Strong top and bottom-line results driven by ongoing strength of the Marketing & Distribution segment Operating cash flow for full year fiscal 2024 increased by $64.2 million versus fiscal 2023 OXNARD, Calif., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Mission Produce, Inc. AVO ("Mission" or the "Company"), a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today reported its financial results for the fiscal fourth quarter ended October 31, 2024. Fiscal Fourth Quarter 2024 Financial Overview: Total revenue increased 37% to $354.4 million compared to the same period last year Net income of $17.3 million, or $0.24 per diluted share, compared to $4.0 million, or $0.06 per diluted share, for the same period last year Adjusted net income of $19.6 million, or $0.28 per diluted share, compared to $7.5 million, or $0.11 per diluted share, for the same period last year Adjusted EBITDA increased 113% to $36.9 million, compared to $17.3 million in the same period last year Full Year 2024 Financial Overview Total revenue increased 29% to $1.23 billion compared to prior year, primarily driven by higher average per-unit avocado sales prices. Blueberries and mangos also contributed to growth as industry supply constraints supported a higher pricing environment Net income of $36.7 million, or $0.52 per diluted share, compared to net loss of $(2.8) million or $(0.04) per diluted share in the prior year Adjusted net income of $52.8 million, or $0.74 per diluted share, compared to $13.3 million, or $0.19 per diluted share last year Adjusted EBITDA increased 123% to $107.8 million compared to $48.4 million in the prior year driven primarily by stronger per-unit gross profit performance from the Marketing & Distribution and Blueberries segments, the latter of which correlated directly to the higher pricing environment experienced during the fiscal year Owned exportable avocado production volume decreased approximately 60% to 43 million pounds for the 2024 harvest season; volume was negatively impacted by weather-related events in the current year Cash flow from operations was $93.4 million compared to $29.2 million in the prior year CEO Message "Mission delivered a strong fourth quarter that rounded out an exceptional full year fiscal 2024 performance where we realized $1.23 billion in revenue and generated $107.8 million in adjusted EBITDA, demonstrating the strength of our business model and industry leading positioning," stated Steve Barnard, CEO of Mission. "As previously announced, our Marketing & Distribution segment drove the strong fourth quarter performance, successfully leveraging our global sourcing network amid a sustained higher pricing environment to achieve per-unit margins exceeding our targeted range. The positive impact of our fourth quarter performance combined with our solid operational execution across the fiscal year drove a $64.2 million increase in operating cash flow versus fiscal 2023, further strengthening our capital structure and enhancing our flexibility." Mr. Barnard continued, "Looking ahead to fiscal 2025, we will continue to focus on operational excellence, strategic growth initiatives, and sound capital allocation to drive shareholder value. While we anticipate some pricing moderation as additional supply sources become available, this environment typically supports increased consumption, and we remain well-positioned to capitalize on this growth through our unique capability to provide consistent year-round avocado supply. Beyond avocados, we are also excited about growing our mango program and expanding our presence in blueberries this year, both of which leverage our existing assets and capabilities while providing additional long-term growth opportunities." Fiscal Fourth Quarter 2024 Consolidated Financial Review Total revenue for the fourth quarter of fiscal 2024 increased $96.5 million or 37% to $354.4 million compared to the same period last year. The increase was primarily driven by the Marketing & Distribution segment, where average per-unit avocado sales prices increased 36% on relatively flat avocado volume sold. These price and volume dynamics resulted from constrained avocado supply during the quarter due to weather impacts on fruit development and production in Peru. Despite lower Peruvian volumes, the Company effectively leveraged its diverse sourcing network across California, Colombia, and Mexico to drive a 9% increase in North American avocado sales volumes compared to the prior year. Mission's strategic decision to prioritize the North American market, combined with strong consumer demand at higher price points and retail promotional activity contributed to the favorable pricing dynamics. Gross profit increased $28.0 million in the fourth quarter of fiscal 2024 to $55.8 million, compared to the same period last year, and gross profit percentage increased 490 basis points, to 15.7% of revenue. The increases were primarily attributed to strong per-unit margins on avocados sold in the Marketing and Distribution segment. The Blueberries segment also contributed to the increase with higher volumes while per-unit margins remained generally consistent with the prior year. Selling, general and administrative expense ("SG&A") for the fourth quarter increased $6.6 million or 32% to $27.2 million, compared to the same period last year primarily due to higher employee related costs, including performance-based incentive compensation and stock-based compensation expense and statutory profit-sharing expense. Higher performance-based incentive compensation is largely explained by the Company's improved operating performance for the fiscal year relative to the prior year. Net income for the fourth quarter of fiscal 2024 was $17.3 million, or $0.24 per diluted share, compared to $4.0 million, or $0.06 per diluted share, for the same period last year. Adjusted net income for the fourth quarter of fiscal 2024 was $19.6 million, or $0.28 per diluted share, compared to $7.5 million, or $0.11 per diluted share, for the same period last year. Adjusted EBITDA was $36.9 million for the fourth quarter of fiscal 2024, an increase of $19.6 million or 113% as compared to $17.3 million in the prior year period, driven primarily by stronger per-unit gross profit performance from the Marketing & Distribution and Blueberries segments. Fiscal Fourth Quarter Business Segment Performance Marketing & Distribution Net sales in the Marketing & Distribution segment increased 35% to $319.6 million for the fourth quarter, driven by avocado pricing increases as described previously. Segment adjusted EBITDA increased $14.8 million or 137% to $25.6 million, primarily due to improved per-unit gross margin on avocados sold. International Farming Total sales in the International Farming segment for the fourth quarter were $30.3 million, compared to $40.3 million for the same period last year primarily due to lower volumes of owned avocados sold, stemming from unfavorably warm weather conditions in Peru during the early stages of fruit development, partially offset by higher average sales prices that were supported by constrained industry volumes. Segment adjusted EBITDA was $2.7 million, compared to $1.1 million for the same period last year, as higher sales prices and cost savings measures more than offset the adverse impact of lower harvest yields on fixed cost absorption. Blueberries Sales in the Blueberries segment have traditionally been concentrated in the first and fourth quarters of the fiscal year in alignment with the Peruvian