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It looked like a recipe for disaster. So, when his country's swimmers were being accused of doping earlier this year, one Chinese official cooked up something fast. He blamed it on contaminated noodles. In fact, he argued, it could have been a culinary conspiracy concocted by criminals, whose actions led to the cooking wine used to prepare the noodles being laced with a banned heart drug that found its way into an athlete's system. This theory was spelled out to international anti-doping officials during a meeting and, after weeks of wrangling, finally made it into the thousands of pages of data handed over to the lawyer who investigated the case involving 23 Chinese swimmers who had tested positive for that same drug. The attorney, appointed by the World Anti-Doping Agency, refused to consider that scenario as he sifted through the evidence. In spelling out his reasoning, lawyer Eric Cottier paid heed to the half-baked nature of the theory. "The Investigator considers this scenario, which he has described in the conditional tense, to be possible, no less, no more," Cottier wrote. Even without the contaminated-noodles theory, Cottier found problems with the way WADA and the Chinese handled the case but ultimately determined WADA had acted reasonably in not appealing China's conclusion that its athletes had been inadvertently contaminated. Critics of the way the China case was handled can't help but wonder if a wider exploration of the noodle theory, details of which were discovered by The Associated Press via notes and emails from after the meeting where it was delivered, might have lent a different flavor to Cottier's conclusions. "There are more story twists to the ways the Chinese explain the TMZ case than a James Bond movie," said Rob Koehler, the director general of the advocacy group Global Athlete. "And all of it is complete fiction." In April, reporting from the New York Times and the German broadcaster ARD revealed that the 23 Chinese swimmers had tested positive for the banned heart medication trimetazidine, also known as TMZ. China's anti-doping agency determined the athletes had been contaminated, and so, did not sanction them. WADA accepted that explanation, did not press the case further, and China was never made to deliver a public notice about the "no-fault findings," as is often seen in similar cases. The stock explanation for the contamination was that traces of TMZ were found in the kitchen of a hotel where the swimmers were staying. In his 58-page report, Cottier relayed some suspicions about the feasibility of that chain of events — noting that WADA's chief scientist "saw no other solution than to accept it, even if he continued to have doubts about the reality of contamination as described by the Chinese authorities." But without evidence to support pursuing the case, and with the chance of winning an appeal at almost nil, Cottier determined WADA's "decision not to appeal appears indisputably reasonable." A mystery remained: How did those traces of TMZ get into the kitchen? Shortly after the doping positives were revealed, the Institute of National Anti-Doping Organizations held a meeting on April 30 where it heard from the leader of China's agency, Li Zhiquan. Li's presentation was mostly filled with the same talking points that have been delivered throughout the saga — that the positive tests resulted from contamination from the kitchen. But he expanded on one way the kitchen might have become contaminated, harkening to another case in China involving a low-level TMZ positive. A pharmaceutical factory, he explained, had used industrial alcohol in the distillation process for producing TMZ. The industrial alcohol laced with the drug "then entered the market through illegal channels," he said. The alcohol "was re-used by the perpetrators to process and produce cooking wine, which is an important seasoning used locally to make beef noodles," Li said. "The contaminated beef noodles were consumed by that athlete, resulting in an extremely low concentration of TMZ in the positive sample. "The wrongdoers involved have been brought to justice." This new information raised eyebrows among the anti-doping leaders listening to Li's report. So much so that over the next month, several emails ensued to make sure the details about the noodles and wine made their way to WADA lawyers, who could then pass it onto Cottier. Eventually, Li did pass on the information to WADA general counsel Ross Wenzel and, just to be sure, one of the anti-doping leaders forwarded it, as well, according to the emails seen by the AP. All this came with Li's request that the noodles story be kept confidential. Turns out, it made it into Cottier's report, though he took the information with a