Jennison Associates LLC acquired a new position in Commvault Systems, Inc. ( NASDAQ:CVLT – Free Report ) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 7,761 shares of the software maker’s stock, valued at approximately $1,194,000. A number of other hedge funds and other institutional investors also recently made changes to their positions in CVLT. Caprock Group LLC bought a new stake in Commvault Systems in the third quarter worth approximately $249,000. Lindenwold Advisors INC grew its position in shares of Commvault Systems by 2.4% during the 3rd quarter. Lindenwold Advisors INC now owns 7,028 shares of the software maker’s stock worth $1,081,000 after buying an additional 164 shares during the period. Strengthening Families & Communities LLC increased its stake in shares of Commvault Systems by 11.2% in the 3rd quarter. Strengthening Families & Communities LLC now owns 17,791 shares of the software maker’s stock valued at $2,737,000 after acquiring an additional 1,791 shares in the last quarter. Sawgrass Asset Management LLC acquired a new position in shares of Commvault Systems during the 3rd quarter valued at $207,000. Finally, CIBC Asset Management Inc bought a new position in Commvault Systems during the third quarter worth $206,000. 93.50% of the stock is owned by institutional investors and hedge funds. Insiders Place Their Bets In other Commvault Systems news, CEO Sanjay Mirchandani sold 10,775 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $165.30, for a total value of $1,781,107.50. Following the completion of the transaction, the chief executive officer now owns 459,969 shares in the company, valued at $76,032,875.70. This represents a 2.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website . Also, Director Allison Pickens sold 1,232 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $153.89, for a total value of $189,592.48. Following the sale, the director now directly owns 7,131 shares of the company’s stock, valued at approximately $1,097,389.59. This represents a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here . In the last ninety days, insiders sold 30,918 shares of company stock valued at $4,843,242. Corporate insiders own 1.00% of the company’s stock. Commvault Systems Trading Up 2.3 % Commvault Systems ( NASDAQ:CVLT – Get Free Report ) last posted its earnings results on Tuesday, October 29th. The software maker reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. Commvault Systems had a net margin of 19.75% and a return on equity of 31.62%. The firm had revenue of $233.28 million during the quarter, compared to analyst estimates of $220.76 million. During the same quarter in the prior year, the business posted $0.30 EPS. The business’s revenue was up 16.1% compared to the same quarter last year. On average, analysts predict that Commvault Systems, Inc. will post 1.66 EPS for the current year. Wall Street Analyst Weigh In Several brokerages have recently weighed in on CVLT. Oppenheimer started coverage on shares of Commvault Systems in a report on Wednesday, November 13th. They set an “outperform” rating and a $200.00 price objective on the stock. Royal Bank of Canada increased their price target on Commvault Systems from $164.00 to $182.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 30th. Guggenheim downgraded Commvault Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, October 15th. StockNews.com cut Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Finally, KeyCorp boosted their price target on shares of Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $151.25. View Our Latest Stock Report on Commvault Systems About Commvault Systems ( Free Report ) Commvault Systems, Inc provides data protection platform that helps customers to secure, defend, and recover their data in the United States and internationally. The company offers Commvault Backup and Recovery, a backup and recovery solution; Commvault Disaster Recovery, a replication and disaster recovery solution; Commvault Complete Data Protection, a data protection solution; and Metallic Data Protection as-a-service, which delivers enterprise-grade data protection as a service on a cloud platform, with advanced built-in security controls. Featured Stories Want to see what other hedge funds are holding CVLT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commvault Systems, Inc. ( NASDAQ:CVLT – Free Report ). Receive News & Ratings for Commvault Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commvault Systems and related companies with MarketBeat.com's FREE daily email newsletter .
Adele bids tearful farewell to her Las Vegas residency: I will miss it terribly
Cheatham Middle School handed a cease-and-desist over Bearcats mascot, logo from University of CincinnatiLake Macquarie mayor Adam Shultz has outlined his plan to begin laying the foundations to tackle the region's housing crisis. Login or signup to continue reading At Monday night's council meeting, Cr Shultz will use the mayoral minutes to launch the Lake Macquarie Housing Forum, tentatively planned for April next year. A housing forum was a key election promise from Cr Shultz, who was selected by Labor unopposed to replace former mayor Kay Fraser. Cr Shultz won the popular vote for mayor with 35.8 per cent of the vote. Community housing providers, developers, NSW Minister for Planning Paul Scully, NSW Minister for the Hunter Yasmin Catley, and community groups will be invited to discuss how Lake Macquarie can tackle the demand for more dwellings throughout the local government area. "In terms of where we are, there is a housing crisis," Cr Shultz said. "How do we differentiate Lake Macquarie from all the other areas and encourage strategic urban development and densification? "This is about having frank and open conversations." NSW Premier Chris Minns has earmarked Lake Macquarie for 8000 new home completions by 2029, 30 per cent higher than the 2017-2022 period. Much of that growth is centred in the western and north-western parts of Lake Macquarie, which is forecast to expand from a population of 18,093 in 2021 to 32,322 by 2046. The NSW Labor Government has already identified land around train stations at Morisset, Booragul, Teralba, Cockle Creek and Cardiff as being suited for high-density housing as part of the Transport Orientated Development program. It's an initiative, Cr Shultz supports. "In terms of our growth, why wouldn't we leverage the infrastructure we've already got and obviously advocate to the state government for upgrades and getting trains to run along that corridor, which can take people into Newcastle or down to Gosford and gentrify the western side of the lake as well?" he said. "That's not to say it all needs to be centred there. There's obviously other public transport corridors on the eastern side and north. "But a part of this discussion is to flesh out a way forward with ideas and solutions, that at a council level, we can take away and try to implement." Data released on Friday by the National Shelter-SGS Economics and Planning Rental Affordability Index showed no postcodes in the Hunter are