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CHARLESTON, S.C. (AP) — Bryce Thompson scored 17 points, Marchelus Avery had 15 points and eight rebounds, and Oklahoma State beat Miami 80-74 on Friday in the consolation bracket of the Charleston Classic. Oklahoma State (4-1) will play in the fifth-place game on Sunday, while Miami (3-2) will try to avoid going winless in the tournament.Man City collapse ‘difficult to swallow’ – Pep Guardiola
ECU CB Shavon Revel Jr. declares for NFL draftIn a first, Fatima Fertilizer adopts SDGs impact framework
CHANDLER, Ariz.--(BUSINESS WIRE)--Dec 10, 2024-- Rogers Corporation (NYSE: ROG) (“Rogers”) announced today that Laura Russell has been appointed to serve as the Company’s new Senior Vice President, Chief Financial Officer and Treasurer effective December 10. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241210039520/en/ (Photo: Business Wire) “Since taking over as interim CFO in August, Laura has proven to be an invaluable addition to Rogers’ senior executive team,” said Colin Gouveia, Rogers' President and CEO. “She has demonstrated outstanding leadership of critical finance functions and has already made significant contributions. Laura brings extensive business and financial expertise from leading companies, which will be a tremendous asset to Rogers as we continue to execute our strategic objectives.” Ms. Russell, age 49, joined Rogers in September 2023 as Vice President of Finance and served in that capacity until her appointment as interim CFO in August 2024. Prior to joining the Company, from July 2021 to September 2023, Ms. Russell served as the Vice President of Finance, Operations for Wolfspeed. From December 2015 to July 2021, Ms. Russell was the Vice President of Finance for the Radio Products business of NXP Semiconductors (“NXP”). Prior to NXP, from 1997 to December 2015, Ms. Russell served in multiple roles with Motorola and Freescale Semiconductors (later acquired by NXP). Ms. Russell earned her BA in Business Economics from the University of the West of Scotland and is a member of the Chartered Institute of Management Accountants. About Rogers Corporation Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers’ advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in Chandler, Arizona, Rogers operates manufacturing facilities in the United States, Asia and Europe, with sales offices worldwide. For more information, visit www.rogerscorp.com . Safe Harbor Statement Statements included in this release that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements, and are based on Rogers’ current beliefs and expectations. This release contains forward-looking statements regarding our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law. View source version on businesswire.com : https://www.businesswire.com/news/home/20241210039520/en/ CONTACT: Media Contact: Amy Kweder Senior Director, Corporate Communications Phone: 480.203.0058 Email:amy.kweder@rogerscorporation.com Investor Contact: Steve Haymore Senior Director, Investor Relations Phone: 480.917.6026 Email:stephen.haymore@rogerscorporation.com KEYWORD: ARIZONA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS EV/ELECTRIC VEHICLES AUTOMOTIVE VEHICLE TECHNOLOGY ENGINEERING AUTOMOTIVE MANUFACTURING MANUFACTURING HARDWARE SOURCE: Rogers Corporation Copyright Business Wire 2024. PUB: 12/10/2024 04:05 PM/DISC: 12/10/2024 04:04 PM http://www.businesswire.com/news/home/20241210039520/en
General Dynamics Board Declares Dividend, Authorizes Additional Share RepurchasesAttempt to ban Montana transgender lawmaker from using women's restrooms failsPep Guardiola’s side avoided the indignity of a sixth successive defeat in all competitions and looked on course for a welcome victory thanks to a double from Erling Haaland – the first from the penalty spot – and a deflected effort from Ilkay Gundogan. Yet Guardiola was left with his head in hands as Feyenoord roared back in the last 15 minutes with goals from Anis Hadj Moussa, Sergio Gimenez and David Hancko, two of them after Josko Gvardiol errors. FULL-TIME | A point apiece. 🩵 3-3 ⚫️ #ManCity | #UCL pic.twitter.com/6oj1nEOIwm — Manchester City (@ManCity) November 26, 2024 Arsenal delivered the statement Champions League win Mikel Arteta had demanded as they swept aside Sporting Lisbon 5-1. Arteta wanted his team to prove their European credentials, and goals from Gabriel Martinelli, Kai Havertz, Gabriel, Bukayo Saka and Leandro Trossard got their continental campaign back on track in style following the 1-0 defeat at Inter Milan last time out. A memorable victory also ended Sporting’s unbeaten start to the season, a streak of 17 wins and one draw, the vast majority of which prompted Manchester United to prise away head coach Ruben Amorim. Putting on a show at Sporting 🌟 pic.twitter.com/Yi9MgRZEkl — Arsenal (@Arsenal) November 26, 2024 Paris St Germain were left in serious of danger of failing to progress in the Champions League as they fell to a 1-0 defeat to Bayern Munich at the Allianz Arena. Kim Min-jae’s header late in the first half was enough to send PSG to a third defeat in the competition this season, leaving them six points off the automatic qualification places for the last 16 with three games to play. Luis Enrique’s side, who had Ousmane Dembele sent off, were deservedly beaten by Bayern who dominated chances and possession. 