blueberry harvest season. Net sales in the Blueberries segment increased 62% to $31.6 million for the fourth quarter, compared to $19.5 million for the same period last year, driven by volume from new plantings and yield improvements. Yield growth was driven by improved weather patterns during the current harvest season in Peru, as cooler temperatures have been experienced since the end of El Niño conditions in May 2024. Segment adjusted EBITDA increased 59% to $8.6 million for the fourth quarter, compared to $5.4 million for the same period last year, as a result of the growth in volumes. Balance Sheet and Cash Flow Cash and cash equivalents were $58.0 million as of October 31, 2024, compared to $42.9 million as of October 31, 2023. Net cash provided by operating activities improved by $64.2 million to $93.4 million for the year ended October 31, 2024, as compared to $29.2 million last year. The growth in operating cash flow was primarily driven by improved operating performance during fiscal 2024. Further supporting the improvement in operating cash flow was favorable working capital management. While higher avocado pricing drove increases in inventory and accounts receivable, these increases were more than offset by higher grower payable balances, driven primarily by those same higher prices, and higher accounts payable and accrued expenses, the latter of which was significantly impacted by incentive compensation and statutory profit-sharing accruals in the current year. In addition, higher accounts payable and accrued expenses were attributed to the impact of higher volume and increased acreage within our Blueberries segment. Capital expenditures were $32.2 million for the year ended October 31, 2024 compared to $49.8 million last year. Capital expenditures were comprised primarily of avocado orchard development, pre-production orchard maintenance and land improvements in Guatemala; pre-production avocado orchard maintenance, blueberry land development and plant cultivation, and blueberry cooling facility construction costs in Peru; and distribution facility construction costs in the United Kingdom. During 2024, the International Farming segment also began construction of a pack house in Guatemala. Outlook For the first quarter of fiscal year 2025, the Company is providing the following industry outlooks that will drive performance: Industry volumes in the fiscal 2025 first quarter are expected to be consistent with the prior year period. While supply from Mexico has been constrained during the early part of the quarter due to fruit maturity and sizing, we expect industry volumes to ramp up as we move to the latter portion of quarter as we expect a larger Mexican harvest season. Pricing is expected to be higher on a year-over-year basis by approximately 20% compared to the $1.40 per pound average experienced in the first quarter of fiscal 2024, indicative of continued strength in demand. The blueberries harvest season in Peru will peak during the first quarter. The Company expects to see meaningful volume increases from owned farms resulting from yield improvements and new acreage in production, but the impact on revenue will likely be offset by lower average sales prices resulting from higher overall industry volumes from Peru. Pricing is expected to be approximately 30% lower compared to the first quarter of fiscal 2024, which will negatively impact segment adjusted EBITDA during the quarter as compared to the previous year when weather-related supply constraints led to abnormally high sales prices. Capital expenditures were lower than expected for fiscal 2024 by approximately $10 million due to the timing of vendor payments associated with packhouse construction in Guatemala and blueberry plant development in Peru, both of which will carryover into fiscal 2025. For fiscal 2025, total capital expenditures inclusive of the 2024 carryover are expected to be between $50 to $55 million. The spend will be allocated primarily to the International Farming and Blueberries segments. Within the International Farming segment, spend will be concentrated in Guatemala for pre-production avocado orchard maintenance and packhouse construction. Within the Blueberries segment, spend will be concentrated on land development and plant cultivation in Peru. Conference Call and Webcast As previously announced, the Company will host a conference call to discuss its fourth quarter of fiscal 2024 financial results today at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (877) 407-9039 or for international callers by dialing (201) 689-8470. A replay of the call will be available through January 2, 2025 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13750485. The live audio webcast of the conference call will be accessible in the News & Events section on the Company's Investor Relations website at https://investors.missionproduce.com . An archived replay of the webcast will also be available shortly after the live event has concluded. Non-GAAP Financial Measures This press release contains the non-GAAP financial measures "adjusted net income" and "adjusted EBITDA." Management believes these measures provide useful information for analyzing the underlying business results. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable financial measures by generally accepted accounting principles. Adjusted net income (loss) refers to net income (loss) attributable to Mission Produce, before stock-based compensation expense, unrealized gain (loss) on derivative financial instruments, foreign currency gain (loss), farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, amortization of inventory adjustments and intangible asset recognized from business combinations, further adjusted by any special, non-recurring, or one-time items such as remeasurement, impairment or discrete tax charges that are distortive to results, and tax effects of these items, if any, and the tax-effected impact of these non-GAAP adjustments attributable to noncontrolling interest, allocable to the noncontrolling owners based on their percentage of ownership interest. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, amortization of inventory adjustments recognized from business combinations, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest. Effective for the fourth quarter of 2024, the Company made a change in presentation of its reconciliation of adjusted EBITDA to its comparable GAAP financial measure to include a subtotal of the non-GAAP adjustments before the effect of the noncontrolling interest adjustment called "adjusted EBITDA before adjustment for noncontrolling interest." The presentation change has no impact to total adjusted EBITDA. The Company believes the addition of the subtotal within the reconciliation is useful because it better aligns with management's sequence of review of the information in the reconciliation. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measure are provided in the table at the end of this press release. About Mission Produce, Inc. Mission Produce is a global leader in the worldwide avocado business with additional offerings in mangos and blueberries. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and currently services retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally, including California, Mexico and Peru and has additional sourcing capabilities in Chile, Colombia, the Dominican Republic, Guatemala, Brazil, Ecuador, South Africa and more, which allow the company to provide a year-round supply of premium fruit. Mission's global distribution network includes strategically positioned forward distribution centers across key markets throughout North America, China, Europe, and the UK, offering value-added services such as ripening, bagging, custom packing and logistical management. For more information, please visit www.missionproduce.com . Forward-Looking Statements Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets. Many of these assumptions relate to matters that are beyond our control and changing rapidly. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: reliance on primarily one main product; limitations regarding the supply of fruit, either through purchasing or growing; fluctuations in the market price of fruit; increasing competition; risks associated with doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; inflationary pressures; establishment of sales channels and geographic markets; loss of one or more of our largest customers; general economic conditions or downturns; supply chain failures or disruptions; disruption to the supply of reliable and cost-effective transportation; failure to recruit or retain employees, poor employee relations, and/or ineffective organizational structure; inherent farming risks, including climate change; seasonality in operating results; failures associated with information technology infrastructure, system security and cyber risks; new and changing privacy laws and our compliance with such laws; food safety events and recalls; failure to comply with laws and regulations; changes to trade policy and/or export/import laws and regulations; risks from business acquisitions, if any; lack of or failure of infrastructure; material litigation or governmental inquiries/actions; failure to maintain or protect our brand; changes in tax rates or international tax legislation; risks associated with global conflicts; inability to accurately forecast future performance; the viability of an active, liquid, and orderly market for our common stock; volatility in the trading price of our common stock; concentration of control in our executive officers, and directors over matters submitted to stockholders for approval; limited sources of capital appreciation; significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain proper and effective internal control over financial reporting; restrictions on takeover attempts in our charter documents and under Delaware law; the selection of Delaware as the exclusive forum for substantially all disputes between us and our stockholders; risks related to restrictive covenants under our credit facility, which could affect our flexibility to fund ongoing operations, uses of capital and strategic initiatives, and, if we are unable to maintain compliance with such covenants, lead to significant challenges in meeting our liquidity requirements and acceleration of our debt; and other risks and factors discussed from time to time in our Annual and Quarterly Reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission. You can obtain copies of our SEC filings on the SEC's website at www.sec.gov . The forward-looking statements contained in this press release are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances. Contacts: Investor Relations ICR Jeff Sonnek 646-277-1263 jeff.sonnek@icrinc.com Media Jenna Aguilera Marketing Communications Manager Mission Produce, Inc. press@missionproduce.com MISSION PRODUCE, INC. Condensed Consolidated Balance Sheets (Unaudited) (In millions, except for shares) October 31, 2024 October 31, 2023 Assets Current Assets Cash and cash equivalents $ 58.0 $ 42.9 Restricted cash 1.3 0.3 Accounts receivable Trade, net of allowances 95.4 74.1 Grower and fruit advances 1.7 0.9 Other 15.3 12.4 Inventory 91.2 70.8 Prepaid expenses and other current assets 9.4 9.1 Income taxes receivable 6.7 9.6 Total current assets 279.0 220.1 Property, plant and equipment, net 523.4 523.2 Operating lease right-of-use assets 67.8 72.4 Equity method investees 33.0 31.0 Deferred income tax assets, net 9.7 8.5 Goodwill 39.4 39.4 Intangible asset, net — 0.5 Other assets 19.2 19.7 Total assets $ 971.5 $ 914.8 Liabilities and Equity Liabilities Accounts payable $ 35.3 $ 27.2 Accrued expenses 39.9 26.4 Income taxes payable 7.7 1.6 Grower payables 50.3 26.4 Short-term borrowings 3.0 2.8 Loans from noncontrolling interest holders—current portion 0.1 0.5 Notes payable 0.5 — Long-term debt—current portion 3.0 3.4 Operating leases—current portion 6.4 6.6 Finance leases—current portion 2.9 2.6 Total current liabilities 149.1 97.5 Long-term debt, net of current portion 110.7 148.6 Loans from noncontrolling interest holders, net of current portion 1.8 2.5 Operating leases, net of current portion 67.4 71.0 Finance leases, net of current portion 21.5 14.7 Income taxes payable 1.3 2.3 Deferred income tax liabilities, net 16.6 23.5 Other long-term liabilities 26.0 26.4 Total liabilities 394.4 386.5 Equity Mission Produce shareholders' equity 547.3 503.6 Noncontrolling interest 29.8 24.7 Total equity 577.1 528.3 Total liabilities and equity $ 971.5 $ 914.8 MISSION PRODUCE, INC. Condensed Consolidated Statements of Income (Loss) (Unaudited) Three Months Ended October 31, Twelve Months Ended October 31, (In millions, except for share and per share amounts) 2024 2023 2024 2023 Net sales $ 354.4 $ 257.9 $ 1,234.7 $ 953.9 Cost of sales 298.6 230.1 1,082.2 870.6 Gross profit 55.8 27.8 152.5 83.3 Selling, general and administrative expenses 27.2 20.6 86.8 76.4 Operating income 28.6 7.2 65.7 6.9 Interest expense (2.7 ) (3.3 ) (12.6 ) (11.6 ) Equity method income 1.1 0.8 3.7 4.0 Other income (expense), net 2.3 1.1 3.6 (0.2 ) Income (loss) before income taxes 29.3 5.8 60.4 (0.9 ) Provision (benefit) for income taxes 8.6 (0.2 ) 18.6 2.2 Net income (loss) $ 20.7 $ 6.0 $ 41.8 $ (3.1 ) Less: Net income (loss) attributable to noncontrolling interest 3.4 2.0 5.1 (0.3 ) Net income (loss) attributable to Mission Produce $ 17.3 $ 4.0 $ 36.7 $ (2.8 ) Net income (loss) per share attributable to Mission Produce: Basic $ 0.24 $ 0.06 $ 0.52 $ (0.04 ) Diluted $ 0.24 $ 0.06 $ 0.52 $ (0.04 ) Weighted average shares of common stock outstanding, used in computing diluted earnings per share 71,197,465 70,953,478 71,012,829 70,750,239 MISSION PRODUCE, INC. Condensed Consolidated Statements of Cash Flow (Unaudited) Years Ended October 31, (In millions) 2024 2023 Operating Activities Net income (loss) $ 41.8 $ (3.1 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities Provision for losses on accounts receivable — 0.1 Depreciation and amortization 37.7 32.8 Amortization of debt issuance costs 0.2 0.2 Equity method income (3.7 ) (4.0 ) Noncash lease expense 6.1 5.9 Stock-based compensation 7.1 4.5 Dividends received from equity method investees 3.2 2.7 Losses on asset impairment, disposals and sales, net of insurance recoveries 3.9 1.3 Deferred income taxes (8.0 ) (6.4 ) Unrealized (gains) losses on foreign currency transactions (1.7 ) 1.4 Unrealized loss (gain) on derivative financial instruments 0.1 (0.1 ) Other (0.4 ) 0.1 Effect on cash of changes in operating assets and liabilities, net of acquisition: Trade accounts receivable (20.9 ) (10.6 ) Grower fruit advances (0.8 ) 0.9 Other receivables (3.2 ) 5.0 Inventory (19.3 ) 3.0 Prepaid expenses and other current assets (0.2 ) 2.0 Income taxes receivable 2.9 (1.6 ) Other assets 1.6 1.0 Accounts payable and accrued expenses 25.4 (8.9 ) Income taxes payable 5.1 (0.2 ) Grower payables 23.5 2.2 Operating lease liabilities (5.3 ) (3.8 ) Other long-term