COLORADO SPRINGS, Colo. (AP) — Ethan Taylor's 21 points helped Air Force defeat Mercyhurst 82-48 on Sunday night. Taylor added 10 rebounds for the Falcons (2-4). Wesley Celichowski scored 14 points, going 6 of 11 and 2 of 3 from the free-throw line. Luke Kearney had 12 points and shot 4 for 5 from beyond the arc. The Lakers (4-3) were led by Aidan Reichert, who posted 11 points. Jeff Planutis added 10 points for Mercyhurst. Mykolas Ivanauskas also had seven points, six rebounds and three blocks. Air Force took the lead with 15:21 left in the first half and never looked back. The score was 31-24 at halftime, with Taylor racking up nine points. Air Force extended its lead to 45-26 during the second half, fueled by a 14-0 scoring run. Taylor scored a team-high 12 points in the second half as Air Force closed out the win. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
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Molecular Templates Announces Notice of Delisting and Failure to Satisfy Continued Listing RulesRICHARDSON, TX / ACCESSWIRE / December 19, 2024 / Optex Systems Holdings, Inc. (Nasdaq:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced financial results for the year ended September 29, 2024. Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, "To build on last year's comments, this was again, another strong year for Optex. This was accomplished with multi-year wins on every major platform that we support. Laser Protected Periscopes, Laser Filter Units, Laser Interference Filters, M22 Binoculars, and other optical assemblies have filled our backlog and driven favorable factory leverage at both of our facilities. In addition, our suppliers have stepped up to the delivery challenges and we've selectively increased various internal bottlenecks to fuel the output. I would like to thank all of our employees, customers, and shareholders for their continued support in 2024 as we anticipate these trends to continue in 2025." Backlog as of September 29, 2024 was $44.2 million. This compares to a backlog of $41.8 million as of October 1, 2023, representing an increase of $2.4 million, or 5.7%. For the year ended September 29, 2024, our total revenues increased by $8.3 million, or 32.5%, compared to the prior year. The increase in revenue reflects increases at both the Optex Richardson segment of $6.1 million and the Applied Optics Center segment of $2.2 million. The increase in revenue was driven by increased customer demand for military products across both operating segments partially offset by lower customer demand in optical assemblies at the Applied Optics Center. Gross profit increased $2.9 million, or 44.0%, and the gross margin percentage increased by 2.2 points from 25.8% in the 2023 fiscal year to 28.0% in the 2024 fiscal year. Optex Systems gross profit increased by $1.4 million and the gross margin percentage increased to 20.7% as compared to 19.7% in the prior year. Applied Optics Center gross profit increased by $1.5 million and the gross margin percentage increased to 34.1% as compared to 29.3% in the prior year. The increase in each segment and consolidated gross profit is primarily attributable to higher revenue and increased absorption of fixed cost. Consolidated operating income increased by $2.0 million, or 73.0%, in the year ended September 29, 2024 to $4.8 million as compared to the prior year operating income of $2.8 million. Both operating segments realized an increase in operating income which is primarily attributable to higher revenue and gross profit, partially offset by increases in general and administrative costs. As of September 29, 2024, Optex Systems Holdings had working capital of $15.1 million, as compared to $13.5 million as of October 1, 2023. During the twelve months ended September 29, 2024, we generated operating cash of $1.8 million, primarily driven by increased revenue and net income. For the twelve months ended September 29, 2024, there was no net change against the outstanding credit facility balance of $1.0 million. At September 29, 2024, the Company had approximately $1.0 million in cash and an outstanding payable balance of $1.0 against its $3.0 million line of credit. As of September 29, 2024, our outstanding accounts receivable balance was $3.8 million, which has been collected during the first quarter of fiscal 2025. During the first quarter of 2025, we paid down our credit facility to zero. Our key performance measures for year ended September 29, 2024 and October 1, 2023 are summarized below. (Thousands) Twelve months ended Metric Sept 29, 2024 Oct 1, 2023 % Change Revenue $ 33,995 $ 25,659 32.5 % Gross Profit $ 9,529 $ 6,619 44.0 % Gross Margin % 28.0 % 25.8 % 8.5 % Operating Income $ 4,821 $ 2,787 73.0 % Net Income $ 3,768 $ 2,263 66.5 % Adjusted EBITDA (non-GAAP) $ 5,733 $ 