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Global stocks end mostly up with DAX crossing 20,000 for 1st timeHOUSTON--(BUSINESS WIRE)--Dec 4, 2024-- Crescent Energy Company (NYSE: CRGY) (“we” or “our”) announced today that its indirect subsidiary Crescent Energy Finance LLC (the “Issuer”) has priced its previously announced private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers of $400 million aggregate principal amount of 7.625% Senior Notes due 2032 (the “Additional Notes” and, together with the Existing Notes (as defined below), the “Notes”). The size of this offering was increased from the previously announced $300 million to $400 million. The Notes mature on April 1, 2032 and pay interest at the rate of 7.625% per year, payable on April 1 and October 1 of each year, with interest payments on the Additional Notes commencing on April 1, 2025. The Additional Notes were priced at 100.250% of par, plus accrued and unpaid interest from October 1, 2024. The Issuer intends to use the net proceeds from this offering, together with the net proceeds of the previously announced underwritten public offering of our Class A Common Stock (the “Equity Offering”), to fund the cash portion of the consideration for the previously announced acquisition of Ridgemar (Eagle Ford) LLC (the “Ridgemar Acquisition”). Pending the use of proceeds described in the previous sentence, the proceeds from each of this offering and the Equity Offering will be used to temporarily reduce the borrowings outstanding under our revolving credit facility and any remaining for general corporate purposes. If the Ridgemar Acquisition is not completed, the proceeds of this offering will be used to reduce the borrowings outstanding under our revolving credit facility or for general corporate purposes. This offering is not contingent on the completion of the Ridgemar Acquisition or the Equity Offering, and neither the Ridgemar Acquisition nor the Equity Offering is conditioned on the completion of this offering. This offering is expected to close on December 11, 2024, subject to customary closing conditions. The Additional Notes are being offered as additional notes under the indenture dated as of March 26, 2024, as supplemented (the “Indenture”), pursuant to which the Issuer has previously issued $700 million aggregate principal amount of 7.625% Senior Notes due 2032 (the “Existing Notes”). The Additional Notes will have substantially identical terms, other than the issue date, the first interest payment date and the initial offering price, as the Existing Notes, and the Additional Notes and the Existing Notes will be treated as a single series of securities under the Indenture and will vote together as a single class. The Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and, unless so registered, the Notes and the guarantees may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer plans to offer and sell the Additional Notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act. This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Crescent Energy Company Crescent Energy Company is a U.S. energy company with a portfolio of assets concentrated in Texas and the Rockies. Cautionary Statement Regarding Forward-Looking Information This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. The words and phrases “should”, “could”, “may”, “will”, “believe”, “think”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “target”, “goal” and similar expressions identify forward-looking statements and express our expectations about future events. This communication includes statements regarding this private placement and the Equity Offering and the use of proceeds therefrom, respectively, and the Ridgemar Acquisition and the transactions related thereto that may contain forward-looking statements within the meaning of federal securities laws. We believe that our expectations are based on reasonable assumptions; however, no assurance can be given that such expectations will prove to be correct. A number of factors could cause actual results to differ materially from the expectations, anticipated results or other forward-looking information expressed in this communication, including weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, uncertainties inherent in estimating natural gas and oil reserves and in projecting future rates of production, our hedging strategy and results, federal and state regulations and laws, recent elections and associated political volatility, the severity and duration of public health crises, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil-producing countries, the impact of the armed conflict in Ukraine, continued hostilities in the Middle East, including the Israel-Hamas conflict and heightened tensions in Iran, Lebanon and Yemen, the impact of disruptions in the capital markets, the timing and success of business development efforts, including acquisition and disposition opportunities, our ability to integrate operations or realize any anticipated operational or corporate synergies and other benefits from the Ridgemar Acquisition and the acquisition of SilverBow Resources, Inc., our reliance on our external manager, sustained cost inflation, elevated interest rates and central bank policy changes associated therewith and other uncertainties. