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ITV I'm A Celeb Dean McCullough's 'set to leave' camp as he 'shows true colours' after bust-up
President-elect Donald Trump announced Saturday that he had selected Brooke Rollins to serve as the Secretary of Agriculture for the Department of Agriculture. In a press release from the Trump-Vance Transition team, Trump praised Rollins, who serves as the President and CEO of the America First Policy Institute (AFPI) and who previously served as the Acting Director of the Domestic Policy Council. Trump stated that in her previous roles on the “2016 Economic Advisory Council” and serving on the Domestic Policy Council she had “helped develop and manage the transformational Domestic Policy Agenda” during his first administration. “It is my Great Honor to nominate Brooke L. Rollins, from the Great State of Texas, to serve as the 33rd United States Secretary of Agriculture,” Trump said. “Brooke was on my 2016 Economic Advisory Council, and did an incredible job during my First Term as the Director of the Domestic Policy Council, Director of the Office of American Innovation, and Assistant to the President for Strategic Initiatives.” Trump added: “In these roles, she helped develop and manage the transformational Domestic Policy Agenda of my Administration. Brooke has spent the past four years as the Founder and CEO of the America First Policy Institute (AFPI) and America First Works (AFW), building a team of loyal Patriots, and championing the Policies of our America First Agenda.” The press release continued: Brooke’s commitment to support the American Farmer, defense of America Food Self-Sufficiency, and the restoration of Agriculture-dependent American Small Towns is second to none. A proud Graduate of Texas A&M University, Brooke earned a Bachelor’s of Sciene Degree in Agriculture Development, and J.D., with Honors. From her upbringing in the small and Agriculture-centered town of Glen Rose, Texas, to her years of leadership involvement with Future Farmers of America and 4H, to her generational Family Farming background, to guiding her four kids in their show cattle careers, Brooke has a practioner’s experience, along with deep Policy credentials in both Nonprofit and Government leadership at the State and National levels. As our next Secretary of Agriculture, Brooke will spearhead the effort to protect American Farmers, who are truly the backbone of our Country. Congratulations Brooke! In a post on X, Rollins thanked Trump for selecting her to lead the Department of Agriculture, describing it as an “honor” to be able “to fight for America’s farmers and our Nation’s agricultural communities.” “Thank you, Mr. President, for the opportunity to serve as the next U.S. Secretary of Agriculture,” Rollins wrote. “It will be the honor of my life to fight for America’s farmers and our Nation’s agricultural communities. This is big stuff for a small-town ag girl from Glen Rose, TX — truly the American Dream at its greatest.”
BRAINERD — The second annual Christmas with the Homeless brought out the community's kindness Thursday, Dec. 19, at a gathering at The Center in Brainerd for some Christmas cheer. Around 60 people came to celebrate, play games and enjoy some good food thanks to the generosity of the community, said Brenda Biever, organizer of the Christmas with the Homeless event. ADVERTISEMENT “We have a spaghetti feed going on in the back, and then we have a bunch of cookies and stuff,” Biever said. “Everything here is donations from the community. Yep, the community's awesome. They've stepped up and helped in so many ways. So I've got 73 presents put together, and when they're done eating, they'll come up and get some gifts.” Having been homeless herself for 13 months at one point, Biever said this event is very near and dear to her. “My goal is to see them all have a smile,” Biever said. “Many of them don't get a Christmas, so I just want them to get a Christmas and be able to smile.” In its second year, Biever said she had been working with the unhoused for a while when the idea for a Christmas party just “popped into her head.” Marie, a Brainerd resident who has been struggling with housing since April after a misunderstanding with her previous landlord, said it is not easy to find housing in the Brainerd lakes area. As she waits for housing to become available, Marie said she often deals with issues that come up due to being unhoused. “I'm dealing with family and health issues right now,” Marie said. “Yeah, surgeries, depression, anxiety, all that kind of takes a toll when you don't have that safe place to go anymore.” ADVERTISEMENT As guests came into The Center and guessed how many candies were in a jar, they were greeted with a “Merry Christmas” and smiling faces before taking their seats. There were also donated coats and boots for those who needed them. Jesse Jones with Lighthouse Beginnings led the group in prayer before a