No. 20 Texas A&M wins tight battle vs. RutgersThe Duckhorn Portfolio Announces Fiscal First Quarter 2025 Financial Results
As we age, our cognitive and motor functions degrade, reducing our independence and overall quality of life. Research efforts to mitigate or perhaps eliminate this have resulted in technologies that hold a lot of promise. Now, scientists led by Friedhelm Hummel at EPFL have identified an important factor affecting an individual’s responsiveness to atDCS. The team looked at how native learning abilities determine the effect of brain stimulation applied while learning a motor task. Their findings suggest that individuals with less efficient learning mechanisms benefit more from stimulation, while those with optimal learning strategies might experience negative effects. Among these is non-invasive brain stimulation: a term encompassing a set of techniques that can affect brain functions externally and noninvasively, without the need for surgery or implants. One such promising technique, in particular, is anodal transcranial direct current stimulation (atDCS), which uses a constant, low electrical current delivered via electrodes on the scalp to modulate neuronal activity. However, studies exploring atDCS have produced inconsistent results, which has prompted researchers to explore why some people benefit from atDCS while others don’t. The problem seems to lie in our understanding of factors that may influence responsiveness to brain stimulation, leading to responders and non-responders; among these, age has been suggested as one important factor. Some studies suggest further factors such as baseline behavioural abilities and previous training might be important considerations, but an interplay of these factors with behaviour has not been determined in detail, pointing to the need of refined predictive models of the effects of atDCS. The researchers recruited 40 participants: 20 middle-aged adults (50-65 years old) and 20 older adults (over 65). Each group was further divided into those receiving active atDCS and those receiving placebo stimulation. Over ten days, participants practised a finger-tapping task designed to study motor sequence learning at home while receiving atDCS. The task involved replicating a numerical sequence using a keypad, trying to be as fast and as accurate as possible. The team then used a machine-learning model trained on a public dataset to classify participants as either “optimal” or “suboptimal” learners, based on their initial performance. This model aimed to predict who would benefit from atDCS, based on their ability to integrate information about the task efficiently early during training. The study found that suboptimal learners, who were seemingly less efficient at internalizing the task at the early stages of learning, experienced an accelerated accuracy improvement while performing the task when receiving atDCS. This effect was not limited to people of a certain age (e.g., older adults), with suboptimal learners being found among younger individuals as well. In contrast, participants with optimal learning strategies, regardless of age, even showed a negative trend in performance when receiving atDCS. This difference suggests that brain stimulation is more beneficial for individuals who initially struggle with motor tasks. As such, atDCS seems to possess a restorative rather than an enhancing quality, with important implications for rehabilitation. “By leveraging different methods in Machine learning, we were able to untangle the influence of different factors on the individual effects of brain stimulation,” said Pablo Maceira, the study’s first author. “This will pave the way to maximize the effects of brain stimulation in individual subjects and patients.” The study implies that, in the long run, personalized brain stimulation protocols will be developed to maximize benefits based on an individual’s specific needs, rather than a common trait such as age. This approach could lead to more effective brain stimulation-based interventions, targeting specific mechanisms supporting learning, especially in the view of neurorehabilitation, for which the main basis is the re-learning of lost skills due to a brain lesion (e.g., after a stroke or a traumatic brain injury). “In the future, clinicians could apply a more advanced version of our algorithm to determine whether a patient will benefit from a brain stimulation-based therapy, to enhance the effects of neurorehabilitation and personalize treatment,” said Hummel. (With inputs from ANI)Saquon Barkley on pace to set Eagles rushing record against Panthers, eyes Dickerson's NFL recordUNIUYO admission portal: All about the admission requirements and fees for 2024/2025
South Korean President Yoon Suk Yeol has staggered from scandal to crisis but he surprised everyone this week by declaring martial law -- only then to survive an impeachment vote. The plunge back to South Korea's dark days of military rule only lasted a few hours, and after a night of protests and high drama Yoon was forced into a U-turn in the early hours of Wednesday. But polls show a huge majority of citizens want him out and lawmakers voted Saturday on an impeachment motion brought by the opposition, who control parliament. But even though only eight of them needed to support the motion for it to pass, all but three MPs from Yoon's People Power Party (PPP) boycotted the vote and it failed. This is despite the PPP's leader Han Dong-hoon -- allegedly on an arrest list the night of the martial law declaration -- saying Yoon's resignation was "inevitable". On Saturday before the vote, Yoon spoke publicly for the first time in days, apologising for the "anxiety and inconvenience" he caused, but stopping short of throwing in the towel. Instead the 63-year-old said he would "entrust the party with measures to stabilise the political situation, including my term in office". Born in Seoul in 1960 months before a military coup, Yoon studied law and went on to become a star public prosecutor and anti-corruption crusader. He played an instrumental role in Park Geun-hye, South Korea's first female president, being convicted of abuse of power, imprisoned and impeached in 2016. As the country's top prosecutor in 2019, he also indicted a top aide of Park's successor, Moon Jae-in, in a fraud and bribery case. The conservative PPP, in opposition