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A federal judge has temporarily halted a proposed merger between supermarket giants Kroger and Albertsons, an action that could scuttle the deal. U.S. District Court Judge Adrienne Nelson issued the ruling Tuesday after holding a three-week hearing in Portland, Oregon. Kroger and Albertsons in 2022 proposed what would be the largest grocery store merger in U.S. history. But the Federal Trade Commission sued earlier this year, asking Nelson to block the $24.6 billion deal until an in-house administrative judge at the FTC could consider the merger’s implications. Nelson agreed to pause the merger. OpenAI has publicly released its new artificial intelligence video generator Sora but the company won’t let most users depict people as it monitors for patterns of misuse. Users of a premium version of OpenAI’s flagship product ChatGPT can now use Sora to instantly create AI-generated videos based on written commands. Among the highlighted examples are high-quality video clips of sumo-wrestling bears and a cat sipping coffee. But only a small set of invited testers can use Sora to make videos of humans as OpenAI works to “address concerns around misappropriation of likeness and deepfakes,” the company said in a blog post. Text-to-video AI tools like Sora have been pitched as a way to save costs in making new entertainment and marketing videos but have also raised concerns about the ease with which they could impersonate real people in politics and otherwise. OpenAI says it is blocking content with nudity and that a top priority is preventing the most harmful uses, including child sexual abuse material and sexual deepfakes. The highly anticipated product received so much response upon its Monday release that OpenAI has temporarily paused the creation of new accounts.Mum-of-22 Sue Radford reveals festive trick for when kids are poorly – as bug sweeps through their 10-bedroom mansion
Real estate brokers Tal and Oren Alexander, along with their brother, Alon, were arrested Wednesday on federal charges that they allegedly drugged and raped several women in a gruesome sex trafficking scheme. During a Lower Manhattan press conference, outgoing U.S. Attorney of the Southern District of New York Damian Williams painted a bleak picture of the trio, charging that the men allegedly ran a sophisticated sex trafficking ring between 2010 and 2021. Using their wealth influence, authorities say the Alexanders would lure women to parties and social gatherings where they carry out the purported assaults. “The Alexander brothers worked together and with others to repeatedly and violently drug, sexually assault and rape dozens of the female victims,” Williams said. “At parties at those parties, and sometimes afterward, the women were sexually assaulted by one or more of the defendants, as alleged in the indictment.” According to the company’s website, Tal and Oren Alexander are twins who work as prominent real estate brokers and founded Douglas Eillman, which employs more than 7,000 real estate agents. The twins were arrested in Miami along with Alon on sexual battery charges. The indictment alleges that the siblings, in approaching their victims, pretended to be interested in starting relationships — going as far also to fly them out to their vacation homes or on trips, only to then allegedly ply them with illicit substances that rendered them helpless. “The Alexander brothers and others procured drugs that they agreed to provide to the women, including cocaine, mushrooms and GHB, as we allege these drugs caused some of the women to be physically unable to fight back or to escape,” Williams said. “Acting alone, sometimes with each other, and sometimes with other men, forcibly raped and assaulted the women.” Despite the disturbing claims, the siblings have denied any wrongdoing. The brothers face a slew of charges, including conspiracy to commit sex trafficking and sex trafficking of a victim by force, fraud, or coercion. If convicted, they could face up to 15 years behind bars. All three men are expected to face extradition back to New York. “Oren Alexander is innocent. The evidence will show that neither he nor his brothers ever committed a crime,” his legal representative said in a statement. Attorneys for the other two brothers have yet to release a statement. Meanwhile, the Southern District of New York’s is asking anyone who may have been victimized by the Alexanders or their accomplices to come forward. Attorney for Southern District of New York Damien Williams. Photo by Dean MosesResidents of the national capital breathed in despair on Saturday, with the air quality plunging back to the ‘severe’ category as average Air Quality Index (AQI) pegged at 412. According to the Central Pollution Control Board (CPCB), the prominent pollutant in the national capital’s air on Saturday was the PM 2.5 (particulate matter), which