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Manchester United Football Club is to cut the funding it provides to its charitable arm as part of a purge of costs being overseen by Sir Jim Ratcliffe, its newest billionaire shareholder. Sky News has learnt that the Premier League club plans to inform the Manchester United Foundation that it intends to curb the benefits it provides - which totalled close to £1m last year - from 2025 onwards. Sources close to the situation said a substantial element of the support given to the Foundation by the club would be axed, although Old Trafford insiders insisted on Sunday that it would still provide "significant" support to the charitable wing. A decision is said to have been made by the club's leadership to proceed with the cuts, with the Foundation expected to be informed about the scale of the reductions in the coming weeks. In 2023, the club paid the MU Foundation nearly £175,000 for charity services, which include managing the distribution of signed merchandise to individuals raising funds for charitable causes. Manchester United also provided gifts in kind amounting to £665,000 last year, which were understood to include use of the Old Trafford pitch and other facilities, alongside free club merchandise and the use of back-office services such as the club's IT capabilities. The MU Foundation works in local communities around Manchester and Salford to engage with underprivileged and marginalised people. Its projects include Street Reds, which is targeted at 8-18 year-olds, and Primary Reds, which works in school classrooms with 5-11 year-olds. It also organises hospital visits to support children with life-threatening illnesses. The disclosure about the latest target of cost-cutting by Sir Jim's Ineos Sports group, which now owns close to 29% of Manchester United's, comes just a day after The Sun revealed that an association set up to facilitate relations between former players, would see its club funding axed. A similar move has been made in relation to funding for the club's disabled fans' group, while hundreds of full-time staff have been made redundant in recent months and costs have been slashed across most areas of its operations. People close to the club anticipate further cost-cutting measures being introduced as soon as next month. One club source said it remained "proud of the work carried out by the Manchester United Foundation to increase opportunities for vulnerable young people across Greater Manchester". "All areas of club expenditure are being reviewed due to ongoing losses. "However, significant support for the Foundation will continue." Sir Jim has injected $300m of his multibillion pound fortune into Manchester United, although it will need to raise substantially more than that to fund redevelopments to Old Trafford or a new stadium. Last year, the club, which is listed on the New York Stock Exchange, lost more than £110m, with sizeable interest payments totalling tens of millions of pounds annually required to service its debt burden. The men's first team has seen an alarming run of results under Ruben Amorim, who was appointed to succeed Erik Ten Hag in the autumn. United have lost three of their last four matches - the exception being a derby win away at Manchester City - and lie 14th in the Premier League table. Mr Amorim has acknowledged that he could face the same fate as Mr Ten Hag unless results improve. Dan Ashworth, who was brought in from Newcastle United FC as sporting director in the summer, left after just five months. Manchester United declined to comment formally on the proposed cuts to the funding of its charitable arm.Aberdeenshire Council is developing a new strategy to safeguard the local economy and make it fairer and more sustainable for the benefit of its communities. Community wealth building (CWB) is a people-centred approach which will bring together communities, businesses, a wide range of public sector bodies and commercial partners to build a stronger local economy. Among the main focus points will be keeping and growing local spend by supporting businesses to bid for local authority and other public sector contracts. It will also support communities to realise their ambitions to hold a greater stake in the local economy, through a host of new opportunities including community asset transfers. As demonstrated successfully by other local authorities who have developed a CWB strategy – including North Ayrshire Council which established the first in Scotland – the council said it is firmly committed to ensuring public land, resources and assets are utilised more effectively to meet community and business needs. As part of the initial engagement work, a series of online workshops are being held to gather the views of local partners and stakeholders across key sectors, which will feed into the development of the draft strategy. An online workshop for the Third Sector, aimed at community groups, charities, and social enterprises, is being held at 1.30-3.30pm on Thursday, January 16 – interested groups can register at Eventbrite Community wealth building uses five pillars to create more economic benefits for an area: Spending - Increasing local procurement, commissioning and wider investment, using public spend to deliver community benefit, fair work and build local supply chains Fair employment - Increasing fair work and developing local labour markets, ensuring the workforce are in well paid jobs that benefit from an effective voice, security and flexibility. Land and property - Ensuring that communities maximise benefit and generate wealth from local land and property. Inclusive ownership - Stimulating the development and growth of locally owned enterprises that generate local wealth. In particular, the encouragement of employee owned businesses, cooperatives and social enterprises. Financial power - Ensuring that the flows of wealth generated within the local economy works for the wellbeing of communities and businesses Chairman of the council’s infrastructure services committee Councillor Alan Turner said: “I am delighted to see work starting around a community wealth building strategy for Aberdeenshire which will provide us with the means to deliver wellbeing for every community across the north-east. “By working hand in hand with those communities and our commercial sectors, we will enable them to create and own wealth in their local area. “While absolutely acknowledging that Aberdeenshire has a thriving and diverse economy, we know it can be improved to provide more equity for businesses. “Our priority is to maximise economic opportunities for everyone across Aberdeenshire by putting people at the very heart of those vital local economies.” Committee vice-chairwoman Councillor Isobel Davidson said: “I’m really excited about a community wealth building approach which will offer excellent opportunities for local people to create a more inclusive and thriving community and ensure that the benefits of local economic growth are properly and rightfully invested across Aberdeenshire.”