spaghetti dinner was served. Following dinner, gifts were handed out and Joseph, an unhoused individual, was ecstatic at receiving some warm clothing for the season. “This means the world to me,” Joseph said. Volunteering to drive a bus for the night to help everyone get to the event was Jason Johnson, who said he, too, had a few instances of being unhoused and wanted to help those in need. “I always look to help. It's just how I was raised,” Johnson said. “And I love to see the joy and smiles on everyone's faces.” After getting back on his feet, Johnson said he started working for Lighthouse Beginnings and Bridges of Hope a few months ago as he wanted to work with the same people who helped him in his time of need. ADVERTISEMENT Biever thanked the businesses and everyone for all they did to make this event happen and putting smiles on the faces of community members who are unhoused. “I'm so thankful for the community and for all my friends,” Biever said. “Everybody's stepping up to help. I couldn't do it without them. And honestly, I don't feel it's even me. I think I'm just a vessel for God.” TIM SPEIER, staff writer, can be reached on Twitter @timmy2thyme , call 218-855-5859 or email tim.speier@brainerddispatch.com .
After Trump's Project 2025 denials, he is tapping its authors and influencers for key rolesThe slump in the number of people heading to the shops during Boxing Day sales signals a return to declining pre-pandemic levels, an analyst has said. Boxing Day shopper footfall was down 7.9% from last year across all UK retail destinations up until 5pm, MRI Software’s OnLocation Footfall Index found. However, this year’s data had been compared with an unusual spike in footfall as 2023 was the first “proper Christmas” period without Covid-19 pandemic restrictions, an analyst at the retail technology company said. It found £4.6 billion will be spent overall on the festive sales. Before the pandemic the number of Boxing Day shoppers on the streets had been declining year on year. The last uplift recorded by MRI was in 2015. Jenni Matthews, marketing and insights director at MRI Software, told the PA news agency: “We’ve got to bear in mind that (last year) was our first proper Christmas without any (Covid-19) restrictions or limitations. “Figures have come out that things have stabilised, we’re almost back to what we saw pre-pandemic.” There were year-on-year declines in footfall anywhere between 5% and 12% before Covid-19 restrictions, she said. MRI found 12% fewer people were out shopping on Boxing Day in 2019 than in 2018, and there were 3% fewer in 2018 than in 2017, Ms Matthews added. She said: “It’s the shift to online shopping, it’s the convenience, you’ve got the family days that take place on Christmas Day and Boxing Day.” People are also increasingly stocking-up before Christmas, Ms Matthews said, and MRI found an 18% increase in footfall at all UK retail destinations on Christmas Eve this year compared with 2023. Ms Matthews said: “We see the shops are full of people all the way up to Christmas Eve, so they’ve probably got a couple of good days of food, goodies, everything that they need, and they don’t really need to go out again until later on in that week. “We did see that big boost on Christmas Eve. It looks like shoppers may have concentrated much of their spending in that pre-Christmas rush.” Many online sales kicked off between December 23 and the night of Christmas Day and “a lot of people would have grabbed those bargains from the comfort of their own home”, she said. She added: “I feel like it’s becoming more and more common that people are grabbing the bargains pre-Christmas.” Footfall is expected to rise on December 27 as people emerge from family visits and shops re-open, including Next, Marks and Spencer and John Lewis that all shut for Boxing Day. It will also be payday for some as it is the last Friday of the month. A study by Barclays Consumer Spend had forecast that shoppers would spend £236 each on average in the Boxing Day sales this year, but that the majority of purchases would be made online. Nearly half of respondents said the cost-of-living crisis will affect their post-Christmas shopping but the forecast average spend is still £50 more per person than it was before the pandemic, with some of that figure because of inflation, Barclays said. Amid the financial pressures, many people are planning to buy practical, perishable and essential items such as food and kitchenware. A total of 65% of shoppers are expecting to spend the majority of their sales budget online. Last year, Barclays found 63.9% of Boxing Day retail purchases were made online. However, a quarter of respondents aim to spend mostly in store – an 11% rise compared with last year. Karen Johnson, head of retail at Barclays, said: “Despite the ongoing cost-of-living pressures, it is encouraging to hear that consumers will be actively participating in the post-Christmas sales. “This year, we’re likely to see a shift towards practicality and sustainability, with more shoppers looking to bag bargains on kitchen appliances and second-hand goods.” Consumers choose in-store shopping largely because they enjoy the social aspect and touching items before they buy, Barclays said, adding that high streets and shopping centres are the most popular destinations.