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to, those items identified as such in the most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q or Current Reports on Form 8-K and the risk factors described thereunder, filed by Crescent Energy Company with the U.S. Securities and Exchange Commission. Many of such risks, uncertainties and assumptions are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof. All subsequent written and oral forward-looking statements concerning this offering and the Equity Offering and the use of proceeds therefrom, respectively, and the Ridgemar Acquisition and the transaction related thereto, Crescent Energy Company and the Issuer or other matters and attributable thereto or to any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise these forward-looking statements based on new information, future events or otherwise. View source version on businesswire.com : https://www.businesswire.com/news/home/20241204640013/en/ IR@crescentenergyco.com KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: OIL/GAS ENERGY SOURCE: Crescent Energy Copyright Business Wire 2024. PUB: 12/04/2024 05:15 PM/DISC: 12/04/2024 05:17 PM http://www.businesswire.com/news/home/20241204640013/enNatixis Advisors LLC reduced its stake in shares of Aramark ( NYSE:ARMK – Free Report ) by 18.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,136 shares of the company’s stock after selling 24,496 shares during the period. Natixis Advisors LLC’s holdings in Aramark were worth $4,304,000 as of its most recent SEC filing. A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. CIBC Asset Management Inc raised its holdings in shares of Aramark by 3.6% in the third quarter. CIBC Asset Management Inc now owns 7,621 shares of the company’s stock worth $295,000 after acquiring an additional 265 shares during the last quarter. Huntington National Bank raised its stake in Aramark by 100.3% in the 3rd quarter. Huntington National Bank now owns 681 shares of the company’s stock valued at $26,000 after purchasing an additional 341 shares during the last quarter. KBC Group NV lifted its holdings in Aramark by 18.3% in the 3rd quarter. KBC Group NV now owns 6,878 shares of the company’s stock valued at $266,000 after purchasing an additional 1,064 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of Aramark by 25.8% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 11,733 shares of the company’s stock worth $454,000 after purchasing an additional 2,406 shares during the last quarter. Finally, GSA Capital Partners LLP grew its holdings in shares of Aramark by 24.1% during the third quarter. GSA Capital Partners LLP now owns 35,227 shares of the company’s stock worth $1,364,000 after buying an additional 6,837 shares in the last quarter. Wall Street Analysts Forecast Growth ARMK has been the topic of several recent analyst reports. UBS Group upped their price objective on shares of Aramark from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Truist Financial increased their price target on Aramark from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Morgan Stanley lifted their price objective on Aramark from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. Stifel Nicolaus increased their target price on Aramark from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Royal Bank of Canada upgraded Aramark from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $36.00 to $42.50 in a report on Tuesday, September 17th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.23. Aramark Stock Performance Aramark stock opened at $40.86 on Friday. The company has a market cap of $10.78 billion, a price-to-earnings ratio of 41.27 and a beta of 1.62. Aramark has a 12 month low of $26.58 and a 12 month high of $42.04. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.81 and a quick ratio of 0.72. The stock’s 50-day moving average is $38.39 and its 200-day moving average is $35.50. Aramark ( NYSE:ARMK – Get Free Report ) last posted its quarterly earnings results on Monday, November 11th. The company reported $0.54 EPS for the quarter, meeting the consensus estimate of $0.54. Aramark had a net margin of 1.51% and a return on equity of 14.06%. The firm had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter last year, the firm posted $0.64 earnings per share. Aramark’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Aramark will post 1.92 earnings per share for the current year. Aramark Cuts Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Monday, December 2nd will be issued a dividend of $0.001 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.00 annualized dividend and a dividend yield of 0.01%. Aramark’s payout ratio