Contribution from Tyman Acquisition Boosts Results Margin Expansion Realized on Consolidated Basis for Full Year $53.75 Million of Debt Repaid Since Closing Tyman Acquisition Integration of Transformative Acquisition Progressing Ahead of Schedule Realization of Synergies Ongoing HOUSTON, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months and twelve months ended October 31, 2024. The Company reported the following selected financial results: George Wilson, Chairman, President and Chief Executive Officer, commented, “On a consolidated basis, results for the fourth quarter and full year were boosted by the contribution from the Tyman acquisition. Results from the legacy Quanex business were in-line with our expectations for both the fourth quarter and full year. We are pleased with profitability despite the soft macro environment we experienced throughout 2024. Overall, we executed on our plan from an operational standpoint, and we executed on our long-term profitable growth strategy by closing on the transformative Tyman acquisition in August. In addition, our continued focus on cash flow and managing working capital enabled us to repay approximately $54 million in debt since closing the acquisition on August 1, 2024. “As we transition into 2025, we expect the current demand softness to persist until the spring selling season, but our expectations are that results will improve in the second half of 2025 due to typical seasonality combined with the benefit from unwinding pent up demand as interest rates continue to trend lower and consumer confidence improves. We will continue to focus on integrating the legacy Tyman business and capturing the targeted synergies. We have also settled on a new operating structure that is designed around our core competencies, which should enable us to capitalize on existing commercial opportunities and tap into new innovative solutions. Furthermore, we continue to be excited about building a stronger, more profitable company over time and creating additional value for our shareholders. We have scheduled an Investor and Analyst Day on February 6, 2025, to unveil the ‘new’ Quanex, which will include providing detail on the revamped operating structure, guidance for 2025 and an update on our long-term profitable growth strategy.” Fourth Quarter and Fiscal 2024 Results Summary Quanex reported net sales of $492.2 million during the three months ended October 31, 2024, which represents an increase of 66.6% compared to $295.5 million for the same period of 2023. The Company reported net sales of $1.28 billion during the twelve months ended October 31, 2024, which represents an increase of 13.0% compared to $1.13 billion for the same period of 2023. The increases reflect the contribution from the Tyman acquisition that closed on August 1, 2024. Excluding the contribution from Tyman, net sales would have declined by 2.3% for the fourth quarter of 2024 and 5.0% for the full year, largely due to lower volume. Quanex reported a decline in net sales of 4.7% for the fourth quarter of 2024 and a decline of 2.6% in net sales for the full year in its North American Fenestration segment. In its North American Cabinet Components segment, Quanex reported an increase of 1.7% in net sales for the fourth quarter and a decline of 7.9% in net sales for the full year. Excluding foreign exchange impact, the Company realized a decrease in net sales of 1.2% for the fourth quarter and a decrease of 8.9% in net sales for the full year in its European Fenestration segment. In addition, Quanex reported net sales of $203.4 million related to the Tyman acquisition during the fourth quarter of 2024. (See Sales Analysis table for additional information) The increase in adjusted earnings for the three months and twelve months ended October 31, 2024 was mostly attributable to the contribution from the Tyman acquisition; however, the increase in adjusted earnings was also due in part to the lower cost of sales, including labor, related to lower volumes and deflation in the price of raw materials. Quanex was able to realize margin expansion in the fourth quarter in its North American Fenestration segment mainly due to effective cost control. In addition, the Company was also able to realize margin expansion on a consolidated basis for the full year, primarily driven by the contribution from the Tyman acquisition. Balance Sheet & Liquidity Update The Company borrowed $770 million ($500 Term Loan A and $270 on Senior Secured Revolving Credit Facility) to acquire Tyman on August 1, 2024. Quanex repaid $53.75 million in debt during the fourth quarter of 2024. As of October 31, 2024, the Company had total debt of $776.9 million and Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was 3.7x. As of October 31, 2024, the Company’s LTM Net Income was $33.1 million and LTM Adjusted EBITDA was $182.4 million (See Non-GAAP Terminology Definitions and Disclaimers section, Net Debt Reconciliation table and Last Twelve Months Adjusted EBITDA Reconciliation table for additional information) The leverage ratio for Quanex’s quarterly debt covenant compliance (“Debt Covenant Leverage Ratio”) for its lenders was 2.3x as of October 31, 2024. The Debt Covenant Leverage Ratio calculation is defined in the Company’s Amendment No. 1 to its Second Amended and Restated Credit Agreement, which was filed with the SEC on June 12, 2024. In general, the main difference is that the Debt Covenant Leverage Ratio excludes real-estate leases that are considered “finance” leases under U.S. GAAP and is calculated on a proforma basis to include Adjusted EBITDA from the Tyman acquisition, $30 million of EBITDA for the synergy target related to the acquisition and only cash from domestic subsidiaries. The Debt Covenant Leverage Ratio would be 2.1x if calculated using the cash and cash equivalents amount on the balance sheet as of October 31, 2024. Quanex’s liquidity was $343.3 million as of October 31, 2024, consisting of $97.7 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2029, less letters of credit outstanding. Investor