Mid-America Apartment Communities Inc. stock underperforms Wednesday when compared to competitors
None'I Played 244 Games With Salah at Liverpool - He Frustrated Everyone With His Selfishness'The Speaker of the House of Representatives, Tajudeen Abbas has congratulated Christians as they celebrate Christmas, which marks the birth of Jesus Christ. Abbas, while wishing Christians a merry Christmas, said the birth of Jesus Christ signifies newness and fulfilment while calling for a national rebirth at this critical time in the life of Nigerians. In a congratulatory message issued through his Special Adviser on Media and Publicity, Musa Krishi, the speaker urged Christians and Nigerians as a whole to use the occasion to pray for a new Nigeria, one that everyone dreams of. Speaker Abbas calls for prayers for the country and its leaders, especially for political, religious, and traditional leaders. The speaker also called for unity, peace, and love for one another, and across religious and ethnic divides. He expressed his hope that Nigeria would soon become a country that every citizen is proud of. Similarly, Deputy Speaker Benjamin Kalu has extended his heartfelt felicitations to Christian faithful and all Nigerians as they celebrate the joyous occasion of Christmas. In his special message by his Chief Press Secretary, Levinus Nwabughiogu, Kalu emphasised the profound significance of Christmas, which commemorates the birth of Jesus Christ, the saviour of humanity. He noted that Christmas represents a time of hope, renewal, and celebration, reminding us of the importance of kindness, compassion, generosity, and love. “As we mark the birth of Jesus Christ, who brought light and redemption to humanity, let us reflect on the values that He embodied: love, forgiveness, and selflessness. May His example inspire us to spread love, kindness, and compassion to all those around us, especially those who may be struggling,” Kalu said. Kalu also expressed his confidence in the administration of President Bola Ahmed Tinubu, assuring Nigerians that the future looks promising. He urged the citizens to remain steadfast in their faith and to continue praying for the country’s leadership and working together towards a more united and prosperous Nigeria.
Financial Highlights : 4 th Quarter consolidated sales of $446.7 million; $1.80 billion for fiscal 2024 Outstanding debt reduced by $53.8 million during the quarter Cost reduction actions progressing well Company sets adjusted EBITDA guidance for fiscal 2025 Webcast: Friday, November 22, 2024, 9:00 a.m., (201) 689-8471 PITTSBURGH, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for the quarter and fiscal year ended September 30, 2024. In discussing the Company's results, Joseph C. Bartolacci, President and Chief Executive Officer, stated: "Our consolidated operating results for the fiscal 2024 fourth quarter reflected another quarter of solid performance by our core businesses and, consistent with prior quarters, was impacted by continuing customer delays in our energy business. Our previously announced cost reduction program is now underway, as evidenced by the charges reflected in our GAAP results this quarter, and progressing well. Overall, we were pleased with the consolidated operating results as we again demonstrated the resilience of Matthews and our employees in mitigating the challenges faced by one of our segments. For the year ended September 30, 2024, consolidated adjusted EBITDA was $205.2 million. "The Memorialization segment reported higher adjusted EBITDA for the current quarter despite lower unit volumes, which were related to a decline in U.S. deaths compared to a year ago. Ongoing cost control efforts combined with improved price realization were the key drivers in the improvement in operating margins. This segment has done a tremendous job of maintaining its level of performance over the past several years despite the declines in unit volume following the pandemic. "We are also pleased to report that our SGK Brand Solutions segment reported another consecutive quarter of year-over-year sales growth. This segment has stabilized nicely over the last two years with modest improvements in margins and is continuing its recovery following the global impacts of the pandemic and the European impact of the Russia-Ukraine war. Sales for the segment increased compared to a year ago primarily reflecting improved pricing to mitigate inflationary cost increases, higher sales for the merchandising and private label businesses, and growth in the Asia-Pacific market. "Sales for the