is 38.38%. Aramark Profile ( Free Report ) Aramark provides food and facilities services to education, healthcare, business and industry, sports, leisure, and corrections clients in the United States and internationally. It operates through two segments, Food and Support Services United States, and Food and Support Services International. The company offers food-related managed services, including dining, catering, food service management, and convenience-oriented retail services; non-clinical food and food-related support services, such as patient food and nutrition, retail food, environmental services, and procurement services; and plant operations and maintenance, custodial/housekeeping, energy management, grounds keeping, and capital project management services. Recommended Stories Want to see what other hedge funds are holding ARMK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Aramark ( NYSE:ARMK – Free Report ). 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Stock market today: Tech stocks and AI pull Wall Street to more recordsWASHINGTON (AP) — President-elect Donald Trump has selected former White House aide Brooke Rollins to lead the Department of Agriculture in his second administration. Read this article for free: Already have an account? To continue reading, please subscribe: * WASHINGTON (AP) — President-elect Donald Trump has selected former White House aide Brooke Rollins to lead the Department of Agriculture in his second administration. Read unlimited articles for free today: Already have an account? WASHINGTON (AP) — President-elect Donald Trump has selected former White House aide Brooke Rollins to lead the Department of Agriculture in his second administration. Here are some things to know about Trump’s choice and the agency that Rollins would lead if she is confirmed by the Senate. She is a lawyer with agriculture ties — and a strong relationship with Trump Rollins, 52, graduated from Texas A&M University with an undergraduate degree in agricultural development before completing law school at the University of Texas. She served as domestic policy chief during Trump’s first term, a portfolio that included agricultural policy. After leaving the White House, she became president and CEO of the America First Policy Institute, a group helping to lay the groundwork for a second Trump administration. Over the years, Rollins has forged a strong enough relationship with Trump, who has prized proven loyalty in his Cabinet and top adviser picks, that she was among the people floated as a potential White House chief of staff. That job went to Susie Wiles, Trump’s co-campaign manager. Rollins, in an interview earlier this year, called Trump an “amazing boss.” USDA is about more than farms President Abraham Lincoln founded the USDA in 1862, when about half of all Americans lived on farms. The sprawling department now reaches into every American neighborhood, grocery store and school cafeteria. The USDA is the primary agency overseeing the nation’s farming, forestry, ranching, food quality and nutrition. The agency has a dual purpose of promoting and regulating agriculture practice and products. The agency oversees multiple support programs for farmers; animal and plant health; and the safety of meat, poultry and eggs that anchor the nation’s food supply. Its federal nutrition programs provide food to low-income people, pregnant women and young children. And the department sets standards for school meals. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. The next USDA chief could figure prominently in Trump 2.0 Trump did not offer many specifics about his agriculture policies during the campaign. But if he keeps his pledge to impose sweeping tariffs, farmers could be affected quickly — and potentially harshly. During the first Trump administration, countries like China responded to Trump’s tariffs by imposing retaliatory tariffs on U.S. exports like the corn and soybeans routinely sold overseas. Trump countered by offering massive multibillion-dollar aid to farmers to help them weather the trade war. The ripple effects could extend to consumers’ grocery bills, as well. When things are going smoothly, agriculture secretaries are not usually prominent faces of an administration. But when the nation’s food supply is at issue, it could be another story. ___ Gomez Licon reported from Fort Lauderdale, Florida. Advertisement Advertisement