liabilities (1.7 ) 4.8 Net cash provided by operating activities $ 93.4 $ 29.2 Investing Activities Purchases of property, plant and equipment (32.2 ) (49.8 ) Proceeds from sale of property, plant and equipment 0.1 0.2 Investment in equity method investees (1.6 ) (2.1 ) Purchase of other investment — (2.3 ) Other 0.2 (0.1 ) Net cash used in investing activities $ (33.5 ) $ (54.1 ) Financing Activities Borrowings on revolving credit facility 40.0 145.0 Payments on revolving credit facility (75.0 ) (130.0 ) Proceeds from short-term borrowings 3.0 2.8 Repayment of short-term borrowings (2.8 ) (2.5 ) Principal payments on long-term debt obligations (3.4 ) (3.5 ) Principal payments on finance lease obligations (1.8 ) (2.6 ) Proceeds from loan from noncontrolling interest holder — 2.0 Principal payments on loans due to noncontrolling interest holder (0.5 ) — Payments to noncontrolling interest holder for long-term supply financing (2.0 ) — Payments for long-term supplier financing (0.5 ) (0.1 ) Purchase and retirement of common stock — (0.6 ) Taxes paid related to shares withheld from the settlement of equity awards (0.8 ) (0.5 ) Exercise of stock options — 0.1 Equity contributions from noncontrolling interest holders — 4.2 Net cash (used in) provided by financing activities $ (43.8 ) $ 14.3 Effect of exchange rate changes on cash — (0.1 ) Net increase (decrease) in cash, cash equivalents and restricted cash 16.1 (10.7 ) Cash, cash equivalents and restricted cash, beginning of period 43.2 53.9 Cash, cash equivalents and restricted cash, end of period $ 59.3 $ 43.2 Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets: Cash and cash equivalents $ 58.0 $ 42.9 Restricted cash 1.3 0.3 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 59.3 $ 43.2 MISSION PRODUCE, INC. Reconciliation of Non-GAAP Financial Measures to GAAP (Unaudited) The following tables reconcile the non-GAAP measures "adjusted net income" and "adjusted EBITDA" to their comparable GAAP measures. Refer also to "Non-GAAP Financial Measures" earlier in this press release. Adjusted Net Income Three Months Ended October 31, Twelve Months Ended October 31, (In millions, except for per share amounts) 2024 2023 2024 2023 Net income (loss) attributable to Mission Produce $ 17.3 $ 4.0 $ 36.7 $ (2.8 ) Stock-based compensation 2.6 1.3 7.1 4.5 Unrealized loss on derivative financial instruments 0.1 0.7 0.6 2.3 Foreign currency transaction (gain) loss (1.7 ) (0.8 ) (1.6 ) 1.8 Losses on asset impairment, disposals and sales, net of 0.1 0.1 3.9 1.3 Farming costs for nonproductive orchards (1) 0.7 1.0 4.2 3.8 Recognition of deferred ERP costs 0.6 0.5 2.2 2.2 Depreciation-blueberries (2) — — 4.1 — Severance — 1.3 1.3 1.3 Legal settlement — — 0.2 — Amortization of intangible asset recognized from business combination — 0.3 0.5 1.5 Transaction costs — — — 0.3 Amortization of inventory adjustment recognized from business combination — — — 0.7 Tax effects of adjustments to net income (loss) attributable to Mission Produce (3) (0.1 ) (0.7 ) (4.2 ) (4.1 ) Nonrecurring discrete tax charge — — — 1.8 Noncontrolling interest (4) — (0.2 ) (2.2 ) (1.3 ) Mission Produce adjusted net income $ 19.6 $ 7.5 $ 52.8 $ 13.3 Mission Produce adjusted net income per diluted share $ 0.28 $ 0.11 $ 0.74 $ 0.19 (1) During the three months ended October 31, 2024, $0.3 million related to blueberry orchards and $0.4 million related to avocado orchards. During the twelve months ended October 31, 2024, $2.5 million related to the blueberry orchards and $1.7 million related to avocado orchards. During the three months ended October 31, 2023, $0.5 million related to the development of blueberry orchards and $0.5 million related to avocado orchards. During the twelve months ended October 31, 2023, $2.0 million related to the development of blueberry orchards and $1.8 million related to avocado orchards. (2) Represents accelerated depreciation expense for certain blueberry plants determined to have no remaining useful life. (3) Tax effects are calculated using applicable rates that each adjustment relates to. (4) Represents net income or loss attributable to noncontrolling interest plus the impact of tax-effected non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest. Adjusted EBITDA Three Months Ended October 31, Twelve Months Ended October 31, (In millions) 2024 2023 2024 2023 Marketing & Distribution adjusted EBITDA $ 25.6 $ 10.8 $ 85.1 $ 40.1 International Farming adjusted EBITDA 2.7 1.1 4.6 3.1 Blueberries adjusted EBITDA 8.6 5.4 18.1 5.2 Total reportable segment adjusted EBITDA $ 36.9 $ 17.3 $ 107.8 $ 48.4 Net income (loss) 20.7 6.0 41.8 (3.1 ) Interest expense (1) 2.7 3.3 12.6 11.6 Provision (benefit) for income taxes 8.6 (0.2 ) 18.6 2.2 Depreciation and amortization ( 2 ) 10.2 10.0 37.7 32.8 Equity method income (1.1 ) (0.8 ) (3.7 ) (4.0 ) Stock-based compensation 2.6 1.3 7.1 4.5 Losses on asset impairment, disposals and sales, net of insurance recoveries 0.1 0.1 3.9 1.3 Farming costs for nonproductive orchards 0.4 0.5 1.7 1.8 Recognition of deferred ERP costs 0.6 0.5 2.2 2.2 Severance — 1.3 1.3 1.3 Legal settlement — — 0.2 — Transaction costs — — — 0.3 Amortization of inventory adjustment recognized from business combination — — — 0.7 Other (income) expense, net (2.3 ) (1.1 ) (3.6 ) 0.2 Adjusted EBITDA before adjustment for noncontrolling interest $ 42.5 $ 20.9 $ 119.8 $ 51.8 Noncontrolling interest ( 3 ) (5.6 ) (3.6 ) (12.0 ) (3.4 ) Total adjusted EBITDA $ 36.9 $ 17.3 $ 107.8 $ 48.4 (1) Includes interest expense from finance leases, the most significant of which is for nonproductive land at our Blueberries segment of $0.3 million and $0.4 million for the three months ended October 31, 2024 and 2023, respectively, and $1.8 million and $1.4 million for the twelve months ended October 31, 2024 and 2023, respectively. (2) Includes depreciation and amortization of purchase accounting assets of $0.2 million and $0.6 million for the three months ended October 31, 2024 and 2023, respectively, and $3.7 million and $2.4 million for the twelve months ended October 31, 2024 and 2023, respectively. Includes amortization of finance leases, the most significant of which is for nonproductive land at our Blueberries segment of less than a million and $0.1 million for the three months ended October 31, 2024 and 2023, respectively, and $0.7 million and $0.6 million for the twelve months ended October 31, 2024 and 2023, respectively. The twelve months ended October 31, 2024 include $4.1 million of accelerated depreciation expense recognized during the first quarter of 2024, for certain blueberry plants determined to have no remaining useful life. (3) Represents net income (loss) attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest. MISSION PRODUCE, INC. Other Information (Unaudited) Segment Sales Marketing & Distribution International Farming Blueberries Total Marketing & Distribution International Farming Blueberries Total Three Months Ended October 31, (In millions) 2024 2023 Third party sales $ 319.6 $ 3.2 $ 31.6 $ 354.4 $ 236.2 $ 2.2 $ 19.5 $ 257.9 Affiliated sales — 27.1 — 27.1 — 38.1 — 38.1 Total segment sales 319.6 30.3 31.6 381.5 236.2 40.3 19.5 296.0 Intercompany eliminations — (27.1 ) — (27.1 ) — (38.1 ) — (38.1 ) Total net sales $ 319.6 $ 3.2 $ 31.6 $ 354.4 $ 236.2 $ 2.2 $ 19.5 $ 257.9 Twelve Months Ended October 31, 2024 2023 Third party sales $ 1,152.6 $ 6.4 $ 75.7 $ 1,234.7 $ 889.9 $ 11.6 $ 52.4 $ 953.9 Affiliated sales — 58.5 — 58.5 — 78.6 — 78.6 Total segment sales 1,152.6 64.9 75.7 1,293.2 889.9 90.2 52.4 