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DAKAR (AP) – For the artistic and cultural elites of Senegal, the month-long Dakar Biennale of Contemporary African Arts is a celebratory moment. Every two years, hundreds of artists, curators and art lovers from across the world descend on the West African capital to attend the event, which was founded in 1989 by the Senegalese government and has over the decades become one of the most important showcases on the continent. Pop-up exhibitions are held in hundreds of venues, from stylish five-star hotels to local art galleries. Roads are even more crowded than usual, with traffic jams stretching out for miles along the Corniche, the city’s picturesque seaside boulevard. Every night, there are music concerts, fashion shows, talks with artists and movie screenings held against the backdrop of palm trees. But it wasn’t until this year that the local artisans in the Soumbedioune crafts market, just off the Corniche and at the doorstep on the Medina working-class neighbourhood, realised what the Biennale was. For years, “we saw the OFF signs, but we didn’t know what was going on,” said Ndiouga Dia, a 48-year-old leatherworker from Soumbedioune, referring to a series of events organised in parallel to the official government program, scattered all over the city. “Only the artists knew among themselves what was going on.” ABOVE & BELOW: President of the Soumbedioune craftsmen’s association Ndiouga visits the ‘rebondir’ exhibition in Soubedioune, Senegal; and jeweller Moussa Diop works on a bronze hippopotamus in his workshop. PHOTO: AP PHOTO: AP Woodcarver Papis Kanté sculpts a wooden hippopotamus. PHOTO: AP A woman walks through the Soubedioune craft market in Dakar. PHOTO: AP Craftsmanship is deeply rooted in the country’s culture. Senegal, like most African nations, has little capacity for industrial production and traditionally much of its economy has relied on locally produced goods. For centuries, craftsmen played a central role in Senegalese social life, sculpting religious statues and ceremonial masks, sewing boubous (traditional colourful wide-sleeved robes), moulding pottery and weaving baskets. But these days, their role is in decline. As living costs rise, many Senegalese opt for cheaper, often Asian products. And those that can afford it buy Western clothes and furniture to mark their social status. So when two designers approached Dia, who is also the community leader of the Soumbedioune artisans, with a proposal for a joint exhibition, he didn’t hesitate for a second. It felt good to be noticed and included, Dia said. Designers Kemi Bassène and Khadim Ndiaye asked five artisans – a sculptor, a painter, a jeweller, a leatherworker and a upholsterer – to interpret the theme of ‘hippo’. They chose the theme because it was easily recognisable across Africa, they said, bringing together people from different nations who live next to the water. The exhibition, held in the central square of Soumbedioune, surrounded by artisanal boutiques and restaurants selling thieboudienne, the most famous Senegalese dish, has been a hit among locals. There are hippo earrings and a hippo necklace; a giant wooden sculpture of a sleeping hippo; and a hippo-shaped bag. Papise Kanté, a 45-year-old sculptor who created two wooden hippo statues for the exhibition, said it allowed him to tap into a more creative part of his work, instead of just producing objects that he intended to sell. “I have been sculpting since I was a young child,” said Kanté, who comes from a long line of sculptors. “Every artist wants to get better.” But it also gave his work recognition. “It’s because of the Biennale that people know my work,” he said. If you participate in the Biennale, he added, “you are proud”. Bassène, the curator, grew up in Medina, next to Soumbedioune, but is now based in Paris. He said he wanted to bridge the divide between arts and crafts. “This is the first time in the history that artisans, especially those who are custodians of traditional craftsmanship, are invited to the Biennale,” Bassène said. “For craftsmen in Africa, there is a natural progression towards the world of modern design.” It was “normal”, he said, to include artisans in the Biennale “if we wanted to try to decolonise a little”. This year’s Biennale is being held as Senegal is undergoing profound political change, with the newly elected authorities charting a more self-reliant and pan-African course. Last month, the governing party, PASTEF, secured a resounding victory in legislative elections. Its win granted President Bassirou Diomaye Faye a clear mandate to carry out ambitious reforms promised during the campaign to improve living conditions for ordinary Senegalese – including greater economic self-reliance, revamping the fishing industry and making maximum use of natural resources. The theme of this year’s Biennale has been ‘The Wake’, alluding to the emancipation of the African continent from its remaining