🔔 FULL TIME – Victory at home! +3 in the #UCL 👏❤️ #FCBayern #MiaSanMia | #FCBPSG #UCL pic.twitter.com/BYE23dXXih — FC Bayern (@FCBayernEN) November 26, 2024 Elsewhere, Atletico Madrid were 6-0 winners away to Sparta Prague, Julian Alvarez and Angel Correa each scoring twice whilst there were also goals from Marcos Llorente and Antoine Griezmann. Barcelona ended tournament debutants Brest’s unbeaten start with a 3-0 victory courtesy of two goals from Robert Lewandowski – one a penalty – and Dani Olmo. Lewandowski’s first was his 100th Champions League goal, only the third man to reach the mark after Cristiano Ronaldo and Lionel Messi. A Castello Lukeba own goal saw Inter Milan go top of the standings with a narrow 1-0 win over RB Leipzig at San Siro, whilst Bayer Leverkusen were emphatic victors against Red Bull Salzburg, Florian Wirtz scoring twice to move Xabi Alonso’s side into the automatic qualification places. Atalanta continued their strong start, albeit whilst conceding a first goal in Europe this season in a 6-1 win away to Young Boys, whilst Tammy Abraham scored the decisive goal as AC Milan beat Slovan Bratislava 3-2.
No secrets as Bucs visit Dave Canales, Panthers for NFC South showdown
A UK ticket-holder has won £177 million in Tuesday’s EuroMillions draw. But it is not the largest prize a person has won in this country. Here are the 10 biggest UK lottery winners – all from EuroMillions draws – and what some of them did with their fortunes. – Anonymous, £195,707,000 A UK ticket-holder scooped the record EuroMillions jackpot of £195 million on July 19 2022 – the biggest National Lottery win of all time. – Joe and Jess Thwaite, £184,262,899.10 Joe and Jess Thwaite, from Gloucester, scooped a then record-breaking £184,262,899 with a Lucky Dip ticket for the draw on May 10 2022. At the time, Joe was a communications sales engineer, and Jess ran a hairdressing salon with her sister. – Unclaimed ticket holder, £177 million Tuesday’s winner is wealthier than former One Direction member Harry Styles and heavyweight boxer Anthony Joshua, who are both worth £175 million, according to the latest Sunday Times Rich List. Players have been urged to check their tickets to see if they can claim the prize. – Anonymous, £170,221,000 The fourth biggest winner of the National Lottery to date scooped £170 million in October 2019, after matching all the numbers in a Must Be Won draw. – Colin and Chris Weir, £161,653,000 Colin and Chris Weir, from Largs, North Ayrshire, bagged their historic winnings in July 2011, making them the biggest UK winners at the time. Colin used £2.5 million of his fortune to invest in his beloved Partick Thistle Football Club, which led to one of the stands at the stadium being named after him. He later acquired a 55% shareholding in the club, which was to be passed into the hands of the local community upon his death. He died in December 2019, aged 71. The couple also set up the Weir Charitable Trust in 2013 and donated £1 million to the Scottish independence referendum in 2014. They divorced in the same year as Colin’s death. – Adrian and Gillian Bayford, £148,656,000 Adrian and Gillian won 190 million euros in a EuroMillions draw in August 2012, which came to just over £148 million. The couple bought a Grade II listed estate in Cambridgeshire, complete with cinema and billiards room, but it was sold in 2021, some years after the pair divorced, as reported by The Mirror. – Anonymous, £123,458,008 The seventh biggest National Lottery winner won a Superdraw rollover jackpot in June 2019, and decided not to go public with their success. – Anonymous, £122,550,350 After nine rollovers, one lucky anonymous ticket-holder bagged more than £122 million in April 2021. – Anonymous, £121,328,187 Another of the UK’s top 10 lottery winners found their fortune through a Superdraw jackpot rollover, this time in April 2018. – Frances and Patrick Connolly, £114,969,775 Former social worker and teacher Frances set up two charitable foundations after she and her husband won almost £115 million on New Year’s Day 2019. She estimates that she has already given away £60 million to charitable causes, as well as friends and family. She considers helping others to be an addiction, saying: “It gives you a buzz and it’s addictive. I’m addicted to it now.”Attempt to ban Montana transgender lawmaker from using women's restrooms fails