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Thrivent Financial for Lutherans decreased its stake in shares of TransDigm Group Incorporated ( NYSE:TDG – Free Report ) by 35.6% during the third quarter, HoldingsChannel reports. The firm owned 5,553 shares of the aerospace company’s stock after selling 3,069 shares during the quarter. Thrivent Financial for Lutherans’ holdings in TransDigm Group were worth $7,924,000 as of its most recent filing with the Securities and Exchange Commission. Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fortitude Family Office LLC raised its stake in shares of TransDigm Group by 283.3% in the second quarter. Fortitude Family Office LLC now owns 23 shares of the aerospace company’s stock worth $29,000 after purchasing an additional 17 shares during the last quarter. First Personal Financial Services acquired a new stake in shares of TransDigm Group in the third quarter worth $29,000. Meeder Asset Management Inc. raised its holdings in shares of TransDigm Group by 275.0% during the second quarter. Meeder Asset Management Inc. now owns 30 shares of the aerospace company’s stock worth $38,000 after purchasing an additional 22 shares during the last quarter. DT Investment Partners LLC lifted its holdings in shares of TransDigm Group by 68.8% in the 3rd quarter. DT Investment Partners LLC now owns 27 shares of the aerospace company’s stock valued at $39,000 after buying an additional 11 shares during the period. Finally, Hershey Financial Advisers LLC purchased a new stake in TransDigm Group in the 2nd quarter worth approximately $41,000. Hedge funds and other institutional investors own 95.78% of the company’s stock. TransDigm Group Stock Up 1.6 % TDG opened at $1,260.32 on Friday. TransDigm Group Incorporated has a 52 week low of $949.99 and a 52 week high of $1,451.32. The business has a fifty day simple moving average of $1,359.76 and a 200-day simple moving average of $1,318.20. The firm has a market cap of $70.87 billion, a P/E ratio of 49.23, a P/E/G ratio of 2.21 and a beta of 1.43. TransDigm Group Increases Dividend Insider Buying and Selling at TransDigm Group In related news, Director W Nicholas Howley sold 5,472 shares of TransDigm Group stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $1,402.85, for a total value of $7,676,395.20. Following the completion of the transaction, the director now owns 21,548 shares in the company, valued at approximately $30,228,611.80. The trade was a 20.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink . Also, COO Joel Reiss sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $1,401.75, for a total transaction of $4,205,250.00. Following the sale, the chief operating officer now directly owns 3,600 shares in the company, valued at approximately $5,046,300. The trade was a 45.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here . Insiders sold a total of 16,944 shares of company stock valued at $23,541,085 in the last three months. 4.96% of the stock is owned by corporate insiders. Analyst Ratings Changes TDG has been the subject of several recent analyst reports. Northcoast Research initiated coverage on shares of TransDigm Group in a report on Thursday, August 1st. They issued a “neutral” rating for the company. KeyCorp raised their target price on shares of TransDigm Group from $1,440.00 to $1,500.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Morgan Stanley upped their price target on TransDigm Group from $1,550.00 to $1,575.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $1,500.00 price objective on shares of TransDigm Group in a research report on Wednesday, August 7th. Finally, UBS Group reduced their price target on TransDigm Group from $1,466.00 to $1,423.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,461.82. Get Our Latest Research Report on TDG TransDigm Group Company Profile ( Free Report ) TransDigm Group Incorporated designs, produces, and supplies aircraft components in the United States and internationally. The Power & Control segment offers mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, databus and power controls, sensor products, switches and relay panels, hoists, winches and lifting devices, and cargo loading and handling systems. Read More Want to see what other hedge funds are holding TDG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TransDigm Group Incorporated ( NYSE:TDG – Free Report ). Receive News & Ratings for TransDigm Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TransDigm Group and related companies with MarketBeat.com's FREE daily email newsletter .TD Cowen Boosts Workhorse Group (NASDAQ:WKHS) Price Target to $1.25Minnesota 30, Chicago 27, OTGE Vernova (NYSE:GEV) Now Covered by Wells Fargo & Company
LONDON (AP) — A woman who claimed mixed martial arts fighter Conor McGregor “brutally raped and battered” her in a Dublin hotel penthouse was awarded nearly 250,000 Euros ($257,000) on Friday by a civil court jury in Ireland. Nikita Hand said the Dec. 9, 2018, assault after a night of partying left her heavily bruised and suffering from post-traumatic stress disorder. McGregor testified that he never forced the woman to do anything against her will and said she fabricated the allegations after the two had consensual sex. His lawyer had called Hand a gold digger. The fighter, once the face of the Ultimate Fighting Championship but now past his prime, shook his head as the jury of eight women and four men found him liable for assault after deliberating about six hours in the High Court in Dublin. He was mobbed by cameras as he left court but did not comment. He later