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FINAP Founder and CEO Dr. Kutila Pinto recently participated at the 40th ASOCIO Summit in Tokyo. At the summit, FINAP was awarded the prestigious ‘Outstanding Tech Organisation’ title—a recognition that marks the company’s transformation from a promising Sri Lankan start-up to a rising global leader in financial technology. In this interview Dr. Pinto shared insights about FINAP’s remarkable journey, the values driving the organisation, and its vision for the future. Below is an in-depth discussion on how FINAP is redefining financial technology and empowering communities both locally and internationally. A: This recognition is a monumental milestone for FINAP. It reflects the hard work of our team, the relevance of our solutions, and our commitment to empowering communities through innovative financial technology. Being acknowledged on such a global platform reaffirms that our mission and values resonate beyond Sri Lanka and inspire us to push further boundaries. A: FINAP’s early days were challenging but deeply formative. In Sri Lanka, the lack of innovation capital and limited fluidity in capital markets made securing funding particularly difficult. Despite external capital availability, I chose to inject my own capital and bootstrap the company to ensure its early survival. These constraints pushed us to innovate and operate efficiently. By refining our ideas and focusing on solving practical financial challenges for underserved communities, we built a resilient and adaptable foundation. Those early lessons continue to guide FINAP’s growth today. A: My career in banking and finance spans over two decades. I started as a banking assistant at Seylan Bank. I have worked in many markets; Asia, Middle East, Australasia and the Pacific. Towards the end of my career at banking, I served as general manager for Westpac Bank in the Solomon Islands and later as Director of Retail for Westpac Pacific, overseeing operations across the region. These roles gave me hands-on experience in understanding how financial systems work in diverse and often underserved markets. They highlighted the importance of tailoring solutions to meet local needs, which became a guiding principle for FINAP. A: Indeed, I was 36 years old when I established a fully-fledged commercial bank in the Solomon Islands. It was one of the most fulfilling achievements of my career. It was a challenging endeavour, involving regulatory complexities and building trust within the community. The experience taught me the importance of balancing innovation with responsibility and the power of financial systems to uplift communities. The political and the regulatory leadership of the country were very appreciative of my achievement. I am proud of my achievements and to do so as a Sri Lankan. It’s a mindset I carried forward into FINAP’s mission. A: Our journey involved constant adaptation and a relentless focus on innovation. One key breakthrough was the development of the Connected-Software-Solution-Application-Concept (CSSAC), a framework that underpins our flagship products like CIXOR, FirstMicro, ECORU, and MULA. By staying attuned to market feedback, we created solutions that are scalable and adaptable, meeting the needs of financial institutions and the communities they serve. A: CSSAC is a concept I developed during my DBA studies at UCAM, Spain. It stems from my thesis, “A Study of Infusion of Technology to Microfinance Operators to Achieve Sustainability and Technology-driven Value Chain Architecture for Efficiency and Outreach: The Case of Sri Lanka. “CSSAC provides a simplified yet powerful interface that connects borrowers and lenders, improving accessibility and efficiency. This framework forms the backbone of FINAP’s platforms, ensuring they remain intuitive, scalable, and impactful. A: Our platforms are designed to make financial services accessible to micro-entrepreneurs and small-scale producers, offering them tools to grow their businesses and improve their livelihoods. We work closely with microfinance institutions and nano-lenders to ensure they can provide credit and other financial services in a sustainable, user-friendly way. This approach empowers individuals while driving economic growth from the ground up. A: Solutions like FirstMicro and CIXOR enhance the operational capabilities of microfinance providers by offering real-time data access, mobile-first transaction systems, and scalability. These tools allow institutions to serve more clients efficiently while improving the borrower experience. Using FINAP’s solutions, micro and small borrowers gain access to lending opportunities that leverage their business cash flow as a foundation for creditworthiness. This empowers them to borrow with confidence and reinvest in their businesses, creating opportunities for growth and sustainability. Ultimately, our platforms help build a robust microfinance ecosystem models where small financial operators