at the time, liked what they saw and convinced Yoon to become their presidential candidate. He duly won in March 2022, beating Lee Jae-myung of the Democratic Party, but by the narrowest margin in South Korean history. Yoon was never much loved by the public, especially by women -- he vowed on the campaign trail to abolish the ministry of gender equality -- and scandals have come thick and fast. This included his administration's handling of a 2022 crowd crush during Halloween festivities that killed more than 150 people. Voters have also blamed Yoon's administration for food inflation, a lagging economy and increasing constraints on freedom of speech. He was accused of abusing presidential vetoes, notably to strike down a bill paving the way for a special investigation into alleged stock manipulation by his wife Kim Keon Hee. Yoon suffered further reputational damage last year when his wife was secretly filmed accepting a designer handbag worth $2,000 as a gift. Yoon insisted it would have been rude to refuse. His mother-in-law, Choi Eun-soon, was sentenced to one year in prison for forging financial documents in a real estate deal. She was released in May 2024. Yoon himself was the subject of a petition calling for his impeachment earlier this year, which proved so popular the parliamentary website hosting it experienced delays and crashes. As president, Yoon has maintained a tough stance against nuclear-armed North Korea and bolstered ties with Seoul's traditional ally, the United States. Last year, he sang Don McLean's "American Pie" at the White House, prompting US President Joe Biden to respond: "I had no damn idea you could sing." But his efforts to restore ties with South Korea's former colonial ruler, Japan, did not sit well with many at home. Yoon has been a lame duck president since the opposition Democratic Party won a majority in parliamentary elections this year. They recently slashed Yoon's budget. In his Tuesday night televised address to the nation, Yoon railed against "anti-state elements plundering people's freedom and happiness" and his office has subsequently cast his imposition of martial law as a bid to break through legislative gridlock. But to use his political difficulties as justification for imposing martial law for the first time in South Korea since the 1980s is absurd, an analyst said. "Yoon invoked Article 77 of the South Korean constitution, which allows for proclaiming martial law but is reserved for 'time of war, armed conflict or similar national emergency', none of which appears evident," Bruce Klingner, a senior research fellow at the Heritage Foundation, told AFP. "Yoon's action is a damning reversal to decades of South Korean efforts to put its authoritarian past behind it," he said. burs-stu/ceb/mtpSAN DIEGO , Dec. 7, 2024 /PRNewswire/ -- The Shareholders Foundation, Inc. announced that a lawsuit was filed for certain investors in DMC Global Inc. ( NASDAQ : BOOM) shares Investors who purchased more than $100,000 in shares of DMC Global Inc. (NASDAQ: BOOM) between May and November 2024 have certain options and there are short and strict deadlines running. Deadline: February 04, 2025 . Those DMC Global Inc. (NASDAQ: BOOM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. On October 21, 2024 , DMC Global Inc. disclosed that it was "revising its guidance" for the quarter ended September 30, 2024 , stating that the Company's adjusted EBITDA is now expected to be approximately $5 million , down from prior guidance for $15 -18 million, and that the third quarter financial results "will include inventory and bad debt charges at DynaEnergetics totaling approximately $5 million , as well as lower fixed overhead absorption on reduced sales at both Arcadia and DynaEnergetics." The Company also revealed that the financial results will include an approximate $142 million non-cash goodwill impairment charge "associated with DMC's December 2021 acquisition of a controlling interest in Arcadia ." On November 4, 2024 , DMC Global Inc released its third-quarter financial results for the period ending September 30, 2024 . Among other results, the Company reported third quarter sales of $152.4 million , down 11% sequentially and year-over-year, as well as the previously disclosed non-cash goodwill impairment charge. Shares of DMC Global Inc. (NASDAQ: BOOM) declined from $15.98 per share on May 3, 2024 , to as low as $7.16 per share on November 21 , 2024. On December 06, 2024 , an investor in NASDAQ: BOOM shares filed a lawsuit against DMC Global Inc. The plaintiff alleges that between May 3, 2024 and November 4, 2024 , the defendants made materially false and misleading statements and failed to disclose the following adverse facts about DMC Global's business, operations, and prospects which were known to defendants or recklessly disregarded by them: (i) the goodwill associated with the company's principal business segment, Acadia Products, was overstated due to the adverse events and circumstances affecting that reporting segment; (ii) DMC Global's materially inadequate internal systems and processes were adversely affecting its operations; (iii) the company's inadequate systems and processes prevented it from ensuring reasonably accurate guidance and that its public disclosures were timely, accurate, and complete; (iv) as a result, defendants misrepresented DMC Global's operations and financial results; and/or (v) as a result, the company's public statements were materially false, misleading, or lacked a reasonable basis when made. Those who purchased shares of DMC Global Inc. (NASDAQ: BOOM) should contact the Shareholders Foundation, Inc. CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 mail@shareholdersfoundation.