irreparable harm to the operations of the department and jeopardizing the safety and security of their co-workers within these facilities. We will continue to develop strategies to reduce assaults and to bring more staff on board with NYSCOPBA, the recognized bargaining agency for correction officers and sergeants. There is always room for progress and for disagreements and we welcome continued dialogue with the union at the table. At this time, I am urging all those on strike to end this job action.”

    Governor Hochul has worked with NYSCOPBA to improve salaries, benefits and working conditions for corrections officers. In March 2024, the union agreed to a collective bargaining agreement with the State of New York to improve working conditions for corrections officers:

    • Increased salaries and starting pay for new employees by $6,500.
    • Increased Correction Officer location-based pay by $500 to $1,000 per Officer for downstate assignments.
    • Increased Correction Officer hazardous duty pay from $200 to $1,075.
    • Provides 12 weeks of fully-paid parental leave.

    Governor Hochul has also fought successfully to pass new laws and implement administrative changes to protect corrections officers. This includes advancing legislation to authorize the use of body scanners in correctional facilities and securing funding to procure the deployment of this technology. The Governor also supported DOCCS implementation of the vendor package program leading to large reductions in contraband entering our correctional facilities.

    Governor Hochul has also expanded efforts to increase recruitment and hiring of new correction officers. This includes:

    • Introducing Article 7 language in this year’s Executive Budget to amend the public officers law, in relation to residency requirements for certain positions as a correction officer, allowing recruiting from other states which would greatly expand the number of potential applicants.
    • DOCCS has contracted with OGS Media Services on a large-scale social media recruitment campaign that includes a multi-channel approach including social media, multicultural digital, streaming audio, video and static ads to better familiarize the public on DOCCS mission.
    • DOCCS Statewide Recruitment Unit has been running Recruitment Centers in various locations and currently is operating Recruitment Centers in the Destiny USA mall (Syracuse) and Champlain Centre mall (Plattsburgh).
    • In 2024, DOCCS recruiters attended 1,169 career fairs along with 54 multi day events.
    • DOCCS launched an advanced placement initiative to attract applicants with Correction Officer experience into our Correction Officer ranks at a pay rate commensurate to their experience.
    • In July 2024, the Department launched “CNY200”, a regional hiring incentive promoting direct placement of Correction officer recruits to vacancies at Auburn, Cayuga, Marcy, Mid-State and Mohawk Correctional Facilities, upon completion of the training academy.
      • In August 2024, DOCCS expanded the regional recruitment initiative to Chemung, Dutchess and Franklin Counties which include Bare Hill, Elmira, Fishkill, Franklin, Green Haven and Upstate Correctional Facility.
        • Due to the success of this initiative it was expanded in November 2024 to Clinton and Ulster Counties which include Altona, Clinton, Eastern, Shawangunk, Ulster and Wallkill Correctional Facility.
    • In addition to continued efforts by the DOCCS recruitment team to pursue candidates for civilian positions at career fairs and community events, DOCCS has been very successful with recruitment via the HELPs program launched by the Department of Civil Service in April 2023.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Files Charges Against Los Angeles Real Estate Agent, Landlord for Price Gouging in Wake of Eaton Fire

    Source: US State of California

    In addition, DOJ has sent more than 700 price gouging warning letters to hotels and landlords

    LOS ANGELES — California Attorney General Rob Bonta today announced the filing of charges against a Southern California real estate agent and a landlord for price gouging a victim who was evacuated due to the Eaton Fire. This investigation began when a complaint was filed with the California Department of Justice (DOJ) after the victim took steps to rent a Hermosa Beach home after the Governor’s Emergency Order, which protects against price gouging, went into effect. The investigation revealed that after the Emergency Order was in place, the defendants increased the rental price by 36%, which exceeded the 10% limit laid out in Penal Code section 396. The charge carries a potential penalty of a $10,000 maximum fine and the possibility of 12 months in jail. 

    “The California Department of Justice remains focused on putting a stop to price gouging,” said Attorney General Bonta. “Following the devastating fires in Southern California, I have been urging the public to report price gouging to local authorities, or to my office at oag.ca.gov/report or by reaching out to our hotline at (800) 952-5225. Today, we’ve announced price gouging charges against both a real estate agent and a landlord for price gouging in the wake of the Eaton Fire. DOJ will continue relentlessly pursuing those who are trying to capitalize off of the chaos and pain of Southern California’s natural disaster.”  

    As part of Attorney General Bonta’s work to protect Californians following the Southern California wildfires, DOJ has also sent more than 700 warning letters – and counting – to hotels and landlords who have been accused of price gouging. In addition, the office has more active criminal investigations into price gouging underway.
     