and Analyst Day The Company announced it will host an Investor and Analyst Day at the New York Stock Exchange, 11 Wall St. New York, NY 1005, on February 6, 2025. The event will begin at 9:00 a.m. ET and conclude at approximately 11:00 a.m. ET. All investors and analysts that plan to attend should RSVP for the event by January 23, 2025, by contacting Quanex’s Senior Vice President, Chief Financial Officer & Treasurer, Scott Zuehlke, by email ( scott.zuehlke@quanex.com ). Presentation content and a live audio webcast will be made available on Quanex’s website at http://www.quanex.com in the Investors section under Events & Presentations. A replay of the webcast will be posted following the live event. Conference Call and Webcast Information The Company has also scheduled a conference call for Friday, December 13, 2024 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release. A link to the live audio webcast will be available on Quanex’s website at http://www.quanex.com in the Investors section under Presentations & Events. Participants can pre-register for the conference call using the following link: https://register.vevent.com/register/BIef39998f168c4cff8d9ed1561cb1cc48 Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, it is recommended that participants dial into the conference call ten minutes ahead of the scheduled start time. A replay will be available for a limited time on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events. About Quanex Quanex is a global manufacturer with core capabilities and broad applications across various end markets. The Company currently collaborates and partners with leading OEMs to provide innovative solutions in the window, door, solar, refrigeration, custom mixing, building access and cabinetry markets. Looking ahead, Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets. Non-GAAP Terminology Definitions and Disclaimers Adjusted Net Income (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net), Adjusted EBITDA and LTM Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making. Net Debt is defined as total debt (outstanding balance on the revolving credit facility plus financial lease obligations) less cash and cash equivalents. The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement. Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures. Quanex uses the Free Cash Flow metric to measure operational and cash management performance and assist with financial decision-making. Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of the Company’s residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Company’s financial and cash management performance. Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods and will assist investors in understanding the Company’s financial performance when comparing results to other investment opportunities. The presented non-GAAP measures may not be the same as those used by other companies. Quanex does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. Forward Looking Statements Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics) on the economy and the demand for Quanex’s products, timing estimates or any other expectations related to the Acquisition, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release. The statements and guidance set forth in this release are based on current expectations. Actual results or events may differ materially from this release. For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.Renuka Rayasam | (TNS) KFF Health News In April, just 12 weeks into her pregnancy, Kathleen Clark was standing at the receptionist window of her OB-GYN’s office when she was asked to pay $960, the total the office estimated she would owe after she delivered. Clark, 39, was shocked that she was asked to pay that amount during this second prenatal visit. Normally, patients receive the bill after insurance has paid its part, and for pregnant women that’s usually only when the pregnancy ends. It would be months before the office filed the claim with her health insurer. Clark said she felt stuck. The Cleveland, Tennessee, obstetrics practice was affiliated with a birthing center where she wanted to deliver. Plus, she and her husband had been wanting to have a baby for a long time. And Clark was emotional, because just weeks earlier her mother had died. “You’re standing there at the window, and there’s people all around, and you’re trying to be really nice,” recalled Clark, through tears. “So, I paid it.” On online baby message boards and other social media forums , pregnant women say they are being asked by their providers to pay out-of-pocket fees earlier than expected. The practice is legal, but patient advocacy groups call it unethical. Medical providers argue that asking for payment up front ensures they get compensated for their services. How frequently this happens is hard to track because it is considered a private transaction between the provider and the patient. Therefore, the payments are not recorded in insurance claims data and are not studied by researchers. Patients, medical billing experts, and patient advocates say the billing practice causes unexpected anxiety at a time of already heightened stress and financial pressure. Estimates can sometimes be higher than what a patient might ultimately owe and force people to fight for refunds if they miscarry or the amount paid was higher than the final bill. Up-front payments also create hurdles for women who may want to switch providers if they are unhappy with their care. In some cases, they may cause women to forgo prenatal care altogether, especially in places where few other maternity care options exist. It’s “holding their treatment hostage,” said Caitlin Donovan, a senior director at the Patient Advocate Foundation . Medical billing and women’s health experts believe OB-GYN offices adopted the practice to manage the high cost of maternity care and the way it is billed for in the U.S. When a pregnancy ends, OB-GYNs typically file a single insurance claim for routine prenatal