refers to particles with a diameter of 2.5 micrometers or smaller. The highest AQI level on Saturday was recorded at Wazirpur with the index value of 450, at 4 pm, as per the CPCB. Advertisement Despite implementation of the various measures as per the anti- pollution plan in force across the city, AQI levels are still high, with people getting affected by the harmful effects of pollutants causing respiratory issues and aggravating the conditions of those already suffering from pulmonary ailments, cardiac problems and Cerebrovascular problems. Masks seem to have become a part of daily life, as people who have to venture out for work have no other option, but to wear them to prevent themselves from harmful effects of pollution. According to Delhi BJP president Virendra Sachdeva’s claims, people are buying expensive air purifiers, while anti- allergy medicines have become part of daily life of many households. Meteorological conditions seem unfavorable presently for the dispersion of pollutants, as per the Indian Institute of Tropical Meteorology, however the weather agency has said that AQI index may step down from severe category on Sunday, and remain under ‘very poor’ zone till Monday. Anti- smog guns, water sprinklers could be seen across the city’s roads, especially on those with more traffic, but on the other hand Delhi BJP says that the Resident Welfare Associations claim they did not see smog guns or water sprinklers functioning in the colonies. Meanwhile, Delhi Environment Minister Gopal Rai visited Narela border on Friday to take stock of the situation upon receiving complaints that vehicles restricted under the Graded Response Action plan were allegedly entering the city. Advertisement
Article content Thirteen B.C. Conservative MLAs are calling for party leader John Rustad to take action and ensure a Vancouver Police Board member who was forced to resign over comments made on social media receives a written apology. The group is particularly upset that one of their own, Surrey-Cloverdale MLA Elenore Sturko, said she thought it was appropriate for the board to accept the resignation of vice-chair Comfort Sakoma-Fadugba, calling her comments offensive. “It is our view that the statements caused undue harm to Ms. Sakoma and called into question our commitment to the core values shared by Conservatives,” they wrote in the letter, dated Nov. 29. CKNW Radio host Jas Johal first obtained the letter, which he . In screenshots shared on , Sakoma-Fadugba’s lengthy posts talk about “a growing aversion to assimilation,” expressed concern about gender transitioning among children, and suggested that Hindu values might become “the dominant cultural influence” in Canada, replacing what she claimed were traditional Canadian values. She also claimed that her son’s participation in a Diwali celebration at school made her realize that the “push for secular education wasn’t about religion,” but about “erasing Christian values from the lives of our children.” Police board Chair Frank Chong asked for Sakoma-Fadugba’s resignation after the comments came to light, saying they “do not reflect the value of the Board and are inconsistent with our code of conduct.” Some B.C. Conservatives have rallied behind Sakoma-Fadugba, calling her a victim of “cancel culture.” “Cancel culture is alive and well at the Vancouver Police Board. She never should have resigned and shame on those who pressured her to do it,” B.C. Conservative Party president, Aisha Estey, . The 13 MLAs asked Rustad to “invite” Sturko to provide a written apology to Sakoma-Fadugba or to provide one himself on behalf of the party. “Under your leadership, the Conservative Party of B.C. has consistently denounced ‘cancel culture’ and stood for the Charter rights British Columbians enjoy to free expression and freedom of religion,” they wrote. Rustad has previously said his MLAs would be free to speak their minds. Signatories to the letter come from across the province, including South Surrey MLA , who was forced to apologize for his earlier social media comments where he called Palestinians “inbred walking talking breathing time bombs.” The B.C. Conservatives campaigned on a socially conservative platform, including opposition to sexual orientation and gender identity (SOGI 123) guidelines in schools. In a text message, Sturko said she had spoken with Rustad and that she wouldn’t comment on it, as it was addressed to him. “I have not been asked to write a letter and will not be writing one,” she said. Sturko was an MLA for B.C. United before crossing the floor in June to join Rustad as one of the party’s earliest MLAs. Postmedia contacted Rustad for comment but did not hear back. The MLAs who signed the letter are: Tara Armstrong, Rosalyn Bird, Dallas Brodie, Brent Chapman, Reann Gasper, Sharon Hartwell, Jordan Kealy, Anna Kindy, Kristina Loewen, Heather Maahs, Macklin McCall, Korky Neufeld and Ward Stamer.
