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Such bet are usually bad ones, which is why so many massive casino-resorts have been built on Las Vegas Boulevard. But it doesn't mean the organizers are wrong. They're counting on the minimum of $1 million in guaranteed name, image and likeness money that will go to each of the eight teams competing in the neutral-site tournament that begins Tuesday will create a precedent for other such events. EverWonder Studios CEO Ian Orefice, who co-founded Players with former AND1 CEO Seth Berger, compared this event to last year's inaugural NBA In-Season Tournament that played its semifinals and final in Las Vegas by saying it "did really well to reinvigorate the fan base at the beginning of the year." "We're excited that we're able to really change the paradigm in college basketball on the economics," Orefice said. "But for us, it's about the long term. How do we use the momentum that is launching with the 2024 Players Era Festival and be the catalyst not to change one event, but to change college basketball for the future." Orefice and Berger didn't disclose financial details, but said the event will come close to breaking even this year and that revenue is in eight figures. Orefice said the bulk of the revenue will come from relationships with MGM, TNT Sports and Publicis Sport & Entertainment as well as sponsors that will be announced later. Both organizers said they are so bullish on the tournament's prospects that they already are planning ahead. Money made from this year's event, Orefice said, goes right back into the company. "We're really in this for the long haul," Orefice said. "So we're not looking at it on a one-year basis." Rick Giles is president of the Gazelle Group, which also operates several similar events, including the College Basketball Invitational. He was skeptical the financial numbers would work. Giles said in addition to more than $8 million going to the players, there were other expenses such as the guarantees to the teams. He said he didn't know if the tournament would make up the difference with ticket sales, broadcast rights and sponsorship money. The top bowl of the MGM Grand Garden Arena will be curtained off. "The math is highly challenging," Giles said. "Attendance and ticket revenues are not going to come anywhere close to covering that. They haven't announced any sponsors that I'm aware of. So it all sort of rests with their media deal with Turner and how much capital they want to commit to it to get these players paid." David Carter, a University of Southern California adjunct professor who also runs the Sports Business Group consultancy, said even if the Players isn't a financial success this year, the question is whether there will be enough interest to move forward. "If there is bandwidth for another tournament and if the TV or the streaming ratings are going to be there and people are going to want to attend and companies are going to want to sponsor, then, yeah, it's probably going to work," Carter said. "But it may take them time to gain that traction." Both founders said they initially were met with skepticism about putting together such an event, especially from teams they were interested in inviting. Houston was the first school to commit, first offering an oral pledge early in the year and then signing a contract in April. That created momentum for others to join, and including the No. 6 Cougars, half the field is ranked. "We have the relationships to operate a great event," Berger said. "We had to get coaches over those hurdles, and once they knew that we were real, schools got on board really quickly." The founders worked with the NCAA to make sure the tournament abided by that organization's rules, so players must appear at ancillary events in order to receive NIL money. Strict pay for play is not allowed, though there are incentives for performance. The champion, for example, will receive $1.5 million in NIL money. Now the pressure is on to pull off the event and not create the kind of headlines that can dog it for years to come. "I think everybody in the marketplace is watching what's going to happen (this) week and, more importantly, what happens afterwards," Giles said. "Do the players get paid on a timely basis? And if they do, that means that Turner or somebody has paid way more than the market dictates? And the question will be: Can that continue?" CREIGHTON: P oint guard Steven Ashworth likely won’t play in the No. 21 Bluejays’ game against San Diego State in the Players Era Festival in Las Vegas. Ashworth sprained his right ankle late in a loss to Nebraska on Friday and coach Greg McDermott said afterward he didn’t know how long he would be out.