and borrowers can thrive, driving economic inclusion and community empowerment. A: The future of FINAP lies in deepening our dual focus on financial technology and software services, driving innovation and impact across both domains. On the financial technology front, we are laser-focused on scaling our flagship products, FirstMicro and CIXOR, to new markets. These platforms have already proven to be transformative in fostering financial inclusion and efficiency for microfinance institutions and nano-lenders. By expanding their reach, we aim to position FINAP as a global leader in fintech, empowering underserved communities worldwide. Importantly, we remain committed to championing the United Nations’ Sustainable Development Goal 1: No Poverty, by enabling grassroots entrepreneurs and micro-producers to access fair and sustainable financial solutions. At the same time, we’re scaling up our software services operations. This channel enables FINAP to deliver custom software solutions across industries, enhancing efficiency and innovation for businesses globally. As part of our growth strategy, we’re planning a targeted expansion into selected European markets, including the Netherlands, Belgium, and Germany. These countries represent dynamic opportunities for us to showcase Sri Lankan expertise on a global stage while delivering value to international clients. Through these two operational channels, we aim to continue excelling as a Sri Lankan success story, a company that not only uplifts local and regional communities but also contributes to the prosperity of neighbouring countries in South Asia and beyond. Our mission is to ensure that FINAP’s technology solutions not only address immediate challenges but also lay the foundation for long-term economic empowerment and innovation. Looking ahead, we envision FINAP as a global brand synonymous with technology-driven empowerment and resilience, leading with purpose and delivering solutions that truly make a difference. This vision is rooted in our belief that technology can be a force for good, and with it, we can create a more inclusive and equitable future. A: I’m driven by the belief that technology has the power to transform lives. Seeing how our solutions help individuals and businesses overcome financial barriers inspires me daily. At FINAP, our goal is to make financial systems work for everyone, especially those at the grassroots level. This mission fuels my passion and guides our journey forward. FINAP’s story is one of resilience, innovation, and purpose. From its humble beginnings to earning global recognition, it stands as a testament to how technology and vision can create meaningful impact. A: Entrepreneurship is a journey that requires resilience, adaptability, and a strong sense of purpose. My first piece of advice is to focus on solving real-world problems. If your solution creates genuine value, it will naturally attract customers and support. Be prepared for challenges—financial, operational, and even personal. Build a network of mentors and peers who can provide guidance and perspective. In the tech space, staying agile is crucial; listen to market feedback and be willing to pivot when necessary. I would also emphasise the importance of financial discipline. Many startups falter because they lack a clear understanding of how to manage resources effectively. Whether you’re bootstrapping or raising external capital, every dollar should work towards achieving your vision. Finally, embrace the long-term mindset. Success in entrepreneurship rarely happens overnight. Stay committed to your goals, and remember that the lessons learned from failures are often the foundation of future success. As Richard Branson once said, “Business opportunities are like buses; there’s always another one coming.” Keep moving forward, and don’t let setbacks define your journey.The for ( ) stock moved into a higher percentile Monday, as it got a lift from 67 to 75. This exclusive rating from Investor's Business Daily tracks market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price behavior over the last 52 weeks stacks up against all the other stocks in our database. Decades of market research reveals that the market's biggest winners typically have an RS Rating north of 80 in the early stages of their moves. See if Unity Software stock can continue to show renewed price strength and hit that benchmark. Is Unity Software Stock A Buy? Unity Software stock is still inside a buy zone after breaking past a 23.40 buy point in a . The proper buying range is up to 5% above the initial entry. Once a stock moves above that range, it's best to wait for it to set up another buying opportunity.. The video game engine developer reported 0% EPS growth last quarter, while sales growth came in at -18%. Unity Software stock earns the No. 11 rank among its peers in the Computer Software-Design industry group. ( ), ( ) and ( ) are among the top 5 highly rated stocks within the group.