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108 The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon. View original content to download multimedia: https://www.prnewswire.com/news-releases/lawsuit-for-investors-who-lost-over-100-000-in-shares-of-dmc-global-inc-nasdaq-boom-between-may-and-nov-2024-announced-by-shareholders-foundation-302325435.html SOURCE Shareholders Foundation, Inc.The Waco Police Department's first electric vehicle likely will not be on traffic patrol any time soon, but its introduction represents a measured, forward-looking step. The department is testing a Ford Mustang Mach-E GT to evaluate its viability for fleet use, department spokesperson Cierra Shipley said. While no timeline has been set for the testing, and emergency equipment is still being installed, the department is taking a cautious approach by using the vehicle as a commander car rather than for patrol or enforcement duties. Waco Sustainability Programs Manager Eric Coffman said the move to bring in an all-electric vehicle to the police fleet aligns with the city’s broader efforts to reduce its environmental impact while ensuring city operations remain cost-effective. Coffman said over the past five years, Waco has prioritized the purchase of light-duty electric vehicles to lower its carbon footprint and improve local air quality. “The police fleet represents a significant portion of vehicle purchases for the city,” Coffman said. “It’s important to evaluate whether EVs are a good fit for that application, considering both financial and operational factors.” The department has used hybrid Ford Police Interceptor SUVs since 2020 , but an all-electric Ford Mustang Mach-E purchased in 2022 for the department was repurposed for other city uses because it was unable to support needed accessories and equipment. Officials said at the time the Mach-E GT model would be better suited for the purpose. VIDEO: The Waco Police Department is on its way to adding 28 new hybrid vehicles to its fleet. (August 2020) In March of last year, the city council approved the purchase of the police department's Mach-E GT for $60,281.09 from Austin Mac Haik Ford Lincoln. It is intended to let the department to assess the vehicle’s viability in a lower-stress environment before considering broader adoption. Overall, Waco has 25 light-duty electric vehicles, powered by the city’s 100% renewable electricity contract that began in 2022, Coffman said. This commitment has already helped reduce greenhouse gas emissions from city operations and contributes to cleaner local air, he said. Coffman said there are several environmental benefits of EVs. “Zero emissions mean these vehicles don’t release carbon dioxide, which is a major contributor to global warming and climate change,” he said. “They also don’t contribute to low-level ozone pollution, which can harm air quality and lead to health issues like increased rates of asthma in children.” The shift to EVs is also financially beneficial, Coffman said. He said the cost to drive an EV is significantly lower than the cost to drive a gas-powered vehicle. “Fuel for an EV costs about $2 per 100 miles, compared to $8 to $15 for an internal combustion engine vehicle,” he said. Maintenance costs are also lower since EVs do not require oil changes, though regular tire rotations are still necessary. Despite the advantages, challenges remain, as repairs to an EV’s electrical systems often require assistance from the manufacturer, making quick fixes less feasible than for traditional vehicles, Coffman said. However, Coffman said such issues highlight the importance of a measured approach to adopting new technology. “Other cities have shown the benefits and challenges of EVs,” Coffman said, pointing to Austin, where a fleet of electric buses faced significant operational setbacks due to manufacturer issues and charging infrastructure problems. “It’s crucial to take a thoughtful, ‘crawl, walk, run’ approach when investing in EV technology.” Waco’s use of the high-profile Mustang Mach-E GT may also influence public perception of the city’s green initiatives. “Supporting sustainability is one of the seven strategic goals of the Waco City Council, and we want the public to know about our efforts to promote a healthy environment,” Coffman said. Waco has already seen progress in this direction through organizations such as Keep Waco Beautiful , which champions community-driven green initiatives. Recent headlines have suggested that consumers are losing interest in electric vehicles, but a closer look at the trends tells a different story. CBC’s Nisha Patel breaks down where we’re at in the EV transition and why experts say the future is still electric. At its June 21, 2022 meeting, the Waco City Council reviewed a study on fleet vehicle replacement that summarizes a plan to replace city vehicles as they age, with an eye toward electric and hybrid cars. CST Fleet Services and Ecopreserve, the two consulting firms that worked on the study, found that 16% of the city’s roughly 1,000 vehicles are 20 years old or older, while most are between eight and 10 years old. Read more: https://wacotrib.com/news/local/govt-and-politics/waco-city-council-to-vote-on-hybrid-police-cars-citing-issues-with-electric-models/article_39d1236a-ffd8-11ec-b3a3-037cd043bd1e.html Get local news delivered to your inbox! 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Taxpayers have spent more than $7 million to empty the Powerhouse Museum at Ultimo and send its contents 37 kilometres to a new storehouse in readiness for the museum’s imminent $300 million rebuild and renovations at its city campus. But the $7.3 million bill for Australia’s largest museum move in half a century does not include the centrepiece of the Powerhouse collection, which is still to be packed up and placed in storage despite anxiety about its extreme fragility. The budget for the steam engine’s removal, along with the rest of the decanted objects, has been covered by a one-off $15 million government grant made in June to also cover the cost of separating the functions of the nearby Harwood building from the construction site, management said. The Boulton & Watt steam engine arrived in Australia from London in 1888. Credit: Dean Sewell The grant formed part of $81.5 million that Treasury allocated to the museum for 2023-24, about $20 million more than the previous financial year, the museum’s annual report notes. The allocation enabled the Powerhouse to report an operating surplus. The 1795 Boulton & Watt rotative engine, a rare relic of the Industrial Age, is one of only three that exist in the world. Some 3000-odd collection pieces have been boxed, crated, catalogued and in some cases craned out of their Harris Street home, but the delicate mechanical antiquity was the lone display object to have been sheltered on site at the CBD museum in a vibration-proof case for the museum’s extensive renovations. Now the priceless steam engine will be moved in February after a risk assessment cited by