considered affordable for rental housing based on the average income of tenants. As a father with three young kids, Cr Shultz said using the levers of council to rezone land to help make housing more affordable and to encourage more investment was essential to future prosperity. "We want investment in Lake Macquarie; we want houses; we want jobs; we want opportunities for people," he said. "It's about working with the state government and getting good outcomes for Lake Macquarie and the people who want to come here to ensure your grand kids, or your children, don't need to relocate out of Lake Macquarie to be all they can be. "We want to have opportunities for people, and part of that is increasing the housing supply strategically." Josh Leeson is a news and features journalist, who focuses on Lake Macquarie, politics and entertainment at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport, including the Asian Cup, A-League, Surfest, cricket and rugby league. Josh Leeson is a news and features journalist, who focuses on Lake Macquarie, politics and entertainment at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport, including the Asian Cup, A-League, Surfest, cricket and rugby league. DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. 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Fresh daily!The British singer-songwriter, 36, launched Weekends With Adele at Caesars Palace in November 2022 and performed her 100th show on Saturday. Her run of sell-out shows at the venue, which seats around 4,000 people, has been a success but has also taken its toll. In July, she announced she would be taking a “big break” from music after her current run of shows. A post shared by Adele (@adele) Videos posted online from her concert on Saturday show the singer getting tearful as she bid farewell to Vegas. “It’s been wonderful and I will miss it terribly and I will miss you terribly”, she said. “I don’t know when I next want to perform again.” She also said she got “closure” when Canadian singer Celine Dion came to watch her perform, admitting that she cried for a “whole week” afterwards. “It was just such a full circle moment for me because that’s the only reason I ever even wanted to be in here”, she added. Adele shared an emotional embrace with Dion after she spotted the singer in the audience during her Las Vegas show last month. A post shared by Adele (@adele) In footage shared online, the British star can be seen breaking down in tears as they hug in The Colosseum at Caesars Palace, which was built for Dion’s residency. The Rolling In The Deep singer has been vocal about her love for Dion over the years, hailing her as “Queen Celine” after attending one of her performances in an Instagram post in 2018. Dion reciprocated the love at the time, sharing a photo to social media of her posing alongside Adele, who was wearing the singer’s merchandise. She wrote: “Wasn’t able to do all my shows, but was thrilled that @Adele came to one of them.... I love her so much!! – Celine xx”. After their encounter at the venue, Adele said in an Instagram post: “Words will never sum up what you mean to me, or what you coming to my show means, let alone how it felt seeing you back in your palace with your beautiful family.”
Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Unum Group ( NYSE:UNM – Free Report ) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 84,480 shares of the financial services provider’s stock, valued at approximately $5,021,000. A number of other institutional investors also recently bought and sold shares of UNM. Versant Capital Management Inc lifted its stake in shares of Unum Group by 361.5% in the 2nd quarter. Versant Capital Management Inc now owns 503 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 394 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Unum Group in the second quarter valued at about $26,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Unum Group during the second quarter valued at about $29,000. Capital Performance Advisors LLP purchased a new stake in shares of Unum Group in the 3rd quarter valued at approximately $31,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Unum Group in the 3rd quarter valued at approximately $37,000. 86.57% of the stock is owned by hedge funds and other institutional investors. Analysts Set New Price Targets A number of research firms recently weighed in on UNM. Barclays lifted their target price on shares of Unum Group from $72.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. dropped their price objective on Unum Group from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Evercore ISI upgraded Unum Group from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $67.00 to $84.00 in a report on Thursday, November 14th. Bank of America raised their target price on Unum Group from $54.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Wells Fargo & Company lifted their target price on Unum Group from $69.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Unum Group presently has an average rating of “Moderate Buy” and an average target price of $67.73. Insider Buying and Selling at Unum Group In related news, CEO Richard P. Mckenney sold 67,795 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $54.98, for a total value of $3,727,369.10. Following the transaction, the chief executive officer now directly owns 1,065,868 shares of the company’s stock, valued at $58,601,422.64. This trade represents a 5.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website . Also, EVP Elizabeth Claire Ahmed sold 5,000 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $64.16, for a total transaction of $320,800.00. Following the completion of the transaction, the executive vice president now owns 58,741 shares of the company’s stock, valued at $3,768,822.56. This represents a 7.84 % decrease in their position. The disclosure for this sale can be found here . Insiders have sold 165,709 shares of company stock worth $10,956,914 over the last three months. Insiders own 0.93% of the company’s stock. Unum Group Trading Up 0.5 % Shares of NYSE:UNM opened at $75.84 on Friday. The company has a market cap of $13.85 billion, a PE ratio of 8.21, a P/E/G ratio of 1.11 and a beta of 0.76. The company’s 50 day moving average is $63.86 and its two-hundred day moving average is $56.66. Unum Group has a 52 week low of $41.97 and a 52 week high of $76.31. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.32. Unum Group ( NYSE:UNM – Get Free Report ) last posted its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.03. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Unum Group had a return on equity of 15.21% and a net margin of 13.76%. Unum Group’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $1.94 earnings per share. Equities analysts predict that Unum Group will post 8.53 earnings per share for the current fiscal year. Unum Group Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, October 25th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, October 25th. Unum Group’s dividend payout ratio (DPR) is 18.18%. Unum Group announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 10% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued. Unum Group Profile ( Free Report ) Unum Group, together with its subsidiaries, provides financial protection benefit solutions primarily in the United States, the United Kingdom, Poland, and internationally. It operates through Unum US, Unum International, Colonial Life, and Closed Block segment. The company offers group long-term and short-term disability, group life, and accidental death and dismemberment products; supplemental and voluntary products, such as individual disability, voluntary benefits, and dental and vision products; and accident, sickness, disability, life, and cancer and critical illness products. Further Reading Receive News & Ratings for Unum Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Unum Group and related companies with MarketBeat.com's FREE daily email newsletter .All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes. One of the biggest savings events is happening sooner than ever this year, with early Black Friday sales and discounts already starting. Rather than dedicate a single day to slashed prices, Amazon is giving you eight days of Black Friday deals . That gives you additional time to stock up on holiday decor , gifts for music lovers and a little extra something for yourself. See latest videos, charts and news See latest videos, charts and news Amazon’s 2024 Black Friday deals start Thursday (Nov. 21) through next Friday (Nov. 29), featuring up to 61% off practically everything. You can expect new deals to be dropping each day until the sale ends and that includes on celebrity memoirs , over-ear headphones and viral skincare essentials that’ll upgrade your beauty routine. Even though you have a little over a week to snag some of Amazon’s best Black Friday deals, that doesn’t mean some of the most-wanted items aren’t going to sell out fast. To make sure you get all your gifting needs (without having to pay full price), you’ll want to hop on the savings sooner rather than later. Keep reading to discover some of the biggest Black Friday deals on Amazon now. You don’t have to feel overwhelmed when it comes to parsing through all of Amazon’s Black Friday deals, ShopBillboard made it easier by putting together a list of the best sales you can shop online now below. Geddy Lee’s memoir is on sale for a whopping 61% off and will give readers a closer look at the Rush bassit’s life straight from his point-of-view. You’ll be able to hear from Lee as he recounts the struggles and horrors his parents experienced as teenagers during the Holocaust as well as the events that convinced him to dropout of high school and pursue a lifelong career in music alongside his friends and bandmates. You can finally pursue your dream of being an NBA player in the latest version of the popular video game , updated for 2025. This new version includes upgraded gameplay and lifelike player animation to make you feel further immersed into the game. Amazon’s latest Kindle has dropped under $100 letting you take your reading on the go. The brand promises it to be their lightest version yet, allowing you to slip the Kindle into your purse without weighing your shoulder down. You can surf the Amazon store straight from your device and enjoy an adjustable display that’ll tell you your progress and how much time is left in a chapter. Pimple patches like Starfa c e have become the latest accessory that also doubles as a skin soother. Using 100% hydrocolloid, the patch will not only keep your acne covered, but will help remove fluid and reduce redness helping to minimize the look of pesky pimples. Channel your inner Olivia Rodrigo with a pair of Dr. Martens (a brand the “Vampire” singer commonly wore on stage). Outfits will be taken to new heights thanks to the platform sole while the shiny upper is made with a leather material that’s luxurious and smooth that’ll keep feet protected without sacrificing trendiness. Alicia Keys is treating fans to savings with discounts on her skincare brand — including her lightweight facial oil . It comes with squalane to help nourish skin and only requires a minimum of two drops to keep skin feeling hydrated and soft. Capture memories with a retro digital camera that features 44 megapixels for crystal clear photos you’ll want to display. You’ll get 32 GB for storage whether you’re snapping pics of your vacation or vlogging about your day. Another notable feature is the anti-shake that’ll keep your content smooth. At $100 off, you can score the Beats Solo 4 and enjoy hands-free listening without having to turn on your Bluetooth speaker. The design features elevated technology including noise-cancelling capabilities and a chic pink shade that’ll turn your listening device into a sleek accessory. Amazon’s popular shapewear bodysuit gets slashed 45% off letting you score savings and a smoother appearance. The design comes with compression around your stomach while allowing you to show off your curves without having to strap on a corset. Kate Spade has launched on Amazon meaning you can snag stellar savings on the designer brand’s bags. That includes half-off this luxurious shoulder purse that uses a pebbled leather fabric that’s trendy and sturdy allowing you to carry your phone, books and wallet elegantly. Slip your feet into total comfort with these popular Amazon slippers for less than $20. Besides showing off a cozy, casual vibe, the interior comes with a soft faux fur that’ll swaddle your feet in coziness while keeping them nice and warm. Enjoy a vintage music listening experience with modern tech that’ll let you listen to your vinyl collection in style. Victrola’s record player shows off a retro ’50s exterior you can put on display while the three-speed options lets you switch up what vinyl you play. There’s even a FM tuner knob and CD player to expand your listening options. Just Dance is back with its 2025 version that you can play straight on your Nintendo Switch. It’s the fist time that the game has been on sale for Black Friday with the limited-edition version including an exclusive Ariana Grande pack that’ll have you grooving to the singer’s hottest songs. Bose is making it simple to take your tunes with you in a lightweight form. The Soundlink Flex speaker was designed to be portable featuring a built-in handle you can attach to your bike or backpack while the Bluetooth compatibility makes it simple to instantly connect your smart device. You’ll easily be able to adjust the volume, connection and whether you want to skip or replay a song with the buttons on top. Save your hair from the heat with the help of Kitsch’s heatless curling set — that’s also TikTok viral. You’ll receive everything you could need to get a natural looking curl to your hair without having to worry about damaging your strands. Included is a silky yet flexible wand you can comfortably rest on your head and twist your hair around. Then, to keep everything in place, just add the included scrunchies. The celeb-used facial wand gets a major discount for Black Friday and