NoneWEBCO INDUSTRIES, INC. REPORTS FISCAL 2025 FIRST QUARTER RESULTS
Flyers riding high entering road battle with WildThe states that saw the most active attacks against election certification two years ago certified the results of this year’s races without controversy this week, prompting the Arizona secretary of state to proclaim that “election denialism” is a thing of the past. Read this article for free: Already have an account? To continue reading, please subscribe: * The states that saw the most active attacks against election certification two years ago certified the results of this year’s races without controversy this week, prompting the Arizona secretary of state to proclaim that “election denialism” is a thing of the past. Read unlimited articles for free today: Already have an account? The states that saw the most active attacks against election certification two years ago certified the results of this year’s races without controversy this week, prompting the Arizona secretary of state to proclaim that “election denialism” is a thing of the past. Others said they weren’t so sure. Certification proceeded normally this year in part because Donald Trump won the presidential race, quieting his supporters after he had spent the campaign making unsubstantiated claims that he could lose only through widespread cheating. The statewide certification votes Tuesday in Nevada and New Mexico follow a vote Monday to certify the results in Arizona. In all three states, the certification process was tumultuous during the 2022 midterms when Democrats won most statewide offices. Those controversies followed attempts by Trump and his allies to halt or challenge certification in Michigan, Georgia and other battleground states in 2020, disrupting what until then had been a routine administrative process. This year, some who have been the most vocal in questioning the integrity of elections have instead been celebrating Trump’s victory. “The results are being accepted in the manner that they are, in part, because those who have been eroding trust or casting doubt on the integrity of U.S. elections have a result they feel good about,” said David Levine, a former local election official in Idaho who now advises on election administration issues. “Hopefully we can get back to a place where Americans can feel confident in the results even if it’s one they disagree with.” On Tuesday, Nevada and New Mexico certified their statewide results with little discussion. During Monday’s certification in Arizona, Secretary of State Adrian Fontes reflected on the lack of controversy this year. “I think the age of election denialism, for all intents and purposes, is dead,” he said. Sitting next to Fontes, state Attorney General Kris Mayes, a fellow Democrat, said she was more skeptical. Her Republican opponent in 2022 spent two years challenging his loss. “Do I think election denialism is dead? No, I don’t,” she said. “We’ll see over the next couple of election cycles what happens, but I don’t think we’re there yet.” Public confidence in elections has dropped since Trump challenged his loss in 2020 and made false claims of widespread fraud, particularly among Republicans. Some Republicans began targeting the certification process, when local and state boards certify the results after local election officials provide them with the final tally of votes. A firestorm erupted in Georgia over the summer when the state election board, with a new pro-Trump majority, attempted to politicize the certification process with changes later blocked by the courts. While certification battles did not surface after the Nov. 5 election, a vocal segment within the Republican Party remains deeply skeptical of election processes, particularly of the availability of mail ballots and the use of ballot scanners to tally votes. During a forum Monday on the social platform X led by the group Cause of America, the group’s director expressed doubt about voting equipment. Shawn Smith, who also is a retired Air Force colonel, argued the certification process suppresses legitimate concerns and goes against “the sovereignty of the people.” Although not as widespread as four years ago, this sentiment did surface sporadically at the local level this month. In Washoe County, Nevada, which includes Reno and voted narrowly for Vice President Kamala Harris, the vote to certify the results was 3-1 with one abstention. Commissioner Jeanne Herman has consistently voted against certification and did not make a public comment about her vote this year. Commissioner Mike Clark, a staunch Trump supporter who had also previously voted against certification, said he would abstain and left before the vote. “I am not an election denier and clearly the person I wanted to win, won this state,” Clark said before leaving the meeting. “However, that does not mean that all the protocols were followed and that we can truly certify the election.” Such skepticism, whether in Nevada or elsewhere, leaves the door open to certification disputes during future elections. The questioning of election results isn’t limited to Republicans. Even though Harris quickly conceded after losing all seven presidential battleground states, online posts among her supporters continue to raise concerns about her loss. One Reddit community that has amassed 23,000 members features a steady drumbeat of Democrats scrutinizing a result they can’t believe is real. Some posting in the group have issued calls to contact Harris and her running mate to ask them to demand a recount or otherwise object to the outcome. Among the battlegrounds, Michigan was among those where Trump and his allies pressed to halt certification of the 2020 election for Democrat Joe Biden amid false claims of fraud and manipulation. Two Republican members of the Wayne County Board of Canvassers who initially opposed certification eventually relented. The state board of canvassers eventually voted to certify, even after one Republican member abstained. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. This year, the state board voted unanimously on Nov. 22 in favor of certifying and praised the state’s election workers. In Georgia, Secretary of State Brad Raffensperger certified his state’s results on Nov. 22. Four years ago, the Republican state official was facing immense pressure from Trump and his allies to investigate their unsubstantiated claims of fraud. Also certifying results Tuesday, and doing so unanimously, was the state Board of Elections in North Carolina. It was the only presidential battleground state won by Trump in 2020 — and the only one where he and his allies didn’t make claims of fraud. ___ Cassidy reported from Atlanta. Associated Press writers Susan Montoya Bryan in Albuquerque, New Mexico, Ken Ritter in Las Vegas, Scott Sonner in Reno, Nevada, and Ali Swenson in New York contributed to this report. Advertisement Advertisement
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'One of the most difficult seasons' ends for transgender player, San José State volleyball teamOpenAI's legal battle with Elon Musk reveals internal turmoil over avoiding AI 'dictatorship'
Miami enters the week still stunned after losing its fourth straight game. Next up, the Hurricanes will play host to Arkansas on Tuesday night in Coral Gables, Fla., as part of the ACC/SEC Challenge. Miami (3-4) lost on Saturday afternoon to Charleston Southern, a team that entered with a 1-7 record. Arkansas (5-2) is coming off a Thanksgiving loss to Illinois on a neutral floor in Kansas City, Mo. "We've got a lot to learn," said John Calipari, in his first season coaching Arkansas. "We really haven't scrimmaged because we haven't had 10 guys (due to injuries). "But this team is going to be fine." The same thing cannot confidently be said about the Hurricanes. Their first three defeats of the current skid were tough for Miami to take, losing to Drake, Oklahoma State and VCU on a neutral court as part of the Charleston Classic. But the loss to Charleston Southern -- which was a 25-point underdog -- has to be considered among the worst in Miami history. Hurricanes coach Jim Larranaga was without point guard Nijel Pack, who missed the contest due to a lower-body injury. Pack leads Miami in scoring (15.2) and assists (4.7). There are no reports on how long he will be out. With Pack unavailable, five-star freshman Jalil Bethea made his first college start. However, the 6-foot-5 shooting guard has not yet played up to his ranking. Bethea is averaging 6.3 points, 1.1 rebounds and 0.7 assists. He is also shooting 30.0 percent on 3-pointers. Miami ranks 284th in the nation in rebounds and 259th in blocked shots. "We haven't been able to put together a solid defensive effort," Larranaga said following the loss to Charleston Southern. "Some of it has to do with fundamentals. Some of it has to do with athletic ability. Some of it has to do with size." Tuesday's game will match two veteran coaches: Larranaga, 75, and Calipari, 65. Calipari brought in seven transfers and five freshmen for his first season in Fayetteville. Two of those transfers -- 6-foot-8 wing Adou Thiero and 7-foot-2 center Zvonimir Ivisic -- were signed after leaving Kentucky, Calipari's previous stop. Thiero leads Arkansas in scoring (19.1), rebounds (5.9) and steals (2.9). Ivisic leads Arkansas in blocks (2.7) while ranking third in points (12.1). Freshman Boogie Fland, a McDonald's All-American, has made a quick transition to college ball. The 6-foot-2 point guard is second on the team in scoring (15.9) and steals (1.9) and first in assists (4.9). Among Arkansas' bench pieces are 6-foot-11 Tennessee transfer Jonas Aidoo and 6-foot-10 Arkansas holdover Trevon Brazile. Their combined 92 college starts illustrate Arkansas' depth. "The ceiling is there," Calipari said. "But we need to be the aggressors." --Field Level Media
Drones, planes or UFOs? Americans abuzz over mysterious New Jersey sightingsA judge on Monday rejected a request to block a San Jose State women’s volleyball team member from playing in a conference tournament on grounds that she is transgender. Monday’s ruling by U.S. Magistrate Judge S. Kato Crews in Denver will allow the player, who has played all season, to compete in the Mountain West Conference women’s championship opening this week in Las Vegas. The ruling comes in a lawsuit filed by nine current players against the Mountain West Conference challenging the league’s policies for allowing transgender players to participate. The players argued that letting her compete was a safety risk and unfair. While some media have reported those and other details, neither San Jose State nor the forfeiting teams have confirmed the school has a trans woman volleyball player. The Associated Press is withholding the player’s name because she has not commented publicly on her gender identity. School officials also have declined an interview request with the player. Crews’ ruling referred to the athlete as an “alleged transgender” player and noted that no defendant disputed that the San Jose State roster includes a transgender woman player. Related Story: San Jose State Stands With Student San Jose State will “continue to support its student-athletes and reject discrimination in all forms,” the university said in a statement, confirming that all its student-athletes are eligible to participate under NCAA and conference rules. “We are gratified that the Court rejected an eleventh-hour attempt to change those rules. Our team looks forward