Powerhouse management in consultation with engineering specialist Ken Ainsworth, who was involved in the reassembly of the engine in 1988, determined that the best outcome for the mechanical antiquity is to temporarily relocate. Ainsworth said the risks of damage during the renovation work, from such things as vibration and exposure to dust and humidity, were greater than the risks of relocation. “These risks far outweigh the risk of any possible damage that may occur during relocation to storage,” he said. “With the correct disassembly techniques, precise lifting with load monitoring and bespoke stillage designs for component transport, the risk of damage can be reduced to zero.” Chief executive Lisa Havilah said the Powerhouse had been responsible for the engine since it arrived from London by ship in 1888. She said it was exhibited at the museum’s former Harris Street location, dismantled and relocated to Castle Hill in 1983 and then reassembled in 1988 as part of the Stage 2 opening of the current Powerhouse Ultimo site. Sydneysiders flocked to the Powerhouse on its final day in February before its closure. Credit: Dean Sewell “It’s about the methodology,” she said. “We have everything documented from 1988, and we are using that as a guide to relocate the steam engine.” But moving the Boulton & Watt was a “distressing” prospect, said Emeritus Professor David Miller, a historian in science and technology at the University of NSW. He said disassembling the machine to move it to Castle Hill would not be attended by the same expertise or care “since virtually all of those who could provide it are dead”. “The very decision to move the Boulton & Watt is a cavalier act of bad faith given the earlier reassurances that it would not be moved,” he said. “It would be easier to ensure the engine’s safety in situ than to move it, in my opinion, precisely because instituting defensive methods to protect it is something that those without steam expertise can do, given the will to do so.” At Ultimo, planning approvals are expected in January to begin demolition of staircases, internal walls and mezzanines within the heritage Boiler House, Engine House, and Turbine Hall, a move which the Powerhouse said would improve circulation but which has been criticised by most public submissions . Labor’s renovations also call for shopfronts for creative industries to be built along Harris Street and a new city-facing entrance and courtyard. Interiors of the 1988-built Wran building will be removed, and its materials changed. Separately, a new $915 million museum is going up on the Parramatta riverside to open in late 2026. The museum’s internationally significant object and star attraction, the Locomotive No. 1 and its carriages, cost $349,000 to shift to their new temporary home in Castle Hill in August. Likewise, the historic Catalina Frigate Bird II cost $285,250 to dismantle and truck to the Historical Aircraft Restoration Society in Albion Park. Removing the Boulton & Watt is expected to cost similar to these other objects, and all three will return to Ultimo, Havilah says. Find out the next TV, streaming series and movies to add to your must-sees. Get The Watchlist delivered every Thursday.Major EV brands’ fail human rightsWhy children play the same game or watch the same show over (and over) again
Navy QB Blake Horvath's 95-yard TD run in Armed Forces Bowl win is longest play in school history
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Evolv Technologies Holdings, Inc. of Class Action Lawsuit and Upcoming Deadlines - EVLV
There was a time when tourists on the hunt for London’s dining hotspots would look for a Michelin star or consult their Lonely Planet guidebook. Nowadays many turn to Instagram and TikTok to find a hidden gem. But American visitors have been warned to watch out as sneaky Londoners have begun posting glowing reviews of the restaurant chain Angus Steakhouse in a bid to protect their favourite local from being overrun by tourists. The broadcaster CBS has covered the ingenious trap, telling viewers: “They’re playing a joke on us people. Don’t fall for it.” Angus Steakhouse, which has five restaurants in the capital, is being hyped up on social media by Londoners strategically using phrases such as “best steak sandwich in London” and “hidden gem”.
ST. HELENA, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today reported its financial results for the three months ended October 31, 2024. First Quarter 2025 Highlights “We are pleased to begin fiscal 2025 with strong financial performance. Our growth continues to outpace the industry as our teams remain focused on advancing our strategic initiatives,” said Deirdre Mahlan, President, CEO and Chairperson. “We believe our distinctive brands, operational excellence and market-leading performance leave us well positioned to deliver long-term growth and profitability.” First Quarter 2025 Results Three months ended October 31, 2024 2023 Net sales growth (decline) 19.9 % (5.2 )% Volume contribution 24.7 % (3.4 )% Price / mix contribution (4.8 )% (1.8 )% Three months ended October 31, 2024 2023 Wholesale – Distributors 79.3 % 77.0 % Wholesale – California direct to trade 13.9 15.6 DTC 6.8 7.4 Net sales 100.0 % 100.0 % Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus $102.5 million in the prior year period. The increase was driven primarily by the addition of Sonoma-Cutrer, partially offset by a lower price / mix contribution. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, a decline of 250 basis points versus the prior year period. Adjusted gross profit was $63.8 million, an increase of $10.6 million or 19.8% versus the prior year period, reflecting higher net sales with the addition of Sonoma-Cutrer. Adjusted gross profit margin was 51.9% a decline of 10 basis points versus the prior year, as a result of an increase in cost of goods. Total selling, general and administrative expenses were $40.8 million, an increase of $10.3 million, or 33.8%, versus $30.5 million in the prior year period. Adjusted selling, general and administrative expenses were $23.9 million, an increase of $1.3 million, or 5.8%, versus $22.6 million in the prior year period, and a decrease of 260 basis points as a percentage of net sales. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, versus $34.7 million in the prior year period. This increase was driven primarily by an increase in net sales associated with the addition of Sonoma-Cutrer and ongoing operating cost controls that resulted in slower growth of adjusted selling, general and administrative expenses as a percentage of net sales. As a result, adjusted EBITDA margin improved 560 basis points versus the prior year period. Conference Call and Webcast The Company will no longer host its earnings conference call and webcast. About The Duckhorn Portfolio, Inc. The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https:// www.duckhornportfolio.com/ . Investors can access information on our investor relations website at: https://ir.duckhorn.com . Use of Non-GAAP Financial Information In addition to the Company’s results, which are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: adjusted gross profit, adjusted selling, general and administrative expenses, adjusted EBITDA, adjusted net income and adjusted EPS. Certain of these non-GAAP measures exclude depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, casualty losses or gains, impairment losses, inventory write-downs, changes in the fair value of derivatives, and certain other items, net of the tax effects of all such adjustments, which are not related to the Company’s core operating performance. The Company believes that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. The Company’s management team uses these non-GAAP financial measures to evaluate business performance in comparison to budgets, forecasts and prior period financial results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. For example, all statements The Duckhorn Portfolio makes relating to its estimated and projected financial results or its plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to manage the growth of its business; the Company’s reliance on its brand name, reputation and product quality; the effectiveness of the Company’s marketing and advertising programs, including the consumer reception of the launch and expansion of our product offerings; general competitive conditions, including actions the Company’s competitors may take to grow their businesses; overall decline in the health of the economy and the impact of inflation on consumer discretionary spending and consumer demand for wine; the occurrence of severe weather events (including fires, floods and earthquakes), catastrophic health events, natural or man-made disasters, social and political conditions, war or civil unrest; risks associated with disruptions in the Company’s supply chain for grapes and raw and processed materials, including corks, glass bottles, barrels, winemaking additives and agents, water and other supplies; risks associated with the disruption of the delivery of the Company’s wine to customers; disrupted or delayed service by the distributors and government agencies the Company relies on for the distribution of its wines outside of California; the Company’s ability to successfully execute its growth strategy; risks associated with our acquisition of Sonoma-Cutrer Vineyards, Inc.; decreases in the Company’s wine score ratings by wine rating organizations; quarterly and seasonal fluctuations in the Company’s operating results; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company’s ability to protect its trademarks and other intellectual property rights, including its brand and reputation; the Company’s ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and to international markets; claims, demands and lawsuits to which the Company is, and may in the future, be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company’s ability to operate, update or implement its IT systems; the Company’s ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company’s potential ability to obtain additional financing when and if needed; the Company’s substantial indebtedness and its ability to maintain compliance with restrictive covenants in the documents governing such indebtedness; the Company’s largest shareholders’ significant influence over the Company; the potential liquidity and trading of the Company’s securities; the future trading prices of the Company’s common stock and the impact of securities analysts’ reports on these prices; and the risks identified in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except shares and per share data) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash $ 5,407 $ 10,872 Accounts receivable trade, net 88,016 52,262 Due from related party 222 10,845 Inventories 530,293 448,967 Prepaid expenses and other current assets 11,040 14,594 Total current assets 634,978 537,540 Property and equipment, net 568,391 568,457 Operating lease right-of-use assets 26,369 27,130 Intangible assets, net 190,577 192,467 Goodwill 484,379 483,879 Other assets 7,470 7,555 Total assets $ 1,912,164 $ 1,817,028 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,357 $ 5,774 Accrued expenses 69,346 34,164 Accrued compensation 7,994 11,386 Deferred revenue 12,264 80 Current maturities of long-term debt 9,721 9,721 Due to related party 342 1,714 Other current liabilities 4,250 3,905 Total current liabilities 170,274 66,744 Revolving line of credit 83,000 101,000 Long-term debt, net of current maturities and debt issuance costs 198,263 200,734 Operating lease liabilities 23,579 24,286 Deferred income taxes 151,104 151,104 Other liabilities 694 705 Total liabilities 626,914 544,573 Stockholders’ equity: Common stock, $0.01 par value; 500,000,000 shares authorized; 147,200,572 and 147,073,614 issued and outstanding at October 31, 2024 and July 31, 2024, respectively 1,472 1,471 Additional paid-in capital 1,012,874 1,011,265 Retained earnings 270,299 259,135 Total The Duckhorn Portfolio, Inc. stockholders’ equity 1,284,645 1,271,871 Non-controlling interest 605 584 Total stockholders’ equity 1,285,250 1,272,455 Total liabilities and stockholders’ equity $ 1,912,164 $ 1,817,028 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except shares and per share data) Three months ended October 31, 2024 2023 Sales $ 124,669 $ 103,903 Excise tax 1,727 1,394 Net sales 122,942 102,509 Cost of sales 61,442 48,656 Gross profit 61,500 53,853 Selling, general and administrative expenses 40,798 30,483 Income from operations 20,702 23,370 Interest expense 5,115 4,004 Other expense (income), net 117 (1,813 ) Total other expenses, net 5,232 2,191 Income before