Industrial Technologies segment for the fiscal 2024 fourth quarter declined from a year ago primarily resulting from further customer delays in our energy business. The current quarter also reflected a continued soft warehouse automation market; however, order rates have been improving recently which could bode well for a good recovery next fiscal year. "With respect to our cost reduction program, current quarter charges include non-cash goodwill impairment and other asset write-downs primarily in connection with our European operations, in addition to severance and other costs. The program is also targeting general and administrative cost reductions. For our fiscal 2024 fourth quarter, we reported another quarter of lower corporate and non-operating costs compared to a year ago. For the year, corporate and non-operating costs were approximately 5% lower than last year. "During the fiscal 2024 fourth quarter, we reduced our outstanding debt by $53.8 million. In addition, we completed the refinancing of outstanding senior notes due December 1, 2025. Due to current interest rates and the ongoing strategic review of our business portfolio, we opted for a shorter-term bond (three-year maturity) with an ability to call in one year. We are projecting higher operating cash flow next year as our working capital investments in fiscal 2024 begin to convert to operating cash flow, which will be partially mitigated by costs in connection with our cost reduction program. "Looking forward to fiscal 2025, we continue to face the uncertainty of project timing in our Industrial Technologies segment, specifically relating to our energy business. While we currently expect deliveries to be substantially completed during the year, quarterly timing is still difficult to forecast. Our cost reduction programs should mitigate some of this impact. "We expect another solid performance for our Memorialization business in fiscal 2025 as U.S. deaths appear to have generally normalized following COVID and we are projecting continued growth in our cremation-related products sales. Continued growth is also projected for our SGK Brand Solutions segment reflecting ongoing improvement in U.S. market conditions, more stable conditions in Europe, and further growth in the Asia-Pacific region. In the Industrial Technologies segment, our product identification business is projecting growth next year and we should start to realize benefits from the launch of a new printhead product, which is currently scheduled for the latter half of the fiscal year. Also, as noted earlier, recent improving order rates for warehouse automation solutions should support recovery in this business. With these considerations in mind, we remain cautious and are projecting adjusted EBITDA in the range of $205 million to $215 million for fiscal 2025. "Lastly, as growth opportunities for the Industrial Technologies segment continue to emerge, the Company has been exploring strategies with respect to its portfolio of businesses. Accordingly, we have retained J.P. Morgan to support the evaluation of potential strategic alternatives." Fourth Quarter Fiscal 2024 Consolidated Results (Unaudited) ($ in millions, except per share data) Q4 FY2024 Q4 FY2023 Change % Change Sales $ 446.7 $ 480.2 $ (33.5 ) (7.0)% Net (loss) income attributable to Matthews $ (68.2 ) $ 17.7 $ (85.9 ) NM Diluted (loss) earnings per share $ (2.21 ) $ 0.56 $ (2.77 ) NM Non-GAAP adjusted net income $ 16.6 $ 30.3 $ (13.7 ) (45.2)% Non-GAAP adjusted EPS $ 0.55 $ 0.96 $ (0.41 ) NM Adjusted EBITDA $ 58.1 $ 61.9 $ (3.8 ) (6.1)% Note: See the attached tables for additional important disclosures regarding Matthews' use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Consolidated sales for the fiscal 2024 fourth quarter were $446.7 million, compared to $480.2 million for the fiscal 2023 fourth quarter, representing a decrease of $33.5 million. Net loss attributable to the Company for the quarter ended September 30, 2024 was $68.2 million, or $2.21 per share, compared to net income of $17.7 million, or $0.56 per share, for the same quarter last year. On a non-GAAP adjusted basis, earnings for the fiscal 2024 fourth quarter were $0.55 per share, compared to $0.96 per share a year ago. The net loss on a GAAP basis in the current fiscal quarter primarily reflected asset write-downs, including a goodwill impairment charge, and charges in connection with cost reduction programs. Adjusted EBITDA (net income before interest expense, income taxes, depreciation and amortization, and other adjustments) for the fiscal 2024 fourth quarter was $58.1 million, compared to $61.9 million a year ago, primarily reflecting lower adjusted EBITDA in the Industrial Technologies segment. Fiscal 2024 Consolidated Results (Unaudited) ($ in millions, except per share data) YTD FY2024 YTD FY2023 Change % Change Sales $ 1,795.7 $ 1,880.9 $ (85.2 ) (4.5)% Net (loss) income attributable to Matthews $ (59.7 ) $ 39.3 $ (99.0 ) NM Diluted (loss) earnings per share $ (1.93 ) $ 1.26 $ (3.19 ) NM Non-GAAP adjusted net income $ 67.0 $ 90.1 $ (23.1 ) (25.6)% Non-GAAP adjusted EPS $ 2.17 $ 2.88 $ (0.71 ) (24.7)% Adjusted EBITDA $ 205.2 $ 225.8 $ (20.6 ) (9.1)% Note: See the attached tables for additional important disclosures regarding Matthews' use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Consolidated sales for the year ended September 30, 2024 were $1.80 billion, compared to $1.88 billion a year ago, representing a decrease of $85.2 million, or 4.5%, from the prior year. Net loss attributable to the Company for the year ended September 30, 2024 was $59.7 million ($1.93 per share), compared to net income of $39.3 million ($1.26 per share) for fiscal 2023. On a non-GAAP adjusted basis, earnings for the year ended September 30, 2024 were $2.17 per share, compared to $2.88 per share last year. The net loss on a GAAP basis for the current fiscal year primarily resulted from asset write-downs, including a goodwill impairment charge, and charges in connection with cost reduction programs. Adjusted EBITDA for the year ended September 30, 2024, was $205.2 million, compared to $225.8 million a year ago. The decrease reflected lower adjusted EBITDA for the Industrial Technologies and Memorialization segments, offset partially by higher adjusted EBITDA for SGK Brand Solutions and lower corporate and other non-operating costs. Webcast The Company will host a conference call and webcast on Friday, November 22, 2024, at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by dialing (201) 689-8471. The audio webcast can be monitored at www.matw.com . As soon as available after the call, a transcript of the call will be posted on the Investor Relations section of the Company's website at www.matw.com . About Matthews International Corporation Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment includes the design, manufacturing, service and sales of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Company has over 11,000 employees in more than 30 countries on six continents that are committed to delivering the highest quality products and services. Forward-looking Information Any forward-looking statements contained in this release are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as "expects," "believes," "intends," "projects," "anticipates," "estimates," "plans," "seeks," "forecasts," "predicts," "objective," "targets," "potential," "outlook," "may," "will," "could" or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company's operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions and divestitures, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, the outcome of the Company's dispute with Tesla, Inc. ("Tesla"), and other factors described in the Company's Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Year Ended September 30, 2024 2023 % Change 2024 2023 % Change Sales $ 446,695 $ 480,168 (7.0 )% $ 1,795,737 $ 1,880,896 (4.5 )% Cost of sales (329,360 ) (329,354 ) — % (1,266,030 ) (1,303,224 ) (2.9 )% Gross profit 117,335 150,814 (22.2 )% 529,707 577,672 (8.3 )% Gross margin 26.3 % 31.4 % 29.5 % 30.7 % Selling and administrative expenses (141,156 ) (113,931 ) 23.9 % (488,280 ) (447,487 ) 9.1 % Intangible amortization (9,232 ) (10,569 ) (12.7 )% (37,023 ) (42,068 ) (12.0 )% Goodwill write-downs (16,727 ) — 100.0 % (16,727 ) — 100.0 % Operating (loss) profit (49,780 ) 26,314 NM (12,323 ) 88,117 (114.0 )% Operating margin (11.1) % 5.5 % (0.7) % 4.7 % Interest and other, net (17,701 ) (10,983 ) 61.2 % (57,334 ) (47,207 ) 21.5 % (Loss) income before income taxes (67,481 ) 15,331 NM (69,657 ) 40,910 NM Income taxes (680 ) 2,362 (128.8 )% 9,997 (1,774 ) NM Net (loss) income (68,161 ) 17,693 NM (59,660 ) 39,136 NM Non-controlling interests — 30 (100.0 )% — 155 (100.0 )% Net (loss) income attributable to Matthews $ (68,161 ) $ 17,723 NM $ (59,660 ) $ 39,291 NM (Loss) earnings per share -- diluted $ (2.21 ) $ 0.56 NM $ (1.93 ) $ 1.26 NM Earnings per share -- non-GAAP (1) $ 0.55 $ 0.96 NM $ 2.17 $ 2.88 (24.7 )% Dividends declared per share $ 0.24 $ 0.23 4.3 % $ 0.96 $ 0.92 4.3 % Diluted shares 30,910 31,517 30,913 31,289 (1) See reconciliation of non-GAAP financial information provided in tables at the end of this release NM: Not meaningful SEGMENT INFORMATION (Unaudited) (In thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Sales: Memorialization $ 196,840 $ 204,878 $ 829,731 $ 842,997 Industrial Technologies 113,915 140,561 433,156 505,751 SGK Brand Solutions 135,940 134,729 532,850 532,148 $ 446,695 $ 480,168 $ 1,795,737 $ 1,880,896 Adjusted EBITDA: Memorialization $ 40,535 $ 36,890 $ 162,586 $ 163,986 Industrial Technologies 15,870 23,470 39,716 66,278 SGK Brand Solutions 17,303 17,512 61,620 57,128 Corporate and Non-Operating (15,579 ) (15,989 ) (58,765 ) (61,583 ) Total Adjusted EBITDA (1) $ 58,129 $ 61,883 $ 205,157 $ 225,809 (1) See reconciliation of non-GAAP financial