NEW YORK (AP) — President-elect Donald Trump’s recent dinner with Canadian Prime Minister Justin Trudeau and his visit to Paris for the reopening of the Notre Dame Cathedral were not just exercises in policy and diplomacy. They were also prime trolling opportunities for Trump. Throughout his first term in the White House and during his campaign to return, Trump has spun out countless provocative, antagonizing and mocking statements. There were his belittling nicknames for political opponents, his impressions of other political figures and the plentiful memes he shared on social media. Now that's he's preparing to return to the Oval Office, Trump is back at it, and his trolling is attracting more attention — and eyerolls. On Sunday, Trump turned a photo of himself seated near a smiling first lady Jill Biden at the Notre Dame ceremony into a social media promo for his new perfume and cologne line, with the tag line, “A fragrance your enemies can’t resist!” The first lady’s office declined to comment. When Trudeau hastily flew to Florida to meet with Trump last month over the president-elect's threat to impose a 25% tax on all Canadian products entering the U.S., the Republican tossed out the idea that Canada become the 51st U.S. state. The Canadians passed off the comment as a joke, but Trump has continued to play up the dig, including in a post Tuesday morning on his social media network referring to the prime minister as “Governor Justin Trudeau of the Great State of Canada.” After decades as an entertainer and tabloid fixture, Trump has a flair for the provocative that is aimed at attracting attention and, in his most recent incarnation as a politician, mobilizing fans. He has long relished poking at his opponents, both to demean and minimize them and to delight supporters who share his irreverent comments and posts widely online and cheer for them in person. Trump, to the joy of his fans, first publicly needled Canada on his social media network a week ago when he posted an AI-generated image that showed him standing on a mountain with a Canadian flag next to him and the caption “Oh Canada!” After his latest post, Canadian Immigration Minister Marc Miller said Tuesday: “It sounds like we’re living in a episode of South Park." Trudeau said earlier this week that when it comes to Trump, “his approach will often be to challenge people, to destabilize a negotiating partner, to offer uncertainty and even sometimes a bit of chaos into the well established hallways of democracies and institutions and one of the most important things for us to do is not to freak out, not to panic.” Even Thanksgiving dinner isn't a trolling-free zone for Trump's adversaries. On Thanksgiving Day, Trump posted a movie clip from “National Lampoon’s Christmas Vacation” with President Joe Biden and other Democrats’ faces superimposed on the characters in a spoof of the turkey-carving scene. The video shows Trump appearing to explode out of the turkey in a swirl of purple sparks, with the former president stiffly dancing to one of his favorite songs, Village People’s “Y.M.C.A." In his most recent presidential campaign, Trump mocked Florida Gov. Ron DeSantis, refusing to call his GOP primary opponent by his real name and instead dubbing him “Ron DeSanctimonious.” He added, for good measure, in a post on his Truth Social network: “I will never call Ron DeSanctimonious ‘Meatball’ Ron, as the Fake News is insisting I will.” As he campaigned against Biden, Trump taunted him in online posts and with comments and impressions at his rallies, deriding the president over his intellect, his walk, his golf game and even his beach body. After Vice President Kamala Harris took over Biden's spot as the Democratic nominee, Trump repeatedly suggested she never worked at McDonalds while in college. Trump, true to form, turned his mocking into a spectacle by appearing at a Pennsylvania McDonalds in October, when he manned the fries station and held an impromptu news conference from the restaurant drive-thru. Trump’s team thinks people should get a sense of humor. “President Trump is a master at messaging and he’s always relatable to the average person, whereas many media members take themselves too seriously and have no concept of anything else other than suffering from Trump Derangement Syndrome,” said Steven Cheung, Trump’s communications director. “President Trump will Make America Great Again and we are getting back to a sense of optimism after a tumultuous four years.” Though both the Biden and Harris campaigns created and shared memes and launched other stunts to respond to Trump's taunts, so far America’s neighbors to the north are not taking the bait. “I don’t think we should necessarily look on Truth Social for public policy,” Miller said. Gerald Butts, a former top adviser to Trudeau and a close friend, said Trump brought up the 51st state line to Trudeau repeatedly during Trump’s first term in office. “Oh God,” Butts said Tuesday, “At least a half dozen times.” “This is who he is and what he does. He’s trying to destabilize everybody and make people anxious,” Butts said. “He’s trying to get people on the defensive and anxious and therefore willing to do things they wouldn’t otherwise entertain if they had their wits about them. I don’t know why anybody is surprised by it.” Gillies reported from Toronto. Associated Press writer Darlene Superville contributed to this report.