First Quarter of Fiscal 2025 Continuing Operations Highlights * Net sales were $145 million, a 2.3% increase compared to the prior year, with a 0.8% decline in organic sales. * * Operating margin was 21.4% and adjusted operating margin was 21.5%. Net income was $21.7 million, or $0.40 per diluted share, and adjusted net income was $21.9 million, or $0.40 per diluted share. GAAP and adjusted EPS increased 21% and 3% year-over-year, respectively. Adjusted EBITDA was $34.3 million and adjusted EBITDA margin was 23.6%. Completed acquisition of DTA with integration well underway. * This press release contains financial measures in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the comparable GAAP measures are presented in the tables accompanying this release. ** Organic sales represent net sales excluding the impact of foreign exchange rates, acquisitions, and divestitures. A reconciliation of organic sales to comparable net sales is presented in the tables accompanying this release. MILWAUKEE, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Enerpac Tool Group Corp. (NYSE: EPAC) (the “Company” or “Enerpac”) today announced results for its fiscal first quarter ended November 30, 2024. “We entered fiscal 2025 mindful of a sluggish industrial macro environment,” said Paul Sternlieb, Enerpac Tool Group’s President & CEO. “Nonetheless, we believe Enerpac can continue to outperform the market given our global brand leadership, targeted growth strategy, customer-driven innovation, and continuous improvement process to enhance operational efficiency and productivity.” First Quarter Fiscal 2025 Consolidated Results Comparisons “First quarter fiscal 2025 was essentially in line with our expectations, reflecting our ability to operate in a soft market, while lapping strong growth in the first quarter of fiscal 2024,” said Darren Kozik, Executive Vice President and Chief Financial Officer. Consolidated net sales for the first quarter of fiscal 2025 were $145.2 million compared to $142.0 million in the prior-year period, an increase of 2.3%. Organic sales, excluding the acquisition of DTA and the impact of foreign currency, decreased 0.8% year-over-year. Service organic revenue growth of 5.6% was offset by a 2.7% decline in product sales. Net sales for Industrial Tools & Services (IT&S) increased 2.3%, driven by the increase in service revenue and the acquisition of DTA. The organic sales decline of 1.0% for IT&S was partially offset by a year-over-year improvement at Cortland Biomedical, which comprises the Other operating segment. Gross profit margin declined 90 basis points year-over-year to 51.4% due to lower sales in the Americas, a higher percentage of service revenue, and a return to normalized margins at Cortland. Selling, general and administrative expenses (SG&A) of $42.3 million were $2.3 million lower year-over-year. SG&A was 29.1% of sales, down from 31.4% in the year-ago period. Adjusted SG&A expenses, excluding one-time costs associated with the acquisition of DTA, were $42.2 million as compared to $41.1 million in fiscal 2024. The prior-year period adjusted SG&A excluded ASCEND and restructuring charges. As a percentage of sales, adjusted SG&A held flat at 29.0%. Operating profit increased 9% year-over-year to $31.1 million, with an operating profit margin of 21.4%, up from 20.2% in the first quarter of fiscal 2024. Adjusted operating profit decreased 3.6% to $31.3 million, with an adjusted operating margin of 21.5%, down from 22.8% in the year-ago period. First quarter fiscal 2025 net income and diluted EPS were $21.7 million and $0.40 respectively, compared to $18.3 million and $0.33, respectively, in the year-ago period. First quarter adjusted EBITDA was $34.3 million compared to $34.9 million in the year-ago period. Adjusted EBITDA margin declined 100 basis points year-over-year to 23.6% driven by lower gross margins coupled with the inclusion of DTA. Net cash provided by operating activities was $8.6 million for the first quarter of fiscal 2025 as compared to a use of $6.7 million in the prior-year period. Cash flow from operations was higher than the prior year, the benefit of higher net earnings, lower annual incentive compensation payments made in the first quarter compared to the prior year, and the absence of payments related to discontinued operations. (1) Excludes approximately $ 0.1 million of M&A costs in the first quarter of fiscal 202 5 a s compared to approximately $ 2.1 million of restructuring charges and $ 0.8 million of ASCEND charges in the first quarter of fiscal 202 4 . IT&S Results Comparisons First quarter fiscal 2025 net sales for IT&S were $140.1 million, an increase of 2.3% year-over-year with organic sales down 1.0%. The decline in organic sales was driven by a 3.0% decrease in product sales, partially offset by a 5.6% increase in service revenue. The segment’s operating profit margin increased approximately 110 basis points to 27.1% as the prior-year period included ASCEND and restructuring costs. Adjusted operating profit margin declined 90 basis points to 27.2%, driven by sales mix and the inclusion of DTA’s results. DTA Acquisition On September 4, Enerpac completed the acquisition of DTA, a producer of automated on-site horizontal movement products, to complement its Heavy Lifting Technology product portfolio. “With the integration well underway, we are capitalizing on the opportunity to leverage Enerpac’s global sales network and expand DTA’s sales outside of Europe,” added Sternlieb. Corporate Expenses from Continuing Operations Corporate expenses were $8.2 million and $8.9 million for the first quarter of fiscal 2025 and fiscal 2024, respectively. The prior-year period included charges for ASCEND and restructuring. Adjusted corporate expenses (2) of $8.1 million for the first quarter of fiscal 2025 were flat as compared to the prior-year period. (2) F irst quarter fiscal 202 5 adj usted corp orate expenses exclude approximately $ 0.1 million of M &A costs a s compared to approximately $0. 