SPRING, Texas--(BUSINESS WIRE)--Dec 23, 2024-- Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter and fiscal year-to-date period ended October 31, 2024. "Net sales for the third quarter were $41.6 million, a decrease of $4.1 million, as compared to the same quarter last year. Net income attributable to common stock of $2.5 million was an increase of $0.5 million, or 29%, compared to $1.9 million in the third quarter of 2023. For the nine months ended October 31, 2024, net sales of $113.4 million represent an increase of 3% compared to the nine months ended October 31, 2023. The net income attributable to common stock of $7.2 million was an increase of $5.4 million, or 294%, compared to net income attributable to common stock of $1.8 million in the nine months ended October 31, 2023,” noted President and CEO David Mansfield. “Backlog in the third quarter shows considerable growth and now stands at $114.2 million. This is the equivalent to approximately nine months revenue based upon prior years’ revenues. The continual strengthening of our backlog over the past two quarters is encouraging and provides a sense of optimism heading into next year. Additionally, backlog at the end of the third quarter represents the highest level since transitioning from MFRI to Perma-Pipe, which occurred in March 2017,” Mr. Mansfield continued. “Our third quarter and fiscal 2024 year-to-date results continue to reflect exceptional performance, which has remained consistent throughout the year. It is worth noting that our net income attributable to common stock for the nine months ended October 31, 2024, represents the highest level of earnings on a year-to-date basis since transitioning from MFRI to Perma-Pipe,” said Mr. Mansfield. “We are pleased with the level of business activity we have experienced and continue to see, as supported by the significant rise in backlog and share price. The increases in infrastructure spending in Saudi Arabia, India, and the U.A.E., represent key drivers of our overall improvement, for which the strength of our financial results further enables us to continue to execute on strategic initiatives,” concluded Mr. Mansfield. Third Quarter Fiscal 2024 Results Net sales were $41.6 million and $45.7 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $4.1 million, or 9%, was a result of the timing of project execution. Gross profit was $14.1 million, or 34% of net sales, and $13.2 million, or 29% of net sales, in the three months ended October 31, 2024 and 2023, respectively. The increase of $0.9 million, was driven primarily by better margins due to product mix. General and administrative expenses were $7.3 million and $5.7 million in the three months ended October 31, 2024 and 2023, respectively. The increase of $1.6 million, was due to higher payroll expenses and professional fees in the quarter. Selling expenses were $1.2 million and $1.5 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $0.3 million, was due to lower payroll expense in the quarter. Net interest expense remained consistent and was $0.5 million and $0.6 million in the three months ended October 31, 2024 and 2023, respectively. Other expense was $0.1 million and $0.5 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $0.4 million, was due primarily to exchange rate fluctuations in foreign currency transactions. The Company's ETR was 32% and 31% in the three months ended October 31, 2024 and 2023, respectively. The change in the ETR is due to the ability to recognize tax benefits on losses in the United States in the current year whereas the prior year had a full valuation allowance and changes to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $2.5 million and $1.9 million in the three months ended October 31, 2024 and 2023, respectively. The increase of $0.6 million, was mainly due to better project execution in the quarter. Fiscal 2024 Year-to-Date Results Net sales were $113.4 million and $110.5 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $2.9 million, or 3%, was a result of increased sales volumes in the Middle East. Gross profit was $38.1 million, or 34% of net sales, and $29.4 million, or 27% of net sales, in the nine months ended October 31, 2024 and 2023, respectively. The increase of $8.7 million, was driven primarily by better margins due to product mix. General and administrative expenses were $19.5 million and $16.4 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $3.1 million, was due to higher payroll expenses and professional fees. Selling expenses were $3.8 million and $4.2 million in the nine months ended October 31, 2024 and 2023, respectively. The decrease of $0.4 million, was due to lower payroll expenses. Net interest expense was $1.5 million and $1.8 million in the nine months ended October 31, 2024 and 2023, respectively. The decrease of $0.3 million, was due primarily to declining interest rates on certain variable rate debt. Other expense was $0.2 million and $0.4 million in the nine months ended October 31, 2024 and 2023, respectively. The change was due primarily to exchange rate fluctuations in foreign currency transactions. The Company's ETR was 28% and 49% in the nine months ended October 31, 2024 and 2023, respectively. The change in the ETR is due to the ability to recognize tax benefits on losses in the United States in the current year whereas the prior year had a full valuation allowance and changes to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $7.2 million and $1.8 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $5.4 million, was mainly due to better project execution during the year. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website ( http://investors.permapipe.com .) Additional information regarding the Company's financial results for the three months ended October 31, 2024, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2024, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com . For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) 2024 2023 2024 2023 $ 41,563 $ 45,690 $ 113,397 $ 110,489 14,086 13,184 38,077 29,424 8,500 7,145 23,214 20,618 5,586 6,039 14,863 8,806 468 640 1,489 1,788 (50 ) (502 ) (156 ) (350 ) 5,068 4,897 13,218 6,668 1,615 1,533 3,692 3,257 $ 3,453 $ 3,364 $ 9,526 $ 3,411 962 1,429 2,303 1,577 $ 2,491 $ 1,935 $ 7,223 $ 1,834 $ 0.31 $ 0.24 $ 0.91 $ 0.23 $ 0.31 $ 0.24 $ 0.90 $ 0.23 Note: Earnings per share calculations could be impacted by rounding. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) $ 104,405 $ 98,818 56,344 56,893 $ 160,749 $ 155,711 $ 53,794 $ 57,742 26,792 25,991 80,586 83,733 8,952 6,266 71,211 65,712 $ 160,749 $ 155,711 View source version on businesswire.com : https://www.businesswire.com/news/home/20241223777874/en/ CONTACT: Perma-Pipe International Holdings, Inc. David Mansfield, President and CEO Perma-Pipe Investor Relations (847) 929-1200 investor@permapipe.com KEYWORD: TEXAS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENGINEERING CHEMICALS/PLASTICS OTHER ENERGY OIL/GAS MANUFACTURING ENERGY SOURCE: Perma-Pipe International Holdings, Inc. Copyright Business Wire 2024. PUB: 12/23/2024 12:43 PM/DISC: 12/23/2024 12:43 PM http://www.businesswire.com/news/home/20241223777874/en
New Delhi, Dec 23 (IANS): Prime Minister Narendra Modi on Monday condemned attempts to incite violence in society, highlighting that the teachings of Jesus Christ promote love, harmony, and brotherhood. While speaking at the Christmas event hosted by the Catholic Bishops’ Conference of India (CBCI) at its headquarters here, PM Modi stressed the need to work together to embody the values taught by Jesus and strengthen this spirit of unity. He also condemned last week's terror attack at Germany’s Magdeburg Christmas Market, where an SUV drove into a crowd, resulting in the deaths of four women and a nine-year-old child, while injuring 205 people. Among the injured were seven Indians. PM Modi stressed the importance of prioritising human interests alongside national interests, stating that India's foreign policy reflects this approach. He highlighted India's humanitarian efforts during the Covid-19 pandemic, where the country helped over 150 nations by providing medicines and vaccines. This approach, centred on human welfare, had a positive global impact, with countries like Guyana and several island nations expressing deep gratitude. “India went beyond its capabilities to help other countries during the Covid-19 pandemic, providing medicines to over 150 nations,” he said. He also highlighted the evacuation of Indians stranded in war-torn nations, saying that no matter where they are or what crisis they face, today’s India sees it as its duty to bring its citizens to safety. “We brought back our nurses who got stuck in the Gulf countries. It was a very satisfactory moment for me when we safely brought Father Alexis Prem Kumar from war-torn Afghanistan, a decade back. He was stuck there for 8 months and was in hostage... for us, all these missions are not mere diplomatic missions but an emotional commitment to bring back family members," he said. The Prime Minister further expressed pride in George Koovakad’s elevation as a Cardinal of the Holy Roman Catholic Church. “It is a moment of pride that His Holiness Pope Francis has made His Eminence George Koovakad a Cardinal of the Holy Roman Catholic Church," he said. He stressed the significance of hope in transforming the world, drawing attention to India's achievements over the past decade. PM Modi pointed out that 250 million people have overcome poverty, and the nation’s economy has grown from the 10th to the 5th largest globally. He praised the country's youth for their drive and ambition, and highlighted the empowerment of women across sectors, including entrepreneurship and the armed forces, emphasising that no nation can progress without empowering women. PM Modi also discussed India’s strides in technology, with advancements in mobile and semiconductor manufacturing. He underlined the importance of technology in empowering the poor and the rapid infrastructure development taking place, including new expressways, rural roads, and metro routes. These initiatives, he said, inspire hope for a brighter future for India. The Prime Minister reiterated the values of compassion and selfless service taught by Jesus Christ, stressing the role of institutions in serving society. He commended the government's initiatives, such as the PM Awas Yojana, which empowers women by building homes in their names, and the Nari Shakti Vandan Adhiniyam, which has increased women’s participation in Parliament. PM Modi concluded by reiterating the importance of collective effort in building a developed India. He expressed his confidence that, with ongoing initiatives like Swachh Bharat and support for local artisans, India will continue to progress. “A developed India is our shared goal, and together, we will achieve it,” he affirmed, wishing everyone a Merry Christmas and a hopeful Jubilee Year.