to competing in the Mountain West volleyball tournament this week.” The conference did not immediately respond to an email seeking comment. The players filed a notice for emergency appeal with the 10th U.S. Circuit Court of Appeals. Crews said the players who filed the complaint could have sought relief much earlier, noting the individual universities had acknowledged that not playing their games against San Jose State this season would result in a loss in league standings. He also refused a request to re-seed the tournament without the forfeited losses. The judge said injunctions are meant to preserve the status quo. The conference policy regarding forfeiting for refusing to play against a team with a transgender player had been in effect since 2022 and the San Jose State player has been on the roster since 2022 -– making that the status quo. Related Story: The Student Has Played Before Without Drawing Attention The player competed at the college level three previous seasons, including two for San Jose State, drawing little attention. This season’s awareness of her reported identity led to an uproar among some players, pundits, parents and politicians in a major election year. Crews’ ruling also said injunctions are meant to prevent harm, but in this case, he argued, the harm has already occurred. The games have been forfeited, the tournament has been seeded, the teams have made travel plans and the participants have confirmed they’re playing. The tournament starts Wednesday and continues Friday and Saturday. Colorado State is seeded first and San Jose State, second. The teams split their regular-season matches and both get byes into Friday’s semifinals. The conference tournament winner gets an automatic bid to the NCAA tournament. San Jose State coach Todd Kress, whose team has not competed in the national tournament since 2001, has said his team has been getting “messages of hate” and that has taken a toll on his players. Several teams refused to play against San Jose State during the season, earning losses in the official conference standings. Boise State and Wyoming each had two forfeits while Utah State and Nevada both had one. Southern Utah, a member of the Western Athletic Conference, was first to cancel against San Jose State this year. Nevada’s players stated they “refuse to participate in any match that advances injustice against female athletes,” without elaborating. Nevada did not qualify for the conference tournament. The nine current players and others now suing the Mountain West Conference, the California State University Board of Trustees and others include San Jose State senior setter and co-captain Brooke Slusser. The teammate Slusser says is transgender hits the volleyball with more force than others on the team, raising fear during practices of suffering concussions from a head hit, the complaint says. Other Lawsuits Pending Against NCAA The Independent Council on Women’s Sports is funding a separate lawsuit against the NCAA for allowing transgender women to compete in women’s sports. Both lawsuits claim the landmark 1972 federal antidiscrimination law known as Title IX prohibits transgender women in women’s sports. Title IX prohibits sexual discrimination in federally funded education; Slusser is a plaintiff in both lawsuits. Several circuit courts have used a U.S. Supreme Court ruling to conclude that discriminating against someone based on their transgender status or sexual orientation is sex-based discrimination, Crews wrote. That means case law does not prove the “likelihood of success” needed to grant an injunction. An NCAA policy that subjects transgender participation to the rules of sports governing bodies took effect this academic year. USA Volleyball says a trans woman must suppress testosterone for 12 months before competing. The NCAA has not flagged any issues with San Jose State. The Republican governors of Idaho, Nevada, Utah and Wyoming have made public statements in support of the team cancellations, citing fairness in women’s sports. President-elect Donald Trump likewise has spoken out against allowing transgender women to compete in women’s sports. Crews was a magistrate judge in Colorado’s U.S. District Court for more than five years before President Joe Biden appointed him as a federal judge in January.Mac Engel: Jake Paul’s PR statement denying fight with Mike Tyson was rigged misses the issue
SAND SPRINGS, Okla. , Dec. 2, 2024 /PRNewswire/ -- Webco Industries, Inc. (OTC: WEBC) today reported results for our first quarter of fiscal year 2025, which ended October 31, 2024 . For our first quarter of fiscal year 2025, we had a net loss of $0.1 million , or a loss of $0.13 per diluted share, while in our first quarter of fiscal year 2024, we had net income of $5.1 million , or $6.25 per diluted share. Net sales for the first quarter of fiscal 2025 were $141.4 million , a 10.4 percent decrease from the $157.8 million of sales in the first quarter of fiscal year 2024. Dana S. Weber , Chief Executive Officer and Board Chair, stated, "The domestic manufacturing economy has been worsening over the past year. Further, we have certain markets that are being adversely impacted by foreign imports. We continue to focus on positioning Webco for various economic environments and opportunities by maintaining a strong balance sheet and good liquidity and making compelling investments in our business. Our total cash, short-term investments and available credit on our revolver were $89.0 million at October 31, 2024 , which we believe to be a competitive advantage." In the first quarter of fiscal year 2025, we had income from operations of $1.1 million after depreciation of $4.7 million . The first fiscal quarter of the prior year generated income from