includes a bonus serum. Solawave’s bundle incorporates light therapy, massage and gua sha to help improve skin’s tone and texture. Using the included serum will ensure the wand glides across skin while leaving behind a softer feel. Your upcoming travels won’t be complete without these sleek set of Samsonite luggage . Featuring a chic deep green shade, you’ll be able to easily spot the luggage at baggage claim while the hardshell exterior will ensure your belongings remain safe and dry. Plus, they’re expandable if you’re prone to overpacking. At under $20, Laura Geller’s Color-Correcting Powder will create a more matte complexion with just a single pat. It comes in a travel-friendly compact that’s easy to slip into your purse and uses a mix of shades that’ll help balance your skin tone with each use. More than 10,000 shoppers have purchased Bliss’ facial serum — and now you can score it for 50% off. The formula uses spa-grade vitamin C and tri-peptide ingredients that, once applied, will help boost and protect collagen levels and leave skin with a more glowing appearance. Refresh your entertainment system with Amazon’s top-rated smart TV from Insignia. For Black Friday, you can score it less than $100 and enjoy an HD picture on a 32-inch screen that’s slim and compact for those with smaller spaces. As a Fire TV, you’ll be able to use Amazon’s Alexa for hands-free control and quick-app accessibility. For more gifting recommendations, check out ShopBillboard ‘s roundups of the best gifts for men , Lego gift sets and gifts for gamers .
Ousted Syrian leader Assad flees to Moscow after fall of Damascus, Russian state media say DAMASCUS, Syria (AP) — Russia media say ousted Syrian leader Bashar Assad has fled to Moscow and received asylum from his longtime ally. The reports came hours after a stunning rebel advance swept into Damascus to cheers and ended the Assad family’s 50 years of iron rule. Thousands of Syrians poured into streets echoing with celebratory gunfire, joyful after a stifling, nearly 14-year civil war. But the swiftly moving events raised questions about the future of the country and the wider region. The rebels face the daunting task of healing bitter divisions in a country still split among armed factions. One rebel commander said “we will not deal with people the way the Assad family did." Analysis: Collapse of Syria's Assad is a blow to Iran's 'Axis of Resistance' MANAMA, Bahrain (AP) — For Iran’s theocratic government, it keeps getting worse. Its decadeslong strategy of building an “Axis of Resistance” supporting militant groups and proxies around the region is falling apart. Hamas has been batttered by Israel's campaign in Gaza. In Lebanon, Israeli bombardment has crippled Iran’s most powerful ally, Hezbollah, even as Israel has launched successful airstrikes openly inside of Iran for the first time. And now Iran’s longtime stalwart ally and client in Syria, President Bashar Assad, is gone. Who is Abu Mohammed al-Golani, the leader of the insurgency that toppled Syria's Assad? BEIRUT (AP) — Abu Mohammed al-Golani, the militant leader who led the stunning insurgency that toppled Syria’s President Bashar Assad, has spent years working to remake his public image and that of his fighters. He renounced longtime ties to al-Qaida and depicts himself as a champion of pluralism and tolerance. The extent of that transformation from jihadi extremist to would-be state builder is now put to the test. The 42-year-old al-Golani is labeled a terrorist by the United States. He has not appeared publicly since Damascus fell early Sunday. But he and his insurgent force, Hayat Tahrir al-Sham, stand to be a major player in whatever comes next. Trump says he can't guarantee tariffs won't raise US prices and won't rule out revenge prosecutions WASHINGTON (AP) — Donald Trump says he can’t guarantee his promised tariffs on key U.S. foreign trade partners won’t raise prices for American consumers. And he's suggesting once more that some political rivals and federal officials who pursued legal cases against him should be imprisoned. The president-elect made the comments in a wide-ranging interview with NBC’s “Meet the Press” that aired Sunday. He also touched on monetary policy, immigration, abortion and health care, and U.S. involvement in Ukraine, Israel and elsewhere. Trump often mixed declarative statements with caveats, at one point cautioning “things do change.” A timeline of the murder of UnitedHealthcare CEO Brian Thompson and the search for his killer NEW YORK (AP) — The search for UnitedHealthcare CEO Brian Thompson’s killer has stretched into a fifth day — and beyond New York City. Police say it appears the man left the city on a bus soon after Wednesday's shooting outside the New York Hilton Midtown. The suspect is seen on video at an uptown bus station about 45 minutes later. The FBI is offering a $50,000 reward for information leading to an arrest and conviction. Police believe that words found written on ammunition at the shooting scene, including “deny," “defend” and "depose,” suggest a motive driven by anger toward the healthcare company. The words mimic a phrase used by insurance industry critics. Trump calls for immediate ceasefire in Ukraine and says a US withdrawal from NATO is possible WASHINGTON (AP) — Donald Trump is pushing Russian leader Vladimir Putin to act to reach an immediate ceasefire with Ukraine. Trump describes it as part of his active efforts as president-elect to end the war despite being weeks from taking office. Trump also said he would be open to reducing military aid to Ukraine and pulling the United States out of NATO. Those are two threats that have alarmed Ukraine, NATO allies and many in the U.S. national security community. Ukrainian President Volodymyr Zelenskyy says any deal would have to pave the way to a lasting peace. The Kremlin's spokesman says Moscow is open to talks with Ukraine. Gaza health officials say latest Israeli airstrikes kill at least 14 including children DEIR AL BALAH, Gaza Strip (AP) — Palestinian health officials say Israeli airstrikes in central Gaza have killed at least 14 people including children, while the bombing of a hospital in northern Gaza has wounded a half-dozen patients. Israel’s military continues its latest offensive against Hamas militants in northern Gaza, whose remaining Palestinians have been almost completely cut off from the rest of the territory amid a growing humanitarian crisis. One airstrike flattened a residential building in the urban Bureij refugee camp Sunday afternoon. That's according to the Al-Aqsa Martyrs Hospital in the nearby city of Deir al-Balah, where the casualties were taken. South Korea's democracy held after a 6-hour power play. What does it say for democracies elsewhere? SEOUL, South Korea (AP) — A short-lived martial law decree by South Korea's leader last week raised worries about budding authoritarianism around the world. In the end, though, democracy prevailed. President Yoon Suk Yeol announced that he was declaring martial law and giving his government sweeping powers to crack down on protesters, ban