1,032.5 Intercompany eliminations — (58.5 ) — (58.5 ) — (78.6 ) — (78.6 ) Total net sales $ 1,152.6 $ 6.4 $ 75.7 $ 1,234.7 $ 889.9 $ 11.6 $ 52.4 $ 953.9 Avocado Sales Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 Pounds of avocados sold (millions) 161.1 162.4 647.3 654.4 Average sales price per pound $ 1.90 $ 1.39 $ 1.69 $ 1.30 Sales by Type Three Months Ended October 31, Twelve Months Ended October 31, (In millions) 2024 2023 2024 2023 Avocado $ 305.5 $ 225.0 $ 1,092.2 $ 851.1 Other 48.9 32.9 142.5 102.8 Total net sales $ 354.4 $ 257.9 $ 1,234.7 $ 953.9 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.NEW YORK (AP) — U.S. stock indexes reached more records after tech companies talked up how much artificial intelligence is boosting their results. The S&P 500 climbed 0.6% Wednesday to add to what looks to be one of its best years of the millennium. The Dow Jones Industrial Average gained 0.7%, while the Nasdaq composite added 1.3% to its own record. Salesforce pulled the market higher after highlighting its artificial-intelligence offering for customers. Marvell Technology jumped even more after saying it’s seeing strong demand from AI. Treasury yields eased, while bitcoin climbed after President-elect Donald Trump nominated a crypto advocate to head the Securities and Exchange Commission. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stock indexes are rising toward more records Wednesday after tech companies talked up how much of a boost they're getting from . The S&P 500 climbed 0.5% to add to what looks to be one of its best years of the millennium. It’s on track to set an all-time high for the 56th time this year after coming off . The Dow Jones Industrial Average was up 252 points, or 0.6%, with an hour remaining in trading, while the Nasdaq composite was adding 1.2% to its own record. Salesforce helped pull the market higher after delivering stronger revenue for the latest quarter than analysts expected, though its profit fell just short. CEO Mark Benioff highlighted the company’s artificial-intelligence offering for customers, saying “the rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale.” The stock of the company, which helps businesses manage their customers, rose 9.3%. Marvell Technology jumped even more after delivering better results than expected, up 23.2%. CEO Matt Murphy said the semiconductor supplier is seeing strong demand from AI and gave a forecast for profit in the upcoming quarter that topped analysts’ expectations. They helped offset a 9.8% drop for Foot Locker, which reported profit and revenue that fell short of analysts’ expectations. CEO Mary Dillon said the company is taking a more cautious view, and it cut its forecasts for sales and profit this year. Dillon pointed to how keen customers are for discounts and how soft demand has been outside of and other key selling periods. overall have offered about how resilient U.S. shoppers can remain. Their spending has been one of the main reasons the that earlier because of high interest rates brought by the Federal Reserve to crush inflation. But shoppers are now contending with still-high prices and . This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month. A narrower report released on Wednesday morning may have offered a preview of it. The report from ADP suggested employers in the private sector increased their payrolls by less last month than economists expected. Hiring in manufacturing was the weakest since the spring, according to Nela Richardson, chief economist at ADP. The report strengthened traders’ expectations that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began from a two-decade high in September, hoping to offer more support for the job market. The central bank had appeared set to continue cutting rates into next year, but the election of Donald Trump has scrambled Wall Street’s expectations somewhat. Trump’s preference for and could lead to higher economic growth and , which could alter the . Fed Chair that the central bank can afford to cut its benchmark rate cautiously because inflation has slowed significantly from its peak two years ago and the economy remains sturdy. A separate report on Wednesday said health care, finance and other businesses in the U.S. services sector are continuing to grow, but not by as much as before and not by as much as economists expected. One respondent from the construction industry told the survey from the Institute for Supply Management that the Fed’s rate cuts have not pulled down as much as hoped yet. Plus “the unknown effect of tariffs clouds the future.” In the bond market, the yield on the 10-year Treasury fell to 4.18% from 4.23% late Tuesday. On Wall Street, Campbell’s fell 6% for one of the S&P 500’s sharper losses despite increasing its dividend and reporting a stronger profit for the latest quarter than analysts expected. Its revenue fell short of Wall Street’s expectations, and the National Football League’s as its team president. Campbell’s said Mick Beekhuizen, its president of meals and beverages, will become its 15th CEO following Clouse’s departure. Gains for airline stocks helped offset that drop after JetBlue Airways said it saw stronger bookings for travel in November and December following the presidential election. It said it’s also benefiting from lower fuel prices, as well as lower costs due to improved on-time performance. JetBlue jumped 8.3%, while Southwest Airlines climbed 2.8%. In stock markets abroad, South Korea’s Kospi sank 1.4% following a night full of drama in Seoul. President Yoon Suk Yeol was facing after he suddenly on Tuesday night, prompting troops to surround the parliament. Yoon accused pro-North Korean forces of plotting to overthrow one of the world’s most vibrant democracies. The martial law declaration was revoked about six hours later. Samsung Electronics fell 0.9% in Seoul. The country’s financial regulator said it was prepared to deploy 10 trillion won ($7.07 billion) into a stock market stabilization fund at any time, the Yonhap news agency reported. In , bitcoin climbed back above $97,000 after Trump said he would , a cryptocurrency advocate, to chair the Securities and Exchange Commission. AP Writers Matt Ott and Zimo Zhong contributed.
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Aadi Bioscience Transforms with In-Licensing of Novel ADC Portfolio, $100 Million Sale of FYARRO® and $100 Million PIPE FinancingOn an evening walk in Chicago’s North Center neighborhood back in early March, Sparky — Robert Miller’s golden brown mutt that weighs 35 pounds and has hunting dog in its DNA — seemingly caught a scent. “She’s a creature of habit,” said Miller, a retired 75-year-old who has lived in the neighborhood for about a dozen years. “She likes to stay on one side of the street, and for some reason, she wanted to cross over.” A half a block later, the duo stumbled upon a stash of strewn books. As luck would have it, Miller studied history in college and knew what he was looking at: German books from the Renaissance and early modern period. The oldest, he would later learn, was from 1525. Three were written in Latin, three in German and one in French. Horrified that the books would get damaged, Miller scooped them up for safekeeping. He couldn’t fathom how the delicate vessels of knowledge got stranded on the sidewalk. He wondered whether they had been discarded by thieves who failed to profit off them without provenance — ownership history of valuable objects. Perhaps an irritated lover took a partner’s books and