dependence on former colonial powers. The new government of Senegal has “a transformational agenda”, said Bassène. “I think that what we have experienced politically will impact all the social sciences and all art.”Published 5:27 pm Thursday, November 21, 2024 By austinsubmitted David L. Schubert, 82 David Lee Schubert, age 82, of Austin, Minnesota, passed away on Sunday, November 17, 2024, at Mayo Clinic Hospital Rochester, Saint Marys Campus. Dave was born February 3, 1942, in Owatonna, Minnesota, to Reuben and Florence (Kotz) Schubert. When he was seven, the family moved to Austin, where he grew up and attended Catholic schools. In March 1976, Dave married Rose Klapperich at Crane Community Chapel in Austin and together had two children. Throughout his life, Dave worked a variety of jobs, retiring after 15 years from Akkerman in Brownsdale. He belonged to the Moose Club, where he served one term as a governor. He was also a member of Eagles Clubs and enjoyed going to Stag on Monday nights. In his free time, Dave loved woodworking, camping at Hope Oak Knoll and Brookside campgrounds, enjoying classic country music, and engaging in games like horseshoes, cribbage, and huckley buck. His fun-loving spirit and love for karaoke at Hope Oak Knoll Campground added joy to those around him. Dave also loved watching NASCAR and participating in NASCAR pools. Survivors include his wife, Rose Schubert; two children, Sara (Andy) Erkeneff and Jeff (Brenda) Schubert; four grandchildren, Braden, Kaylen (Zach), Morgan, and Ethan; one great-grandchild, Paisley; brother, Jim (Kathy) Schubert; sisters, Jean Ingvaldson, Sandy (Curt) Rayman, and Debbie (Willy) Dickenson; sisters-in-law, Judi Schubert and Dory (Leonard) Fravel; brothers-in-law, Owen (Leola) Klapperich, and Reid (Barb) Klapperich; and many nieces and nephews. He was preceded in death by his parents, Reuben and Florence Schubert; brother, Robert “Bob” Schubert; in-laws, Lawrence and Esther Klapperich; and brother-in-law, Barry Klapperich. A memorial service for Dave will be held at 12:00 noon on Saturday, November 30, 2024, at Worlein-Hoff Funeral Home in Austin. The visitation will take place from 10:00 a.m. – 12:00 p.m. prior to the service. A private interment will be held in Grandview Cemetery, Austin. Worlein-Hoff Funeral Homes are assisting the family with arrangements. Condolences may be expressed to the family online at www.worlein.com.
Scientists seek miracle pill to stop methane cow burps- Enhanced liquidity through issuance of Second Lien Notes - Obtained amendment to credit agreement and extended note payable - Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million - Full year fiscal 2024 revenue down 14.3% to $490.7 million - Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the "Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ("Q4 FY 2024”) and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) September 30, change September 30, change Robert Leasure Jr., President and Chief Executive Officer, commented, "The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We've grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we're streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company's $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv's web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company's ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) September 30, September 30,
Gov. Kim Reynolds speaks at the Iowa Taxpayers Association Tax Symposium hosted at the Prairie Meadows Events Center in Altoona after receiving the 2024 Linda S. Weindruch Award on Dec. 5, 2024. (Photo by Robin Opsahl/Iowa Capital Dispatch) Gov. Kim Reynolds told Iowans to expect more tax cuts in the future as she accepted an award Thursday from the Iowa Taxpayers Association. Reynolds spoke at the organization’s annual symposium as she accepted the Linda S. Weindruch Award, given to people who have taken actions that “have resulted in a positive impact on the business tax climate in Iowa,” according to the ITA website. In her speech, Reynolds spoke about the tax laws passed since 2017, saying that recent recognition Iowa has received as a leader on conservative tax policy came after years of work to reform a complex system. “Iowa’s journey to tax competitiveness, it wasn’t a matter of a few modest tweaks,” Reynolds said. “It was a complete, top-to-bottom transformation that couldn’t have happened without an outstanding team of legislators, advocates, business leaders and others that were behind me.” Most recently, the governor signed a law in May that sped up previous income tax cuts, decreasing the state’s individual income tax to a 3.8% flat tax rate beginning in 2025. The law built off of tax cuts made in 2022 to lower Iowa’s individual income tax rate to a 3.9% single rate by 2026. Additionally, the 2022 law will lower the state’s corporate tax rate to 5.5% gradually, bringing the rate down each year Iowa has more than $700 million in net