information provided in tables at the end of this release CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited) (In thousands) September 30, 2024 September 30, 2023 ASSETS Cash and cash equivalents $ 40,816 $ 42,101 Accounts receivable, net 205,984 207,526 Inventories, net 237,888 260,409 Other current assets 147,855 138,221 Total current assets 632,543 648,257 Property, plant and equipment, net 279,499 270,326 Goodwill 697,123 698,109 Other intangible assets, net 126,026 160,478 Other long-term assets 99,699 110,211 Total assets $ 1,834,890 $ 1,887,381 LIABILITIES Long-term debt, current maturities $ 6,853 $ 3,696 Other current liabilities 427,922 390,904 Total current liabilities 434,775 394,600 Long-term debt 769,614 786,484 Other long-term liabilities 193,295 181,016 Total liabilities 1,397,684 1,362,100 SHAREHOLDERS' EQUITY Total shareholders' equity 437,206 525,281 Total liabilities and shareholders' equity $ 1,834,890 $ 1,887,381 CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited) (In thousands) Year Ended September 30, 2024 2023 Cash flows from operating activities: Net (loss) income $ (59,660 ) $ 39,136 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 94,770 96,530 Changes in working capital items 14,696 (35,503 ) Goodwill write-downs 16,727 — Other operating activities 12,749 (20,639 ) Net cash provided by operating activities 79,282 79,524 Cash flows from investing activities: Capital expenditures (45,218 ) (50,598 ) Acquisitions, net of cash acquired (5,825 ) (15,341 ) Other investing activities 4,075 7,214 Net cash used in investing activities (46,968 ) (58,725 ) Cash flows from financing activities: Net (payments) proceeds from long-term debt (31,338 ) (18,224 ) Purchases of treasury stock (20,574 ) (2,857 ) Dividends (31,409 ) (28,202 ) Other financing activities 48,278 (912 ) Net cash used in financing activities (35,043 ) (50,195 ) Effect of exchange rate changes on cash 1,444 83 Net change in cash, cash equivalents and restricted cash $ (1,285 ) $ (29,313 ) Reconciliations of Non-GAAP Financial Measures Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, constant currency adjusted EBITDA, net debt and net debt leverage ratio. The Company defines net debt leverage ratio as outstanding debt (net of cash) relative to adjusted EBITDA. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company's core operations including acquisition and divestiture costs, ERP integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA remove the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company's results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company's business that could not be obtained absent these disclosures. ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net (loss) income $ (68,161 ) $ 17,693 $ (59,660 ) $ 39,136 Income tax provision (benefit) 680 (2,362 ) (9,997 ) 1,774 (Loss) income before income taxes $ (67,481 ) $ 15,331 $ (69,657 ) $ 40,910 Net loss attributable to noncontrolling interests — 30 — 155 Interest expense, including RPA and factory financing fees (1) 14,825 12,746 55,364 48,690 Depreciation and amortization * 24,329 24,717 94,770 96,530 Acquisition and divestiture related items (2) ** 11 848 5,576 5,293 Strategic initiatives and other charges (3) ** † 48,458 6,168 65,586 13,923 Highly inflationary accounting impacts (primarily non-cash) (4) 132 (1,714 ) 1,027 1,360 Goodwill and asset write-downs (5) 33,574 — 33,574 — Stock-based compensation 4,169 3,673 18,478 17,308 Non-service pension and postretirement expense (6) 112 84 439 1,640 Total Adjusted EBITDA $ 58,129 $ 61,883 $ 205,157 $ 225,809 Adjusted EBITDA margin 13.0 % 12.9 % 11.4 % 12.0 % (1) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,192 and $1,284 for the three months ended September 30, 2024 and 2023 , respectively, and $4,830 and $4,042 for the fiscal years ended September 30, 2024 and 2023 , respectively. (2) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain of $1,827 for the three months and fiscal year ended September 30, 2023 related to the divestiture of a business in the Industrial Technologies segment. (3) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives and costs associated with global ERP system integration efforts. Fiscal 2024 also includes legal costs related to an ongoing dispute with Tesla, which totaled $4,261 and $12,399 for the three months and fiscal year ended September 30, 2024, respectively. Fiscal 2023 includes loss recoveries totaling $2,154 for the fiscal year ended September 30, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (4) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. (5) Fiscal 2024 includes goodwill write-downs within the Industrial Technologies segment of $16,727 , asset write-downs within the Memorialization segment of $13,716 , and investment write-downs within Corporate and Non-operating of $3,131 . (6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. * Depreciation and amortization