said on the social platform X that he would appeal the verdict and the “modest award.” Hand's voice cracked and her hands trembled as she read a statement outside the courthouse, saying she would never forget what happened to her but would now be able to move on with her life. She thanked her family, partner, friends, jurors, the judge and all the supporters that had reached out to her online, but particularly her daughter. “She has given me so much strength and courage over the last six years throughout this nightmare to keep on pushing forward for justice,” she said. “I want to show (her) and every other girl and boy that you can stand up for yourself if something happens to you, no matter who the person is, and justice will be served.” The Associated Press generally does not name alleged victims of sexual violence unless they come forward publicly, as Hand has done. Under Irish law, she did not have the anonymity she would have been granted in a criminal proceeding and was named publicly throughout the trial. Her lawyer told jurors that McGregor was angry about a fight he had lost in Las Vegas two months earlier and took it out on his client. “He’s not a man, he’s a coward,” attorney John Gordon said in his closing speech. “A devious coward and you should treat him for what he is.” Gordon said his client never pretended to be a saint and was only looking to have fun when she sent McGregor a message through Instagram after attending a Christmas party. He said Hand knew McGregor socially and that they had grown up in the same area. She said he picked her and a friend up in a car and shared cocaine with them, which McGregor admitted in court, on the way to the Beacon Hotel. Hand said she told McGregor she didn't want to have sex with him and that she was menstruating. She said she told him “no” as he started kissing her but he eventually pinned her to a bed and she couldn't move. McGregor put her in a chokehold and later told her, “now you know how I felt in the octagon where I tapped out three times,” referring to a UFC match when he had to admit defeat, she said. Hand had to take several breaks in emotional testimony over three days. She said McGregor threatened to kill her during the encounter and she feared she would never see her young daughter again. Eventually, he let go of her. “I remember saying I was sorry, as I felt that I did something wrong and I wanted to reassure him that I wouldn’t tell anyone so he wouldn’t hurt me again,” she testified. She said she then let him do what he wanted and he had sex with her. A paramedic who examined Hand the next day testified that she had never before seen someone with that intensity of bruising. A doctor told jurors Hand had multiple injuries. Hand said the trauma of the attack had left her unable to work as a hairdresser, she fell behind on her mortgage and had to move out of her house. Police investigated the woman’s complaint but prosecutors declined to bring charges, saying there was insufficient evidence and a conviction was unlikely. McGregor, in his post on X, said he was disappointed jurors didn't see all the evidence prosecutors had reviewed. He testified that the two had athletic and vigorous sex, but that it was not rough. He said “she never said ‘no’ or stopped” and testified that everything she said was a lie. “It is a full blown lie among many lies,” he said when asked about the chokehold allegation. “How anyone could believe that me, as a prideful person, would highlight my shortcomings.” McGregor’s lawyer told jurors they had to set aside their animus toward the fighter. “You may have an active dislike of him, some of you may even loathe him – there is no point pretending that the situation might be otherwise,” attorney Remy Farrell said. “I’m not asking you to invite him to Sunday brunch.” The defense said the woman never told investigators McGregor threatened her life. They also showed surveillance video in court that they said appeared to show the woman kiss McGregor’s arm and hug him after they left the hotel room. Farrell said she looked “happy, happy, happy.” McGregor said he was “beyond petrified” when first questioned by police and read them a prepared statement. On the advice of his lawyer, he refused to answer more than 100 follow-up questions. The jury ruled against Hand in a case she brought against one of McGregor’s friends, James Lawrence, whom she accused of having sex with her in the hotel without consent.How Trump Reacted When Dobbs Decision Came Down
Adriana E. Ramírez: It is time to send in the clowns