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ISSAQUAH, Wash., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation ("Costco" or the "Company") COST today reported net sales of $21.87 billion for the retail month of November, the four weeks ended December 1, 2024, an increase of 5.6 percent from $20.71 billion last year. For the twelve-week first quarter ended November 24, 2024, the Company reported net sales of $60.99 billion, an increase of 7.5 percent from $56.72 billion last year. Net sales for the first thirteen weeks were $66.52 billion, an increase of 7.2 percent from $62.04 billion last year. Comparable sales were as follows: 4 Weeks 12 Weeks 13 Weeks Retail Q1 FY'25 YTD U.S. 3.4% 5.2% 4.7% Canada 3.7% 5.8% 5.7% Other International 1.3% 4.7% 5.7% Total Company 3.1% 5.2% 5.0% E-commerce -3.1% 13.0% 10.1% Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were as follows: 4 Weeks 12 Weeks 13 Weeks Retail Q1 FY'25 YTD U.S. 4.3% 7.2% 6.6% Canada 5.7% 6.7% 6.8% Other International 7.3% 7.1% 8.5% Total Company 4.9% 7.1% 6.9% E-commerce -2.5% 13.2% 10.5% E-commerce sales in November were negatively impacted by an estimated 15 percentage points, due to Thanksgiving / Black Friday / Cyber Monday occurring a week later this year versus last year. Total and comparable sales were negatively impacted by approximately one and one-half percent as a result of the shift in E-commerce sales. Additional discussion of these results is available in a pre-recorded message. It can be accessed by visiting investor.costco.com (click on "Events & Presentations"). This message will be available through 4:00 p.m. (PT) on Wednesday, December 11, 2024. Costco currently operates 897 warehouses, including 617 in the United States and Puerto Rico, 109 in Canada, 41 in Mexico, 36 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia. Certain statements contained in this document and the pre-recorded message constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, public-health related factors, and other risks identified from time to time in the Company's public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP. CONTACTS: Costco Wholesale Corporation David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254 Andrew Yoon, 425/313-6305 COST-Sales © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
49% Year-to-Date Revenue Growth and 71% Adjusted Gross Margin Drive OAM's Path to Profitability TORONTO , Nov. 27, 2024 /CNW/ - OverActive Media Corp. ("OverActive" or the "Company") OAM OAMCF , a global esports, and entertainment company for today's generation of fans , released its third-quarter results for the three and nine-month periods ended September 30, 2024 . Note to reader: A significant portion of the Company's revenue is derived from "League Revenues," which have historically varied in the quarter they were received, making period-over-period comparisons less meaningful. To address this, the Company has adopted a straight-line revenue recognition model, distributing revenue evenly over 12 months. This approach ensures more consistent quarter-to-quarter comparisons. The normalized financials in this press release reflect this change, providing clearer insights into the Company's performance. All amounts are presented in Canadian dollars ($). Below is a summary of the financial results for the three and nine months ended September 30, 2024 , compared to the three and nine months ended September 30, 2023 : $CAD (000's) Three months ended September 30, 2024 Three months ended September 31, 2023 Variance (%) Three months ended September 30, 2023 (Normalized) Variance (%) Normalized Nine months ended September 30, 2024 Nine months ended September 30, 2023 Variance (%) Nine months ended September 30, 2023 (Normalized) Variance (%) Normalized Revenue $6,881 $6,015 14 % $3,998 72 % $17,156 $11,492 49 % $10,819 59 % Adjusted Gross Profit i $5,071 $4,837 5 % $2,820 80 % $12,194 $7,717 58 % $7,044 73 % Adjusted Gross Margin i 74 % 80 % -8 % 71 % 4 % 71 % 67 % 6 % 65 % 9 % Operating Expenses $7,609 $5,374 42 % $5,374 42 % $22,416 $17,259 30 % $17,259 30 % Adjusted EBITDA i $4 $777 -99 % ($1,240) 100 % ($3,048) ($5,508) 45 % ($6,181) 51 % Net Income (Loss) ($1,790) ($1,993) 10 % ($4,010) 55 % $239 ($11,170) 102 % ($11,843) 102 % Net Working Capital $9,423 ($4,260) 321 % ($4,260) 321 % $9,423 ($4,260) 321 % ($4,260) 321 % Cash & Equivalents $8,861 $9,695 -9 % $9,695 -9 % $8,861 $9,695 -9 % $9,695 -9 % i Adjusted EBITDA and Adjusted Gross Margin/Profit are non-IFRS measures. Refer to "Non-IFRS Measures" at the end of this press release. "Our third-quarter results demonstrate OverActive Media's disciplined execution and growth. With year-to-date revenue up 49% to $17.1 million and positive net income of $239,000 , we are making significant progress," said Adam Adamou , CEO of OverActive Media. "This growth is driven by strategic changes, including renegotiated league agreements, increased digital revenue, and contributions from our KOI and Riders acquisitions, as well as our entry into the VALORANT EMEA ecosystem. We delivered positive Adjusted EBITDA this quarter and significantly reduced year-to-date Adjusted EBITDA losses by 45%, illustrating our strong path forward." Mr. Adamou continued, "Restructuring agreements with Activision earlier this year eliminated over $35 million in liabilities, strengthening our net working capital to $9.4 million . Additionally, post-quarter, we finalized a new Riot Games agreement that eliminated the remaining $2 million franchise fee for our LEC