political parties and control the media. Members of the military blocked lawmakers from using the legislature's constitutional power to cancel the power grab. But the National Assembly within hours unanimously voted to do so. The stars will come out at the Kennedy Center for Coppola, the Grateful Dead, Raitt and Sandoval WASHINGTON (AP) — Celebrities, cultural icons and a few surprise guests are gathering for the annual Kennedy Center Honors celebration in Washington. This year’s recipients of the lifetime achievement award for artistic accomplishment are director Francis Ford Coppola, the Grateful Dead, jazz trumpeter Arturo Sandoval, and singer-songwriter Bonnie Raitt. In addition, the venerable Harlem theater The Apollo, which has launched generations of Black artists, is being recognized Sunday night. There will be personalized tributes with performances and testimonials from fellow artists during the gala at the John F. Kennedy Center for the Performing Arts. College Football Playoff's first 12-team bracket is set with Oregon No. 1 and SMU in, Alabama out SMU captured the last open spot in the 12-team College Football Playoff, bumping Alabama to land in a bracket that placed undefeated Oregon at No. 1. The selection committee preferred the Mustangs, losers of a heartbreaker in the Atlantic Coast Conference title game, who had a far less difficult schedule than Alabama of the SEC but one fewer loss. The inaugural 12-team bracket marks a new era for college football, though the Alabama-SMU debate made clear there is no perfect formula. The tournament starts Dec. 20-21 with four first-round games. It concludes Jan. 20 with the national title game in Atlanta.Financial Highlights : 4 th Quarter consolidated sales of $446.7 million; $1.80 billion for fiscal 2024 Outstanding debt reduced by $53.8 million during the quarter Cost reduction actions progressing well Company sets adjusted EBITDA guidance for fiscal 2025 Webcast: Friday, November 22, 2024, 9:00 a.m., (201) 689-8471 PITTSBURGH, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for the quarter and fiscal year ended September 30, 2024. In discussing the Company's results, Joseph C. Bartolacci, President and Chief Executive Officer, stated: "Our consolidated operating results for the fiscal 2024 fourth quarter reflected another quarter of solid performance by our core businesses and, consistent with prior quarters, was impacted by continuing customer delays in our energy business. Our previously announced cost reduction program is now underway, as evidenced by the charges reflected in our GAAP results this quarter, and progressing well. Overall, we were pleased with the consolidated operating results as we again demonstrated the resilience of Matthews and our employees in mitigating the challenges faced by one of our segments. For the year ended September 30, 2024, consolidated adjusted EBITDA was $205.2 million. "The Memorialization segment reported higher adjusted EBITDA for the current quarter despite lower unit volumes, which were related to a decline in U.S. deaths compared to a year ago. Ongoing cost control efforts combined with improved price realization were the key drivers in the improvement in operating margins. This segment has done a tremendous job of maintaining its level of performance over the past several years despite the declines in unit volume following the pandemic. "We are also pleased to report that our SGK Brand Solutions segment reported another consecutive quarter of year-over-year sales growth. This segment has stabilized nicely over the last two years with modest improvements in margins and is continuing its recovery following the global impacts of the pandemic and the European impact of the Russia-Ukraine war. Sales for the segment increased compared to a year ago primarily reflecting improved pricing to mitigate inflationary cost increases, higher sales for the merchandising and private label businesses, and growth in the Asia-Pacific market. "Sales for the Industrial Technologies segment for the fiscal 2024 fourth quarter declined from a year ago primarily resulting from further customer delays in our energy business. The current quarter also reflected a continued soft warehouse automation market; however, order rates have been improving recently which could bode well for a good recovery next fiscal year. "With respect to our cost reduction program, current quarter charges include non-cash goodwill impairment and other asset write-downs primarily in connection with our European operations, in addition to severance and other costs. The program is also targeting general and administrative cost reductions. For our fiscal 2024 fourth quarter, we reported another quarter of lower corporate and non-operating costs compared to a year ago. For the year, corporate and non-operating costs were approximately 5% lower than last year. "During the fiscal 2024 fourth quarter, we reduced our outstanding debt by $53.8 million. In addition, we completed the refinancing of outstanding senior notes due December 1, 2025. Due to current interest rates and the ongoing strategic review of our business portfolio, we opted for a shorter-term bond (three-year maturity) with an ability to call in one year. We are projecting higher operating cash flow next year as our working capital investments in fiscal 2024 begin to convert to operating cash flow, which will be partially mitigated by costs in connection with our cost reduction program. "Looking forward to fiscal 2025, we continue to face the uncertainty of project timing in our Industrial Technologies segment, specifically relating to our energy business. While we currently expect deliveries to be substantially completed during the year, quarterly timing is still difficult to forecast. Our cost reduction programs should mitigate some of this impact. "We expect another solid performance for our Memorialization business in fiscal 2025 as U.S. deaths appear to have generally normalized following COVID and we are projecting continued growth in our cremation-related products sales. Continued growth is also projected for our SGK Brand Solutions segment reflecting ongoing improvement in U.S. market conditions, more stable conditions in Europe, and further growth in the Asia-Pacific region. In the Industrial Technologies segment, our product identification business is projecting growth next year and we should start to realize benefits from the launch of a new printhead product, which is currently scheduled for the latter half of the fiscal year. Also, as noted earlier, recent improving order rates for warehouse automation solutions should support recovery in this business. With these considerations in mind, we remain cautious and are projecting adjusted EBITDA in the range of $205 million to $215 million for fiscal 2025. "Lastly, as growth opportunities for the Industrial Technologies segment continue to emerge, the Company has been exploring strategies with respect to its portfolio of businesses. Accordingly, we have retained J.P. Morgan to support the evaluation of potential strategic alternatives." Fourth