Affirmative Action Law Coalition Applauds Prof Jane Opoku-Agyemang as Ghana’s First Female Vice-President-Elect
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EXCLUSIVE : Tony and Pulitzer Prize winner David Auburn ( Proof ) has been tapped to write a new draft of Another Round , the English-language remake of Thomas Vinterberg’s Oscar-winning Danish drama from 2020, which has Chris Rock on board to direct. Rock joined the project in January, as we were first to report. At the time, he had a draft in hand from Stuart Blumberg but was looking for another writer with which to partner. We’re told Auburn landed the job after a long search, beating out maybe 200 scribes in the process. Leonardo DiCaprio’s Appian Way Productions secured the remake rights to Another Round shortly after the film landed the Best International Feature prize at the Academy Awards. We’re told that the project is picking up steam now that Auburn is involved, though Rock did just sign on to direct and star in Misty Green , a Hollywood drama for which he wrote the script, in November. So how soon we might hear about further developments on Another Round is not yet clear. Introduced to buyers at the American Film Market, Misty Green is just the latest film Rock has eyed to direct, on the heels of a Universal-based adaptation of King: A Life , the Jonathan Eig book about Martin Luther King Jr. Pic was described by our sources as a contemporary tale of Hollywood excess and inequality. Another Round , meanwhile, watches as four high school teachers consume alcohol on a daily basis to see how it affects their social and professional lives. Vinterberg directed the darkly comedic drama from his script written with Tobias Lindholm, with Mads Mikkelsen in the lead. In addition to the Oscar, the film was recognized with a BAFTA and numerous European Film Awards, including Best Film, Best Director, Best Actor, and Best Screenwriter. Brad Weston will produce the remake for Makeready, alongside Jennifer Davisson and DiCaprio for Appian Way. Exec producers include Vinterberg, Sisse Graum Jorgensen, and Kasper Dissing. Mike Hampton is overseeing for Appian Way. Fifth Season is the studio on the project. Auburn is well known for his play Proof , which won the 2001 Pulitzer Prize for Drama and the Tony Award for Best Play, and was adapted into a 2005 drama, starring Gwyneth Paltrow, Anthony Hopkins, Jake Gyllenhaal, and Hope Davis, by Miramax. Taking on a number of other high-level studio jobs over the last few years, Auburn also wrote The Lake House , the romance starring Sandra Bullock and Keanu Reeves, for Warner Bros. Auburn is repped by Verve, manager Rich Freeman of Code Entertainment, and attorney David Matlof of Hirsch Wallerstein Hayum.Sales of $397.9 million in the fourth quarter and $1,330.1 million in fiscal 2024 Net loss of $9.9 million in the fourth quarter and $23.4 million in fiscal 2024 Adjusted EBITDA of $43.0 million in the fourth quarter and $108.7 million in fiscal 2024 Diluted earnings per share of $(0.05) in the fourth quarter and $(0.13) in fiscal 2024 Adjusted diluted earnings per share of $0.02 in the fourth quarter and $(0.01) in fiscal 2024 PHOENIX, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Leslie's, Inc. (("Leslie's", "we", "our", "its", or "Company", NASDAQ: LESL ), the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry, today announced its financial results for the fourth quarter and fiscal 2024. Jason McDonell, Chief Executive Officer, said, "Our fourth quarter results were in line with our revised expectations on the top-line, and we saw strong performance in our Pro segment with some continued softness in store traffic and larger-ticket and discretionary categories. Profitability was affected by deleverage from the sales decline and a one-time contract item, though we have remained disciplined on SG&A expenses." McDonell added, "While we continue to operate in a dynamic environment, which has been felt acutely across the pool industry for the last two years, I see a bright future and compelling opportunities for Leslie's. Since joining Leslie's in September, I've been in the market talking with customers, vendors, and associates and it's clear that Leslie's is a trusted brand with a rich legacy and a strong market leadership position. I see meaningful opportunities to enhance these attributes and build on our competitive advantages by putting the customer at the center of everything we do. With the customer as our north star, we are developing and beginning to execute on the strategy and initiatives to drive long-term profitable growth. I look forward to detailing our strategic roadmap in the coming quarters and thank all of our stakeholders for their support as we build a stronger future together." Fourth Quarter Highlights Sales were $397.9 million, a decrease of 8.0% compared to $432.4 million in the prior year period. Comparable sales decreased 8.3%. Non-comparable sales from acquisitions and new stores contributed $1.5 million in the period. Gross profit was $143.2 million, a decrease of 10.6% compared to $160.2 million in the prior year period. Gross margin was 36.0% compared to 37.0% in the prior year period. The decrease in gross margin rate was driven by deleverage on occupancy and distribution costs, as well as a one-time item of approximately $5 million related to rebates and warranties on a contract that has since been revised. Selling, general and administrative expenses ("SG&A") were $116.8 million, a decrease of 4.0% compared to $121.6 million in the prior year period. Operating income was $26.4 million compared to $38.5 million in the prior year period. Interest expense was $17.0 million compared to $17.2 million in the prior year period. A valuation allowance of approximately $11 million was established to provide an offset to the Company's deferred tax assets. This non-cash item is subject to change as the realization of future deferred tax assets changes over time. Net (loss) income was $(9.9) million compared to $16.5 million in the prior year period. Adjusted net income was $4.4 million compared to $25.7 million in the prior year period. Diluted earnings per share was $(0.05) compared to $0.09 in the prior year period. Adjusted diluted earnings per share was $0.02 compared to $0.14 in the prior year period. Adjusted EBITDA was $43.0 million compared to $59.5 million in the prior year period. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and occupancy deleverage were largely offset by lower SG&A and a reduction in inventory adjustments. Fiscal 2024 Highlights Sales decreased 8.3% to $1,330.1 million compared to $1,451.2 million in the prior year. Comparable sales decreased 8.8%. Non-comparable sales including acquisitions and new stores contributed $7.9 million for the year. Gross profit decreased 13.0% to $476.8 million compared to $548.2 million in the prior year. Gross margin decreased to 35.8% from 37.8% in the prior year period. The decrease in gross margin was primarily driven by negative impacts of 121 basis points from a decreased product rate, 94 basis points from deleverage on occupancy costs, and 50 basis points from the expensing of previously capitalized distribution costs due to significant reductions in inventory during the year. These impacts were partially offset by a 72 basis point reduction in inventory adjustments and distribution costs. SG&A decreased $26.4 million to $419.7 million compared to $446.0 million in the prior year. Operating income was $57.1 million compared to $102.2 million in the prior year. Interest expense increased $5.0 million to $70.4 million compared to $65.4 million in the prior year. Net (loss) income was $(23.4) million compared to $27.2 million in the prior year. Adjusted net (loss) income was $(1.1) million compared to $51.1 million in the prior year. Diluted earnings per share was $(0.13) compared to $0.15 in the prior year. Adjusted diluted earnings per share was $(0.01) compared to $0.28 in the prior year. Adjusted EBITDA was $108.7 million compared to $168.1 million in the prior year. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and increases in occupancy and distribution costs were largely offset by lower SG&A and a reduction in inventory adjustments. Balance Sheet and Cash Flow Highlights Cash and cash equivalents totaled $108.5 million as of September 28, 2024, an increase of $53.1 million, compared to $55.4 million as of September 30, 2023. Inventories totaled $234.3 million as of September 28, 2024, a decrease of $77.5 million or 24.9%, compared to $311.8 million as of September 30, 2023. Funded debt was $783.7 million as of September 28, 2024 compared to $789.8 million as of September 30, 2023. There were no outstanding borrowings on our revolving credit facility as of September 28, 2024 and September 30, 2023. The effective rate on our term loan during fiscal 2024 was 8.1% compared to 8.2% during fiscal 2023. Net cash provided by operating activities totaled $107.5 million in fiscal 2024 compared to $6.5 million in fiscal 2023. Capital expenditures totaled $47.2 million in fiscal 2024 compared to $38.6 million in fiscal 2023. First Quarter Fiscal 2025 Outlook The Company expects the following for the first quarter of fiscal 2025: Sales $169 million to $176 million Gross profit $45 million to $48 million Net loss $(41) million to $(39) million Adjusted net loss $(39) million to $(37) million Adjusted EBITDA $(29) million to $(27) million Adjusted diluted loss per share $(0.21) to $(0.20) Diluted weighted average shares outstanding 185 million *Note: A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to our results computed in accordance with GAAP. Conference Call Details A conference call to discuss the Company's financial results for the fourth quarter and fiscal 2024 is scheduled for today, Monday, November 25, 2024 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-407-0784 (international callers please dial 1-201-689-8560) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://ir.lesliespool.com/ . A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at https://ir.lesliespool.com/ for 90 days. About Leslie's Founded in 1963, Leslie's is the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry. The Company serves the aftermarket needs of residential and professional consumers with an extensive and largely exclusive assortment of essential pool and spa care products. The Company operates an integrated ecosystem of over 1,000 physical locations and a robust digital platform, enabling consumers to engage with Leslie's whenever, wherever, and however they prefer to shop. Its dedicated team of associates, pool and spa care experts, and experienced service technicians are passionate about empowering Leslie's consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas. Use of Non-GAAP Financial Measures and Other Operating Measures In addition to reporting financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), we use certain non-GAAP financial measures and other operating measures, including comparable sales growth, Adjusted EBITDA, Adjusted net income (loss), and Adjusted diluted earnings per share, to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. These non-GAAP financial measures and other operating measures should not be considered in isolation or as substitutes for our results as reported under GAAP. In addition, these non-GAAP financial measures and other operating measures are not calculated in the same manner by all companies, and accordingly, are not necessarily comparable to similarly titled measures of other companies and may not be appropriate measures for performance relative to other companies. Comparable Sales Growth We measure comparable sales growth as the increase or decrease in sales recorded by the comparable base in any reporting period, compared to sales recorded by the comparable base in the prior reporting period. The comparable base includes sales through