corporate income tax receipts. She praised the state for going from a “complex, unwieldy” tax code when she took office in 2018, with a top income tax rate of 8.98%, to a system with “no more complexity and there’s no more gimmicks.” In addition to the income tax changes, Reynolds said other changes to Iowa tax law on issues like eliminating retirement income taxes and property tax cuts have also helped simplify the system. Tax cuts in the past six years will result in $24 billion less paid by Iowans in taxes over the next 10 years, she said. She also said tax laws passed during President-elect Donald Trump’s first term in office helped Iowa successfully implement changes on the state level. “So what was it that ultimately helped Iowa crack the code? The short answer is the 2017 tax bill signed into law by President Trump,” the governor said. “By lowering taxes for working families and doubling the standard deduction, it created a powerful argument for finally shedding federal deductibility.” Though Reynolds and Republican state lawmakers have said that tax cuts implemented in recent years have helped people across the state, Democrats and some advocates disagree. During discussions on the latest round of income tax cuts earlier in 2024, critics said a flat income tax rate will disproportionately benefit high-income Iowans to the detriment of lower- and middle-class families. Others expressed concerns about how a loss in state revenue due to the tax cuts could impact funding for state priorities like the K-12 public school system and social services during economic downturns. Though Reynolds did not share any specific tax policy goals for the 2025 session, Republican state senators have said they plan to introduce legislation on property taxes in the upcoming year, a follow-up to the 2023 property tax cuts that capped levy rates for cities and counties. As Republicans are poised to take trifecta control in both Washington, D.C., and at the Iowa Statehouse, Reynolds said to expect more tax policy proposals to come. “If our story shows anything, it’s just how much taxpayers have to gain when their leaders of fighting for them, both at the state and the national level,” Reynolds said. “So in Iowa and beyond, I’m here to tell you the best is yet to come.”Seafarers more likely to ‘express what’s really going on’ thanks to VIKAND’s crew welfare technology
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NoneIs family truly more important than anything else? Should we always prioritize them? These well-known phrases about the significance of family are widespread, even though it’s often acknowledged that family dynamics can be challenging or even dysfunctional. “No-contact” In recent years, however, a controversial discussion has emerged around the idea of completely severing ties with relatives deemed “ toxic .” This practice, known as going “no contact,” typically involves adult children cutting off their parents. It may result from years of abuse, disapproval after a child comes out as LGBTQ+ or even political or religious disagreements. The “no contact” movement has both supporters and critics. Advocates argue that people should feel no shame in removing themselves from harmful relationships, insisting that family members should be held to the same standards as friends and romantic partners. Critics, however, contend that the threshold for what qualifies as family trauma has become too lenient and that some children who sever ties are simply being selfish. In Singapore An article from Channel News Asia wrote that young adults in Singapore are increasingly open about the tensions and complexities in their family relationships, particularly when it comes to setting firm boundaries with their parents . Many are beginning to embrace the idea of stepping away from unhealthy parent-child dynamics, reflecting a global shift toward normalizing these decisions. On platforms like TikTok, videos of grown children explaining their difficult circumstances have gone viral, with hashtags such as #nocontactwithparent and #raisedbynarcissists attracting thousands of views. This movement has also found a space on the online forum Reddit, where a sub-thread titled “Estranged Adult Kids” has gained significant traction, amassing around 45,000 members who share advice and personal stories about their experiences with family estrangement. In the city-state, this growing awareness of family tension and estrangement has led to greater recognition of the issue. A significant step was taken in July last year when the Maintenance of Parents Act was amended to protect victims of abuse from being forced to support their elderly parents financially. During the parliamentary debate over the amendment, Member of Parliament Seah Kian Peng revealed that nearly one in three cases brought before the Tribunal for the Maintenance of Parents involve allegations of abandonment , abuse, or neglect experienced by children in their formative years. Societal