Quarter Fiscal 2024 Consolidated Results (Unaudited) ($ in millions, except per share data) Q4 FY2024 Q4 FY2023 Change % Change Sales $ 446.7 $ 480.2 $ (33.5 ) (7.0)% Net (loss) income attributable to Matthews $ (68.2 ) $ 17.7 $ (85.9 ) NM Diluted (loss) earnings per share $ (2.21 ) $ 0.56 $ (2.77 ) NM Non-GAAP adjusted net income $ 16.6 $ 30.3 $ (13.7 ) (45.2)% Non-GAAP adjusted EPS $ 0.55 $ 0.96 $ (0.41 ) NM Adjusted EBITDA $ 58.1 $ 61.9 $ (3.8 ) (6.1)% Note: See the attached tables for additional important disclosures regarding Matthews' use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Consolidated sales for the fiscal 2024 fourth quarter were $446.7 million, compared to $480.2 million for the fiscal 2023 fourth quarter, representing a decrease of $33.5 million. Net loss attributable to the Company for the quarter ended September 30, 2024 was $68.2 million, or $2.21 per share, compared to net income of $17.7 million, or $0.56 per share, for the same quarter last year. On a non-GAAP adjusted basis, earnings for the fiscal 2024 fourth quarter were $0.55 per share, compared to $0.96 per share a year ago. The net loss on a GAAP basis in the current fiscal quarter primarily reflected asset write-downs, including a goodwill impairment charge, and charges in connection with cost reduction programs. Adjusted EBITDA (net income before interest expense, income taxes, depreciation and amortization, and other adjustments) for the fiscal 2024 fourth quarter was $58.1 million, compared to $61.9 million a year ago, primarily reflecting lower adjusted EBITDA in the Industrial Technologies segment. Fiscal 2024 Consolidated Results (Unaudited) ($ in millions, except per share data) YTD FY2024 YTD FY2023 Change % Change Sales $ 1,795.7 $ 1,880.9 $ (85.2 ) (4.5)% Net (loss) income attributable to Matthews $ (59.7 ) $ 39.3 $ (99.0 ) NM Diluted (loss) earnings per share $ (1.93 ) $ 1.26 $ (3.19 ) NM Non-GAAP adjusted net income $ 67.0 $ 90.1 $ (23.1 ) (25.6)% Non-GAAP adjusted EPS $ 2.17 $ 2.88 $ (0.71 ) (24.7)% Adjusted EBITDA $ 205.2 $ 225.8 $ (20.6 ) (9.1)% Note: See the attached tables for additional important disclosures regarding Matthews' use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Consolidated sales for the year ended September 30, 2024 were $1.80 billion, compared to $1.88 billion a year ago, representing a decrease of $85.2 million, or 4.5%, from the prior year. Net loss attributable to the Company for the year ended September 30, 2024 was $59.7 million ($1.93 per share), compared to net income of $39.3 million ($1.26 per share) for fiscal 2023. On a non-GAAP adjusted basis, earnings for the year ended September 30, 2024 were $2.17 per share, compared to $2.88 per share last year. The net loss on a GAAP basis for the current fiscal year primarily resulted from asset write-downs, including a goodwill impairment charge, and charges in connection with cost reduction programs. Adjusted EBITDA for the year ended September 30, 2024, was $205.2 million, compared to $225.8 million a year ago. The decrease reflected lower adjusted EBITDA for the Industrial Technologies and Memorialization segments, offset partially by higher adjusted EBITDA for SGK Brand Solutions and lower corporate and other non-operating costs. Webcast The Company will host a conference call and webcast on Friday, November 22, 2024, at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by dialing (201) 689-8471. The audio webcast can be monitored at www.matw.com . As soon as available after the call, a transcript of the call will be posted on the Investor Relations section of the Company's website at www.matw.com . About Matthews International Corporation Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment includes the design, manufacturing, service and sales of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Company has over 11,000 employees in more than 30 countries on six continents that are committed to delivering the highest quality products and services. Forward-looking Information Any forward-looking statements contained in this release are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as "expects," "believes," "intends," "projects," "anticipates," "estimates," "plans," "seeks," "forecasts," "predicts," "objective," "targets," "potential," "outlook," "may," "will," "could" or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company's operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions and divestitures, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, the outcome of the Company's dispute with Tesla, Inc. ("Tesla"), and other factors described in the Company's Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Year Ended September 30, 2024 2023 % Change 2024 2023 % Change Sales $ 446,695 $ 480,168 (7.0 )% $ 1,795,737 $ 1,880,896 (4.5 )% Cost of sales (329,360 ) (329,354 ) — % (1,266,030 ) (1,303,224 ) (2.9 )% Gross profit 117,335 150,814 (22.2 )% 529,707 577,672 (8.3 )% Gross margin 26.3 % 31.4 % 29.5 % 30.7 % Selling and administrative expenses (141,156 ) (113,931 ) 23.9 % (488,280 ) (447,487 ) 9.1 % Intangible amortization (9,232 ) (10,569 ) (12.7 )% (37,023 ) (42,068 ) (12.0 )% Goodwill write-downs (16,727 ) — 100.0 % (16,727 ) — 100.0 % Operating (loss) profit (49,780 ) 26,314 NM (12,323 ) 88,117 (114.0 )% Operating margin (11.1) % 5.5 % (0.7) % 4.7 % Interest and other, net (17,701 ) (10,983 ) 61.2 % (57,334 ) (47,207 ) 21.5 % (Loss) income before income taxes (67,481 ) 15,331 NM (69,657 ) 40,910 NM Income taxes (680 ) 2,362 (128.8 )% 9,997 (1,774 ) NM Net (loss) income (68,161 ) 17,693 NM (59,660 ) 39,136 NM Non-controlling interests — 30 (100.0 )% — 155 (100.0 )% Net (loss) income attributable to Matthews $ (68,161 ) $ 17,723 NM $ (59,660 ) $ 39,291 NM (Loss) earnings per share -- diluted $ (2.21 ) $ 0.56 NM $ (1.93 ) $ 1.26 NM Earnings per share -- non-GAAP (1) $ 0.55 $ 0.96 NM $ 2.17 $ 2.88 (24.7 )% Dividends declared per share $ 0.24 $ 0.23 4.3 % $ 0.96 $ 0.92 4.3 % Diluted shares 30,910 31,517 30,913 31,289 (1) See reconciliation of non-GAAP financial information provided in tables at the end of this release NM: Not meaningful SEGMENT INFORMATION (Unaudited) (In thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Sales: Memorialization $ 196,840 $ 204,878 $ 829,731 $ 842,997 Industrial Technologies 113,915 140,561 433,156 505,751 SGK Brand Solutions 135,940 134,729 532,850 532,148 $ 446,695 $ 480,168 $ 1,795,737 $ 1,880,896 Adjusted EBITDA: Memorialization $ 40,535 $ 36,890 $ 162,586 $ 163,986 Industrial Technologies 15,870 23,470 39,716 66,278 SGK Brand Solutions 17,303 17,512 61,620 57,128 Corporate and Non-Operating (15,579 ) (15,989 ) (58,765 ) (61,583 ) Total Adjusted EBITDA (1) $ 58,129 $ 61,883 $ 205,157 $ 225,809 (1) See reconciliation of non-GAAP financial information provided in tables at the end of this release CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited) (In thousands) September 30, 2024 September 30, 2023 ASSETS Cash and cash equivalents $ 40,816 $ 42,101 Accounts receivable, net 205,984 207,526 Inventories, net 237,888 260,409 Other current assets 147,855 