Coca-Cola’s AI holiday ad sparks controversy for not being the ‘real thing’BOISE, Idaho — Freshman wide receiver George Dimopoulos threw a 25-yard touchdown pass to Dane Pardridge on the first play of double overtime and Jordan Hansen ended the game on a fourth-down sack to give Northern Illinois a 28-20 victory over Fresno State on Monday in the Idaho Potato Bowl. Dimopoulos, who played quarterback in high school, also converted the two-point conversion when he passed it to quarterback Josh Holst for his second completion of the season. Holst, a freshman walk-on, was making just his third start at quarterback as NIU was without starter Ethan Hampton, who entered with 1,600 yards and 12 touchdowns to go with six interceptions. Holst completed 18 of 30 passes for 182 and two touchdowns for Northern Illinois (8-5). He was also intercepted on the first play of the game. Both teams missed a 35-yard field goal in the final three minutes of regulation, including Dylan Lynch's third miss of the game on the final play to send it to overtime. Fresno State started overtime with a touchdown when Bryson Donelson was left wide open out of the backfield to haul in a 9-yard touchdown pass. NIU needed five plays, and a defensive holding penalty, to score as Holst found Grayson Barnes for a 3-yard touchdown. Donelson finished with 15 carries for 82 yards and a touchdown for Fresno State (6-7). He added three catches for 28 yards and another score. Dual-threat quarterback Joshua Wood was 16 of 23 for 180 yards and a touchdown. Mac Dalena made six catches for 118 yards to help go over 1,000 yards for the season. Fresno State was without 14 players, including starting quarterback Mikey Keene after he transferred to Michigan. Two top-three receivers, Jalen Moss and Raylen Sharpe, also did not play as the Bulldogs were forced to use five new starters. UTSA 44, COASTAL CAROLINA 15: Owen McCown threw for 254 yards and a touchdown and UTSA scored the opening 27 points of the Myrtle Beach Bowl to cruise past short-handed Coastal Carolina in Conway, S.C. UTSA (7-6) broke away in the second quarter by scoring a touchdown on three straight drives for a 21-0 lead. McCown was 14 of 17 in the first half, including a 6-yard touchdown pass to Patrick Overmyer. McCown also scored on a 35-yard run after breaking two tackles near the end zone. The other score was a 9-yard touchdown run by Brandon High. Coastal Carolina (6-7) finished the first half with just 140 total yards — 60 coming on the final drive. The Chanticleers punted on five straight drives to begin the game — with the longest possession lasting seven plays for 25 yards. UTSA added short field goals on its opening two drives of the second half, while Coastal Carolina started with two straight three-and-out drives. UTSA ended CCU’s third drive on Jakevian Rodgers’ first career interception to extend the program's single-game streak with an interception and a sack to 23 games. CCU’s first touchdown came on the first play of the fourth quarter when Bryson Graves caught a 50-yard touchdown pass from Tad Hudson. But UTSA’s Chris Carpenter returned the ensuing kickoff for a 93-yard touchdown to make it 34-7. It was the largest margin of victory in the five-year history of the Myrtle Beach Bowl. Get local news delivered to your inbox!