care, labor, delivery, and, often, postpartum care. That practice of bundling all maternity care into one billing code began three decades ago, said Lisa Satterfield, senior director of health and payment policy at the American College of Obstetricians and Gynecologists . But such bundled billing has become outdated, she said. Previously, pregnant patients had been subject to copayments for each prenatal visit, which might lead them to skip crucial appointments to save money. But the Affordable Care Act now requires all commercial insurers to fully cover certain prenatal services. Plus, it’s become more common for pregnant women to switch providers, or have different providers handle prenatal care, labor, and delivery — especially in rural areas where patient transfers are common. Some providers say prepayments allow them to spread out one-time payments over the course of the pregnancy to ensure that they are compensated for the care they do provide, even if they don’t ultimately deliver the baby. “You have people who, unfortunately, are not getting paid for the work that they do,” said Pamela Boatner, who works as a midwife in a Georgia hospital. While she believes women should receive pregnancy care regardless of their ability to pay, she also understands that some providers want to make sure their bill isn’t ignored after the baby is delivered. New parents might be overloaded with hospital bills and the costs of caring for a new child, and they may lack income if a parent isn’t working, Boatner said. In the U.S., having a baby can be expensive. People who obtain health insurance through large employers pay an average of nearly $3,000 out-of-pocket for pregnancy, childbirth, and postpartum care, according to the Peterson-KFF Health System Tracker . In addition, many people are opting for high-deductible health insurance plans, leaving them to shoulder a larger share of the costs. Of the 100 million U.S. people with health care debt, 12% attribute at least some of it to maternity care, according to a 2022 KFF poll . Families need time to save money for the high costs of pregnancy, childbirth, and child care, especially if they lack paid maternity leave, said Joy Burkhard , CEO of the Policy Center for Maternal Mental Health, a Los Angeles-based policy think tank. Asking them to prepay “is another gut punch,” she said. “What if you don’t have the money? Do you put it on credit cards and hope your credit card goes through?” Calculating the final costs of childbirth depends on multiple factors, such as the timing of the pregnancy , plan benefits, and health complications, said Erin Duffy , a health policy researcher at the University of Southern California’s Schaeffer Center for Health Policy and Economics. The final bill for the patient is unclear until a health plan decides how much of the claim it will cover, she said. But sometimes the option to wait for the insurer is taken away. During Jamie Daw’s first pregnancy in 2020, her OB-GYN accepted her refusal to pay in advance because Daw wanted to see the final bill. But in 2023, during her second pregnancy, a private midwifery practice in New York told her that since she had a high-deductible plan, it was mandatory to pay $2,000 spread out with monthly payments. Daw, a health policy researcher at Columbia University, delivered in September 2023 and got a refund check that November for $640 to cover the difference between the estimate and the final bill. “I study health insurance,” she said. “But, as most of us know, it’s so complicated when you’re really living it.” While the Affordable Care Act requires insurers to cover some prenatal services, it doesn’t prohibit providers from sending their final bill to patients early. It would be a challenge politically and practically for state and federal governments to attempt to regulate the timing of the payment request, said Sabrina Corlette , a co-director of the Center on Health Insurance Reforms at Georgetown University. Medical lobbying groups are powerful and contracts between insurers and medical providers are proprietary. Because of the legal gray area, Lacy Marshall , an insurance broker at Rapha Health and Life in Texas, advises clients to ask their insurer if they can refuse to prepay their deductible. Some insurance plans prohibit providers in their network from requiring payment up front. If the insurer says they can refuse to pay up front, Marshall said, she tells clients to get established with a practice before declining to pay, so that the provider can’t refuse treatment. Related Articles Health | Which health insurance plan may be right for you? Health | 23andMe, tech companies disclose hundreds of Bay Area job cuts Health | Bay FC’s Beattie wins NWSL honor for breast cancer awareness advocacy Health | Your cool black kitchenware could be slowly poisoning you, study says. Here’s what to do Health | Does fluoride cause cancer, IQ loss, and more? Fact-checking Robert F. Kennedy Jr.’s claims Clark said she met her insurance deductible after paying for genetic testing, extra ultrasounds, and other services out of her health care flexible spending account. Then she called her OB-GYN’s office and asked for a refund. “I got my spine back,” said Clark, who had previously worked at a health insurer and a medical office. She got an initial check for about half the $960 she originally paid. In August, Clark was sent to the hospital after her blood pressure spiked. A high-risk pregnancy specialist — not her original OB-GYN practice — delivered her son, Peter, prematurely via emergency cesarean section at 30 weeks. It was only after she resolved most of the bills from the delivery that she received the rest of her refund from the other OB-GYN practice. This final check came in October, just days after Clark brought Peter home from the hospital, and after multiple calls to the office. She said it all added stress to an already stressful period. “Why am I having to pay the price as a patient?” she said. “I’m just trying to have a baby.” ©2024 KFF Health News. Distributed by Tribune Content Agency, LLC.