expectations vs self-care For some individuals, the trauma that led to estrangement stems from physical abuse. In contrast, for others, emotional or psychological scars from their upbringing have shaped their decision to distance themselves from their parents. A Reddit user shared, “I don’t think we should ever let societal expectations hold us back. We shouldn’t base our actions on what society thinks or believes... What’s the alternative? Do you stay loyal to abusive parents just to please strangers? What good does that do you? It’s nonsense to blindly adhere to values... For better or worse, your parents raised you. How you repay that is your choice, but it doesn’t mean they have control over your life.” Another Reddit user echoed this sentiment: “What you said is right! It may not be widely accepted yet to protect yourself from abusive parents, but it’s messed up that someone might feel forced to endure that abuse just because thousands of years ago, Confucius said you must bring honour to your family... Just love your parents, but don’t forget to take care of yourself too.”
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The state’s top road safety bureaucrat has rejected suggestions that new high-tech cameras that can catch wrongdoers on West Australian roads en masse are revenue-raisers. Road Safety Commissioner Adrian Warner joined Road Safety Minister David Michael on Monday to announce the rollout of the six mobile cameras from Australia Day. Road Safety Commissioner Adrian Warner and Road Safety Minister David Michael. The smart cameras, leased for five years at a cost of $22 million, can easily spot motorists using their phones or driving without a seatbelt and will be deployed to deter the behaviours that make up a large reason for so many of the fatalities on WA roads. A camera pointed at just one lane on the Kwinana Freeway near Salter Point last month spotted more than 6300 people using their mobiles while driving, and 5100 not wearing their seatbelts. Had that camera been used to issue fines, it could have netted the Road Trauma Trust account anywhere from $5 million to $10 million, depending on the severity of the offences. The rollout of the new cameras will coincide with a three-month grace period where motorists breaking the law will be issues with a caution instead of a fine. Warner said this demonstrated the cameras were not about revenue-raising, but changing behaviours. “It’s anything but revenue raising, that’s why we’re doing caution notices,” he said. “This is about drivers changing their behaviour. We have a culture problem. We need to address it, and these cameras are the first step in doing that.” Warner said 99 per cent of people wore seatbelts, but 20 per cent of people who died in crashes weren’t wearing seatbelts. Loading “That should tell you something,” he said. The announcement comes as WA records its worst road toll in almost 10 years, with 182 deaths. Michael said in this context now was the time for the technology to become a vital and permanent tool to be used across the state. “The message is clear and simple: these cameras are coming, slow down, buckle up and put your phone away,” he said. Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter . Save Log in , register or subscribe to save articles for later. License this article Road safety Roads Hamish Hastie is WAtoday's state political reporter and the winner of five WA Media Awards, including the 2023 Beck Prize for best political journalism. Connect via Twitter or email . Most Viewed in Politics LoadingSecurity First Insurance partners with Embark MGA to enter the New Home Builder insurance channel with the launch of an innovative HO5 Product in Florida
BURLINGTON, ON , Dec. 19, 2024 /CNW/ - SIR Royalty Income Fund SRV (the "Fund") today announced that SIR Corp. ("SIR" or the "Company"), the operating entity from which the Fund's equity income is ultimately derived, has filed its financial results for the 12-week period ended November 17, 2024 ("Q1 2025"). SIR's unaudited interim consolidated financial statements and management's discussion & analysis ("MD&A") for Q1 2025 can be accessed via the Fund's profile on the SEDAR+ website at www.sedarplus.ca under "Other", or the SIR website at www.sircorp.com/sir-royalty-income-fund/financial-reports . Q1 2025 Business Update Food and beverage revenue from corporate restaurant operations decreased by 1.1% to $58.7 million , compared to $59.3 million for the 12-week period ended November 19, 2023 ("Q1 2024"). Consolidated Same Store Sales ("SSS") (1) declined by 6.6%. On September 4, 2024 , SIR permanently closed the Jack Astor's® location in the North York neighbourhood of Toronto . This restaurant will cease to be a Royalty Pooled Restaurant effective January 1, 2025 . On September 26, 2024 , SIR experienced a cybersecurity incident that impacted a portion of its IT infrastructure. SIR immediately engaged third-party cybersecurity experts to assist with its