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Manchester United Football Club is to cut the funding it provides to its charitable arm as part of a purge of costs being overseen by Sir Jim Ratcliffe, its newest billionaire shareholder. Sky News has learnt that the Premier League club plans to inform the Manchester United Foundation that it intends to curb the benefits it provides - which totalled close to £1m last year - from 2025 onwards. Sources close to the situation said a substantial element of the support given to the Foundation by the club would be axed, although Old Trafford insiders insisted on Sunday that it would still provide "significant" support to the charitable wing. A decision is said to have been made by the club's leadership to proceed with the cuts, with the Foundation expected to be informed about the scale of the reductions in the coming weeks. In 2023, the club paid the MU Foundation nearly £175,000 for charity services, which include managing the distribution of signed merchandise to individuals raising funds for charitable causes. Manchester United also provided gifts in kind amounting to £665,000 last year, which were understood to include use of the Old Trafford pitch and other facilities, alongside free club merchandise and the use of back-office services such as the club's IT capabilities. The MU Foundation works in local communities around Manchester and Salford to engage with underprivileged and marginalised people. Its projects include Street Reds, which is targeted at 8-18 year-olds, and Primary Reds, which works in school classrooms with 5-11 year-olds. It also organises hospital visits to support children with life-threatening illnesses. The disclosure about the latest target of cost-cutting by Sir Jim's Ineos Sports group, which now owns close to 29% of Manchester United's, comes just a day after The Sun revealed that an association set up to facilitate relations between former players, would see its club funding axed. A similar move has been made in relation to funding for the club's disabled fans' group, while hundreds of full-time staff have been made redundant in recent months and costs have been slashed across most areas of its operations. People close to the club anticipate further cost-cutting measures being introduced as soon as next month. One club source said it remained "proud of the work carried out by the Manchester United Foundation to increase opportunities for vulnerable young people across Greater Manchester". "All areas of club expenditure are being reviewed due to ongoing losses. "However, significant support for the Foundation will continue." Sir Jim has injected $300m of his multibillion pound fortune into Manchester United, although it will need to raise substantially more than that to fund redevelopments to Old Trafford or a new stadium. Last year, the club, which is listed on the New York Stock Exchange, lost more than £110m, with sizeable interest payments totalling tens of millions of pounds annually required to service its debt burden. The men's first team has seen an alarming run of results under Ruben Amorim, who was appointed to succeed Erik Ten Hag in the autumn. United have lost three of their last four matches - the exception being a derby win away at Manchester City - and lie 14th in the Premier League table. Mr Amorim has acknowledged that he could face the same fate as Mr Ten Hag unless results improve. Dan Ashworth, who was brought in from Newcastle United FC as sporting director in the summer, left after just five months. Manchester United declined to comment formally on the proposed cuts to the funding of its charitable arm.Aberdeenshire Council is developing a new strategy to safeguard the local economy and make it fairer and more sustainable for the benefit of its communities. Community wealth building (CWB) is a people-centred approach which will bring together communities, businesses, a wide range of public sector bodies and commercial partners to build a stronger local economy. Among the main focus points will be keeping and growing local spend by supporting businesses to bid for local authority and other public sector contracts. It will also support communities to realise their ambitions to hold a greater stake in the local economy, through a host of new opportunities including community asset transfers. As demonstrated successfully by other local authorities who have developed a CWB strategy – including North Ayrshire Council which established the first in Scotland – the council said it is firmly committed to ensuring public land, resources and assets are utilised more effectively to meet community and business needs. As part of the initial engagement work, a series of online workshops are being held to gather the views of local partners and stakeholders across key sectors, which will feed into the development of the draft strategy. An online workshop for the Third Sector, aimed at community groups, charities, and social enterprises, is being held at 1.30-3.30pm on Thursday, January 16 – interested groups can register at Eventbrite Community wealth building uses five pillars to create more economic benefits for an area: Spending - Increasing local procurement, commissioning and wider investment, using public spend to deliver community benefit, fair work and build local supply chains Fair employment - Increasing fair work and developing local labour markets, ensuring the workforce are in well paid jobs that benefit from an effective voice, security and flexibility. Land and property - Ensuring that communities maximise benefit and generate wealth from local land and property. Inclusive ownership - Stimulating the development and growth of locally owned enterprises that generate local wealth. In particular, the encouragement of employee owned businesses, cooperatives and social enterprises. Financial power - Ensuring that the flows of wealth generated within the local economy works for the wellbeing of communities and businesses Chairman of the council’s infrastructure services committee Councillor Alan Turner said: “I am delighted to see work starting around a community wealth building strategy for Aberdeenshire which will provide us with the means to deliver wellbeing for every community across the north-east. “By working hand in hand with those communities and our commercial sectors, we will enable them to create and own wealth in their local area. “While absolutely acknowledging that Aberdeenshire has a thriving and diverse economy, we know it can be improved to provide more equity for businesses. “Our priority is to maximise economic opportunities for everyone across Aberdeenshire by putting people at the very heart of those vital local economies.” Committee vice-chairwoman Councillor Isobel Davidson said: “I’m really excited about a community wealth building approach which will offer excellent opportunities for local people to create a more inclusive and thriving community and ensure that the benefits of local economic growth are properly and rightfully invested across Aberdeenshire.”