chucked them outside after a domestic dispute. Eight months later, a clue dug up by a Newberry Library curator poked fatal holes in both of Miller’s hypotheses. Miller had reached out to the library for guidance, and a bit of sleuthing by the curator, Suzanne Karr Schmidt, led to a neighbor of Miller who collects rare books. The neighbor, an octogenarian who hasn’t retired, was “tidying up some old archival boxes and accidentally took one with the books out to the trash as well,” according to Karr Schmidt, who explained the books’ mysterious appearance in an article for Newberry Magazine. “It seems that the box fell on the ground, spilling its contents,” Karr Schmidt wrote. Before it occurred to him to return to look for it, she wrote, “his relatively close neighbors Miller and Sparky had swooped in to protect the books.” Upon returning home, Miller started sorting through the finding on his dining room table with his wife. He said he knew enough Latin to figure out that one of the books contained arguments against the teachings of Martin Luther, the German priest who helped begin the Protestant Reformation. Miller contacted the University of Chicago and Newberry Library and asked if they were missing the books. “They weren’t, but they were interested in trying to find out where they came from,” Miller said. In photos of the books Miller sent Karr Schmidt, she saw signs of their 16th century owners but no recent institutional markings. That told her the books likely belonged to “an unidentified bookseller or private collector,” not another library. After this round of efforts to locate an owner, according to Karr Schmidt, Miller offered to give the books to Newberry Library. The library decided that if someone came forward and claimed to be the owner, it would dutifully consider the assertion and give back the books if the proof was deemed convincing. Then on Nov. 1, while in the process of editing the magazine article about the books, Karr Schmidt stumbled upon a photo of one of them on the website of Austrian book dealer Antiquariat Inlibris. The dealer would inform Karr Schmidt that it sold the book in 2021 and identified to her the Chicagoan who bought it. On Nov. 5, the owner stopped by the Newberry Library, where he was reunited with his lost books, Karr Schmidt said. He even decided to donate two of them to the library — a text supporting Luther written in the vernacular German and one attacking the great reformer in Latin. Karr Schmidt said someone accessing the stores of the Newberry Library — which, historically, has collected more French and Italian books from before 1800 than German books — may want to view the texts for several reasons. “They could be interested in the sort of political animosity that’s going on between the pair of these. There were a lot of pamphlets written at this time, pro- and anti-Luther,” Karr Schmidt said. “There’s (also) a lot of visual imagery.” On the pages of the book written in German, the text is surrounded by ornate woodcut or metalcut borders, some of which feature Luther’s face with a surprised expression.Refroid Technologies Pvt. Ltd. (Refroid) has unveiled India's first domestically developed single-phase Liquid Immersion Cooling Solutions, aiming to innovate the sector of advanced cooling technologies. This pioneering effort enhances sustainable data center solutions amid rapidly rising data consumption and aims to improve energy use efficiency significantly. Refroid's solutions promise energy savings and reduced carbon emissions, positioning the company as a leader in India's technological advancement and sustainable practices within the global data center industry. (With inputs from agencies.)
Cetera Strengthens Executive Leadership to Propel Strategic Growth and InnovationDame Prue Leith throws her support behind Gregg Wallace and insists he 'shouldn't be sacked' amid misconduct allegations - admitting she's often warned over her own 'offensive' language Have YOU got a story? Email tips@dailymail.com By GERAINT LLEWELLYN FOR MAILONLINE Published: 20:59 GMT, 6 December 2024 | Updated: 21:24 GMT, 6 December 2024 e-mail 14 View comments Dame Prue Leith seemingly threw her support behind Gregg Wallace and insisted he 'shouldn't be sacked or cancelled' amid ongoing misconduct allegations. The GBBO host, 84, also said she too is often warned over her own 'offensive language' while filming her ITV show Prue Leith's Cotswold Kitchen and claimed more regulations would lead to 'boring telly'. Gregg, 60, stepped down from hosting Masterchef last week while an investigation into his alleged misconduct is carried out. After initially facing accusations of inappropriate behaviour from 13 people, including Newsnight presenter Kirsty Wark , he has since been hit by an onslaught of more claims which include groping, pressing his crotch against a colleague and allegedly flashing another woman in his dressing room. Speaking to Times Radio Prue said: ' I'm a great believer in due process. He should just stay off social media because he's just digging himself deeper and deeper into a hole because he's too insensitive to understand how offensive it is'. 'But that's his problem, that he's insensitive. He hasn't, that I can see, disobeyed the law. I don't believe people should be cancelled or sacked. I can see why you would ask somebody to step aside while they investigate things, which I suppose is what they're doing. But I think the tragedy in this is that I bet you Gregg has no idea what he's done wrong'. Dame Prue Leith, 84, seemingly threw her support behind Gregg Wallace and insisted he shouldn't be sacked or cancelled' amid his ongoing misconduct allegations The GBBO host claimed that more behind the scenes regulations would lead to 'very boring' TV (Gregg Wallace pictured) She said she too is often warned over her own 'offensive language' on her ITV show Prue Leith's Cotswold Kitchen (pictured) When asked if she agreed with fellow broadcaster Kirstie Allsopp, 53, that presenters should receive HR training she said: 'I think it's really dangerous because I think, I mean, I'm thinking off the cuff here, so I'll probably get myself into trouble but if you have things too regulated and too organised and everybody's on a script, it can be very boring'. Asked if she believed the fallout from Gregg's misconduct investigation would result in 'very bland, safe presenters' she said: 'Yes, yes. Because nobody will ever dare say anything. And that's silly too. But I think broadcasters need to know'. 'It is very tricky because I do a little programme on ITV on Saturday morning and it's a cooking programme and every now and again, the production company will say, don't say that because it'll be offensive and I think that it's not offensive'. Before adding: 'And then I suppose that's a Gregg Wallace thing. Maybe I don't realise. I mean, for example, language changes all the time'. It comes after MailOnline revealed that Gregg may be completely erased from the new series of MasterChef so it can be aired. He had already filmed the forthcoming series for amateur chefs last month with his co-presenter John Torode , 59. But is now set to be wiped from the tapes before it is screened next year. Gregg stood down from the show last week after a flurry of allegations of sexually inappropriate comments on set, which has sparked fears that the next series would have to be completely ditched. But a production insider told the Mail Online that the series is ‘salvageable’ as the option to airbrush Wallace entirely out of the episodes is being carefully considered. This would mean that the series - which will have cost production company Banijay a significant sum to make - would not have to be binned. Asked if she believed the fallout from Gregg's misconduct investigation would result in 'very bland, safe presenters' she said: 'Yes, yes. Because nobody will ever dare say anything. And that's silly too. But I think broadcasters need to know'. 