operations of $8.0 million after depreciation of $3.7 million . Gross profit for the first quarter of fiscal 2025 was $13.6 million , or 9.7 percent of net sales, compared to $21.6 million , or 13.7 percent of net sales, for the first quarter of fiscal year 2024. Selling, general and administrative expenses were $12.6 million in the first quarter of fiscal 2025 and $13.6 million in the first quarter of fiscal 2024. SG&A expenses in the first quarter of fiscal year 2025 reflect a decrease in costs related to lower profitability, such as company-wide incentive compensation and variable pay programs, offset by inflation we have experienced in wages and other expenses. Interest expense was $1.2 million in the first quarter of fiscal year 2025 and $1.3 million in the same quarter of fiscal year 2024. Average construction-based investments decreased in fiscal year 2025 and, as a result, capitalized interest decreased $0.2 million when compared to the first quarter of fiscal year 2024. Capitalized interest decreases net interest expense in the consolidated statement of operations. Notwithstanding capitalized interest, the impact of increased interest rates was more than offset by lower average debt balances. Capital expenditures incurred amounted to $5.1 million in the first quarter of fiscal year 2025, down from $10.1 in the first quarter of fiscal year 2024. Included in our capital spending for the first quarter of fiscal year 2024 was construction of our F. William Weber Leadership Campus, which houses our Tech Center and corporate headquarters. The Tech Center, which is the tip of the spear that leads Webco's trusted and technical brand throughout our industry, was completed in the fourth quarter of fiscal year 2024. As of October 31, 2024 , we had $18.6 million in cash and short-term investments, in addition to $70.4 million of available borrowing under our $220 million senior revolving credit facility. Availability on the revolver, which had $44.0 million drawn at October 31, 2024 , was subject to advance rates on eligible accounts receivable and inventories. Our term loan and revolver mature in September 2027. Accounting rules require asset-based debt agreements like our revolver to be classified as a current liability, despite its fiscal year 2028 maturity. Webco's stock repurchase program authorizes the purchase of our outstanding common stock in private or open market transactions. In September 2023 , the Company's Board of Directors refreshed the repurchase program with a new limit of up to $40 million and extended the program's expiration until July 31 , 2026. We purchased 2,850 shares of our stock during the first quarter of fiscal year 2025. Including the current fiscal year, Webco has purchased approximately 158,000 shares over the course of the last five fiscal years. The repurchase plan may be extended, suspended or discontinued at any time, without notice, at the Board's discretion. Webco's mission is to continuously build on our strengths as we create a vibrant company for the ages. We leverage our core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand such that we are 100% engaged every day to build a forever kind of company for our Trusted Teammates, customers, business partners, investors and community. We provide high-quality carbon steel, stainless steel and other metal specialty tubing products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and eight value-added facilities in Oklahoma , Illinois , Michigan , Pennsylvania and Texas , serving customers globally. Our F. William Weber Leadership Campus is in Sand Springs, Oklahoma and houses our corporate offices and our Webco TechCenterTM, providing a state-of-the-art laboratory and R & D facility to lead and develop technical solutions. Risk Factors and Forward-looking statements: Certain statements in this release, including, but not limited to, those preceded by or predicated upon the words "anticipates," "appears," "believes," "estimates," "expects," "forever," "hopes," "intends," "plans," "projects," "pursue," "should," "will," "wishes," or similar words may constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from any future results, performance or achievements expressed or implied herein. Such risks, uncertainties and factors include the factors discussed above and, among others: general economic and business conditions, including any global economic downturn; government policy or low hydrocarbon prices that stifle domestic investment in energy; competition from foreign imports, including any impacts associated with dumping or the strength of the U.S. dollar; political or social environments that are unfriendly to industrial or energy-related businesses; changes in manufacturing technology; the banking environment, including availability of adequate financing; worldwide and domestic monetary policy; changes in tax rates and regulation; regulatory and permitting requirements, including, but not limited to, environmental, workforce, healthcare, safety and national security; availability and cost of adequate qualified and competent personnel; changes in import / export tariff or restrictions; volatility in raw material cost and availability for the Company, its customers and vendors; the cost and availability, including time for delivery, of parts and services necessary to maintain equipment essential to the Company's manufacturing activities; the cost and availability of manufacturing supplies, including process gases; volatility in oil, natural gas and power cost and availability; world-wide or national transition from hydrocarbon sources of energy that adversely impact demand for our products; problems associated with product development efforts; significant shifts in product demand away