our locations and through our e-commerce websites and third-party marketplaces. Comparable sales growth is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest (including amortization of debt issuance costs), taxes, depreciation and amortization, management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash or discrete items. Adjusted EBITDA is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA is also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other companies using similar measures. Adjusted EBITDA is not a recognized measure of financial performance under GAAP but is used by some investors to determine a company's ability to service or incur indebtedness. Adjusted EBITDA is not calculated in the same manner by all companies, and accordingly, is not necessarily comparable to similarly titled measures of other companies and may not be an appropriate measure for performance relative to other companies. Adjusted EBITDA should not be construed as an indicator of a company's operating performance in isolation from, or as a substitute for, net income (loss), cash flows from operations or cash flow data, all of which are prepared in accordance with GAAP. We have presented Adjusted EBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations. Adjusted EBITDA is not intended to represent, and should not be considered more meaningful than, or as an alternative to, measures of operating performance as determined in accordance with GAAP. In the future, we may incur expenses or charges such as those added back to calculate Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. Adjusted Net Income (Loss) and Adjusted Diluted Earnings per Share Adjusted net income (loss) and Adjusted diluted earnings per share are additional key measures used by management and our board of directors to assess our financial performance. Adjusted net income (loss) and Adjusted diluted earnings per share are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. Adjusted net income (loss) is defined as net income (loss) adjusted to exclude management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash, or discrete items. Adjusted diluted earnings per share is defined as Adjusted net income (loss) divided by the diluted weighted average number of common shares outstanding. Forward-Looking Statements This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations or financial condition, business strategy, value proposition, legal proceedings, competitive advantages, market size, growth opportunities, industry expectations, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. Our actual results or outcomes could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others: our ability to execute on our growth strategies; supply disruptions; our ability to maintain favorable relationships with suppliers and manufacturers; competition from mass merchants and specialty retailers; impacts on our business from the sensitivity of our business to weather conditions, changes in the economy (including high interest rates, recession fears, and inflationary pressures), geopolitical events or conflicts, and the housing market; disruptions in the operations of our distribution centers; our ability to implement technology initiatives that deliver the anticipated benefits, without disrupting our operations; our ability to attract and retain senior management and other qualified personnel; regulatory changes and development affecting our current and future products, including evolving legal standards and regulations concerning environmental, social and governance ("ESG") matters; our ability to obtain additional capital to finance operations; commodity price inflation and deflation; impacts on our business from epidemics, pandemics, or natural disasters; impacts on our business from cyber incidents and other security threats or disruptions; our ability to remediate material weaknesses or other deficiencies in our internal control over financial reporting or to maintain effective disclosure controls and procedures and internal control over financial reporting; and other risks and uncertainties, including those listed in the section titled "Risk Factors" in our filings with the United States Securities and Exchange Commission ("SEC"). You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 28, 2024 and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time-to-time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release, and while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information, changed expectations, the occurrence of unanticipated events or otherwise, except as required by law. We may not actually achieve the plans, intentions, outcomes or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments. Contact Matthew Skelly Vice President, Investor Relations Leslie's, Inc. investorrelations@lesl.com Condensed Consolidated Statements of Operations (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Sales $ 397,859 $ 432,370 $ 1,330,121 $ 1,451,209 Cost of merchandise and services sold 254,645 272,209 853,331 902,986 Gross profit 143,214 160,161 476,790 548,223 Selling, general and administrative expenses 116,795 121,617 419,673 446,044 Operating income 26,419 38,544 57,117 102,179 Other expense: Interest expense 17,015 17,156 70,395 65,438 Total other expense 17,015 17,156 70,395 65,438 Income (loss) before taxes 9,404 21,388 (13,278 ) 36,741 Income tax expense 19,328 4,907 10,101 9,499 Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Earnings per share: Basic $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Diluted $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Weighted average shares outstanding: Basic 184,936 184,181 184,694 183,839 Diluted 184,936 184,782 184,694 184,716 Other Financial Data (1) (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Adjusted diluted earnings per share $ 0.02 $ 0.14 $ (0.01 ) $ 0.28 (1) See section titled "GAAP to Non-GAAP Reconciliation." Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share amounts) September 28, 2024 September 30, 2023 Assets (Unaudited) (Audited) Current assets Cash and cash equivalents $ 108,505 $ 55,420 Accounts and other receivables, net 45,467 29,396 Inventories 234,283 311,837 Prepaid expenses and other current assets 34,179 23,633 Total current assets 422,434 420,286 Property and equipment, net 98,447 90,285 Operating lease right-of-use assets 270,488 251,460 Goodwill and other intangibles, net 215,127 218,855 Deferred tax assets 4,168 7,598 Other assets 39,661 45,951 Total assets $ 1,050,325 $ 1,034,435 Liabilities and stockholders' deficit Current liabilities Accounts payable 67,622 58,556 Accrued expenses and other current liabilities 106,712 90,598 Operating lease liabilities 63,357 62,794 Income taxes payable 1,519 5,782 Current portion of long-term debt 8,100 8,100 Total current liabilities 247,310 225,830 Operating lease liabilities, noncurrent 209,067 193,222 Long-term debt, net 769,065 773,276 Other long-term liabilities 2,032 3,469 Total liabilities 1,227,474 1,195,797 Commitments and contingencies Stockholders' deficit Common stock, $0.001 par value, 1,000,000,000 shares authorized and 184,969,296 and 184,333,670 issued and outstanding as of September 28, 2024 and September 30, 2023, respectively. 185 184 Additional paid in capital 106,871 99,280 Retained deficit (284,205 ) (260,826 ) Total stockholders' deficit (177,149 ) (161,362 ) Total liabilities and stockholders' deficit $ 1,050,325 $ 1,034,435 Condensed Consolidated Statements of Cash Flows (Amounts in thousands) Year Ended September 28, 2024 September 30, 2023 (Unaudited) (Audited) Operating Activities Net (loss) income $ (23,379 ) $ 27,242 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 33,078 34,142 Equity-based compensation 8,589 11,703 Amortization of deferred financing costs and debt discounts 2,191 2,100 Provision for doubtful accounts 1,466 193 Deferred income taxes 3,430 (6,330 ) Loss on asset and contract dispositions 464 6,396 Changes in operating assets and liabilities: Accounts and other receivables (18,684 ) 16,101 Inventories 85,879 54,331 Prepaid expenses and other current assets (1,019 ) (3,466 ) Other assets 6,861 (9,990 ) Accounts payable 1,889 (97,900 ) Accrued expenses 4,817 (22,148 ) Income taxes payable (4,263 ) (6,729 ) Operating lease assets and liabilities, net 6,147 825 Net cash provided by operating activities 107,466 6,470 Investing Activities Purchases of property and equipment (47,244 ) (38,577 ) Business acquisitions, net of cash acquired — (15,549 ) Proceeds from asset dispositions 81 1,587 Net cash used in investing activities (47,163 ) (52,539 ) Financing Activities Borrowings on Revolving Credit Facility 140,500 264,000 Payments on Revolving Credit Facility (140,500 ) (264,000 ) Repayment of long-term debt (6,075 ) (8,100 ) Payment on finance lease (145 ) — Payment of deferred financing costs — (347 ) Payments of employee tax withholdings related to restricted stock vesting (998 ) (2,357 ) Net cash used in financing activities (7,218 ) (10,804 ) Net increase (decrease) in cash and cash equivalents 53,085 (56,873 ) Cash and cash equivalents, beginning of year 55,420 112,293 Cash and cash equivalents, end of year $ 108,505 $ 55,420 Supplemental Information: Interest $ 63,242 $ 63,059 Income taxes, net of refunds received 10,933 22,559 GAAP to Non-GAAP Reconciliation (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Interest expense 17,015 17,156 70,395 65,438 Income tax expense 19,328 4,907 10,101 9,499 Depreciation and amortization expense (1) 8,659 8,573 33,078 34,142 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Changes in valuation allowance ( 5 ) 11,177 — 11,177 — Tax effects of these adjustments ( 6 ) (4,767 ) (3,087 ) (7,431 ) (7,957 ) Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Diluted earnings per share $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Adjusted diluted earnings per share $ 0.02 $ 0.18 $ (0.01 ) $ 0.28 Weighted average shares outstanding Basic 184,936 184,181 184,694 183,839 Diluted 184,954 184,782 184,694 184,716 (1) Includes depreciation related to our distribution centers and store locations, which is reported in cost of merchandise and services sold and SG&A in our condensed consolidated statements of operations. (2) Represents charges related to equity-based compensation and our related payroll tax expense, which are reported in SG&A in our condensed consolidated statements of operations. (3) Represents non-recurring costs, such as third-party consulting costs related to first-generation technology initiatives, replacements of systems that have been no longer supported by our vendors, investment in and development of new products outside of the course of continuing operations, or other discrete strategic projects that are infrequent or unusual in nature and potentially distortive to continuing operations. These items are reported in SG&A in our condensed consolidated statements of operations. (4) Includes certain senior executive transition costs and severance associated with completed corporate restructuring activities across the organization, losses (gains) on asset dispositions, merger and acquisition costs, and other non-recurring, non-cash, or discrete items as determined by management. Amounts are reported in SG&A in our condensed consolidated statements of operations. (5) Represents a change in valuation allowance for deferred taxes that management does not believe are indicative of our ongoing operations. This item is reported in income tax expense in our consolidated statements of operations and we note they may reoccur in the future. (6) Represents the tax effect of the total adjustments based on our combined U.S. federal and state statutory tax rates. Amounts are reported in income tax expense (benefit) in our condensed consolidated statements of operations. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lawyer says ex-Temple basketball standout Hysier Miller met with NCAA for hours amid gambling probe