best online casino slots game
。
GERMANTOWN, Tenn. , Dec. 10, 2024 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced that its board of directors approved a quarterly dividend payment of $1.515 per share of common stock to be paid on January 31, 2025 , to shareholders of record on January 15, 2025 . The increase will raise the annualized dividend payment 3.1% to $6.06 per share of common stock and represents the 15 th consecutive year MAA has increased its dividend to shareholders. As established in prior quarters, the board of directors declared the quarterly common dividend in advance of MAA's earnings announcement that is expected to be made on February 5, 2025 . About MAA MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to www.maac.com or contact Investor Relations at investor.relations@maac.com . Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended with respect to our expectations for future periods. Such statements include statements made about the payment of common dividends. The ability to meet the payment of common dividends in or contemplated by the forward-looking statements could differ materially from the projection due to a number of factors, including a downturn in general economic conditions or the capital markets, changes in interest rates and other items that are difficult to control such as increases in real estate taxes in many of our markets, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to the filings of Mid-America Apartment Communities, Inc. with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing. View original content to download multimedia: https://www.prnewswire.com/news-releases/maa-announces-increase-to-quarterly-common-dividend-302328178.html SOURCE MAA
Former U.S. President Jimmy Carter has died. He was 100 years old and had spent more than a year in hospice care. The Georgia peanut farmer served one turbulent term in the White House before building a reputation as a global humanitarian and champion of democracy. He defeated President Gerald Ford in 1976 promising to restore trust in government but lost to Ronald Reagan four years later amid soaring inflation, gas station lines and the Iran hostage crisis. He and his wife, Rosalynn Carter, then formed The Carter Center, and he earned a Nobel Peace Prize while making himself the most active and internationally engaged of former presidents. The Carter Center said the former president died Sunday afternoon in Plains, Georgia.
BRYANT 97, TENNESSEE STATE 85Mallory Jansen and Dan Jeannotte in "All I Need For Christmas," debuting in the Hallmark Movies & Mysteries Miracles of Christmas on Thursday, Dec. 12, 2024. ©2024 Hallmark Media Hallmark Media Yzzy Liwanag | YLiwanag@syracuse.com “All I Need for Christmas” is set to premiere on the Hallmark Mystery Channel on Thursday, December 12 (12/12/2024) at 8 p.m. ET. A live stream of the movie can be found on Philo (free trial) , FrndlyTV (free trial) , and more TV services listed below. In “All I Need for Christmas”, Maggie, a struggling singer/songwriter, feels out of touch in a tech-driven world. While helping her parents on their farm at Christmas, she meets Archer, a tech-savvy entrepreneur. Initially blaming him for her struggles, Archer instead inspires Maggie to embrace heartfelt songwriting while using technology as a supportive tool. As Maggie helps Archer navigate family loss and feuds, they both learn to balance tradition with innovation, finding connection and inspiration in this holiday romance. How can I watch “All I Need for Christmas” for free? The movie can be streamed for free on Philo (free trial) , FrndlyTV (free trial) , DirecTV Stream (free trial) , and Sling (half of the first month) . What are the differences between the streaming services? Philo subscribers enjoy access to over 70 top-rated live channels, an on-demand library with over 70,000 movies and shows, and AMC+ (with ads) included in their subscription. The service also offers unlimited DVR, allowing users to save anything currently airing or scheduled to air for up to a year, with the ability to fast-forward recordings and skip ads. Additionally, subscribers can access premium add-ons like MGM+, STARZ, and The Movies and More package (which includes REELZ and other channels), plus over 80 free channels, bringing the total to over 150 free and paid channels. Right now, you can try Philo free for 7 days. Frndly TV is the most affordable live TV streaming service in America. Starting at only $6.99/mo., billed annually, Frndly TV offers 40+ top-rated live TV networks including A+E®, Hallmark Channel, The History ChannelTM, INSP, Lifetime®, Hallmark Movie & Mysteries, MeTV+, Game Show Network, GAC Family, and more. Customers can also access a wide range of on-demand content at no extra cost. Frndly TV delivers feel good programming at a family friendly price. DirecTV Stream is comparable to FuboTV, as it provides similar channels and functionalities. Their basic package, priced at $79.99 per month with a free trial, includes just over 75 live TV channels. You can explore all of DirecTV Stream’s channel packages on their website. Sling is one of the best bargains in the live TV streaming market, at $40 per month. Sling lets you choose the channel lineup that best suits your needs, whether you prefer more sports, or more news and entertainment, and is available to stream on Roku, iOS, Apple Play, XBox, Fire TV, Chromecast and most app-friendly devices.