1 234 in words
Gurgaon: Struggling to contain the problem of garbage that has spread like a rash in the city, MCG has formed a sanitation security force (SSF) into which ex-servicemen have been drafted. The corporation has set up four such teams, which will find out what's going wrong and at which locations. These teams will coordinate with police. The move comes almost six months after the state govt declared a solid waste exigency in the city. The team members will upload geo-tagged photographs of illegal dumping of construction and solid waste and vehicles used for that, and videos of unloading waste on a WhatsApp group. The sanitation force started working on Thurs night and seized six vehicles they intercepted at various locations while illegally dumping waste. During inspections on the intervening night of Thurs and Fri, the teams found some vehicles misusing MCG's identity too. MCG additional commissioner Balpreet Singh said monitoring and action against those dumping waste and debris in the city has been intensified. "During surveillance on Thurs night, the force seized six vehicles from different areas, including Leisure Valley, Sector 29, Fountain Chowk, Khandsa Road, Sector 37, Devi Lal Colony, Jawahar Nagar and Atul Kataria Chowk," he said, adding that some of the seized vehicles didn't have registration number plates, and FIRs were filed against the owners or drivers at various police stations. He urged the citizens to report illegal dumping of waste or debris to the civic body so that timely action can be taken by the sanitation security force. He also advised keeping an eye on vehicles using the corporation's name. For zone-1, the corporation has deputed seven ex-servicemen along with three zonal taxation officers and assigned drivers with govt vehicles to carry out the round-the-clock surveillance. For the areas in zone 2, the civic body has deployed six ex-servicemen and two zonal taxation officers. It has deployed 10 ex-servicemen for zone-3 besides three zonal taxation officers to assist the team. Moreover, four ex-servicemen will work for zone-4. The teams will work in three shifts — starting from 4 pm to 12 am, 12 am to 8 am, and then 8 am to 4pm. "Constituting a security force is certainly going to help in waste management, but only to some extent. In our vicinity, especially in plotted colonies, we see a lot of construction happening. Contractors building these structures promise to dispose of construction waste during the evening hours after the day's work is over. They then dump it illegally wherever they get space. We have seen so many green areas of the city turning into construction waste dump yards, especially Golf Course Road Extension and Gurgaon-Faridabad Road. So, surveillance to cover this part also has to be brought in," said Sudakshina Laha, general secretary of Sushant Lok 2 and 3 RWA. "The entire system needs an overhaul so that the corporation taps the source of waste. Moreover, MCG should bring in technology to curb illegal dumping of construction and solid waste," she added. The state govt declared a solid waste exigency on June 12 earlier this year, and subsequently announced Solid Waste Environment Exigency Programme (SWEEP) campaign. It also constituted teams of MCG, district administration and GMDA to monitor the cleanliness drive.
New University of Toronto study looks at soaring cost of building transit in CanadaNoneFinancial 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) 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) 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. 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. * 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. Matthews International Corporation Corporate Office Two NorthShore Center Pittsburgh, PA 15212-5851 Phone: (412) 442-8200
Kindle Unlimited Subscription Costs Less Than a DollarHockey Night in Canada: Jets vs. Predators on Sportsnet49ers coach Kyle Shanahan expresses confidence in struggling kicker Jake Moody
For AAP, Punjab bypoll victories comes as a much-needed midterm boost
In the region: W&L advances in NCAA volleyball tournamentAccording to data provided by Yolo County Court Appointed Special Advocates (CASA), more than 430 children are in the foster care system in the county. These children often face uncertainty and a lack of family support, but there’s a way to help brighten their spirits this year. The Yolo County Independent Living Program (ILP), which supports transitional age youth from 14 to 21, is gearing up for their annual Christmas stocking initiative and is seeking donations from the community.