team, securing full ownership of our franchises without future obligations. These restructured agreements have enabled us to generate high-margin revenue streams, especially in digital merchandise and microtransactions. Mr. Adamou concluded, "Today, we are operating from a position of financial strength — debt-free, globally diversified, and supported by partnerships with iconic brands like Pepsi, AMD, Telefónica, and Bell. With a clear strategy, strong margins, and transformative agreements in place, we are focused on expanding our opportunities and driving sustainable, profitable growth in the near future." Q3 2024 Financial Highlights Revenue for the three months ended September 30, 2024 totaled $6.8 million , reflecting a 14% increase compared to $6.0 million in the same period of 2023. On a normalized basis—accounting for changes in revenue recognition—revenue increased by $2.8 million , or 72%. This growth was driven by several strategic initiatives, including the acquisition of Riders and KOI assets in the first quarter and our entry into the VALORANT EMEA ecosystem in February. Additionally, stronger performance across both our Team Operations and Business Operations segments, particularly from digital merchandise (MTX) sales, contributed significantly to this revenue expansion. Operating Costs for the three months ended September 30, 2024 totaled $7.6 million , compared to $5.4 million for the same period in 2023, reflecting a 42% increase. This rise in costs is primarily attributed to higher payroll expenses across both corporate and team operations, driven by the integration of the recently acquired Riders and the KOI assets. Additionally, one-time restructuring costs incurred as part of our strategic efforts to streamline operations and improve efficiency have also contributed to this increase. Adjusted Gross Profit i for the quarter (defined as revenue less direct costs) remained strong at $5.1 million , resulting in an Adjusted Gross Margin i of 74%, compared to $4.8 million and 80% for the same period in 2023. On a normalized basis, Adjusted Gross Profit improved from $2.8 million to $5.1 million for the quarter and Adjusted Gross Margin improved from 71% to 74%. The stability in Adjusted Gross Profit, despite the increase in operating costs, highlights the effectiveness of our revenue growth initiatives, particularly from digital merchandise sales and contributions from our expanded portfolio. These results underscore the scalability of our business model as we continue to execute on strategic opportunities to drive long-term profitability. Adjusted EBITDA i for the three months ended September 30, 2024 was essentially break-even, compared to an Adjusted EBITDA gain of $777,000 in the same period in 2023. This year-over-year decline is primarily due to changes in the timing of revenue recognition for certain league earnings and in-game microtransactions (MTX). On a normalized basis, Adjusted EBITDA showed a significant improvement, moving from a loss of $1.2 million in Q3 2023 to a gain of $4,000 in Q3 2024. This improvement was driven by increased revenues from strategic acquisitions, and successful team performances in key tournaments. Net Loss for the three months ended September 30, 2024 was $1.8 million , representing a 10% improvement compared to a Net Loss of $2.0 million in the same period in 2023. This improvement was driven by strong revenue growth and disciplined cost management, even as the Company absorbed additional expenses related to acquisitions and integration. Net Working Capital (current assets less current liabilities) as of September 30, 2024 improved dramatically to $9.4 million , compared to negative working capital of $4.3 million in the same period in 2023 — a positive shift of $13.7 million . This significant change is primarily the result of the acquired businesses and the restructuring of our league partnerships, which resulted in the elimination of substantial league payables. Cash and Cash Equivalents as of September 30, 2024 totaled $8.9 million , compared to $9.7 million at the same time in 2023. This modest decrease reflects careful asset management, with planned investments directed toward operating activities and acquisition integration costs. The Company's approach underscores a commitment to balancing strategic growth with operational efficiency while maintaining a strong liquidity position. Nine Months 2024 Financial Highlights For the nine months ended September 30, 2024 Revenue totaled $17.2 million , a 49% increase compared to $11.5 million during the same period in 2023. After normalizing for changes in revenue recognition, Revenue grew by $6.3 million or 59%. This growth was driven by strategic acquisitions of Riders and KOI, stronger performance across Team Operations and Business Operations segments, and contributions from our marketing and influencer activities. Operating Costs for the nine months ended September 30, 2024 were $22.4 million , a 30% increase compared to $17.3 million in the same period in 2023. This increase reflects higher payroll expenses, costs associated with integrating acquired businesses, and one-time restructuring expenses. These costs align with the Company's strategic focus on streamlining operations and positioning for sustainable growth. Adjusted Gross Profit for the period stood at $12.2 million , with an Adjusted Gross Margin of 71%, compared to $7.7 million and 67% for the same period in 2023. On a normalized basis, year-to-date Adjusted Gross Profit significantly improved from $7.0 million