income taxes 15,470 21,179 Income tax expense 4,285 5,629 Net income 11,185 15,550 Net income attributable to non-controlling interest (21 ) (13 ) Net income attributable to The Duckhorn Portfolio, Inc. $ 11,164 $ 15,537 Earnings per share of common stock: Basic $ 0.08 $ 0.13 Diluted $ 0.08 $ 0.13 Weighted average shares of common stock outstanding: Basic 147,128,486 115,339,774 Diluted 147,186,767 115,451,719 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended October 31, 2024 2023 Cash flows from operating activities Net income $ 11,185 $ 15,550 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,631 7,329 Gain on disposal of assets (61 ) (42 ) Change in fair value of derivatives 137 (1,889 ) Amortization of debt issuance costs 194 194 Equity-based compensation 2,254 1,150 Change in operating assets and liabilities; net of acquisition: Accounts receivable trade, net (35,754 ) (22,547 ) Due from related party 10,623 — Inventories (80,443 ) (66,115 ) Prepaid expenses and other current assets 3,550 1,781 Other assets (212 ) 283 Accounts payable 61,149 28,045 Accrued expenses 37,058 51,985 Accrued compensation (3,392 ) (7,808 ) Deferred revenue 12,184 11,132 Due to related party (1,372 ) — Other current and non-current liabilities (496 ) (982 ) Net cash provided by operating activities 27,235 18,066 Cash flows from investing activities Purchases of property and equipment, net of sales proceeds (11,556 ) (10,395 ) Net cash used in investing activities (11,556 ) (10,395 ) Cash flows from financing activities Payments under line of credit (18,000 ) (13,000 ) Borrowings under line of credit — 23,000 Payments of long-term debt (2,500 ) (2,500 ) Taxes paid related to net share settlement of equity awards (644 ) (342 ) Net cash (used in) provided by financing activities (21,144 ) 7,158 Net (decrease) increase in cash (5,465 ) 14,829 Cash - Beginning of period 10,872 6,353 Cash - End of period $ 5,407 $ 21,182 Supplemental cash flow information Interest paid, net of amount capitalized $ 4,585 $ 4,009 Income taxes paid $ — $ 11,607 Non-cash investing activities Property and equipment additions in accounts payable and accrued expenses $ 2,568 $ 3,300 THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted gross profit, adjusted selling, general and administrative expenses, adjusted net income, adjusted EBITDA and adjusted EPS, collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net income or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to evaluate business performance in comparison to budgets, forecasts and prior year financial results. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company calculates as net income before interest, taxes, depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items which are not related to our core operating performance. Adjusted EBITDA is a key performance measure the Company uses in evaluating its operational results. The Company believes adjusted EBITDA is a helpful measure to provide investors an understanding of how management regularly monitors the Company’s core operating performance, as well as how management makes operational and strategic decisions in allocating resources. The Company believes adjusted EBITDA also provides management and investors consistency and comparability with the Company’s past financial performance and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations unrelated to its overall performance. Adjusted EBITDA has certain limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations include: Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net income and the Company’s other GAAP results. In evaluating adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by the types of items excluded from the calculation of adjusted EBITDA. Adjusted Gross Profit Adjusted gross profit is a non-GAAP financial measure that the Company calculates as gross profit excluding the impact of purchase accounting adjustments (including depreciation and amortization related to purchase accounting), non-cash equity-based compensation expense, and certain inventory charges. We believe adjusted gross profit is a useful measure to us and our investors to assist in evaluating our operating performance because it provides consistency and direct comparability with our past financial performance between fiscal periods, as the metric eliminates the effects of non-cash or other expenses unrelated to our core operating performance that would result in fluctuations in a given metric for reasons unrelated to overall continuing operating performance. Adjusted gross profit should not be considered a substitute for gross profit or any other measure of financial performance reported in accordance with GAAP. Adjusted Net Income and Adjusted Selling, General and Administrative Expenses Adjusted net income is a non-GAAP financial measure that the Company calculates as net income excluding the impact of non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items unrelated to core operating performance, as well as the estimated income tax impacts of all such adjustments included in this non-GAAP performance measure. We believe adjusted net income assists us and our investors in evaluating our performance period-over-period. In calculating adjusted net income, we also calculate the following non-GAAP financial measures which adjust each GAAP-based financial measure for the relevant portion of each adjustment to reach adjusted net income: Adjusted net income should not be considered a substitute for net income or any other measure of financial performance reported in accordance with GAAP. Adjusted EPS Adjusted EPS is a non-GAAP financial measure that the Company calculates as adjusted net income divided by diluted share count for the applicable period. We believe adjusted EPS is useful to us and our investors because it improves the comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share or any other measure of financial performance reported in accordance with GAAP. THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 122,942 $ 61,500 $ 40,798 $ 11,164 $ 4,285 $ 11,164 $ 0.08 Percentage of net sales 50.0 % 33.2 % 9.1 % Interest expense 5,115 Income tax expense 4,285 Depreciation and amortization expense 119 (1,903 ) 10,631 EBITDA $ 31,195 Purchase accounting adjustments 1,957 1,957 542 1,415 0.01 Transaction expenses (13,125 ) 13,125 