GREENSBORO, N.C. (AP) — Matthew Downing threw for two touchdowns and ran for another to lead Elon to a 31-21 season-ending win over North Carolina A&T on Saturday. The game was tied at 7 in the second quarter when the Phoenix turned a fumble recovery into a field goal. That started a string of four-straight scoring possessions. Downing was 16 of 21 for 203 yards. Chandler Brayboy had 12 receptions for 118 yards with a score. Rushawn Baker ran for 106 yards for the Phoenix (6-6, 5-3 Coastal Athletic Association). Julian Bumper also had a 10-yard rushing touchdown on his only carry and Jamarien Dalton had a 30-yard receiving touchdown on his only catch. Freshman Cortez Lane returned a kickoff 97 yards for a touchdown for the Aggies (1-11, 0-8), who lost their 11th straight. Justin Fomby threw for 190 yards and a touchdown pass to Daniel Cole and Shimique Blizzard ran for 87 yards and a TD. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football . Sign up for the AP’s college football newsletter: https://apnews.com/cfbtop25
Unlike scores of people who scrambled for the blockbuster drugs Ozempic and Wegovy to lose weight in recent years, Danielle Griffin had no trouble getting them. The 38-year-old information technology worker from New Mexico had a prescription. Her pharmacy had the drugs in stock. And her health insurance covered all but $25 to $50 of the monthly cost. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request. Get the latest need-to-know information delivered to your inbox as it happens. Our flagship newsletter. Get our front page stories each morning as well as the latest updates each afternoon during the week + more in-depth weekend editions on Saturdays & Sundays.Debt Reduced to Under $155 Million as Company Continues its Technology Transformation ATLANTA, Dec. 04, 2024 (GLOBE NEWSWIRE) -- DLH Holdings Corp. (NASDAQ: DLHC) ("DLH” or the "Company”), a leading provider of science research and development, systems engineering and integration, and digital transformation and cyber security solutions to federal health IT and readiness agencies, today announced financial results for its fiscal fourth quarter and fiscal year ended September 30, 2024. Recent Highlights "As we close fiscal 2024, I believe that DLH is well positioned for the road ahead as we manage through this inflection point in our company's journey," said Zach Parker, DLH President and Chief Executive Officer. "We continued using our operating cash flow to reduce debt and ended the year with a total debt balance under $155 million. Furthermore, we recently announced an amendment to our credit facility that provides the flexibility to effectively navigate the transition of our CMOP contracts to small business contractors. That said, our pipeline of new business opportunities has never been stronger. We continue to actively bid on a host of opportunities leveraging our expanded customer base and capability set, and our recent new business win with the US Navy demonstrates the value our highly credentialed work force provides to our customers. Utilizing the platform of technology-powered solutions and services we have assembled through our acquisition program, we are confident in our ability to generate growth as we navigate the small business transition of a portion of our contract portfolio. We believe that our focus on providing innovative, high-value-added solutions in IT, public health, and digital transformation has put us on the path to greater operating results in the future, expansion in our business base, and higher shareholder value." Results for the Three Months Ended September 30, 2024 Revenue for the fourth quarter of fiscal 2024 was $96.4 million versus $101.5 million in fiscal 2023, once again reflecting strength across the Company's key strategic programs - primarily in public health and IT services - offset by certain work converting to small business set-aside contracts, including the one previously-discussed CMOP location. The Company anticipates additional CMOP contract award decisions during fiscal 2025 to eligible small business bidders. Income from operations was $6.4 million in fiscal 2024, versus $0.1 million in the fiscal 2023 fourth quarter and, as a percentage of revenue, the Company reported an operating margin of 6.6% in fiscal 2024 versus 0.1% in the prior-year period. In the fourth quarter of fiscal 2023, the Company booked a $7.7 million impairment charge on certain long-lived assets, which negatively impacted operating results for such period. General and administrative expenses declined approximately $1.8 million to $8.5 million in the fiscal 2024 fourth quarter from $10.2 million in fiscal 2023 as the company continued to strategically scale its indirect costs during this transitional period. Interest expense was $4.2 million in the fourth quarter of fiscal 2024 versus $4.8 million in the prior-year period, reflecting lower debt outstanding due to the Company's use of cash flow generation to de-lever the balance sheet. Income before income taxes was $2.2 million for the fourth quarter this year versus $(4.6) million in fiscal 2023, representing 2.3% and (4.6)% of revenue, respectively, for each period. For the three months ended September 30, 2024 and 2023, DLH recorded an income tax benefit of $0.1 million and $2.0 million, respectively. During the 2024 fiscal quarter and year, the Company benefited from stock-based compensation expense as options were exercised. The Company reported