3,379 69.7 % During the twelve months ended September 29, 2024, the Company booked $36.4 million in new orders, representing a 5.2% increase from the prior year period orders of $34.6 million. The orders for the most recently completed twelve months consist of $23.5 million for our Optex Richardson segment and $12.9 million attributable to the Applied Optics Center segment. The table below summarizes our twelve-month operating results for the periods ended September 29, 2024 and October 1, 2023, in terms of both the GAAP net income measure and the non-GAAP Adjusted EBITDA measure. We believe that including both measures allows the reader better to evaluate our overall performance. (Thousands) Twelve months ended September 29, 2024 October 1, 2023 Net Income - GAAP $ 3,768 $ 2,263 Add: Federal Income Tax Expense 1,006 469 Depreciation & Amortization 487 345 Stock Compensation 425 247 Interest Expense 47 55 Adjusted EBITDA - Non GAAP $ 5,733 $ 3,379 Adjusted EBITDA has limitations and should not be considered in isolation or a substitute for performance measures calculated under GAAP. This non-GAAP measure excludes certain cash expenses that we are obligated to make. In addition, other companies in our industry may calculate Adjusted EBITDA differently than we do or may not calculate it at all, which limits the usefulness of Adjusted EBITDA as a comparative measure. During the year ended September 29, 2024, we recorded net income of $3.8 million as compared to net income of $2.3 million during the year ended October 1, 2023. The increase of net income of $1.5 million is primarily attributable to increased operating income of $2.0 million, offset by increased federal income taxes of ($0.5) million. Our Adjusted EBITDA increased by $2.3 million to $5.7 million during the twelve months ended September 29, 2024 as compared to $3.4 million during the twelve months ended October 1, 2023. The increase in EBITDA is primarily driven by increased net income, offset by increased taxes, depreciation and amortization, and stock compensation. Highlights of the Consolidated and Segment Results of Operations have been prepared in accordance with GAAP. These financial highlights do not include all information and disclosures required in the consolidated financial statements and footnotes and should be read in conjunction with our Annual Report on Form 10-K for the twelve months ended September 29, 2024 filed with the SEC on December 19, 2024. Optex Systems Holdings, Inc. Consolidated Balance Sheets (Thousands, except share and per share data) September 29, 2024 October 1, 2023 ASSETS Cash and Cash Equivalents $ 1,009 $ 1,204 Accounts Receivable, Net 3,764 3,624 Inventory, Net 14,863 12,153 Contract Asset 219 336 Prepaid Expenses 217 219 Current Assets 20,072 17,536 Property and Equipment, Net 1,292 998 Other Assets Deferred Tax Asset 947 922 Intangibles, net 951 - Right-of-use Asset 2,233 2,740 Security Deposits 23 23 Other Assets 4,154 3,685 Total Assets $ 25,518 $ 22,219 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable $ 1,177 $ 810 Credit Facility 1,000 - Operating Lease Liability 638 620 Federal Income Taxes Payable 74 247 Accrued Expenses 1,258 1,265 Accrued Selling Expense 237 336 Accrued Warranty Costs 52 75 Contract Loss Reserves 259 243 Customer Advance Deposits 255 481 Current Liabilities 4,950 4,077 Other Liabilities Credit Facility-Long Term - 1,000 Operating Lease Liability, net of current portion 1,760 2,282 Other Liabilities 1,760 3,282 Total Liabilities 6,710 7,359 Commitments and Contingencies - - Stockholders' Equity Common Stock - ($0.001 par, 2,000,000,000 authorized, 6,873,938 and 6,763,070 shares issued and outstanding, respectively) 7 7 Additional Paid in Capital 21,465 21,285 Accumulated Deficit (2,664 ) (6,432 ) Stockholders' Equity 18,808 14,860 Total Liabilities and Stockholders' Equity $ 25,518 $ 22,219 The accompanying notes in our Annual Report on Form 10-K for the twelve months ended September 29, 2024 filed with the SEC on December 19, 2024 are an integral part of these financial statements. Optex Systems Holdings, Inc. Consolidated Statements of Income (Thousands, except share and per share data) Twelve months ended September 29, 2024 October 1, 2023 Revenue $ 33,995 $ 25,659 Cost of Sales 24,466 19,040 Gross Profit 9,529 6,619 General and Administrative Expense 4,708 3,832 Operating Income 4,821 2,787 Interest Expense 47 55 Income Before Taxes 4,774 2,732 Income Tax Expense, net 1,006 469 Net income applicable to common shareholders $ 3,768 $ 2,263 Basic income per share $ 0.56 $ 0.34 Weighted Average Common Shares Outstanding - basic 6,762,145 6,616,462 Diluted income per share $ 0.55 $ 0.34 Weighted Average Common Shares Outstanding - diluted 6,833,274 6,653,573 The accompanying notes in our Annual Report on Form 10-K for