3,636 9,489 0.06 Acquisition integration costs (152 ) 152 42 110 — Change in fair value of derivatives 137 38 99 — Equity-based compensation 266 (1,734 ) 2,000 504 1,496 0.01 Non-GAAP results $ 122,942 $ 63,842 $ 23,884 $ 48,566 $ 9,047 $ 23,773 $ 0.16 Percentage of net sales 51.9 % 19.4 % 39.5 % Three months ended October 31, 2023 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 102,509 $ 53,853 $ 30,483 $ 15,537 $ 5,629 $ 15,537 $ 0.13 Percentage of net sales 52.5 % 29.7 % 15.2 % Interest expense 4,004 Income tax expense 5,629 Depreciation and amortization expense 124 (3,108 ) 7,329 EBITDA $ 32,499 Purchase accounting adjustments 25 25 7 18 — Transaction expenses (3,236 ) 3,236 861 2,375 0.02 Change in fair value of derivatives (1,889 ) (502 ) (1,387 ) (0.01 ) Equity-based compensation 206 (846 ) 1,052 272 780 0.01 Lease income, net (926 ) (926 ) (716 ) (210 ) (56 ) (154 ) — Non-GAAP results $ 101,583 $ 53,282 $ 22,577 $ 34,713 $ 6,211 $ 17,169 $ 0.14 Percentage of net sales 52.0 % 22.0 % 33.9 % Note: Sum of individual amounts may not recalculate due to rounding. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205396304/en/ CONTACT: Investor Contact Ben Avenia-Tapper IR@duckhorn.com 707-339-9232Media Contact Jessica Liddell, ICR DuckhornPR@icrinc.com 203-682-8200 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON INDUSTRY KEYWORD: RETAIL LUXURY WINE & SPIRITS AGRICULTURE NATURAL RESOURCES SPECIALTY FOOD/BEVERAGE SOURCE: The Duckhorn Portfolio, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205396304/en
Aston Villa fails in its bid to overturn Jhon Duran’s red card at NewcastleKUWAIT: The Embassy of the Republic of Korea and Gulf University for Science & Technology (GUST) co-hosted the 2024 Korean Street Food Festival on the university’s campus on November 28, to celebrate the rich culinary traditions of South Korea, and the growing interest among Kuwaitis in Korean culture. The festival offered a rare opportunity to savor iconic street food loved by people in South Korea, such as gimbap, tteokbokki, bulgogi, and a variety of chicken dishes. Visitors also participated in kimchi making sessions during the event. Kimchi, a staple South Korean side dish consisting of salted and fermented vegetables, has been receiving interest from culinary enthusiasts in Kuwait. The event attracted a diverse audience, including GUST faculty and students, guests from various nationalities, and representatives from the culinary industry. South Korean restaurants, such as Kim’s House, Korea Gwan, Seoulian, Sinjeon Tteokbokki, The Kimchi, and Thomas Bbokki, participated in the event, each bringing their unique touch to traditional Korean dishes. During the event, South Korean Ambassador to Kuwait Chong-suk Park remarked: “Korean street food holds a special place in Korean culture. It’s not just about the food, but about the history that resonates with every dish. Through this festival, we present kimchi-making, a significant element of Korean cuisine. Experiencing the process will offer insights into the depth of Korean food. I hope you enjoy the unique atmosphere and the culinary journey.” Mohammad Al-Haddad, Academic Affairs Leader at GUST, who spoke on behalf of the GUST president, highlighted the festival’s purpose of being a celebration of South Korean culture and a reflection of the strong ties between Kuwait and South Korea. “At GUST, we take pride in fostering cultural diversity and global connections, offering students and community meaningful opportunities to learn about the world,” he said.
This year, Kim Stark’s kids took responsibility for decorating the family Christmas tree. Ornaments include toy cars, puzzle pieces, string and a pair of binoculars — things her three young daughters had handy after the family lost their home in summer’s devastating Jasper wildfire. “I have the most wonderful tree on the planet,” said Stark. “It’s part of our story and part of who we are. “If (the kids) are happy, I’m happy.” Stark is part of the fabric of the Jasper townsite, a 10-year member of the fire department and owner of a coffee shop and bakery. Her family, plus three furry pets and a fish, are living in a condo as they navigate rebuilding their home. “(The kids) miss our house, and we talk about our house,” said Stark. “We make sure we go to our neighbourhood, so that it doesn’t become somebody else’s neighbourhood.” Stark and other residents are anxious and nervous for the future following the fire that hit the town July 24. About 5,000 residents and 20,000 visitors were safely evacuated before the fire breached the western edge of town and destroyed 350 homes and businesses, including 820 housings units. The Insurance Bureau of Canada pegged the damage at $880 million. Six months after the fire, debris is still being cleared — lot by lot. Locals including Stark are quick to say things could have been worse. But anxiety over temporary living situations and what may be a long and slow rebuild process has many residents and municipal leaders feeling unsettled heading into 2025. For Sabrina Charlebois and David Leoni, the top concern is the Alberta government’s $112-million modular housing project. It’s to put up 250 pre-built rental units in the town and rent them to those displaced by the fire. Social Services Minister Jason Nixon said the first homes should be ready by late January or early February, with the rest in April. The majority are to be multi-bedroom suites to accommodate families. “If we can get all of our approvals on time, we definitely are on time to be able to build in the context of what we promised,” Nixon said. It’s complicated, he added, given there are layers of government with an Alberta town in a national park. Charlebois was born and raised in Jasper. The fire destroyed her childhood home, which her late father built, as well as the salon where she worked. “It’s better than nothing,” she said of the housing project, noting at least 2,000 residents were displaced so demand could outnumber the new units. Charlebois, who has been staying in a hotel, said it’s understandable projects like this take time. But “we’re six months into this, and there’s no homes for anyone.” “My fear is not finding a place to live, because I have to be out of my hotel by the spring,” she said. Leoni, a dentist and former Olympic biathlete, and his family also lost their home, as did seven