was $7,368 and $6,646 for the Memorialization segment, $6,028 and $5,600 for the Industrial Technologies segment, $9,724 and $11,299 for the SGK Brand Solutions segment, and $1,209 and $1,172 for Corporate and Non-Operating, for the three months ended September 30, 2024 and 2023, respectively. Depreciation and amortization was $27,768 and $23,738 for the Memorialization segment, $23,772 and $23,184 for the Industrial Technologies segment, $38,667 and $44,842 for the SGK Brand Solutions segment, and $4,563 and $4,766 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024 and 2023, respectively. ** Acquisition costs, ERP integration costs, non-recurring/incremental COVID-19 costs, and strategic initiatives and other charges were $1,309 and $22 for the Memorialization segment, $40,069 and $614 for the Industrial Technologies segment, $307 and $3,878 for the SGK Brand Solutions segment, and $6,784 and $2,502 for Corporate and Non-Operating, for the three months ended September 30, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, non-recurring/incremental COVID-19 costs, and strategic initiatives and other charges were $3,514 and $1,002 for the Memorialization segment, $54,357 and $4,108 for the Industrial Technologies segment, $3,001 and $10,905 for the SGK Brand Solutions segment, and $10,290 and $3,201 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024 and 2023, respectively. † Strategic initiatives and other charges includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling $41,353 and $6,003 for the three months ended September 30, 2024 and 2023, respectively. $29,283, $1,492, and $10,578 were presented in cost of sales, selling expense, and administrative expense for the three months ended September 30, 2024, respectively. Charges of $4,925 and $1,429, and a credit of $351 were presented in cost of sales, selling expense, and administrative expense for the three months ended September 30, 2023, respectively. Strategic initiatives and other charges includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling $45,705 and $13,210 for the fiscal years ended September 30, 2024 and 2023, respectively. $32,526, $1,379 and $11,800 were presented in cost of sales, selling expense, and administrative expense for the fiscal year ended September 30, 2024, respectively. $9,028, $1,925 and $2,257 were presented in cost of sales, selling expense, and administrative expense for the fiscal year ended September 30, 2023, respectively. Accrued severance and other employee termination benefits totaled $42,245 and $7,321 as of September 30, 2024 and 2023, respectively. ADJUSTED NET INCOME AND EPS RECONCILIATION (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 per share per share per share per share Net income (loss) attributable to Matthews $ (68,161 ) $ (2.21 ) $ 17,723 $ 0.56 $ (59,660 ) $ (1.93 ) $ 39,291 $ 1.26 Acquisition and divestiture items (1) 837 0.03 1,626 0.05 4,873 0.16 4,874 0.15 Strategic initiatives and other charges (2) 41,261 1.35 4,702 0.15 57,073 1.85 11,771 0.38 Highly inflationary accounting impacts (primarily non-cash) (3) 132 — (1,714 ) (0.05 ) 1,027 0.03 1,360 0.04 Goodwill and asset write-downs (4) 32,784 1.06 — — 32,784 1.06 — — Non-service pension and postretirement expense (5) 83 — 63 — 329 0.01 1,230 0.04 Intangible amortization expense 6,924 0.23 7,927 0.25 27,767 0.90 31,551 1.01 Tax-related (6) 2,703 0.09 — — 2,839 0.09 — — Adjusted net income $ 16,563 $ 0.55 $ 30,327 $ 0.96 $ 67,032 $ 2.17 $ 90,077 $ 2.88 Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 7.4% and 26.9%, for the three months ended September 30, 2024 and 2023 , respectively, and 11.5% and 25.7% for the fiscal year ended September 30, 2024 and 2023 , respectively. The difference between the Company's income tax rates on adjusted net income for fiscal 2024 compared to fiscal 2023 was primarily caused by the foreign net operating losses with full valuation allowances and nondeductible goodwill impairment charges in the current fiscal year. (1) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain in fiscal year 2023 related to the divestiture of a business in the Industrial Technologies segment. (2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes legal costs related to an ongoing dispute with Tesla, which totaled $4,261 and $12,399 for the three months and fiscal year ended September 30, 2024, respectively. Fiscal 2023 includes loss recoveries totaling $2,154 for the fiscal year ended September 30, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (3) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (4) Fiscal 2024 includes goodwill write-downs within the Industrial Technologies segment, asset write-downs within the Memorialization segment , and investment write-downs within Corporate and Non-operating. (5) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. (6) The three months and fiscal year ended September 30, 2024 includes $2,703 of tax-related items