containment, remediation and investigation efforts. Despite the related operational disruptions, guest payment platforms remained secure and SIR continued to operate all 54 of its restaurants. As a result of this incident, SIR experienced a moderate decline in revenue during the 27-day period following the incident while certain restaurant technology was being restored, as well as increased cost of operations and other associated costs related to investigation and mitigation of loss services. SIR was able to predominantly restore operational technology and third-party delivery partner servers by October 23, 2024 . Subsequent Event On December 6, 2024 , SIR entered into a Twelfth Amending Agreement (the "Twelfth Amendment") to its Credit Agreement with its Senior Lender. The Twelfth Amendment, among other things: Increases the maximum Senior Leverage Ratio financial covenant from 2.5x to 3.0x for SIR's Fiscal 2025 first and second quarters. The Senior Leverage Ratio financial covenant returns to 2.5x for SIR's Fiscal 2025 third quarter, Excludes the $6.25 million Export Development Canada facility principal repayment in July 2025 from the calculation of fixed charges in the Fixed Charge Coverage Ratio financial covenant, Reverts Credit Facility 2 to a non-revolving facility, and Increases the applicable interest rates, with the exception of the guaranteed facility with Business Development Bank of Canada , which remains fixed at 4.0% per annum. Results of Operations Summary SIR has advised the Fund that food and beverage revenue from corporate restaurant operations totaled $58.7 million in Q1 2025, a decline of 1.1% compared to $59.3 million in Q1 2024. The decrease in Q1 2025 reflects lower SSS (1) , predominantly within the Jack Astor's network and due in part to the cybersecurity incident, the closure of the Jack Astor's location in the North York neighbourhood of Toronto in Q1 2025, and the closure of three restaurants throughout Fiscal 2024 (Reds® Wine Tavern, Reds® Fallsview and the Scaddabush Italian Kitchen & Bar® ("Scaddabush") location in Mimico). These impacts were partially offset by the opening of six new SIR restaurants throughout Fiscal 2024 (Edna + VitaTM, four Scaddabush locations and a Duke's Refresher® + Bar), and price increases across SIR's restaurant network. Same Store Sales (1) ($000s) 12-Week Period Ended November 17, 2024 12-Week Period Ended November 19, 2023 Variance Jack Astor's 35,608 39,189 (9.1 %) Scaddabush 12,508 12,498 0.1 % Signature Restaurants 3,556 3,607 (1.4 %) Same Store Sales (1) 51,672 55,294 (6.6 %) SSS (1) performance includes all SIR restaurants, except for those restaurants that were not open for the entire comparable periods in Fiscal 2025 and Fiscal 2024. Accordingly, SSS (1) performance for Q1 2025 does not include the recently closed Jack Astor's restaurant located in the North York neighbourhood of Toronto and the four new Scaddabush restaurants in Whitby , Guelph and London, Ontario and in the Don Mills neighbourhood of Toronto , since these were not open for both comparable periods in Fiscal 2025 and Fiscal 2024. The new Signature Restaurants, Edna + Vita and Duke's Refresher, located in downtown Toronto are also not included, as well as Abbey's Bakehouse®, as it is not a SIR restaurant. Net loss and comprehensive loss was $5.3 million for Q1 2025, compared to $5.6 million for Q1 2024. The variance reflects changes in the amortized cost of the Ordinary LP Units and Class A Units of the SIR Royalty Limited Partnership that SIR holds. This resulted in an expense of $3.7 million in Q1 2025, compared to an expense of $5.9 million in Q1 2024. These non-cash changes in Q1 2025 and Q1 2024 are due to increases in the underlying unit price of the Fund compared to the end of Fiscal 2024 and the end of Fiscal 2023, respectively. Adjusted Net Loss (2) was $1.6 million in Q1 2025, compared to Adjusted Net Earnings (2) of $0.3 million in Q1 2024. The decline was primarily attributable to a $2.5 million reduction in earnings from corporate restaurant operations in Q1 2025 compared to Q1 2024, partially offset by a $0.8 million reduction in corporate costs in Q1 2025 compared to Q1 2024. Liquidity and Capital Resources As at November 17, 2024 , SIR had cash of $2.5 million ( $6.5 million as at August 25, 2024 ), and had drawn approximately $37.3 million against the $41.4 million maximum principal borrowing amount under the Company's credit facility. Outlook SIR continues to monitor consumer spending behavior amid current evolving macroeconomic factors, including inflation and interest rates, and their impact on the Canadian economy and consumer confidence. Ongoing business impacts due to changes in the minimum wage and rising commodity costs have been influential in the bar and restaurant industry's changes in pricing overall. SIR continues to innovate and provide immersive new product and service offerings to increase dine-in guest visits to its restaurants and to capitalize on