net income of approximately $2.3 million, or $0.16 per diluted share, for the fourth quarter of fiscal 2024 versus $(2.6) million, or $(0.18) per diluted share, for the fourth quarter of fiscal 2023. As a percentage of revenue for fiscal 2024 and 2023, net income was 2.4% and (2.6)%, respectively. On a non-GAAP basis, EBITDA for the three months ended September 30, 2024 was approximately $10.7 million versus $4.4 million in the prior-year period, or 11.1% and 4.3% of revenue, respectively. Adjusted EBITDA for the three months ended September 30, 2024 was approximately $10.7 million versus $12.1 million in the prior-year period, or 11.1% and 11.9% of revenue, respectively. Key Financial Indicators During the fourth quarter of fiscal 2024, DLH generated $12.4 million in operating cash. As of September 30, 2024 the Company had cash of $0.3 million and debt outstanding under its credit facility of $154.6 million versus cash of $0.2 million and debt outstanding of $179.4 million as of September 30, 2023. Of the $11.9 million debt reduction during the fourth quarter, $9.5 million were voluntary prepayments. The Company has satisfied all mandatory term amortization payments through fiscal 2025. As of September 30, 2024 total backlog was approximately $690.3 million, including funded backlog of approximately $155.1 million and unfunded backlog of $535.2 million. Conference Call and Webcast Details DLH management will discuss fourth quarter results and provide a general business update, including current competitive conditions and strategies, during a conference call beginning at 10:00 AM Eastern Time tomorrow, December 5, 2024. Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call. A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 4353784. About DLH DLH (NASDAQ: DLHC), a Russell 2000 company, enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,800 employees dedicated to the idea that "Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit www.DLHcorp.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management "believes”, "expects”, "anticipates”, "plans”, "intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or DLH's actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding estimates of future revenues, operating income, earnings and cash flow. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements made in this release due to a variety of factors, including: the risk that we will not realize the anticipated benefits of acquisitions (including anticipated future financial performance and results); the diversion of management's attention from normal daily operations of the business and the challenges of managing larger and more widespread operations; the inability to retain employees and customers; contract awards in connection with re-competes for present business and/or competition for new business; our ability to manage our debt obligations; compliance with bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors” in the Company's periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 as well as subsequent reports filed thereafter. The forward-looking statements contained herein are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and business. Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements, except as may be required by law. CONTACTS: CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands except per share amounts) CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands except par value of shares) 2024 2023
Empowered Funds LLC Acquires 7,906 Shares of NL Industries, Inc. (NYSE:NL)Oil company Phillips 66 faces federal charges related to alleged Clean Water Act violations LOS ANGELES (AP) — Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California. The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease. The U.S. Department of Justice announced the indictment on Thursday. Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. An arraignment date has not been set. A spokesperson for the company said it was cooperating with prosecutors. US regulators seek to break up Google, forcing Chrome sale as part of monopoly punishment U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade. The proposed breakup floated in a 23-page document filed late Wednesday by the U.S. Justice Department calls for Google to sell its industry-leading Chrome web browser and impose restrictions designed to prevent Android from favoring its search engine. Regulators also want to ban Google from forging multibillion-dollar deals to lock in its dominant search engine as the default option on Apple’s iPhone and other devices. What you need to know about the proposed measures designed to curb Google's search monopoly U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled that Google maintained an illegal monopoly. The sweeping set of recommendations filed late Wednesday could radically alter Google’s business. Regulators want Google to sell off its industry-leading Chrome web browser. They outlined a range of behavioral