'It is very tricky because I do a little programme on ITV on Saturday morning and it's a cooking programme and every now and again, the production company will say, don't say that because it'll be offensive and I think that it's not offensive' Gregg, 60, stepped down from hosting Masterchef last week while an investigation into his alleged misconduct is carried out. Pictured with Paul Hollywood on The Great British Bakeoff The source said that Torode and Wallace’s critiques, where they give feedback on the contestants' food, were filmed separately. Read More Max George reacts to Gregg Wallace's 'very serious' sexual misconduct allegations as he laments BBC pulling plug on MasterChef Christmas special after he was set to appear They said: ‘John and Gregg were always shot with separate cameras. Any two shots, or wide shots containing the pair can be cut. Removing Gregg entirely is a difficult task, but not an impossible one.’ Last Friday, Australian chef Torode was flown overseas to continue filming the show, with Irish chef Anna Haugh stepping in to replace Wallace. Filming on the forthcoming series was completed on Tuesday afternoon and had been due to be broadcast in Spring 2025. It is now unclear when the BBC will air the recently recorded episodes . Sources on set said 'it couldn't have gone better', with one saying: 'Considering the circumstances it has been seamless.' 'We had the popular Anna Haugh, who has appeared on the show before, step in and give the contestants feedback alongside John. 'The production team was committed to keeping the atmosphere on set as calm as possible for our amateur finalists.' Gregg may be completely erased from the new series of MasterChef so it can be aired, MailOnline can reveal Wallace had already filmed the forthcoming series for amateur chefs last month with his co-presenter John Torode , 59 (pictured) It would not be an unprecedented move for a BBC programme to erase its stars from the screen. In 2023 RuPaul’s Drag Race, a reality TV contest for drag queens, one contestant was airbrushed out after they were accused of inappropriate behaviour before the show aired. While TV presenter Jay Blades, who was charged last month with the physical and emotional abuse of his wife , has not appeared in pre-recorded episodes of The Repair Shop which have broadcast since. Torode broke his silence on Wednesday, but declined to defend his television colleague of 19 years, and said he fully supports the probe into the claims of sexual misconduct and inappropriate behaviour and language. He said it had been 'hard' to keep working after hearing of the allegations. On Thursday night, the BBC broadcast the semi-finals of MasterChef: The Professional, featuring Wallace. But it has scrapped the scheduled broadcast of two Christmas specials of the cookery show. Share or comment on this article: Dame Prue Leith throws her support behind Gregg Wallace and insists he 'shouldn't be sacked' amid misconduct allegations - admitting she's often warned over her own 'offensive' language e-mail Add commentAmerican actor John Stamos is thanking two Chilliwack drummers after he called on them to help him perfect a drum solo for a Beach Boys concert. Brandon Toews and Dylan Weightman of Chilliwack were down in Los Angeles collaborating with the famous actor and musician as he prepared for an upcoming performance. Stamos, lovingly known as Uncle Jesse from sitcom Full House, has been playing with the Beach Boys for 40 years. He said he wanted to rediscover his love of drumming and needed help with a new solo, so he contacted Drumeo, an Abbotsford-based music school where Toews is the content director and Weightman the vice president. But it wasn’t just a drum lesson, it was a video project as well. “Today we released one of the coolest videos we’ve ever worked on at Drumeo,” Toews wrote on social media on Nov. 29. “I’ve gotten to know John Stamos over the last year and after sending some videos back and forth, we decided it was time to work on a new video together.” Weightman and fellow Drumeo teammate Brandon Scott developed the video concept and brought it to life, Toews said. In Drumeo’s 25-minute YouTube video called ‘John Stamos learns a drum solo in 10 days,’ Toews is seen working with Stamos on the drums and breaking down what makes a great solo. Near the end of the video, Stamos pounds out a minute-long drum solo at the Beach Boys concert that Toews called a 10 out of 10. Stamos “crushed it,” Toews said. “This was an absolute dream project collaborating with John Stamos to tell the story of evolving his Beach Boys drum solo in tribute of (late Foo Fighters drummer) Taylor Hawkins," Weightman wrote on social media. Weightman called Stamos talented, generous and handsome. “It was cool just to work with John – the fact that he’s a wonderful human being was a total bonus,” Weightman said. Stamos returned the compliments “Back at ya, Dylan. Total pleasure. You’re extremely helpful and very talented good man. And I absolutely love the video.” At the end of the video, Stamos pulls Toews up on stage to play a few songs with the Beach Boys, which Toews was not expecting. "John's a beast, man. What an incredible solo and, as a teacher, how cool to see your student go up there and just destroy a drum solo like that," Toews said. "Well done, John. You're an animal."
A Lincoln-based CEO was named in the 2025 Forbes 30 Under 30 list on Tuesday for his work in marketing and advertising. Brent Comstock is the 29-year-old founder and CEO of BCom, an advertising and media agency that focuses on social causes, and is included in the 30 Under 30 list. Forbes Magazine has published its 14th annual list of young leaders in its 30 Under 30 class. The list includes 20 different categories like media, education and health care which each list 30 people. Comstock said he was grateful to be among the other leaders on the list, but was more grateful to be on a journey with his team and company. “Whether it’s raising over $100 million for causes we care about, influencing outcomes for rural America or amplifying national brands, this team gives 100% all the time,” Comstock said. People are also reading... Driver of car dead after crash in downtown Lincoln; part of O Street closed Man found dead in north Lincoln, police say Here's what Nebraska volleyball's loss to Penn State means for Huskers' Big Ten title hopes Wisconsin officer grabbing Donovan Raiola's arm a 'misunderstanding,' UW police say Iowa players say Nebraska refused pregame handshake, among other perceived slights Nebraska defensive lineman announces he’ll return for 2025 season Tony White leaves Nebraska for Florida State defensive coordinator job Sound waves: What others are saying about Nebraska's loss to Iowa Paige Hubl, former Nebraska volleyball player and Lincoln Southeast coach, dies at age 34 Just Askin': What is the best-case scenario for Nebraska football’s bowl destination? Matt Rhule, Luke Fickell both downplay postgame encounter between Fickell, Donovan Raiola Taco restaurant started by brothers in Grand Island expands to Lincoln Nebraska portal tracker: Jimari Butler and reserve RB among Huskers entering Amie Just: Takeaways from Nebraska volleyball's NCAA tourney, including a Rattler flashback Security keeps Nebraska players, coaches off Iowa logo as rivalry heats up in freezing temps Comstock launched his company when he was 19 and in the past decade the company has built media campaigns for advocacy clients, according to the Forbes list. BCom helped launch the Ashland-Greenwood Community Performing Arts Campaign which raised $3.5 million for a new performance space in Ashland. Other efforts in Nebraska include the company’s partnership with the Nebraska Rural Health Association for the “I Love Rural Health” campaign, a collaboration with the University of Nebraska Medical Center to improve health outcomes and Lincoln’s WaterWiseLNK ad campaign to conserve water, according to BCom's website. The company has also worked to recruit and train tutors in North Carolina and has organized campaigns to raise money for women’s rights and national animal conservation groups, according to the list. The annual list is compiled through a nomination process and the candidates are evaluated by Forbes staff and a panel of expert judges from their respective industries, according to Forbes' website.Santa Clarita Valley residents got their first look Wednesday at the new governing board overseeing College of the Canyons — and the apparent division within it. Sharlene Johnson, sworn in on Wednesday, was voted as the president of the of the Santa Clarita Community College District board of trustees, which oversees COC, after incumbent Edel Alonso failed in her bid to be president for a fifth straight term. Alonso was nominated by Carlos Guerrero, recently appointed to the board, before she seconded her own nomination. Johnson was nominated by fellow new board member Darlene Trevino and also seconded her own nomination. In the first vote, Trevino abstained from the vote for Alonso, with Johnson and Fred Arnold voting against her, making the vote 2-2 with one abstention. In the second vote, Guerrero was the lone vote against Johnson, who was elected president on a 4-1 vote. Arnold, Johnson and Trevino, all of whom were elected in the Nov. 5 election, were sworn in as board members in the afternoon before the newly composed board chose its officers. “I was honored to have the votes and support of the board,” Johnson said in a phone interview on Thursday. “Right now, the focal point is to bring everybody to the same page and put together a collaborative effort to organize a vision for the college as a collective group. That’s something that’s going to be developed over time with all of us.” Arnold nominated himself to be president, but nobody seconded it. It’s the first time the board is full after roughly six months of it being short at least one member. Chuck Lyon resigned in June, followed by Joan MacGregor retiring in August after 31 years on the board. Guerrero was appointed in September to fill MacGregor’s seat. MacGregor said at one of her last meetings that she intentionally did not resign until after the deadline to consolidate a special election with the Nov. 5 general election — Lyon had done so, allowing his seat to be on the ballot — due to her feeling that, from her experience, more people are inclined to apply for a seat rather than campaign for one. Only three candidates stepped forward, and Guerrero earned the seat with the approval of the three board members sitting at the dais at the time. Johnson beat incumbent Jerry Danielsen in the election. Danielsen, who had run on the same slate backed by the college unions as Alonso, was honored Wednesday for his service to the college after being appointed to the board in March 2023. “I’d like to say thank you to the Santa Clarita community and the COC community, all the ones who trusted in me and confided in me,” Danielsen said. “You were seen, you were heard. I’d like to acknowledge the full-time faculty, adjunct faculty, the classified staff, the union members and administrators, all the employees at the college — you’re tireless, highly intelligent and talented people with amazing hearts. It’s been an honor and a privilege to get to know you and to work with you. You are the backbone of this college.” Representatives from the offices of Rep. Mike Garcia, R-Santa Clarita, state Sen. Suzette Martinez Valladares, R-Santa Clarita, and Assemblywoman Pilar Schiavo, D-Chatsworth, were on hand to thank Danielsen for his service to the community. He also received recognition from L.A. County 5 th District Supervisor Kathryn Barger, who represents the SCV, though neither she nor a representative were present on Wednesday. Also leaving the board after one term was Sebastian Cazares, a former COC student who was elected in 2020. He was not present on Wednesday but was honored for his service at a recent meeting. Arnold, who had been chair of the COC Foundation, a nonprofit auxiliary organization formed to generate philanthropic support for the college, will serve as vice president for the next year while Trevino will serve as clerk of the board and as the trustee representative on the foundation board. Interim COC President David Andrus will serve as secretary/parliamentarian of the board of trustees. “We’re super excited to work as the new board, to move forward with the search of a new CEO,” Arnold said in a phone interview Thursday. “We definitely appreciate everything David has done. I’m excited to find out more about infrastructure projects on campus so that we can continue to provide first-class facilities for the future of the college. We want to provide input on the vision for the college for the next 20 years.” At the end of Wednesday’s meeting, Arnold requested a special meeting to be held prior to the board’s next regularly scheduled meeting on Jan. 22 to discuss facilities projects, including the future of the student housing project that the previous board declined to move forward on as well as the Advanced Technology Center that was canceled despite being essentially ready for construction. The 30,000-square-foot ATC project was canceled in September after college officials found that the $22 million that was originally approved for it would be $16 million short of what would actually be needed, bringing the true cost to $38 million. COC eventually paid $10 million to Intertex, the developer, for the plans and land that the ATC was scheduled to be built on. The previous board recently approved design services for an on-campus ATC that would be closer to the 111,000 square feet that the National Coalition of Advanced Technology Centers recommends. An update on the status of a search for a permanent head of the college was also requested by Arnold. “The community deserves a full-time president, whether it’s David or somebody else,” he said on Thursday, adding that Andrus would be a candidate if he wants it. The board also heard about some of the basics of the Brown Act, California’s open meeting law, from the district’s legal counsel, Eileen O’Hare-Anderson, a partner at the Liebert, Cassidy & Whitmore law firm. Before relinquishing her role as president of the board, Alonso congratulated her new fellow trustees. “My congratulations to all the newly sworn in candidates who are now our trustees,” Alonso said before the board retired to a two-hour closed session and returned later to finish its annual organizational meeting.
Police: Gun crimes, stolen vehicle incidents falling in Davenport
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