the growth of take-out and delivery services in commercial foodservice. In consideration of the ongoing conditions noted above and the timing of new restaurant construction and renovations, the related opening schedules will be reviewed regularly by SIR and adjusted as necessary. During Fiscal 2024, SIR opened four new Scaddabush restaurants, all of which are expected to be added to the Royalty Pooled Restaurants effective January 1, 2025 . During Q1 2025, SIR closed the Jack Astor's restaurant located in the North York neighbourhood of Toronto . This restaurant will cease to be a Royalty Pooled Restaurant effective January 1, 2025 . Additionally, SIR opened a new Duke's Refresher location and Edna + Vita, a new Italian-themed, fine dining restaurant brand, in Toronto . These new restaurants are not in consideration to be added to the Royalty Pooled Restaurants in January 2025 . SIR currently has commitments to lease two properties in Barrie and Oshawa, Ontario , upon which it plans to build two new Scaddabush restaurants. There can be no assurance at this time that these planned new Scaddabush restaurants will be opened or will become part of the Royalty Pooled Restaurants. On September 26, 2024 , SIR experienced a cybersecurity incident that impacted a portion of its IT infrastructure. SIR was able to predominantly restore operational technology and third-party delivery partner servers by October 23, 2024 . SIR continues to gather information about the current and longer term financial and other impacts of this event. SIR maintains a variety of insurance coverages, including cyber insurance, and is in the process of working with its insurance providers to make the necessary claims under its policies. Reconciliation of Adjusted Net (Loss) Earnings (2) The following table reconciles net loss and comprehensive loss for the 12-week periods ended November 17, 2024 and November 19, 2023 , respectively, to Adjusted Net (Loss) Earnings (2) : 12-Week Period Ended November 17, 202 4 12-Week Period Ended November 19, 202 3 (in thousands of dollars) (unaudited) Net loss and comprehensive loss for the period (5,299) (5,607) Change in amortized cost of Ordinary LP Units and Class A LP Units of the Partnership 3,704 5,940 Adjusted Net (Loss) Earnings (2) (1,595) 333 About SIR Corp. SIR Corp. ("SIR") is a privately held Canadian corporation that owns a portfolio of 54 restaurants in Canada . SIR's Concept brands include Jack Astor's Bar and Grill® with 36 locations and Scaddabush Italian Kitchen & Bar® with 13 locations. SIR also operates one-of-a-kind "Signature" brands including The Loose Moose® and Reds® Square One. All trademarks related to the Concept and Signature brands noted above are used by SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership. SIR also owns three additional restaurants, including two Duke's Refresher® + Bar locations and Edna + Vita TM , which are currently not part of the Royalty Pool. For more information on SIR Corp. or the SIR Royalty Income Fund, please visit www.sircorp.com . About SIR Royalty Income Fund The Fund is a trust governed by the laws of the province of Ontario that receives distribution income from its investment in the SIR Royalty Limited Partnership and interest income from the SIR Loan. The Fund intends to pay distributions to unitholders on a monthly basis. (1) Same store sales ("SSS") and same store sales growth ("SSSG") are non-GAAP financial measures and do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS"). However, SIR believes that SSS and SSSG are useful measures and provide investors with an indication of the change in year-over-year sales. SIR's method of calculating SSS and SSSG may differ from those of other issuers and accordingly, SSS and SSSG may not be comparable to measures used by other issuers. SSSG is the percentage increase in SSS over the prior comparable period. SSS includes revenue from all SIR restaurants except for those restaurants that were not open for the entire comparable period and Abbey's Bakehouse in Muskoka, Ontario as it is not a SIR restaurant. When a SIR Restaurant is closed, the revenue for the closed restaurant is excluded from the calculation of SSS for both the quarter in which the restaurant is closed and the current year-to-date. (2) Adjusted Net (Loss) Earnings is calculated by removing the change in amortized cost of the Ordinary LP Units and Class A LP Units of the Partnership from the net income (loss) and comprehensive income (loss) for the period. Adjusted Net (Loss) Earnings is a non-GAAP financial measure and does not have a standardized meaning prescribed by IFRS. Management believes that in addition to net income (loss) and comprehensive income (loss), Adjusted Net (Loss) Earnings is a useful supplemental measure to evaluate SIR's performance. Changes in the amortized cost of the Ordinary LP Units and Class A LP Units of the Partnership is a non-cash transaction and varies with changes in the market price of the