3 million of restructuring charges and $ 0.4 million of ASCEND charges in the first quarter of fiscal 202 4 . * Calculated in accordance with the terms of the Company’s September 2022 Senior Credit Facility. Net debt on November 30, 2024, was $62.6 million, resulting in a net debt to adjusted EBITDA ratio of 0.5x. The company repurchased approximately 110,000 shares of its common stock in the first quarter of fiscal 2025 for a total of $4.4 million under its share repurchase program announced in March 2022. Cash decreased from the end of fiscal 2024 primarily due to the acquisition of DTA in the first quarter of fiscal 2025. Outlook “With the first quarter results roughly as anticipated, we are maintaining our full-year fiscal 2025 guidance, including total revenue and adjusted EBITDA growth of 5% at the midpoint of our guidance,” concluded Sternlieb. The Company is projecting a net sales range of $610 million to $625 million in fiscal 2025. The forecast anticipates organic sales growth of approximately 0% to 2%, with expected adjusted EBITDA in the range of $150 million to $160 million, and free cash flow between $85 million to $95 million. This forecast is based on the Company’s key foreign exchange rate assumptions and assumes that there is no broad-based global recession. Conference Call Information An investor conference call is scheduled for 7:30 am CT on December 19, 2024. Webcast information and conference call materials, including an earnings presentation, are available on the Enerpac Tool Group company website ( www.enerpactoolgroup.com ). Safe Harbor Statement Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. In addition to statements with respect to guidance, the terms “outlook,” “guidance,” “may,” “should,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “objective,” “plan,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to inherent risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements. In addition to the assumptions and other factors referred to specifically in connection with such statements, risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements include, without limitation, general economic uncertainty, market conditions in the industrial, oil & gas, energy, power generation, infrastructure, commercial construction, truck and automotive industries, supply chain risks, including disruptions in deliveries from suppliers due to political tensions or the imposition, or threat of imposition, of tariffs, which could be affected by the outcome of the recent U.S. presidential election, the impact of geopolitical activity, including the invasion of Ukraine by Russia and international sanctions imposed in response thereto, as well as armed conflicts in the Middle East, including the impact on shipping in the Red Sea, the ability of the Company to achieve its plans or objectives related to its growth strategy, market acceptance of existing and new products, market acceptance of price increases, successful integration of acquisitions, the impact of dispositions and restructurings, the ability of the Company to continue to achieve its plans or objectives related to the PEP program, operating margin risk due to competitive pricing and operating efficiencies, risks related to reliance on independent agents and distributors for the distribution and service of products, material, labor, or overhead cost increases, tax law changes, foreign currency risk, interest rate risk, commodity risk, tariffs, litigation matters, cybersecurity risk, impairment of goodwill or other intangible assets, the Company’s ability to access capital markets and other risks and uncertainties that may be referred to or noted in the Company’s reports filed with the Securities and Exchange Commission from time to time, including those described in the Company’s Form 10-K for the fiscal year ended August 31, 2024. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason. Non-GAAP Financial Information This press release contains financial measures that are not measures presented in conformity with GAAP. These non-GAAP measures include organic sales, EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, adjusted operating profit from continuing operations, segment adjusted operating profit and adjusted EBITDA, adjusted corporate expense, adjusted SG&A expense, free cash flow and net debt. This press release includes reconciliations of non-GAAP measures to the most comparable GAAP measure, included in the tables attached to this press release or in footnotes to the tables included in this press release. Management believes the non-GAAP measures presented in this press release are commonly used financial measures for investors to evaluate Enerpac Tool Group’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the financial metrics management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. About Enerpac Tool Group Enerpac Tool Group Corp. is a premier industrial tools, services, technology, and solutions provider serving a broad and diverse set of customers and end markets for mission-critical applications in more than 100 countries. The Company makes complex, often hazardous jobs possible safely and efficiently. Enerpac Tool Group’s businesses are global leaders in high pressure hydraulic tools, controlled force products, and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group common stock trades on the NYSE under the symbol EPAC. For further information on Enerpac Tool Group and its businesses, visit the Company's website at www.enerpactoolgroup.com . (tables follow) Contact: Travis Williams Senior Director, Investor Relations +1.262.293.1912
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It seemed like the New York Knicks couldn't miss in their blowout win over the Phoenix Suns last week. That exact opposite happened Saturday evening. © Christopher Creveling-Imagn Images New York has been blitzed by the hot-shooting Utah Jazz and trails by 15 at the half, 66-51. The three-win Jazz have shot over 50% from beyond the arc and have held the Knicks to shooting just 38% from the field on their own hand. The Knicks trailed by 10 early in the contest due to their low shooting efficiency. OG Anunoby led New York in scoring with 12 points in the first half while shooting 4-7 from beyond the arc. Related: Hot-Shooting Josh Hart Reacts to Critics Jalen Brunson has recorded nine points but is 0-5 from beyond the arc. Karl-Anthony Towns is up to 10 points but 0-4 from three as well. When your two best players are a combined 0-9 from three, the score at the half makes sense. On the other size, the Jazz have three players leading the way in double figures. Lauri Markkanen (19), John Collins (16), and Keyonte George (10) have combined to shoot 16-22 from the field. While the Knicks were able to cut the deficit at times to within one-score, a late second-quarter run by Utah gave the upstart Jazz the lead at the half. New York will need a big second half to keep their five-game winning streak alive. Related: Knicks Got Their Swagger Back, Y'all
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