grain of salt. "Indeed, giving it more attention would have required it to be documented, then scientifically verified and validated," he wrote. Neither Wenzel nor officials at the Chinese anti-doping agency returned messages from AP asking about the noodles conspiracy and the other athlete who Li suggested had been contaminated by them. Meanwhile, 11 of the swimmers who originally tested positive competed at the Paris Games earlier this year in a meet held under the cloud of the Chinese doping case. Though WADA considers the case closed, Koehler and others point to situations like this as one of many reasons that an investigation by someone other than Cottier, who was hired by WADA, is still needed. "It gives the appearance that people are just making things up as they go along on this, and hoping the story just goes away," Koehler said. "Which clearly it has not." Get local news delivered to your inbox!
White House press secretary Karine Jean-Pierre addressed reports of large drones flying over New Jersey, saying President Biden is aware of the situation and the FBI and DHS are investigating. A New Jersey state senator called for a limited state of emergency Tuesday as the mystery surrounding large drones flying over the Garden State continues to deepen. "The State of New Jersey should issue a limited state of emergency banning all drones until the public receives an explanation regarding these multiple sightings," Republican New Jersey state Sen. Jon Bramnick said in a press release. Reports of large drones flying over President-elect Trump’s Bedminster golf course and near military research sites in New Jersey have been on the rise in recent weeks. On Monday, Gov. Phil Murphy announced there were dozens of reports of drones on Sunday alone. White House press secretary Karine Jean-Pierre said Tuesday that drones flying over New Jersey were not foreign, adding that President Biden has been made aware of the situation, and the Department of Homeland Security (DHS) and FBI are investigating. FBI LEADER SAYS IT'S ‘CONCERNING’ HOW LITTLE HIS AGENCY KNOWS ABOUT MYSTERIOUS DRONES SEEN OVER NEW JERSEY A drone was seen over North Jersey Tuesday. (Nicholas Lordi) "So, we are certainly aware. The president is aware, so we are closely tracking the activity and coordinating closely with relevant agencies, including DHS and FBI, to continue to investigate these incidents," Jean-Pierre said before adding she did not have anything else to share. "Obviously, this is something the DHS and FBI are tracking very, very closely." When pressed if the federal government had ruled out that the drones are being controlled by foreign entities, Jean-Pierre promptly responded, "Yeah." The Federal Aviation Administration first received reports of drone activity Nov. 18 in Morris County, which is nearly 2 miles north of Trump National Golf Club Bedminster in Somerset County. NEW JERSEY DRONE SIGHTINGS: MILITARY ANALYSTS BREAK DOWN NATIONAL SECURITY CONCERNS, DOUBT HOBBYISTS AT PLAY New Jersey drone sighting map (Fox & Friends/Screengrab) Since then, sightings have occurred a few miles north of Bedminster in Mendham and Parsippany and other places across the Garden State. On Monday, Murphy said there were 49 reports of drones Sunday, mostly in Hunterdon County. The Democratic governor said his numbers also included possible sightings and potentially the same drone being reported more than once. Federal lawmakers from the state have expressed a degree of concern about the drones , regardless of the side of the aisle they stand on. DRONE ACTIVITY NEAR TRUMP BEDMINSTER, ARMY ARSENAL SPURS NJ FLIGHT RESTRICTION: FAA "My office has been in communication with Governor Murphy’s office and our federal agency partners," Sen. Cory Booker , D-N.J., said in a post on X. "While the drones currently pose no known threat to the public, my team and I will continue to monitor the situation closely." Booker also penned a letter to DHS Secretary Alejandro Mayorkas, FBI Director Christopher Wray and Department of Transportation Secretary Pete Buttigieg Tuesday, seeking better transparency and a comprehensive briefing on drone activity over New Jersey. "Over the past several weeks, there have been multiple confirmed sightings of unexplained drone activity over New Jersey communities and military installations," Booker wrote. "I recognize the need to maintain operational security of ongoing investigations and that this situation requires complex Interagency coordination. "However, there is a growing sense of uncertainty and urgency across the state — from constituents and local officials alike — despite assurances that the drones pose no known threats to public safety. As such, I urge you to share any relevant information about these drone sightings with the public. Without