from internal combustion engine automobiles; appraised values of inventories that can impact available borrowing under the Company's credit facility; declaration of material adverse change by a lender; industry capacity; domestic competition; loss of, or reductions in, purchases by significant customers and customer work stoppages; work stoppages by critical suppliers; labor unrest; conditions, including acts of God, that require more costly transportation of raw materials; accidents, equipment failures and insured or uninsured casualties; third-party product liability claims; flood, tornado, winter storms and other natural disasters; customer or supplier bankruptcy; customer or supplier declarations of force majeure; customer or supplier breach of contract; insurance cost and availability; lack of insurance coverage for floods; the cost associated with providing healthcare benefits to employees; customer claims; supplier quality or delivery problems; technical and data processing capabilities; cyberattack on our information technology infrastructure; world, domestic or regional health crises; vaccine mandates or related governmental policy that would cause significant portions of our workforce, or that of our customers or vendors, to leave their current employment; global or regional wars and conflicts; our inability or unwillingness to comply with rules required to maintain the quotation of our shares on any market place; and our inability to repurchase the Company's stock. The Company assumes no obligation to publicly update any such forward-looking statements. No assurance is provided that current results are indicative of those that will be realized in the future. - TABLES FOLLOW - WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data - Unaudited) Three Months Ended October 31, 2024 2023 Net sales $ 141,386 $ 157,837 Cost of sales 127,740 136,231 Gross profit 13,646 21,606 Selling, general & administrative expenses 12,564 13,629 Income (loss) from operations 1,082 7,977 Interest expense 1,151 1,293 Pretax income (loss) (69) 6,684 Provision for (benefit from) income taxes 37 1,600 Net income (loss) $ (106) $ 5,084 Net income (loss) per share: Basic $ (0.13) $ 6.43 Diluted $ (0.13) $ 6.25 Weighted average common shares outstanding: Basic 798,000 790,000 Diluted 798,000 814,000 CASH FLOW DATA (Dollars in thousands - Unaudited) Three Months Ended October 31, 2024 2023 Net cash provided by (used in) operating activities $ 13,851 $ 18,050 Depreciation and amortization $ 4,694 $ 3,696 Cash paid for capital expenditures $ 5,551 $ 12,588 Notes: Amounts may not sum due to rounding. WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands - Unaudited) October 31, July 31, 2024 2024 Current assets: Cash $ 2,485 $ 1,171 U.S. Treasury Bonds 16,103 15,903 Accounts receivable 58,668 70,249 Inventories, net 174,673 169,513 Prepaid expenses 9,303 9,530 Total current assets 261,233 266,366 Property, plant and equipment, net 168,748 168,186 Right of use, finance leases, net 954 1,043 Right of use, operating leases, net 21,891 21,879 Other long-term assets 15,696 15,611 Total assets $ 468,522 $ 473,085 Current liabilities: Accounts payable $ 30,230 $ 28,109 Accrued liabilities 32,706 33,066 Current portion of long-term debt, net 43,799 49,115 Current portion of finance lease liabilities 427 429 Current portion of operating lease liabilities 5,178 5,063 Total current liabilities 112,340 115,782 Long-term debt, net of current portion 20,000 20,000 Finance lease liabilities, net of current portion 574 657 Operating lease liabilities, net of current portion 16,577 16,653 Deferred tax liability 39 886 Stockholders' equity: Common stock 9 9 Additional paid-in capital 54,545 54,256 Retained earnings 264,437 264,842 Total stockholders' equity 318,991 319,107 Total liabilities and stockholders' equity $ 468,522 $ 473,085 Notes: Amounts may not sum due to rounding. CONTACT: Mike Howard Chief Financial Officer (918) 241-1094 mhoward@webcotube.com View original content: https://www.prnewswire.com/news-releases/webco-industries-inc-reports-fiscal-2025-first-quarter-results-302320142.html SOURCE Webco Industries, Inc.
Digital networks are the backbone of global business and communication, making cyber resiliency essential for organizations to thrive. Cyber resiliency isn’t just a trendy term; it’s about an organization’s ability to predict, endure, recover from, and adapt to cyber threats. With cybercrime expected to cost $10.5 trillion annually by 2025 (Cybersecurity Ventures), ensuring strong defences has never been more critical. (adsbygoogle = window.adsbygoogle || []).push({}); As artificial intelligence (AI) continues to reshape the infrastructure of cyber threats and defences, the need for strong cyber resiliency strategies has become more critical than ever. The integration of AI into cybersecurity has created a constantly evolving challenge, where traditional defenses often fall short. Cybercriminals now use advanced AI algorithms to craft convincing phishing schemes, generate realistic deepfakes, and develop adaptive attacks designed to outsmart standard security systems. Simultaneously, defenders are harnessing the same technological advances to build more intelligent, proactive, and responsive security ecosystems. This article explores the evolving infrastructure of cyber resiliency in the AI era, examining how organizations can build an “unbreakable shield” that not only protects against current threats but anticipates and adapts to future challenges. The Rise of Cyber Threats in the AI Era The proliferation of AI has dramatically transformed the cyber threat infrastructure. Cybercriminals are no longer limited to static, predictable attack patterns but can now deploy intelligent systems