measures such as prohibiting Google from using search results to favor its own services such as YouTube, and forcing it to license search index data to its rivals. They're not going as far as to demand Google spin off Android, but are leaving that door open if the remedies don't work. SEC Chair Gary Gensler, who led US crackdown on cryptocurrencies, to step down Securities and Exchange Commission Chair Gary Gensler will step down from his post on January 20. Since taking the lead at the SEC, the commission has been aggressive in its oversight of cryptocurrencies and other regulatory issues. President-elect Donald Trump had promised during his campaign that he would remove Gensler, who has led the U.S. government’s crackdown on the crypto industry and repeatedly called for more oversight. But Gensler on Thursday announced that he would be stepping down from his post on the day that Trump is inaugurated. Bitcoin has jumped 40% since Trump’s victory. US intelligence warns defense companies of Russian sabotage threat WASHINGTON (AP) — U.S. intelligence officials are warning American defense companies to increase their security after a wave of sabotage in Europe blamed on Russia. The National Counterintelligence and Security Center issued a public bulletin Thursday advising companies that work in the defense industry that Russia may seek to carry out acts of sabotage as part of its effort to undercut Ukraine's allies and their ability to support Ukraine in its defense against Russia. Western authorities say they believe Russian intelligence is behind several recent acts of sabotage targeting European defense companies. Russia has denied the allegations. Elon Musk's budget crusade could cause a constitutional clash in Trump's second term WASHINGTON (AP) — Donald Trump has put Elon Musk and Vivek Ramaswamy in charge of finding ways to cut government spending and regulations. It's possible that their efforts will lead to a constitutional clash. This week, Musk and Ramaswamy said they would encourage the Republican president-elect to refuse to spend money allocated by Congress, which would conflict with a 1974 law that's intended to prevent presidents from blocking funds. If Trump takes such a step, it would quickly become one of the most closely watched legal battles of his second administration. Musk and Ramaswamy also aim to dramatically reduce the size of the federal workforce. Bitcoin is at the doorstep of $100,000 as post-election rally rolls on NEW YORK (AP) — Bitcoin is jumping again, rising above $98,000 for the first time Thursday. The cryptocurrency has been shattering records almost daily since the U.S. presidential election, and has rocketed more than 40% higher in just two weeks. It's now at the doorstep of $100,000. Cryptocurrencies and related investments like crypto exchange-traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly.” Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, other experts continue to warn of investment risks. Cutting in line? American Airlines' new boarding tech might stop you at now over 100 airports NEW YORK (AP) — Sneaking a little ahead of line to get on that plane faster? American Airlines might stop you. In an apparent effort to reduce the headaches caused airport line cutting, American has rolled out boarding technology that alerts gate agents with an audible sound if a passenger tries to scan a ticket ahead of their assigned group. This new software won’t accept a boarding pass before the group it’s assigned to is called, so customers who get to the gate prematurely will be asked to go back and wait their turn. As of Wednesday, the airline announced, this technology is now being used in more than 100 U.S. airports that American flies out of. The official expansion arrives after successful tests in three of these locations. Stock market today: Wall Street rises with Nvidia as bitcoin bursts above $99,000 NEW YORK (AP) — U.S. stocks climbed after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher Thursday after flipping between modest gains and losses several times in the morning. The Dow Jones Industrial Average jumped 1.1%, and the Nasdaq composite edged up by less than 0.1%. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. Treasury yields inched higher in the bond market. What will happen to CNBC and MSNBC when they no longer have a corporate connection to NBC News? Two television networks with “NBC” in their names — MSNBC and CNBC — will no longer have any corporate connection to NBC News once a spinoff formally takes effect in about a year. Comcast is cutting loose several of its cable companies into a separate company in order to improve its bottom line. It leaves several questions, particularly for MSNBC. Will the news network geared to liberal viewers continue to use NBC News personnel? Will it have to leave its offices and studios at the NBC News headquarters in New York's Rockefeller Center? Will they even keep the same names?
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