incurred in connection with restructuring that resulted in a deferred tax asset write-off. Fiscal 2024 includes $136 of tax-related items incurred in connection with the derecognition of deferred tax assets for a joint venture that is being terminated. CONSTANT CURRENCY SALES AND ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) Memorialization Industrial Technologies SGK Brand Solutions Corporate and Non-Operating Consolidated Reported sales for the quarter ended September 30, 2024 $ 196,840 $ 113,915 $ 135,940 $ — $ 446,695 Changes in foreign exchange translation rates (107 ) (783 ) 237 — (653 ) Constant currency sales for the quarter ended September 30, 2024 $ 196,733 $ 113,132 $ 136,177 $ — $ 446,042 Reported sales for the year ended September 30, 2024 $ 829,731 $ 433,156 $ 532,850 $ — $ 1,795,737 Changes in foreign exchange translation rates (362 ) (4,060 ) 3,110 — (1,312 ) Constant currency sales for the year ended September 30, 2024 $ 829,369 $ 429,096 $ 535,960 $ — $ 1,794,425 Reported adjusted EBITDA for the quarter ended September 30, 2024 $ 40,535 $ 15,870 $ 17,303 $ (15,579 ) $ 58,129 Changes in foreign exchange translation rates 17 (76 ) (187 ) 29 (217 ) Constant currency adjusted EBITDA for the quarter ended September 30, 2024 $ 40,552 $ 15,794 $ 17,116 $ (15,550 ) $ 57,912 Reported adjusted EBITDA for the year ended September 30, 2024 $ 162,586 $ 39,716 $ 61,620 $ (58,765 ) $ 205,157 Changes in foreign exchange translation rates 139 (367 ) 113 82 (33 ) Constant currency adjusted EBITDA for the year ended September 30, 2024 $ 162,725 $ 39,349 $ 61,733 $ (58,683 ) $ 205,124 NET DEBT RECONCILIATION (Unaudited) (In thousands) September 30, 2024 September 30, 2023 Long-term debt, current maturities $ 6,853 $ 3,696 Long-term debt 769,614 786,484 Total long-term debt 776,467 790,180 Less: Cash and cash equivalents (40,816 ) (42,101 ) Net Debt $ 735,651 $ 748,079 Adjusted EBITDA $ 205,157 $ 225,809 Net Debt Leverage Ratio 3.6 3.3 Matthews International Corporation Corporate Office Two NorthShore Center Pittsburgh, PA 15212-5851 Phone: (412) 442-8200 November 21, 2024 Contact: Steven F. Nicola Chief Financial Officer and Secretary © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Mikel Arteta says Gabriel Martinelli is relishing the prospect of stepping up to replace Bukayo Saka . Arsenal fear they will be without England winger Saka for the next two months. Saka tore a hamstring in Saturday's 5-1 win at Crystal Palace and that was a huge blow to the Gunners' title hopes. With Raheem Sterling also a long-term injury absentee, Arteta is set to turn to Martinelli for Friday's visit of struggling Ipswich. The Brazil forward, 23, was switched from the left when Saka was hurt at Selhurst Park and ended the game with a goal and an assist. Gunners manager Arteta said: "Gabi loves it - you give him a challenge and he wants to do it today if he can. He’s a player that likes responsibility and likes having a bigger role. "He had a big impact in the Palace game and like other players everybody is going to have to add something else because Bukayo, who we rely a lot on, is not going to be with us." Arteta has been accused of over-playing Saka to the point of breakdown. But the Gunners boss insisted there had been no sign of that before Saturday. He said: "When you look at his history in six years, it is incredible. It is very difficult to find a more robust player in the league, especially at his age when the load goes up. "Nobody knows. Maybe you think ‘I am doing everything perfect’ and ‘perfect’ is not what that muscle needs, that muscle needs something else that we cannot control." Arteta has other options to fill the Saka void as Leandro Trossard and teenager Ethan Nwaneri can also play on the right. Gunners fans are excited about 17-year-old Nwaneri's potential but Arteta was cautious. He said: "He needs to understand a few things. Obviously for Ethan there’s been a massive step in the last 12 months. But he’s on the journey with us and every time he plays he changes games for the better, so that’s a really good sign." The Gunners are having to play catch-up in their title tussle with leaders Liverpool and second-place Chelsea . The Christmas period was where it went wrong last season - they lost to West Ham and then Fulham in the last days of December. Arteta said: "Against West Ham we had the most touches in the opposition box in the history of the Premier League and lost 2-0. "You go home and you cannot believe it but it was the reality. Then Fulham, which was also very different. There was a lot to learn from it." And what exactly had Arteta learned? "That the ball has to be in the net!" he said. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Amazon's Prime Video is broadcasting the Premier League Boxing Day round of fixtures on December 26-27. Each match can be streamed free with an Amazon Prime subscription or by signing up for an Amazon Prime 30-day free trial .