that learn, adapt, and optimize their assault strategies in real time. AI-Powered Attacks in Action Phishing Evolution : Using natural language processing, phishing emails now generate highly personalized and contextually relevant messages, increasing click-through rates by up to 30% (IBM Security). Deepfake Threats : AI-generated audio and video impersonations have already been used to steal millions in social engineering attacks. Adaptive Threats : Machine learning algorithms probe network defenses, identifying and exploiting vulnerabilities faster than traditional methods ever could. Case Study: The SolarWinds supply chain attack , one of the most sophisticated breaches in recent history, leveraged advanced techniques to infiltrate critical infrastructure worldwide. It demonstrated the devastating potential of AI-enhanced cyber operations. What is Cyber Resiliency? Cyber resiliency extends beyond traditional cybersecurity approaches. While cybersecurity focuses primarily on prevention and protection, cyber resiliency adopts a holistic, adaptive strategy encompassing prevention, detection, response, and recovery. Key Principles of Cyber Resiliency: Anticipation : Identifying potential threats and vulnerabilities before they materialize. Vital Defense : Developing flexible mechanisms to withstand attacks. Rapid Response : Ensuring swift action to contain and neutralize threats. Operational Continuity : Minimizing disruption during and after incidents. Continuous Learning : Adapting strategies based on each encounter to stay ahead of adversaries. By adopting this proactive and adaptive approach, organizations shift from simply reacting to attacks to building an “always ready” defense posture. The Role of AI in Enhancing Cyber Resiliency AI has become a game-changing technology in developing more strong cyber resiliency strategies. (adsbygoogle = window.adsbygoogle || []).push({}); 1. Prevention Predictive Analytics : AI forecasts vulnerabilities, enabling proactive mitigation. Threat Intelligence : Machine learning identifies emerging risk patterns from massive data sets. Risk Assessment : AI-powered tools offer comprehensive evaluations to guide security investments. 2. Detection Real-Time Anomaly Detection : Algorithms spot suspicious activities before damage occurs. Behavioural Analysis : AI discerns between normal user behaviour and potential breaches. Correlation Engines : These tools detect complex, multi-stage attack attempts. 3. Response Automated Incident Response : AI isolates threats within milliseconds, minimizing damage. Triage Systems : Intelligent mechanisms prioritize critical security events for human review. Dynamic Playbooks : AI guides response teams through complex scenarios based on real-time data. 4. Recovery Optimized Disaster Recovery : AI minimizes downtime with intelligent restoration processes. Predictive Maintenance : Algorithms identify and address vulnerabilities before recurrence. Quote: “AI is transforming cyber resiliency, enabling faster detection, smarter responses, and greater adaptability to threats,” says Dr. Jane Smith, CTO of CyberSafe Solutions. Building the “Unbreakable Shield”: Key Strategies for Organizations To thrive in the AI era, organizations must adopt these strategies: Invest in AI-Powered Security Tools Deploy advanced threat detection platforms. Implement predictive analytics for proactive risk management . Leverage machine learning for continuous security improvement. Embrace Zero Trust Architecture Enforce strict access controls. Adopt network segmentation to limit lateral movement. Continuously verify user and device identities. Train and Educate Teams Conduct regular AI-threat simulation exercises. Develop comprehensive awareness programs to prevent human error. Conduct Resiliency Drills Test response protocols against AI-powered attack scenarios. Measure and improve readiness through regular evaluations. Collaborate Across Industries Share threat intelligence to counteract emerging risks. Engage in cross-sector forums to foster innovation. (adsbygoogle = window.adsbygoogle || []).push({}); Challenges in Achieving Cyber Resiliency Despite AI’s potential, organizations face obstacles: High Costs : Advanced AI tools require significant investment. Skills Gaps : Many teams lack expertise in implementing AI-driven solutions. Regulatory Complexity : Compliance with evolving global standards is challenging. Rapid Change : Technology advances faster than most organizations can adapt. Invest in training programs for AI and cybersecurity . Build partnerships to share resources and expertise. The Future of Cyber Resiliency in the AI Era The next frontier includes: Quantum-Resistant Encryption : Preparing for threats posed by quantum computing. AI-Augmented Defense Systems : Combining human expertise with machine intelligence. Collaborative Ecosystems : Global alliances to tackle cyber threats collectively. Conclusion In the AI era, cyber resiliency requires a comprehensive and adaptive approach. Organizations can strengthen their defenses by leveraging advanced technologies, promoting a culture of continuous learning, and deploying strategic defense measures to stay ahead of evolving threats. Now is the time to act. Assess your organization’s resiliency, invest in AI-powered solutions, and prepare for a future where adaptability is the ultimate competitive advantage. RELATED TOPICS Microsoft’s Secure Future Initiative Boosts Cybersecurity Email Hacking Reigns as Top Cybersecurity Threat, Study Cybersecurity Tips For Businesses Using Remote Workers IT, Cybersecurity Jobs in the Age of Emerging AI Technologies Future of Phishing Email Training for Employees in Cybersecurity
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