138,221 Total current assets 632,543 648,257 Property, plant and equipment, net 279,499 270,326 Goodwill 697,123 698,109 Other intangible assets, net 126,026 160,478 Other long-term assets 99,699 110,211 Total assets $ 1,834,890 $ 1,887,381 LIABILITIES Long-term debt, current maturities $ 6,853 $ 3,696 Other current liabilities 427,922 390,904 Total current liabilities 434,775 394,600 Long-term debt 769,614 786,484 Other long-term liabilities 193,295 181,016 Total liabilities 1,397,684 1,362,100 SHAREHOLDERS' EQUITY Total shareholders' equity 437,206 525,281 Total liabilities and shareholders' equity $ 1,834,890 $ 1,887,381 CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited) (In thousands) Year Ended September 30, 2024 2023 Cash flows from operating activities: Net (loss) income $ (59,660 ) $ 39,136 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 94,770 96,530 Changes in working capital items 14,696 (35,503 ) Goodwill write-downs 16,727 — Other operating activities 12,749 (20,639 ) Net cash provided by operating activities 79,282 79,524 Cash flows from investing activities: Capital expenditures (45,218 ) (50,598 ) Acquisitions, net of cash acquired (5,825 ) (15,341 ) Other investing activities 4,075 7,214 Net cash used in investing activities (46,968 ) (58,725 ) Cash flows from financing activities: Net (payments) proceeds from long-term debt (31,338 ) (18,224 ) Purchases of treasury stock (20,574 ) (2,857 ) Dividends (31,409 ) (28,202 ) Other financing activities 48,278 (912 ) Net cash used in financing activities (35,043 ) (50,195 ) Effect of exchange rate changes on cash 1,444 83 Net change in cash, cash equivalents and restricted cash $ (1,285 ) $ (29,313 ) Reconciliations of Non-GAAP Financial Measures Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, constant currency adjusted EBITDA, net debt and net debt leverage ratio. The Company defines net debt leverage ratio as outstanding debt (net of cash) relative to adjusted EBITDA. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company's core operations including acquisition and divestiture costs, ERP integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA remove the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company's results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company's business that could not be obtained absent these disclosures. ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net (loss) income $ (68,161 ) $ 17,693 $ (59,660 ) $ 39,136 Income tax provision (benefit) 680 (2,362 ) (9,997 ) 1,774 (Loss) income before income taxes $ (67,481 ) $ 15,331 $ (69,657 ) $ 40,910 Net loss attributable to noncontrolling interests — 30 — 155 Interest expense, including RPA and factory financing fees (1) 14,825 12,746 55,364 48,690 Depreciation and amortization * 24,329 24,717 94,770 96,530 Acquisition and divestiture related items (2) ** 11 848 5,576 5,293 Strategic initiatives and other charges (3) ** † 48,458 6,168 65,586 13,923 Highly inflationary accounting impacts (primarily non-cash) (4) 132 (1,714 ) 1,027 1,360 Goodwill and asset write-downs (5) 33,574 — 33,574 — Stock-based compensation 4,169 3,673 18,478 17,308 Non-service pension and postretirement expense (6) 112 84 439 1,640 Total Adjusted EBITDA $ 58,129 $ 61,883 $ 205,157 $ 225,809 Adjusted EBITDA margin 13.0 % 12.9 % 11.4 % 12.0 % (1) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,192 and $1,284 for the three months ended September 30, 2024 and 2023 , respectively, and $4,830 and $4,042 for the fiscal years ended September 30, 2024 and 2023 , respectively. (2) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain of $1,827 for the three months and fiscal year ended September 30, 2023 related to the divestiture of a business in the Industrial Technologies segment. (3) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives and costs associated with global ERP system integration efforts. Fiscal 2024 also includes legal costs related to an ongoing dispute with Tesla, which totaled $4,261 and $12,399 for the three months and fiscal year ended September 30, 2024, respectively. Fiscal 2023 includes loss recoveries totaling $2,154 for the fiscal year ended September 30, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (4) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. (5) Fiscal 2024 includes goodwill write-downs within the Industrial Technologies segment of $16,727 , asset write-downs within the Memorialization segment of $13,716 , and investment write-downs within Corporate and Non-operating of $3,131 . (6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. * Depreciation and amortization was $7,368 and $6,646 for the Memorialization segment, $6,028 and $5,600 for the Industrial Technologies segment, $9,724 and $11,299 for the SGK Brand Solutions segment, and $1,209 and $1,172 for Corporate and Non-Operating, for the three months ended September 30, 2024 and 2023, respectively. Depreciation and amortization was $27,768 and $23,738 for the Memorialization segment, $23,772 and $23,184 for the Industrial Technologies segment, $38,667 and $44,842 for the SGK Brand Solutions segment, and $4,563 and $4,766 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024 and 2023, respectively. ** Acquisition costs, ERP integration costs, non-recurring/incremental COVID-19 costs, and strategic initiatives and other charges were $1,309 and $22 for the Memorialization segment, $40,069 and $614 for the Industrial Technologies segment, $307 and $3,878 for the SGK Brand Solutions segment, and $6,784 and $2,502 for Corporate and Non-Operating, for the three months ended September 30, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, non-recurring/incremental COVID-19 costs, and strategic initiatives and other charges were $3,514 and $1,002 for the Memorialization segment, $54,357 and $4,108 for the Industrial Technologies segment, $3,001 and $10,905 for the SGK Brand Solutions segment, and $10,290 and $3,201 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024 and 2023, respectively. † Strategic initiatives and other charges includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling $41,353 and $6,003 for the three months ended September 30, 2024 and 2023, respectively. $29,283, $1,492, and $10,578 were presented in cost of sales, selling expense, and administrative expense for the three months ended September 30, 2024, respectively. Charges of $4,925 and $1,429, and a credit of $351 were presented in cost of sales, selling expense, and administrative expense for the three months ended September 30, 2023, respectively. Strategic initiatives and other charges includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling $45,705 and $13,210 for the fiscal years ended September 30, 2024 and 2023, respectively. $32,526, $1,379 and $11,800 were presented in cost of sales, selling expense, and administrative expense for the fiscal year ended September 30, 2024, respectively. $9,028, $1,925 and $2,257 were presented in cost of sales, selling expense, and administrative expense for the fiscal year ended September 30, 2023, respectively. Accrued