Fund units. The exclusion of the change in amortized cost of the Ordinary LP Units and Class A LP Units of the Partnership eliminates this non-cash impact. Management cautions investors that Adjusted Net (Loss) Earnings should not replace net income (loss) and comprehensive income (loss) or cash flows from operating, investing and financing activities (as determined in accordance with IFRS), as an indicator of SIR's performance. SIR's method of calculating Adjusted Net (Loss) Earnings may differ from the methods used by other issuers. Please refer to the reconciliation of net loss and comprehensive loss to Adjusted Net (Loss) Earnings for Q1 2025 provided in this news release. Caution concerning forward-looking information Certain statements contained in this report, or incorporated herein by reference, including the information set forth as to the future financial or operating performance of the Fund or SIR, that are not current or historical factual statements may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements concerning the objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of the Fund, the SIR Holdings Trust (the "Trust"), the SIR Royalty Limited Partnership (the "Partnership"), SIR, the SIR Restaurants or industry results, are forward-looking statements. The words "may", "will", "should", "would", 'could", "expect", "believe", "plan", "anticipate", "intend", "estimate" and other similar terminology and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Fund, the Trust, the Partnership, SIR, the SIR Restaurants or industry results, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. These statements reflect Management's current expectations, estimates and projections regarding future events and operating performance and speak only as of the date of this document. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. Risks related to forward-looking statements include, among other things, challenges presented by a number of factors, including: market conditions at the time of this filing; competition; changes in demographic trends; weather; changing consumer preferences and discretionary spending patterns; changes in consumer confidence; changes in national and local business and economic conditions; pandemics or other material outbreaks of disease or safety issues affecting humans or animals or food products; the ability to maintain staffing levels; the impact of inflation, including on input prices and wages; the impact of the war in the Ukraine ; changes in tariffs and international trade; changes in foreign exchange and interest rates; changes in availability of credit; legal proceedings and challenges to intellectual property rights; dependence of the Fund on the financial condition of SIR; legislation and governmental regulation, including the cost and/or availability of labour as it relates to changes in minimum wage rates or other changes to labour legislation and forced closures of or other limits placed on restaurants and bars; laws affecting the sale and use of alcohol (including availability and enforcement); changes in cannabis laws; changes in environmental laws; privacy matters; accounting policies and practices; changes in tax laws; the impact of cybersecurity breaches; and the results of operations and financial condition of SIR. The foregoing list of factors is not exhaustive. Many of these issues can affect the Fund's or SIR's actual results and could cause their actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Fund or SIR. There can be no assurance that SIR will remain compliant in the future with all of its financial covenants under the Credit Agreement and imposed by the lender. Given these uncertainties, readers are cautioned that forward-looking statements are not guarantees of future performance and should not place undue reliance on them. The Fund and SIR expressly disclaim any obligation or undertaking to publicly disclose or release any updates or revisions to any forward-looking statements. Forward-looking statements are based on Management's current plans, estimates, projections, beliefs and opinions, and the Fund and SIR do not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change, except as expressly required by applicable securities laws. All of the forward-looking statements made herein are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Fund or SIR . For more information concerning risks and uncertainties, please refer to the 'Risk Factors' in the Fund's March 14, 2024 Annual Information Form, for the period ended December 31, 2023 , and the Fund and SIR's most recent interim and / or annual filings, which are available under the Fund's profile at www.sedarplus.ca . SOURCE SIR Royalty Income Fund View original content: http://www.newswire.ca/en/releases/archive/December2024/19/c3872.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Report: Twins avoid arbitration with relief pitcher Brock Stewart