to $12.2 million and Adjusted Gross Margin improved from 65% to 71%. The growth in Adjusted Gross Profit underscores the scalability of our revenue model, particularly from digital merchandise and expanded team contributions. Adjusted EBITDA loss for the nine months ended September 30, 2024 was $3.0 million , a 45% improvement from the $5.5 million loss reported for the same period in 2023. This improvement reflects robust revenue growth from acquisitions and changes in revenue recognition, offset by integration and restructuring costs. Net Income for the nine months ended September 30, 2024 was a gain of $239,000 , compared to a Net Loss of $11.2 million in the same period in 2023. The shift to profitability was driven by strong revenue performance, disciplined cost management, and a gain from the termination of the Call of Duty League franchise obligation. Selected Q3 2024 Achievements OverActive Media's teams, competing as Toronto Ultra at the 2024 Esports World Cup (EWC) in Saudi Arabia , delivered a strong international performance, earning valuable Club Championship Points in Overwatch 2, Teamfight Tactics, and Call of Duty to secure an 11th place global finish. This achievement underscores OverActive Media's growing influence in the global esports ecosystem and highlights its role as an Official Esports World Cup Partner. OverActive Media secured new high-profile partnerships with global brands, including Pepsi, and renewed previous announced partnerships with AMD, SCUF and Bell. These partnerships continue to enhance the Company's market presence and brand portfolio, particularly in the esports and gaming sectors. Toronto Ultra finished in third place at the CDL World Championships in Texas , capping off a successful year that included winning Major 1 in the first quarter and leading all CDL teams in team branded digital merchandise sales globally. Significant Announcements Subsequent to Quarter End OverActive Media's esports team, Movistar KOI, partnered with Ecoembes, a leader in circular economy and packaging recycling, to drive sustainability within the esports community. This strategic sponsorship positions Movistar KOI as an advocate for environmental responsibility in European esports, focusing on recycling awareness, packaging recovery, and carbon neutrality. The partnership also includes Movistar KOI's commitment to the United Nations Sports for Climate Action Framework, reinforcing OverActive Media's dedication to sustainable growth. OverActive Media's League of Legends team MAD Lions KOI qualified for the World Championship tournament for the sixth consecutive time, drawing peak viewership of almost 2.5M concurrent viewers. OverActive Media has secured a new long-term partnership with Riot Games for the League of Legends EMEA Championship (LEC), reinforcing its presence in one of the world's premier esports leagues. The agreement eliminates all future franchise obligations from OAM's balance sheet, significantly improving future cash flows and ensuring full ownership of its franchises with no remaining liabilities. This milestone positions the company for enhanced revenue opportunities and long-term growth in the global esports ecosystem. The Company's consolidated unaudited financial statements, notes to financial statements, and Management's Discussion and Analysis for the three and nine-month periods ended September 31, 2024 , are available on the Company's website at www.overactivemedia.com and under the Company's profile on SEDAR at www.sedarplus.ca . Conference Call The Company will conduct a conference call on Thursday, November 28, 2024 , at 9:00 a.m. (Eastern Time) to review the third-quarter results, as well as provide an overview of the Company's recent milestones and growth strategy. To access the conference call without operator assistance, please register and enter your phone number at https://emportal.ink/3O6qT40 to receive an instant automated callback. To dial directly to be entered into the call by an operator, please dial 1-888-699-1199 or, for international callers, 416-945-7677 . A replay will be available shortly after the call and can be accessed by dialing 1-888-660-6345 or, for international callers, 289-819-1450 . The entry code for the replay is 27822# . The replay will expire on Thursday, December 5, 2024 . A live conference call webcast can be accessed on OverActive's website at https://app.webinar.net/ZXxR8X7pPLM . An online webcast archive will be available via the same link for three months following the call. ABOUT OVERACTIVE MEDIA OverActive Media Corp. OAM OAMCF is headquartered in Toronto, Ontario , with operations in Madrid, Spain and Berlin, Germany , is a premier global esports and entertainment company for today's generation of fan. OverActive owns team franchises in professional esports leagues, including the Call of Duty League, operating as the Toronto Ultra, the League of Legends EMEA Championship (LEC), operating as MAD Lions KOI, the VALORANT Champions League (VCT) EMEA, operating as Movistar KOI and other professional esports leagues and competitions. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of OverActive with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding the anticipated financial and operating results of OverActive in the future. Investors are cautioned that forward-looking statements are not based on historical facts but instead OverActive management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although OverActive believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the OverActive. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the following: the potential impact of OverActive's qualifying transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; the ability of the Company to continue to execute on its existing partnerships and business strategy; the ability of the MAD Lions and Call of Duty Leagues to maintain viewership; the successful completion of the Company's new venue; and other risk factors set out in OverActive's most recent annual information form and its other filings with Canadian securities regulators, copies of which may be found under OverActive's profile at www.sedarplus.ca . These forward-looking statements may be affected by risks and uncertainties in the business of OverActive and general market conditions, 9. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although OverActive has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. OverActive does not intend and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law. NON-IFRS MEASURES This press release includes references to Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin. These non-IFRS financial measures are not earnings or cash flow measures recognized by IFRS and do not have standardized meanings prescribed by IFRS. Our method of calculating these financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows. Adjusted EBITDA is defined by the Company net income or loss before income taxes, finance costs, finance income, depreciation and amortization, decrease in net present value of franchise obligations, foreign exchange gains / loss, assistance payments from Franchise League and government assistance, restructuring and business development costs, impairment charges, and share-based compensation. We believe that Adjusted EBITDA is a useful measure of financial performance because it provides an indication of the Company's ability to capitalize on growth opportunities in a cost-effective manner, finance its ongoing operations and service its financial obligations. A reconciliation of Adjusted EBITDA to net income/loss may be found in the Company's Management's Discussion and Analysis for the three and nine-month periods ended September 30, 2024 . Adjusted Gross Profit is defined by the Company as revenue less the direct operating costs incurred by the Company in generating revenue. Direct operating costs include merchandise, sponsorship and agency expenses, live event expenses and the portion of team prize money revenue paid to team members but do not include other team operation expenses or other indirect operating costs. Adjusted Gross Profit Margin is the percentage that Adjusted Gross Profit represents of total revenue. We believe that Adjusted Gross Profit and Adjusted Gross Profit Margin are important measures of financial performance because they focus on the profitability of our core revenue-generating activities by excluding indirect operating costs. These metrics provide investors with a clearer view of the Company's ability to deliver value to fans, sponsors, advertisers, and league partners, while maintaining sustainable margins in our primary operations. This distinction helps investors evaluate the underlying performance and efficiency of our revenue streams before considering broader expenses. A reconciliation of revenue to Adjusted Gross Profit and Adjusted Gross Profit Margin for the periods indicated is as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $ $ $ $ Revenue for the period 6,881 6,015 17,156 11,492 Normalized revenue for the period 6,881 3,998 17,156 10,819 Less: Merchandise, sponsorship and agency expenses (1) 625 126 1,542 595 Live event expenses 510 888 2,157 1,999 Team prize money expense (2) 674 163 1,263 1,181 Total Direct Costs 1,810 1.178 4,962 3,775 Adjusted Gross Profit 5,071 4,837 12,194 7,717 Normalized Adjusted Gross Profit 5,071 2,820 12,194 7,044 Adjusted Gross Profit Margin 74 % 80 % 71 % 67 % Normalized Adjusted Gross Profit Margin 74 % 71 % 71 % 65 % Notes: (1) These are selling, general and administrative operating costs that the Company treats as direct costs. (2) Represents the portion of team operations constituting prize money the portion of team prize money revenue paid to team members. The following tables presents a reconciliation of net loss to adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $ $ $ $ Net income (loss) for the period (1,790) (1,993) 239 (11,170) Income tax expense (recovery) 176 152 (334) 148 Depreciation 546 435 1,688 1,313 Amortization 318 51 744 159 Decrease in net present value of franchise obligations - - (9,838) - Finance income (64) (44) (222) (182) Finance costs 150 1,332 1,603 3,843 Foreign exchange (gain) loss (70) 610 903 119 Share-based compensation 254 122 368 (55) Restructuring and development costs 484 112 1,801 317 Adjusted EBITDA 4 777 (3,048) (5,508) Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. SOURCE Overactive Media Corp. View original content: http://www.newswire.ca/en/releases/archive/November2024/27/c7616.