From Uchenna Inya, Abakaliki Ebonyi State Governor, Francis Nwifuru, has urged political office holders to use the yuletide to extend love and kindness to the less privileged around them. In his Christmas message to the people, Nwifuru said the season should characterise love, kindness and generosity. “This is a season of joy, reflection, and gratitude; a time to come together as families, friends, and communities to celebrate the hope and love that this special time of the year represents “By doing this, we can embody the true spirit of the season by lifting one another up and spreading goodwill throughout our dear state. “Commemorating the birth of our lord and saviour, Jesus Christ, reminds us of the power of giving, compassion, and unity,” he said. He commended the citizens of the state for their steadfastness in joining him to execute the social contract with them. “As we look back on the year, I am filled with pride and gratitude for the resilience and strength of our people. “Despite the challenges we may face, your dedication, hard work, and unwavering spirit make our state a better place for everyone. The Governor assured that his administration would continue to initiate policies and projects that will enhance the well-being of the people. “It is my fervent wish and prayers that this Christmas will bring peace, happiness, and hope to you and your loved ones.”
BBB CONSUMER TIPS: Make these 10 resolutions for a safe, scam-free yearRIYADH: President Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman signed a strategic partnership on Monday aimed at deepening bilateral ties and de-escalating conflict in the Middle East, including Lebanon, where the two leaders called for presidential elections. The French leader arrived in Saudi Arabia on Monday for a three-day state visit just as a political crisis threatens to topple the French government. After a meeting with Prince Mohammed, the de facto ruler of the oil-rich Gulf kingdom, Macron’s office announced the signing of a new partnership aimed at improving cooperation in “defence, energy transition, culture, mobility between the two countries”. The two leaders also “agreed to make every effort to contribute to de-escalation in the region”, including helping to consolidate the fragile ceasefire between Israel and Lebanon. MBS heads to France, Macron seeks shift on Ukraine “Together, they called for the holding of presidential elections in Lebanon with the aim of bringing the Lebanese people together and carrying out the reforms necessary for the stability and security of the country,” the statement from Macron’s office said. Macron touched down in the Saudi capital Riyadh in the afternoon, where he was greeted by an honour guard of sword-holding servicemen and celebratory cannon fire as he disembarked from his plane. He did not comment on the political situation in France as he arrived. Macron’s visit began as France’s less than three-month-old minority government faced the prospect of being forced out by a vote of no confidence in the coming days. The far-right National Rally party said it would vote to oust Michel Barnier’s government after the prime minister used an executive tool to push through a social security budget bill without parliamentary approval. The left wing is also expected to back the motion, which could be held as early as Wednesday. If successful, it would oust the government that was appointed in September after snap polls. Macron’s three-day stay also coincides with a flare-up of violence in Syria, where anti-government rebels have seized Aleppo, the country’s second-largest city. The fighting in Syria follows France’s brokering of a ceasefire in neighbouring Lebanon, where Israel has been fighting Iran proxy Hezbollah. Macron’s state visit is the first by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing what the presidency calls a “very close relationship”. In 2021, Macron became one of the first Western leaders to meet Prince Mohammed in Saudi Arabia after the 2018 murder of Saudi journalist Jamal Khashoggi at Riyadh’s consulate in Istanbul. The French president and Prince Mohammed will see how they “work together” on the conflicts shaking the region, with Lebanon at the “heart of the discussions”, the French presidency said in an earlier statement. Macron is hoping for Saudi support for the Lebanese army, which is being deployed towards the border with Israel under the ceasefire but is poorly armed and trained. He will also try to win Saudi help to reverse the political disintegration that has plunged Lebanon’s government and economy into catastrophe. Paris and Riyadh are also calling for a ceasefire in the Gaza war and a “political outcome” based on the two-state solution of separate Israeli and Palestinian states. Saudi Arabia, home to the holiest sites in Islam, has paused discussions with Washington on potentially recognising Israel in return for deeper security and bilateral ties with the United States. In September, the crown prince hardened his position, insisting that Saudi Arabia would not establish ties with Israel before the creation of a Palestinian state. Macron is accompanied by about 50 senior officials from major French companies including TotalEnergies, EDF and Veolia, as well as start-ups in artificial intelligence and quantum physics. France and Saudi Arabia aim to “significantly strengthen” their economic ties to “the height of our shared ambition”, the presidency said. Discussions are also under way for Saudi Arabia to acquire French-made Rafale fighter jets, although no announcement is expected during the visit, according to a source close to the matter.
Trump’s Labor Secretary pick is winning Democratic praise — and GOP skepticism
Crypto Gold Rush: Top 5 Altcoins to Invest in for December 2024 for Maximum ROI!