Judge rejects request to sideline SJSU volleyball playerBOSTON (AP) — JB Frankel hit three of four free throws in the final six seconds to allow Northeastern to hold off Colgate 78-75 on Sunday. Nicolas Louis-Jacques hit three free throws for the Raiders with :07 left to get within two, 75-73, but Frankel hit the second of two to make it a three-point game and, after Jalen Cox hit a pair at the line to pull Colgate within one, 76-75, Frankel hit both free throws to seal the win. Rashad King had 23 points and added eight rebounds for the Huskies (7-3). Harold Woods scored 13 points and added six rebounds. Masai Troutman shot 2 of 7 from the field and 7 of 9 from the free-throw line to finish with 12 points. Brady Cummins led the way for the Raiders (2-8) with 15 points. Colgate also got 14 points, six rebounds, five assists and four steals from Jalen Cox. Louis-Jacques finished with 14 points. King scored 10 points in the first half and Northeastern went into the break trailing 32-28. Northeastern pulled off the victory after a 15-2 second-half run erased a three-point deficit and gave them the lead at 62-52 with 5:58 remaining in the half. King scored 13 second-half points. Northeastern takes on Old Dominion on the road on Sunday, and Colgate visits Kentucky on Wednesday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .F.P. Report ISLAMABAD: As jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) is all set to march on Islamabad on November 24, the federal government has decided to shut down the mobile and internet services in the country. According to sources, a decision has been made to shut down the mobile and internet services at midnight on Saturday. The Interior Ministry will issue orders to the Pakistan Telecommunication Authority (PTI) soon. On Saturday, the government closed motorways and bus stations and blocked several inter-city and intracity roads by placing containers to stop the protesters from reaching the federal capital Islamabad. On the other hand, the PTI leadership has challenged the government that they will reach Islamabad at any cost and the protest will continue until Imran Khan’s release from Adiala Jail, where he has been incarcerated since August 5, 2023. Bushra Bibi will not participate in embattled PTI’s protest Former first lady Bushra Bibi will not participate in the forthcoming protest of the embattled Pakistan Tehreek-e-Insaf (PTI). In a statement issued by PTI leader Sheikh Waqas Akram on Saturday, it was confirmed that Bushra Bibi will not participate in the upcoming protest. “Bushra Bibi is a housewife, and she will not participate in the protest. We have been discussing this issue regularly for the past five days,” he stated. “Bushra Bibi had no plan to be part of the public gathering,” said Akram. On the other side, Bushra Bibi’s spokesperson, Mashal Yousafzai had also confirmed that the former first lady will not participate in the PTI’s protest. Yousafzai said, “Bushra Bibi will not participate in the protest due to the health issues.”
Stock market today: Wall Street gets back to climbing, and the Nasdaq tops 20,000WARSAW, Ind. , Nov. 25, 2024 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced U.S. Food and Drug Administration (FDA) Premarket Approval Application (PMA) Supplement approval for the Oxford ® Cementless Partial Knee. The approval is based on safety and effectiveness data from an Investigational Device Exemption (IDE) study and non-clinical testing for cementless partial knee replacement (PKR). 1 The Oxford Cementless Partial Knee allows surgeons to perform a PKR with improved fixation, 2 better long-term implant survival rate 2,3 and improved efficiency in the operating room 4 (OR) compared to the Oxford Cemented Partial Knee procedure. Following more than 20 years of clinical experience and over 300,000 procedures across Canada , Europe , Middle East , Africa , and Asia , 5 the Oxford Cementless Partial Knee is now the only FDA-approved cementless partial knee implant in the U.S. "Cementless knee replacement procedures are increasingly preferred by surgeons seeking to improve surgical efficiency. The Oxford Cementless Partial Knee is coming into the U.S. with a proven track record of retaining more healthy anatomy with a less invasive approach and improved outcomes 6 as compared to a total knee replacement," said Joe Urban , President, Knees at Zimmer Biomet. "We are excited to address the unmet U.S. demand for a cementless partial knee with a new offering which has 20 years of clinical experience in more than 50 countries. 5 " Compared to traditional partial knee replacements that use bone cement to secure the implant in place, a cementless approach allows patients' natural bone growth to secure the implant for better long-term fixation. 2 The Oxford Cementless Partial Knee features a mobile bearing that can move with the femoral component throughout the entire range of motion to mimic natural knee movement. This design provides better range of motion, a more natural feel and a more stable implant-to-bone fixation for improved long-term implant survival. 2,3 The system's tibial and femoral components have a titanium and hydroxyapatite coating to promote bone growth into the implant 7 . The UK national joint registry has more than 33,000 patients treated with Oxford Cementless Partial Knees recorded with a 94.1% rate of implant survival at 10 years after surgery, 3 which is higher than the average 10-year survivorship for all other partial knees (89.9%). 