transparency, I believe that rumors, fear, and misinformation will continue to spread." NEW JERSEY GOV PHIL MURPHY CALLS FOR FEDERAL HELP AMID ‘VERY SOPHISTICATED’ DRONE SIGHTINGS: ‘WE NEED MORE’ Sen. Cory Booker speaks during a press conference in Tel Aviv Oct. 22, 2023. (Gil Cohen Magen/AFP via Getty Images) Rep. Jeff Van Drew , R-N.J., said in a statement to Fox News Digital that the recent drone sightings in New Jersey are "not only scary for residents." They point to the need for change in the state and in the U.S. "There has been no transparency with the public, and this lack of communication is unacceptable," Van Drew said. "Constituents have been told the drones are not a threat, but no further information has been provided. People need, want and deserve answers now so they can stop worrying about their safety and privacy." As concerns continue to mount, Robert Wheeler, the FBI's assistant director of the Critical IIncident Response Group, told Congress the federal agency knows concerningly little about the mysterious drones that have been spotted hovering over New Jersey. When asked if Americans are at risk, Wheeler said, "There is nothing that is known that would lead me to say that, but we just don't know. And that's the concerning part." While the FBI has been investigating the incidents, the agency has called on the public for additional information. The FAA confirmed earlier this month that it had issued two flight restrictions in response to the questionable drone activity reported near Trump’s Bedminster golf club. Upon request from "federal security partners," the agency issued two temporary flight restrictions. CLICK HERE TO GET THE FOX NEWS APP One restriction covers an area near Solberg-Hunterdon County Airport that consists of airspace above Trump Bedminster. Flights are also banned over Picatinny Arsenal, a major U.S. Army hub in Dover, N.J., geared toward research and development via its CCDCAC armaments center. The ban remained in place over Trump Bedminster through last week, snd the ban over Picatinny Arsenal will remain in place until Dec. 26. Fox News Digital’s Charles Creitz and Morgan Phillips contributed to this report. Greg Wehner is a breaking news reporter for Fox News Digital. Story tips and ideas can be sent to Greg.Wehner@Fox.com and on Twitter @GregWehner.
STAMFORD, Conn., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Star Group, L.P. (the "Company" or "Star") (NYSE:SGU), a home energy distributor and services provider, today announced financial results for its fiscal 2024 fourth quarter and year ended September 30, 2024. Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023 For the fiscal 2024 fourth quarter, Star reported a 10.0 percent decrease in total revenue to $240.3 million compared with $266.9 million in the prior-year period, reflecting slightly lower volumes sold and a decrease in selling prices for petroleum products, partially offset by higher service and installation revenue. The volume of home heating oil and propane sold during the fiscal 2024 fourth quarter decreased by 0.3 million gallons, or 1.5 percent, to 18.5 million gallons, as the additional volume provided from acquisitions was more than offset by the impact of net customer attrition and other factors. Star’s net loss increased by $15.4 million in the quarter, to $35.1 million, as a $28.4 million unfavorable change in the fair value of derivative instruments was only partially offset by a $9.1 million increase in income tax benefit, $1.7 million decrease in Adjusted EBITDA loss, $1.1 million decrease in depreciation and amortization expenses, and $1.1 million lower net interest expense. The Company reported a fourth quarter Adjusted EBITDA loss (a non-GAAP measure defined below) of $29.7 million, or $1.7 million less than in the prior year period, as higher home heating oil and propane per-gallon margins, an increase in service and installation profitability, and additional EBITDA from acquisitions, more than offset an increase in operating expenses and a decline in home heating oil and propane volume sold. “As we move into the heating season and begin a new fiscal year, it’s a great time to reflect on the past twelve months’ performance,” said Jeff Woosnam, Star Group’s President and Chief Executive Officer. “Temperatures in fiscal 2024 were roughly flat year-over-year, and total revenue fell modestly due to slightly lower volumes and selling prices. However, full year Adjusted EBITDA rose by $14.7 million, reflecting an increase in home heating oil and propane per-gallon margins and higher service and installation profitability. We continue to focus on cost containment and the pursuit of attractive acquisitions. At the same time, we remain vigilant in working to address net customer attrition which, at 4.2% in fiscal 