staff at his clinic. He said the April cutoff date Charlebois is facing also applies to his staff staying in hotels. “Hopefully that’s concurrent with the provincial government’s opening of these modular units that they’re putting in, because we’re going to lose staff,” said Leoni. “Without them I can’t do anything.” The clinic needed to replace $160,000 worth of equipment and required a top-to-bottom scrub before appointments resumed in October. Leoni estimates his patient list is down one-third because of the fire. Whether those patients return remains to be seen. Charlebois and Leoni both said their anxiety is heightened when they consider the unpredictable nature of the town’s tourism economy and how it could complicate the pace of rebuilding. It’s a catch-22: residents need houses in order to rebuild and restart the economy, but they can’t restart the economy without tourists. And tourists require services, which require workers, who require housing. Bill Given, the town’s chief administrator, said he’s optimistic the municipality can “thread the needle.” But he has his own anxieties when it comes to rebuilding, namely the complexity of Jasper operating under both federal and provincial oversight. “An associated risk of that is that individual agendas from different orders of government overtake the public interest in delivering on what Jasper needs,” Given said. “I think there’s also a risk, maybe somewhat smaller, that private interests overtake the broader public interest.” Jasper Mayor Richard Ireland, who lost his home in the fire, said they have to find a way. “Failure is not an option for anybody,” said Ireland. “We have one chance to get this right, and that’s what we have to do.” In the meantime, Stark and her daughters watch from behind a fence as what’s left of their home is cleared away. “I’m super excited just to have a hole instead of a burnt spiral staircase that was coming up in my backyard. “Now,” she said, “it’s just this beautiful dirt. “There’s future there.” Jack Farrell, The Canadian Press
The Reform UK leader pushed back against reports suggesting that legal action would be the next step, saying he would make a decision in the next couple of days about his response if there is no apology for the “crazy conspiracy theory”. Mr Farage also said the party has “opened up our systems” to media outlets, including The Daily Telegraph and The Financial Times, in the interests of “full transparency to verify that our numbers are correct”. His remarks came after Conservative Party leader Kemi Badenoch accused Mr Farage of “fakery” in response to Reform claiming they had surpassed the Tories in signed-up members. Mrs Badenoch said Reform’s counter was “coded to tick up automatically”. A digital counter on the Reform website showed a membership tally before lunchtime on Boxing Day ticking past the 131,680 figure declared by the Conservative Party during its leadership election earlier this year. Mr Farage, on whether he was threatening legal action or not, told the PA news agency: “I haven’t threatened anything. I’ve just said that unless I get an apology, I will take some action. “I haven’t said whether it’s legal or anything.” He added: “All I’ve said is I want an apology. If I don’t get an apology, I will take action. “I will decide in the next couple of days what that is. So I’ve not specified what it is.” Mr Farage, on the move to make membership data available to media organisations, said: “We feel our arguments are fully validated. “She (Mrs Badenoch) has put out this crazy conspiracy theory and she needs to apologise.” The accusations of fraud and dishonesty made against me yesterday were disgraceful. Today we opened up our systems to The Telegraph, Spectator, Sky News & FT in the interests of full transparency to verify that our data is correct. I am now demanding @KemiBadenoch apologises. — Nigel Farage MP (@Nigel_Farage) December 27, 2024 On why Mrs Badenoch had reacted as she did, Mr Farage said: “I would imagine she was at home without anybody advising her and was just angry.” Mr Farage, in a statement issued on social media site X, also said: “The accusations of fraud and dishonesty made against me yesterday were disgraceful. “Today we opened up our systems to The Telegraph, Spectator, Sky News and FT in the interests of full transparency to verify that our data is correct. “I am now demanding Kemi Badenoch apologises.” A Conservative Party source claimed Mr Farage was “rattled” that his Boxing Day “publicity stunt is facing serious questions”. They added: “Like most normal people around the UK, Kemi is enjoying Christmas with her family and looking forward to taking on the challenges of renewing the Conservative Party in the New Year.” Mrs Badenoch, in a series of messages posted on X on Thursday, said: “Farage doesn’t understand the digital age. This kind of fakery gets found out pretty quickly, although not before many are fooled.” There were 131,680 Conservative members eligible to vote during the party’s leadership election to replace Rishi Sunak in the autumn. Mrs Badenoch claimed in her thread that “the Conservative Party has gained thousands of new members since the leadership election”. Elsewhere, Mr Farage described Elon Musk as a “bloody hero” and said he believes the US billionaire can help attract younger voters to Reform. Tech entrepreneur Mr Musk met Mr Farage earlier this month at Donald Trump’s Mar-a-Lago resort in Florida, amid rumours of a possible donation to either Mr Farage or Reform. Mr Farage told The Daily Telegraph newspaper: “The shades, the bomber jacket, the whole vibe. Elon makes us cool – Elon is a huge help to us with the young generation, and that will be the case going on and, frankly, that’s only just starting. “Reform only wins the next election if it gets the youth vote. The youth vote is the key. Of course, you need voters of all ages, but if you get a wave of youth enthusiasm you can change everything. “And I think we’re beginning to get into that zone – we were anyway, but Elon makes the whole task much, much easier. And the idea that politics can be cool, politics can be fun, politics can be real – Elon helps us with that mission enormously.”Farage: Badenoch must apologise for ‘crazy conspiracy theory’ on Reform numbersAmericans support increasing government efficiency
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