3 Enthusiasm and usage of partial knee replacement continues to grow around the world as published research continues to demonstrate that PKR in appropriate cases provides improved patient outcomes compared to TKR. 6 "For younger and more active patients, the Oxford Cementless Partial Knee amplifies the benefits of a traditional partial knee replacement by offering knee flexion that resembles natural knee movement, and stronger adhesion of the implant to the bone for better long-term durability," said Adolph V. Lombardi Jr. , MD, FACS, President of JIS Orthopedics in New Albany, Ohio . "In my own practice, a cementless approach has increased OR efficiency by shortening my surgery time and reducing costs associated with cement preparation." Since its initial launch in England in 2004, the Oxford Cementless Partial Knee has become the preferred partial knee implant for Zimmer Biomet's European customers. 5 As part of the U.S. nationwide launch in Q1 2025, Zimmer Biomet will provide FDA-required training, focusing on the cementless surgical technique and proper patient selection. For patients in the U.S., the Oxford Partial Knee is the only implant with a lifetime limited warranty that covers the cost of Zimmer Biomet replacement implants.* Important Safety Information: The Cementless Oxford Partial Knee System is intended for use in unilateral knee procedures with osteoarthritis or avascular necrosis limited to the medial compartment of the knee. It is intended to be implanted without the application of cement for patients whose clinical condition would benefit from a shorter surgical time compared to the cemented implant. The Oxford Partial Knee is not indicated for use in the lateral compartment or for patients with ligament deficiency, or for use in simultaneous bilateral surgery or planned staged bilateral procedures. Potential risks include, but are not limited to, loosening, dislocation, fracture, wear and infection, any of which can require additional surgery. For a full list of product indications, contraindications and warnings, as well as further information on product IDE data, please see the associated product Information for Use (IFU) and Surgical Technique available at https://labeling.zimmerbiomet.com/ For more information about the Oxford Cementless Partial Knee, visit www.zimmerbiomet.com/oxfordcementless . About Zimmer Biomet Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence. With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation. For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X / Twitter at www.twitter.com/zimmerbiomet . Cautionary Statement Regarding Forward-Looking Statements This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning Zimmer Biomet's expectations, plans, prospects, and product and service offerings, including new product launches and potential clinical successes. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially. For a list and description of some of such risks and uncertainties, see Zimmer Biomet's periodic reports filed with the U.S. Securities and Exchange Commission (SEC). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in Zimmer Biomet's filings with the SEC. Forward-looking statements speak only as of the date they are made, and Zimmer Biomet disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this news release are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this news release. *Subject to terms and conditions set forth within the written warranty References: Media Heather Zoumas-Lubeski 445-248-0577 heather.zoumaslubeski@zimmerbiomet.com Kirsten Fallon 781-779-5561 kirsten.fallon@zimmerbiomet.com Investors David DeMartino 646-531-6115 david.demartino@zimmerbiomet.com Zach Weiner 908-591-6955 Zach.weiner@zimmerbiomet.com View original content to download multimedia: https://www.prnewswire.com/news-releases/zimmer-biomet-receives-fda-approval-for-oxford-cementless-partial-knee-only-cementless-partial-knee-replacement-implant-in-the-us-302315755.html SOURCE Zimmer Biomet Holdings, Inc.
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Northern Trust Co. (NASDAQ:NTRS) Shares Sold by PNC Financial Services Group Inc.Nasdaq surges above 20,000 after US inflation data matches estimates
Nasdaq surges above 20,000 after US inflation data matches estimatesJosh Hubbard scored 25 points and Claudell Harris Jr. scored 21 on 6-of-9 shooting as Mississippi State escaped with a 91-84 win against Prairie View A&M on Sunday in Starkville, Miss. Prairie View A&M took a 65-64 lead with 10:38 remaining, but Hubbard and Harris Jr. each scored seven points to power the ensuing 14-1 run that put Mississippi State up for good. Hubbard punctuated the rally with a 3-pointer that made it 78-66 with 5:51 to play. The Bulldogs (8-1) stretched their lead to as many as 13 points in the closing minutes to notch their second straight win. Shawn Jones Jr. added 11 points for Mississippi State, while Michael Nwoko added 10 points and 10 rebounds. RJ Melendez also netted 10 points. The Panthers (1-8) were led by the trio of Nick Anderson (21 points) Tanahj Pettway (20) and Marcel Bryant (19). Pettway drilled 4 of 5 3-pointers and Bryant grabbed seven rebounds. Prairie View A&M got off to a hot start, opening up a 27-12 lead with 10:42 left in the first half. It was a surprising haymaker from the visitors, who entered the game winless in Division I play and faced a Bulldogs team that was ranked last week. Mississippi State eventually found its stride offensively, turning things around with a 32-17 run to tie the game at 44 entering halftime. The Bulldogs shot 50 percent from the field overall in the first half, but only made six of their 17 attempts from 3-point range (35.3 percent). Their defense remained an issue throughout the half, with the Panthers hitting 16 of their 27 shots (59.3 percent) and canning 5 of 8 3-pointers. Neither team led by more than five early in the second half until Mississippi State pulled away. The Bulldogs finished the game shooting 55.6 percent from the floor (30-of-54) and drilled 11 of 26 attempts (42.3 percent) from long range. They outrebounded Prairie View A&M 35-22 and outscored them 31-20 in bench points. The Panthers held a 34-32 advantage in points in the paint and shot 56.4 percent overall for the game, including 52.6 percent (10-of-19) on threes. --Field Level Media
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