2024, was up slightly year-over-year. As we enter the heating season, we believe the Company is well prepared to respond to anything Mother Nature throws our way, while providing our customers with superior customer service.” Fiscal 2024 Compared to Fiscal 2023 For fiscal 2024, Star reported a 9.6 percent decrease in total revenue to $1.8 billion compared with $2.0 billion in the prior-year period, reflecting a decrease in total volume sold and a decline in selling prices in response to lower wholesale product costs. The volume of home heating oil and propane sold during fiscal 2024 declined by 5.8 million gallons, or 2.2 percent, to 253.4 million gallons as the additional volume provided from acquisitions and other factors was more than offset by net customer attrition. Temperatures in Star’s geographic areas of operation were less than 0.1 percent warmer than during the prior-year period but 15.1 percent warmer than normal, as reported by the National Oceanic and Atmospheric Administration. Star’s net income increased by $3.3 million for fiscal 2024, to $35.2 million, as a $14.7 million increase in Adjusted EBITDA, a $3.9 million decrease in net interest expense, a $0.9 million decrease in depreciation and amortization expenses and a $0.7 million decrease in income tax expense were largely offset by a $17.0 million unfavorable change in the fair value of derivative instruments. Adjusted EBITDA for fiscal 2024 increased by $14.7 million, to $111.6 million, as an increase in home heating oil and propane per-gallon margins, an increase in service and installation profitability and the additional Adjusted EBITDA from acquisitions more than offset a 10.9 million gallon decrease in home heating oil and propane volume in the base business, a $5.0 million reduction in the Company’s weather hedge benefit and an increase in base business total operating expenses. EBITDA and Adjusted EBITDA (Non-GAAP Financial Measures) EBITDA (Earnings from continuing operations before net interest expense, income taxes, depreciation and amortization) and Adjusted EBITDA (Earnings from continuing operations before net interest expense, income taxes, depreciation and amortization, (increase) decrease in the fair value of derivatives, other income (loss), net, multiemployer pension plan withdrawal charge, gain or loss on debt redemption, goodwill impairment, and other non-cash and non-operating charges) are non-GAAP financial measures that are used as supplemental financial measures by management and external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess Star’s position with regard to the following: compliance with certain financial covenants included in our debt agreements; financial performance without regard to financing methods, capital structure, income taxes or historical cost basis; operating performance and return on invested capital compared to those of other companies in the retail distribution of refined petroleum products, without regard to financing methods and capital structure; ability to generate cash sufficient to pay interest on our indebtedness and to make distributions to our partners; and the viability of acquisitions, capital expenditure projects and the overall rates of return of alternative investment opportunities. The method of calculating Adjusted EBITDA may not be consistent with that of other companies, and EBITDA and Adjusted EBITDA both have limitations, as analytical tools and so should not be viewed in isolation but in conjunction with measurements that are computed in accordance with GAAP. Some of the limitations of EBITDA and Adjusted EBITDA are as follows: EBITDA and Adjusted EBITDA do not reflect cash used for capital expenditures; although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced and EBITDA and Adjusted EBITDA do not reflect the cash requirements for such replacements; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital; EBITDA and Adjusted EBITDA do not reflect the cash necessary to make payments of interest or principal on indebtedness; and EBITDA and Adjusted EBITDA do not reflect the cash required to pay taxes. REMINDER: Members of Star's management team will host a webcast and conference call at 11:00 a.m. Eastern Time tomorrow, December 5, 2024. The webcast will be accessible on the company’s website, at www.stargrouplp.com, and the telephone number for the conference call is 888-346-3470 (or 412-317-5169 for international callers). About Star Group, L.P. Star Group, L.P. is a full service provider specializing in the sale of home heating products and services to residential and commercial customers to heat their homes and buildings. The Company also sells and services heating and air conditioning equipment to its home heating oil and propane customers and, to a lesser extent, provides