severance and other employee termination benefits totaled $42,245 and $7,321 as of September 30, 2024 and 2023, respectively. ADJUSTED NET INCOME AND EPS RECONCILIATION (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 per share per share per share per share Net income (loss) attributable to Matthews $ (68,161 ) $ (2.21 ) $ 17,723 $ 0.56 $ (59,660 ) $ (1.93 ) $ 39,291 $ 1.26 Acquisition and divestiture items (1) 837 0.03 1,626 0.05 4,873 0.16 4,874 0.15 Strategic initiatives and other charges (2) 41,261 1.35 4,702 0.15 57,073 1.85 11,771 0.38 Highly inflationary accounting impacts (primarily non-cash) (3) 132 — (1,714 ) (0.05 ) 1,027 0.03 1,360 0.04 Goodwill and asset write-downs (4) 32,784 1.06 — — 32,784 1.06 — — Non-service pension and postretirement expense (5) 83 — 63 — 329 0.01 1,230 0.04 Intangible amortization expense 6,924 0.23 7,927 0.25 27,767 0.90 31,551 1.01 Tax-related (6) 2,703 0.09 — — 2,839 0.09 — — Adjusted net income $ 16,563 $ 0.55 $ 30,327 $ 0.96 $ 67,032 $ 2.17 $ 90,077 $ 2.88 Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 7.4% and 26.9%, for the three months ended September 30, 2024 and 2023 , respectively, and 11.5% and 25.7% for the fiscal year ended September 30, 2024 and 2023 , respectively. The difference between the Company's income tax rates on adjusted net income for fiscal 2024 compared to fiscal 2023 was primarily caused by the foreign net operating losses with full valuation allowances and nondeductible goodwill impairment charges in the current fiscal year. (1) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain in fiscal year 2023 related to the divestiture of a business in the Industrial Technologies segment. (2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes legal costs related to an ongoing dispute with Tesla, which totaled $4,261 and $12,399 for the three months and fiscal year ended September 30, 2024, respectively. Fiscal 2023 includes loss recoveries totaling $2,154 for the fiscal year ended September 30, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (3) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (4) Fiscal 2024 includes goodwill write-downs within the Industrial Technologies segment, asset write-downs within the Memorialization segment , and investment write-downs within Corporate and Non-operating. (5) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. (6) The three months and fiscal year ended September 30, 2024 includes $2,703 of tax-related items incurred in connection with restructuring that resulted in a deferred tax asset write-off. Fiscal 2024 includes $136 of tax-related items incurred in connection with the derecognition of deferred tax assets for a joint venture that is being terminated. CONSTANT CURRENCY SALES AND ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) Memorialization Industrial Technologies SGK Brand Solutions Corporate and Non-Operating Consolidated Reported sales for the quarter ended September 30, 2024 $ 196,840 $ 113,915 $ 135,940 $ — $ 446,695 Changes in foreign exchange translation rates (107 ) (783 ) 237 — (653 ) Constant currency sales for the quarter ended September 30, 2024 $ 196,733 $ 113,132 $ 136,177 $ — $ 446,042 Reported sales for the year ended September 30, 2024 $ 829,731 $ 433,156 $ 532,850 $ — $ 1,795,737 Changes in foreign exchange translation rates (362 ) (4,060 ) 3,110 — (1,312 ) Constant currency sales for the year ended September 30, 2024 $ 829,369 $ 429,096 $ 535,960 $ — $ 1,794,425 Reported adjusted EBITDA for the quarter ended September 30, 2024 $ 40,535 $ 15,870 $ 17,303 $ (15,579 ) $ 58,129 Changes in foreign exchange translation rates 17 (76 ) (187 ) 29 (217 ) Constant currency adjusted EBITDA for the quarter ended September 30, 2024 $ 40,552 $ 15,794 $ 17,116 $ (15,550 ) $ 57,912 Reported adjusted EBITDA for the year ended September 30, 2024 $ 162,586 $ 39,716 $ 61,620 $ (58,765 ) $ 205,157 Changes in foreign exchange translation rates 139 (367 ) 113 82 (33 ) Constant currency adjusted EBITDA for the year ended September 30, 2024 $ 162,725 $ 39,349 $ 61,733 $ (58,683 ) $ 205,124 NET DEBT RECONCILIATION (Unaudited) (In thousands) September 30, 2024 September 30, 2023 Long-term debt, current maturities $ 6,853 $ 3,696 Long-term debt 769,614 786,484 Total long-term debt 776,467 790,180 Less: Cash and cash equivalents (40,816 ) (42,101 ) Net Debt $ 735,651 $ 748,079 Adjusted EBITDA $ 205,157 $ 225,809 Net Debt Leverage Ratio 3.6 3.3 Matthews International Corporation Corporate Office Two NorthShore Center Pittsburgh, PA 15212-5851 Phone: (412) 442-8200 November 21, 2024 Contact: Steven F. 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NEW ALBANY, Ohio, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI), a diversified industrial products and services company, today announced that its Board of Directors (the “Board”) has elected Jeffrey S. Niew (58 years old) as an independent director to the Board, effective December 16, 2024. Mr. Niew is the President & CEO (since 2013) of Knowles Corporation, a global market leader of highly engineered solutions utilizing semiconductors and electronic components technologies across a wide array of products and end markets. He was formerly the Vice President of Dover Corporation and President and CEO (from 2011 to February 2014) of Dover Communication Technologies. In 2014, Mr. Niew led the spin-off of Knowles from its previous owner Dover Corporation to a NSYE publicly traded company. Mr. Niew joined Knowles Electronics LLC in 2000, and became Chief Operating Officer in 2007, President in 2008 and President and CEO in 2010. Prior to joining Knowles Electronics, Mr. Niew was employed by Littelfuse, Inc. (from 1995 to 2000) where he held various positions in product management, sales and engineering in the Electronic Products group, and by Hewlett-Packard Company (from 1988 to 1994) where he served in various engineering and product management roles in the Optoelectronics Group. Other Board Experience: Mr. Niew is a member of the Advisory Board of the University of Illinois College of Engineering. He holds a bachelor’s degree in mechanical engineering from the University of Illinois at Chicago. “My fellow Board members and I are delighted to welcome Jeffrey to the Board," said Robert Griffin, Chair of the Board of Directors. "His extensive experience with multi-unit operations across regions, as well as his current role leading a large, dispersed organization will be tremendous assets to our Board." “Being elected to the CVG Board of Directors is a significant honor,” said Mr. Niew. “I am excited to work alongside the Board’s distinguished leaders to help guide the Company into the future.” Mr. Niew will stand for re-election at the Company’s 2025 Annual Meeting of Stockholders. About CVG At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com . Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com Media Contact: Patrick Woolford, Director, Communications Patrick.woolford@cvgrp.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6c44c9f1-1c16-438a-a90e-d3402c36e5b9None
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