Few people get to leave their mark on the travel world like Arthur Frommer. The founder of the Frommer’s guidebook empire – and the founder of the very idea of budget travel – died recently at the age of 95, and leaves behind an enviable legacy. Frommer pioneered budget travel in the 1950s with the release of his book Europe on 5 Dollars a Day , a tome that opened Americans’ eyes to a whole different way of seeing the world outside the five-star, grand-tour experience that was the norm then, available to only the lucky, wealthy few. Arthur Frommer in Australia in 1991. Credit: Kylie Anee Pickett Frommer’s book helped democratise travel, while also encouraging a more immersive style, one that eschewed the hermetically-sealed luxury experience in favour of a more immersive, thoughtful approach. He was a little like our own Tony Wheeler, the founder of Lonely Planet , though he didn’t just spread word of a movement, he started the whole thing. Perhaps unfortunately, or perhaps impressively, Frommer also lived long enough to see that movement boom, and then begin to disappear. Because budget travel, Frommer’s budget travel, isn’t the same as it used to be. How many people rough it when they travel these days? How many people really put up with discomfort in the name of saving a few bucks? You might be thinking that you do. You fly Jetstar all the time, right? And in that sense, yes, budget travel has never been more popular. There have never been so many options for people who would like to travel long distances and not spend much money. Budget travellers demand higher standards from their trips these days. Credit: iStock But I’m talking about the real, challenging budget travel. The super-cheap digs in Bangkok with mattresses on the floor; those grand, overland bus adventures from London to Kathmandu; the down-and-dirty camping tours around Europe. Those things don’t exist anymore. Or at least, they don’t form part of the mainstream, even for young, budget-conscious travellers, whose tastes have shifted, particularly in the past 20 years or so. There’s a desire now (and a demand) for better. Comfort is important to travellers of all ages, approaches and budgets. Quality of experience is important. Online reviews mean even the cheapest places have to have their facilities up to scratch now, with modern amenities and comforts, or no one will go there. Social media means travellers need to have something beautiful or exciting to capture on their journey, an experience to provoke envy, rather than make all your friends at home – and your followers around the world – feel sorry for you. Bad news about budget travel also moves fast these days. The absolutely devastating deaths of Australian teenagers Holly Bowles and Bianca Jones last week , the result of suspected methanol poisoning in Laos, will have many people reconsidering their destination and their style of travel. There’s something else that has changed, too, since Arthur Frommer first stuffed a few changes of clothes in a backpack and set off to explore the world. And that is that success in the travel world, for those of us who work in it, looks different now. Frommer was an influencer of his day, even if he never would have used such a word. He was highly successful too, and the result of that success was being able to disseminate his message, being able to publish books and create an empire, to make a very good living selling his original idea of travel. It tends not to work like that these days. Success in travel means you garner attention on social media (a few old-school writers are even lucky enough to be published in a newspaper), and you begin to make money through sponsored campaigns, creating content for yourself or for various organisations. People don’t buy guidebooks anymore, they consume content, so you have to figure out how to make money from that content. That means that even if you began your career as a budget traveller, you’re probably not going to keep going that way. The jobs you’re offered and the products sold by those with enough money to pay you do not conform to that “budget” ethic. I could put myself forward as a case in point here. I began my career writing about travel as “ The Backpacker ”, describing the no-frills style of travel that I loved. But then a form of success comes and you start getting offered things like nice hotel rooms and the occasional business-class upgrade – and who’s going to knock back an upgrade ? Maybe Arthur Frommer did. Certainly, he stuck to his ideological guns through an entire lifetime. “The moment you put yourself in a first-class hotel, you become walled off from life, in a world devoted to creature comforts,” Frommer told the Associated Press in 2007. “When you go to sleep, you no longer know whether you’re in a one-star or a five-star hotel. Big rooms and amenities are all sheer nonsense.” And Frommer persuaded so many people across the world, across generations, to see travel in the same way. Few can claim an achievement like that.None