these offerings to customers outside of its home heating oil and propane customer base. Star also sells diesel, gasoline and home heating oil on a delivery only basis. We believe Star is the nation's largest retail distributor of home heating oil based upon sales volume. Including its propane locations, Star serves customers in the more northern and eastern states within the Northeast and Mid-Atlantic U.S. regions. Additional information is available by obtaining the Company's SEC filings at www.sec.gov and by visiting Star's website at www.stargrouplp.com , where unit holders may request a hard copy of Star’s complete audited financial statements free of charge. Forward Looking Information This news release includes "forward-looking statements" which represent the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the impact of geopolitical events on wholesale product cost volatility, the price and supply of the products that we sell, our ability to purchase sufficient quantities of product to meet our customer’s needs, rapid increases in levels of inflation, the consumption patterns of our customers, our ability to obtain satisfactory gross profit margins, the effect of weather conditions on our financial performance, our ability to obtain new customers and retain existing customers, our ability to make strategic acquisitions, the impact of litigation, natural gas conversions and electrification of heating systems, global health pandemics, recessionary economic conditions, future union relations and the outcome of current and future union negotiations, the impact of current and future governmental regulations, including climate change, environmental, health, and safety regulations, the ability to attract and retain employees, customer credit worthiness, counterparty credit worthiness, marketing plans, cyber-attacks, global supply chain issues, labor shortages and new technology, including alternative methods for heating and cooling residences. All statements other than statements of historical facts included in this Report including, without limitation, the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are forward-looking statements. Without limiting the foregoing, the words “believe,” “anticipate,” “plan,” “expect,” “seek,” “estimate,” and similar expressions are intended to identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to, those set forth under the heading "Risk Factors" and "Business Strategy" in our Annual Report on Form 10-K (the "Form 10-K") for the fiscal year ended September 30, 2024. Important factors that could cause actual results to differ materially from the Company’s expectations ("Cautionary Statements") are disclosed in this news release and in the Company’s Form 10-K and our Quarterly Reports on Form 10-Q. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. Unless otherwise required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this news release. (financials follow)Lawrence Taylor “absolutely” loves Bill Belichick ’s move to North Carolina, and their longtime connection has raised the possibility that LT could do some recruiting, or coaching, for the Tar Heels. Former NFL writer Gary Myers posted a string of Tweets involving his text messages with Taylor, the former Giants linebacker and Hall of Famer who was played under Belichick when the coach was the defensive coordinator under Bill Parcells during two Super Bowl championship runs. Taylor, 65, said “UNC stock has just gone up!!!” and that he “Absolutely” liked the hire. Asked if he had spoken to Belichick about the hire, Taylor said, “That’s all we been doing the last couple of days.” The Tar Heels haven’t won an ACC title in football since 1980 when Taylor played there. I just texted Lawrence Taylor, the greatest player in North Carolina history, to get his thoughts on Bill Belichick taking the job at his alma mater. "UNC stock has just gone up!!!" Taylor texted. "You like it?" I asked. "Absolutely," he said. "Did you talk to him about it?" I... When someone commented that Belichick should bring in Taylor to do some recruiting, Myers added, “That could happen.” At his introductory press conference Thursday, Belichick said he’s had discussions with Taylor and former North Carolina legend Julius Peppers, who attended the press conference. “We talk so much about... the Tar Heels, and their great program, and [it] kind of hasn’t been to that point since,” Belichick said. “So, you know, I think there’s a lot of pride in this program, and I want to do everything I can here to help [get it back].” Thank you for relying on us to provide the journalism you can trust. Please consider supporting us with a subscription. Adam Zagoria is a freelance reporter who covers Seton Hall and NJ college basketball for NJ Advance Media. You may follow him on Twitter @ AdamZagoria and check out his Website at ZAGSBLOG.com .