    Working alongside our District Attorneys, City Attorneys, and other law enforcement partners, DOJ has opened active investigations into price gouging as it continues to ramp up deployment of resources to Los Angeles County to investigate and prosecute price gouging, fraud, scams, and unsolicited low-ball offers on property during the state of emergency. DOJ has been working diligently to tackle this unlawful and unscrupulous conduct since a state of emergency was declared on January 7, 2025, and to further those efforts, the launch of a website dedicated to its response: oag.ca.gov/LAFires.
     
    California law – specifically, Penal Code section 396 – generally prohibits charging a price that exceeds, by more than 10%, the price a seller charged for an item before a state or local declaration of emergency. For items a seller only began selling after an emergency declaration, the law generally prohibits charging a price that exceeds the seller’s cost of the item by more than 50%. This law applies to those who sell food, emergency supplies, medical supplies, building materials, and gasoline. The law also applies to repair or reconstruction services, emergency cleanup services, transportation, freight and storage services, hotel accommodations, and long- and short-term rental housing. Exceptions to this prohibition exist if, for example, the price of labor, goods, or materials has increased for the business. 

    Violators of the price gouging statute are subject to criminal prosecution that can result in a one-year imprisonment in county jail and/or a fine of up to $10,000. Violators are also subject to civil enforcement actions including civil penalties of up to $2,500 per violation, injunctive relief, and mandatory restitution. The Attorney General and local prosecutors can enforce the statute.

    TIPS FOR REPORTING PRICE GOUGING, SCAMS, FRAUD AND OTHER CRIMES:

    1. Visit oag.ca.gov/LAfires or call our hotline at: (800) 952-5225.
    2. Include screenshots of all correspondence including conversations, text messages, direct messages (DMs), and voicemails
    3. Provide anything that shows what prices you were offered, when, and by whom.
    4. If you’re on a site like Zillow, you can also send screenshots of the price history and a link to the listing. 
    5. Include first and last names of the realtors, listing agents, or business owners you spoke to. Be sure to include phone numbers, email addresses, home and business addresses, websites, social media accounts.
    6. Don’t leave out any information that can help us find and contact the business or landlord.

    Californians who believe they have been the victim of price gouging should report it to their local authorities or to the Attorney General at oag.ca.gov/LAfires. To view a list of all price gouging restrictions currently in effect as a result of proclamations by the Governor, please see here.

    A copy of the complaint can be found here. 

    MIL OSI USA News –

  • MIL-OSI Security: Guatemalan Citizen Pleads Guilty To Illegally Transporting Undocumented Aliens

    Source: Office of United States Attorneys

    Jacksonville, Florida – Acting United States Attorney Sara C. Sweeney announces that Fredi Herrera-Sontay (42, Guatemala) has pleaded guilty to being paid to transport an undocumented alien to further his illegal presence in the United States. Herrera faces a maximum penalty of 10 years in prison. A sentencing date has not yet been set.

    According to the plea agreement, the U.S. Border Patrol received information that a grey truck with a Georgia license plate traveling southbound on I-75 was transporting undocumented aliens between Atlanta, Georgia, and South Florida. Border Patrol agents patrolling I-75 observed the truck and determined that Herrera was the registered owner and was illegally present in the United States. Agents stopped the vehicle in the early morning hours of January 29, 2025.

    Upon questioning, Herrera and a passenger in the truck stated that they were citizens of Guatemala. Neither of them had any documents establishing that they were legally authorized to be in the United States.

    Database checks for the vehicle reflected that it was purchased by Herrera on February 4, 2022, and that the mileage at the time of the purchase was 88,054. The vehicle’s odometer showed that the mileage at the time of the stop was 435,814, meaning that the vehicle had been driven 347,760 miles—or, on average, about 9,660 miles per month—since Herrera had purchased it.

    Both Herrera and the passenger were administratively arrested and transported to the Jacksonville Border Patrol Station for immigration processing. During processing, agents learned that Herrera had multiple previous immigration encounters and had been removed from the United States on July 11, 2018. No results returned for the passenger, indicating no prior encounters.

    During an interview, Herrera stated that that he was taking the passenger to Miami, for which he was paid $250, and that he was generally paid $250 for each person he transported. When he was asked how many times he had transported aliens, he replied that he did not know, that he did not have a clue how many times.

    This case was investigated by the U.S. Border Patrol. It is being prosecuted by Assistant United States Attorney Arnold B. Corsmeier.

    MIL Security OSI –