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The long sports-filled Thanksgiving weekend is a time when many Americans enjoy gathering with friends and family for good food, good company and hopefully not too much political conversation. Also on the menu — all the NFL and college sports you can handle. Here's a roadmap to one of the biggest sports weekends of the year, with a look at marquee games over the holiday and how to watch. All times are in EST. All odds are by BetMGM Sportsbook. What to watch Thursday —NFL: There is a triple-header lined up for pro football fans. Chicago at Detroit, 12:30 p.m., CBS: Rookie quarterback Caleb Williams and the Bears go against the Lions, who are one of the favorites to reach the Super Bowl in February. Lions favored by 10. New York at Dallas, 4:30 p.m., Fox: The Giants and Cowboys are both suffering through miserable seasons and are now using backup quarterbacks for different reasons. But if Dallas can figure out a way to win , it will still be on the fringe of the playoff race. Cowboys favored by 3 1/2. Miami at Green Bay, 8:20 p.m., NBC/Peacock: The Packers stumbled slightly out of the gate but have won six of their past seven games . They'll need a win against Miami to try to keep pace in the NFC North. Packers favored by 3. —College Football: Memphis at No. 18 Tulane, 7:30 p.m., ESPN. If college football is your jam, this is a good warmup for a big weekend. The Tigers try to ruin the Green Wave’s perfect record in the American Athletic Conference. Tulane is favored by 14. What to watch Friday —NFL: A rare Friday showdown features the league-leading Chiefs. Las Vegas at Kansas City, 3 p.m. Prime Video: The Chiefs and quarterback Patrick Mahomes are 12-point favorites over the Raiders. —College Basketball: Some of the top programs meet in holiday tournaments around the country. Battle 4 Atlantis championship, 5:30 p.m., ESPN: One of the premier early season tournaments, the eight-team field includes No. 3 Gonzaga, No. 14 Indiana and No. 24 Arizona. Rady Children's Invitational, 6 p.m., Fox: It's the championship game for a four-team field that includes No. 13 Purdue and No. 23 Mississippi. —College Football: There is a full slate of college games to dig into. Oregon State at No. 11 Boise State, noon, Fox: The Broncos try to stay in the College Football Playoff hunt when they host the Beavers. Boise State favored by 19 1/2. Oklahoma State at No. 23 Colorado, noon, ABC: The Buffaloes and Coach Prime are still in the hunt for the Big 12 championship game when they host the Cowboys. Colorado favored by 16 1/2. Georgia Tech at No. 6 Georgia, 7:30 p.m., ABC: The Bulldogs are on pace for a spot in the CFP but host what could be a tricky game against rival Georgia Tech. Georgia favored by 19 1/2. —NBA. After taking Thanksgiving off, pro basketball returns. Oklahoma City at Los Angeles Lakers, 10 p.m., ESPN: The Thunder look like one of the best teams in the NBA's Western Conference. They'll host Anthony Davis, LeBron James and the Lakers. What to watch Saturday —College Football. There are more matchups with playoff implications. Michigan at No. 2 Ohio State, noon, Fox: The Wolverines are struggling one season after winning the national title. They could make their fan base a whole lot happier with an upset of the Buckeyes . Ohio State favored by 21. No. 7 Tennessee at Vanderbilt, noon, ABC: The Volunteers are a fairly big favorite and have dominated this series, but the Commodores have been a tough team this season and already have achieved a monumental upset over Alabama . Tennessee favored by 11. No. 16 South Carolina at No. 12 Clemson, noon, ESPN: The Palmetto State rivals are both hanging on the edge of the CFP playoff race. A win — particularly for Clemson — would go a long way toward clinching its spot in the field. Clemson favored by 2 1/2. No. 3 Texas at No. 20 Texas A&M, 7:30 p.m. ABC: The Aggies host their in-state rival for the first time since 2011 after the Longhorns joined the SEC. Texas favored by 5 1/2. Washington at No. 1 Oregon, 7:30 p.m., NBC: The top-ranked Ducks have been one of the nation’s best teams all season. They’ll face the Huskies, who would love a marquee win in coach Jedd Fisch’s first season. Oregon favored by 19 1/2. —NBA: A star-studded clash is part of the league's lineup. Golden State at Phoenix, 9 p.m., NBA TV: Steph Curry and the Warriors are set to face the Suns' Big Three of Kevin Durant, Devin Booker and Bradley Beal. What to watch Sunday —NFL: It's Sunday, that says it all. Pittsburgh at Cincinnati, 1 p.m., CBS: Joe Burrow is having a great season for the Bengals , who are struggling in other areas. They need a win to stay in the playoff race, hosting a Steelers team that's 8-3 and won five of their past six. Bengals favored by 3. Arizona at Minnesota, 1 p.m., Fox: The Cardinals are tied for the top of the NFC West while the Vikings are 9-2 and have been one of the biggest surprises of the season with journeyman Sam Darnold under center. Vikings favored by 3 1/2. Philadelphia at Baltimore, 4:25 p.m., CBS: Two of the league's most electric players will be on the field when Saquon Barkley and the Eagles travel to face Lamar Jackson and the Ravens. Ravens favored by 3. San Francisco at Buffalo, 8:20 p.m. NBC/Peacock: The 49ers try to get back to .500 against the Bills , who have won six straight. Bills favored by 7. —NBA. The best teams in the Eastern Conference meet in a statement game. Boston at Cleveland, 6 p.m., NBA TV: The defending champion Celtics travel to face the Cavs , who won their first 15 games to start the season. —Premier League: English soccer fans have a marquee matchup. Manchester City at Liverpool, 11 a.m., USA Network/Telemundo. The two top teams meet with Manchester City trying to shake off recent struggles. —Auto Racing: The F1 season nears its conclusion. F1 Qatar Grand Prix, 11 a.m., ESPN2 – It's the penultimate race of the season. Max Verstappen already has clinched his fourth consecutive season championship . AP sports: https://apnews.com/sportsHow major US stock indexes fared Tuesday, 12/10/2024None