the twelve months ended September 29, 2024 filed with the SEC on December 19, 2024 are an integral part of these financial statements. ABOUT OPTEX SYSTEMS Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2015 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com . Safe Harbor Statement This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the products and services described herein. You can identify these statements by the use of the words "may," "will," "could," "should," "would," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," "likely," "forecast," "probable," and similar expressions. These forward-looking statements represent our expectations, beliefs, intentions or strategies concerning future events, including, but not limited to, any statements regarding growth strategy; product and development programs; financial performance and financial condition (including revenue, net income, profit margins and working capital); customer demand; orders and backlog; expected timing of contract deliveries to customers and corresponding revenue recognition; increases in the cost of materials and labor; costs remaining to fulfill contracts; contract loss reserves; labor shortages; follow-on orders; supply chain challenges; the continuation of historical trends; the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes in accounting policies on our results of operations, financial condition or cash flows; anticipated problems and our plans for future operations; and the economy in general or the future of the defense industry. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs and military spending, the timing of such funding, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in the U.S. Government's interpretation of federal procurement rules and regulations, changes in spending due to policy changes in any new federal presidential administration, market acceptance of the Company's products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, changes to export regulations, increases in tax rates, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, changes in the market for microcap stocks regardless of growth and value and various other factors beyond our control. You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company's filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties. Contact: IR@optexsys.com 1-972-764-5718 SOURCE: Optex Systems Holdings, Inc. View the original on accesswire.com
A new six-person library board is now in place in Oakland Township and their first task will be finding a way to continue giving residents access to the Rochester Hills Public Library. All six seats on the board were contested in the November general election with 11 people running – the four incumbents remaining on the board and seven challengers. All of the candidates except for Jim Kiefer were write-in candidates. Some candidates who filled out their ballot applications were rejected for an incorrect entry as general election candidates instead of primary, because there were more than six candidates. Others joined the race later in the summer. The 10 candidates that filed as official write-ins did so between May 1 and Sept. 24. Kiefer, Heidi Miller, David Youngman, Kathy Pritchard, Kristin Syverson and Margaret Willard-Traub were the top six vote getters and now make up the township library board. They ran as a slate, sending out mailers to township voters after news that access to the library was at risk. Incumbents Mark Gerhard, Henry Carels, Marisa Kallie and Shirley Ann Frazier all lost, with former board President Michael Tyler finishing last in the final vote tally. Kiefer said he is trying to get all the new members sworn in as soon as possible to begin work on options to pay for a proposed increase in the township’s contribution to the library. “What we aim to do is to reestablish the relationship with the Rochester Hills Public Library and we have some work to do before the contract ends on March 31,” said Kiefer. The two millages township residents currently pay for the library — a 0.459 millage set to expire Dec. 31, 2029 and a 0.114 millage set to expire Dec. 31, 2025 — generate almost $1.1 million annually. In August, Rochester Hills residents approved their first library millage increase in 100 years. They approved a 0.39 mill increase on the taxable value on all city property for 10 years, beginning December this year and ending in 2033. It is estimated it will raise $1.7 million in its first year. Once Rochester Hills approved their increase, Oakland Township and Rochester were expected to do the same. Why Oakland Township residents could lose their library privileges /*! This file is auto-generated */!function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i
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