NEW YORK (AP) — U.S. stock indexes rose to more records Wednesday after tech companies talked up how much of a boost they’re getting from the artificial-intelligence boom. The S&P 500 climbed 0.6% to add to what’s set to be one of its best years of the millennium. It’s the 56th time the index has hit an all-time high this year after climbing in 11 of the last 12 days . The Dow Jones Industrial Average rose 308 points, or 0.7%, while the Nasdaq composite added 1.3% to its own record. Salesforce helped pull the market higher after delivering stronger revenue for the latest quarter than analysts expected, though its profit fell just short. CEO Mark Benioff highlighted the company’s artificial-intelligence offering for customers, saying “the rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale.” The stock price of the company, which helps businesses manage their customers, jumped 11%. Marvell Technology leaped even more after delivering better results than expected, up 23.2%. CEO Matt Murphy said the semiconductor supplier is seeing strong demand from AI and gave a forecast for profit in the upcoming quarter that topped analysts’ expectations. All the optimistic talk helped Nvidia , the company whose chips are powering much of the move into AI, rally 3.5%. It was the strongest force pushing upward on the S&P 500 by far. They helped offset an 8.9% drop for Foot Locker, which reported profit and revenue that fell short of analysts’ expectations. CEO Mary Dillon said the company is taking a more cautious view, and it cut its forecasts for sales and profit this year. Dillon pointed to how keen customers are for discounts and how soft demand has been outside of Thanksgiving week and other key selling periods. Retailers overall have offered mixed signals about how resilient U.S. shoppers can remain. Their spending has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market . This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month. A narrower report released Wednesday morning suggested employers in the private sector increased their payrolls by less last month than economists expected. Hiring in manufacturing was the weakest since the spring, according to Nela Richardson, chief economist at ADP. The report strengthened traders’ expectations that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market. The central bank had appeared set to continue cutting rates into next year, but the election of Donald Trump has scrambled Wall Street’s expectations somewhat. Trump’s preference for higher tariffs and other policies could lead to higher inflation , which could alter the Fed’s plans . Fed Chair Jerome Powell said Wednesday that the central bank can afford to cut rates cautiously because inflation has slowed from its peak two years ago and the economy remains sturdy. A separate report on Wednesday said health care, finance and other businesses in the U.S. services sector are continuing to grow, but not by as much as before and not by as much as economists expected. One respondent from the construction industry told the survey from the Institute for Supply Management that the Fed’s rate cuts haven't pulled down mortgage rates as much as hoped. Plus, “the unknown effect of tariffs clouds the future.” In the bond market, the yield on the 10-year Treasury fell to 4.18% from 4.23% late Tuesday. On Wall Street, Campbell’s sank 6.2% for one of the S&P 500’s sharper losses despite increasing its dividend and reporting a stronger profit than analysts expected. Its revenue fell short of Wall Street’s expectations, and the National Football League’s Washington Commanders hired Campbell’s CEO Mark Clouse as its team president. Gains for airline stocks helped offset that drop after JetBlue Airways said it saw stronger bookings for travel in November and December following the presidential election. It also said it’s benefiting from lower fuel prices, as well as lower costs due to improved on-time performance. JetBlue jumped 8.3%, while Southwest Airlines climbed 3.5%. All told, the S&P 500 rose 36.61 points to 6,086.49. The Dow climbed 308.51 to 45,014.04, and the Nasdaq composite rallied 254.21 to 19,735.12. In stock markets abroad, South Korea’s Kospi sank 1.4% following a night full of drama in Seoul. President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night, prompting troops to surround the parliament. He revoked the martial law declaration six hours later. In the crypto market , bitcoin climbed near $99,000 after Trump said he would nominate Paul Atkins , a cryptocurrency advocate, to chair the Securities and Exchange Commission. AP Writers Matt Ott and Zimo Zhong contributed.Kylian Mbappe’s spot-kick woe goes on as Real Madrid lose at Athletic Bilbao