SPRING, Texas--(BUSINESS WIRE)--Dec 23, 2024-- Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter and fiscal year-to-date period ended October 31, 2024. "Net sales for the third quarter were $41.6 million, a decrease of $4.1 million, as compared to the same quarter last year. Net income attributable to common stock of $2.5 million was an increase of $0.5 million, or 29%, compared to $1.9 million in the third quarter of 2023. For the nine months ended October 31, 2024, net sales of $113.4 million represent an increase of 3% compared to the nine months ended October 31, 2023. The net income attributable to common stock of $7.2 million was an increase of $5.4 million, or 294%, compared to net income attributable to common stock of $1.8 million in the nine months ended October 31, 2023,” noted President and CEO David Mansfield. “Backlog in the third quarter shows considerable growth and now stands at $114.2 million. This is the equivalent to approximately nine months revenue based upon prior years’ revenues. The continual strengthening of our backlog over the past two quarters is encouraging and provides a sense of optimism heading into next year. Additionally, backlog at the end of the third quarter represents the highest level since transitioning from MFRI to Perma-Pipe, which occurred in March 2017,” Mr. Mansfield continued. “Our third quarter and fiscal 2024 year-to-date results continue to reflect exceptional performance, which has remained consistent throughout the year. It is worth noting that our net income attributable to common stock for the nine months ended October 31, 2024, represents the highest level of earnings on a year-to-date basis since transitioning from MFRI to Perma-Pipe,” said Mr. Mansfield. “We are pleased with the level of business activity we have experienced and continue to see, as supported by the significant rise in backlog and share price. The increases in infrastructure spending in Saudi Arabia, India, and the U.A.E., represent key drivers of our overall improvement, for which the strength of our financial results further enables us to continue to execute on strategic initiatives,” concluded Mr. Mansfield. Third Quarter Fiscal 2024 Results Net sales were $41.6 million and $45.7 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $4.1 million, or 9%, was a result of the timing of project execution. Gross profit was $14.1 million, or 34% of net sales, and $13.2 million, or 29% of net sales, in the three months ended October 31, 2024 and 2023, respectively. The increase of $0.9 million, was driven primarily by better margins due to product mix. General and administrative expenses were $7.3 million and $5.7 million in the three months ended October 31, 2024 and 2023, respectively. The increase of $1.6 million, was due to higher payroll expenses and professional fees in the quarter. Selling expenses were $1.2 million and $1.5 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $0.3 million, was due to lower payroll expense in the quarter. Net interest expense remained consistent and was $0.5 million and $0.6 million in the three months ended October 31, 2024 and 2023, respectively. Other expense was $0.1 million and $0.5 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $0.4 million, was due primarily to exchange rate fluctuations in foreign currency transactions. The Company's ETR was 32% and 31% in the three months ended October 31, 2024 and 2023, respectively. The change in the ETR is due to the ability to recognize tax benefits on losses in the United States in the current year whereas the prior year had a full valuation allowance and changes to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $2.5 million and $1.9 million in the three months ended October 31, 2024 and 2023, respectively. The increase of $0.6 million, was mainly due to better project execution in the quarter. Fiscal 2024 Year-to-Date Results Net sales were $113.4 million and $110.5 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $2.9 million, or 3%, was a result of increased sales volumes in the Middle East. Gross profit was $38.1 million, or 34% of net sales, and $29.4 million, or 27% of net sales, in the nine months ended October 31, 2024 and 2023, respectively. The increase of $8.7 million, was driven primarily by better margins due to product mix. General and administrative expenses were $19.5 million and $16.4 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $3.1 million, was due to higher payroll expenses and professional fees. Selling expenses were $3.8 million and $4.2 million in the nine months ended October 31, 2024 and 2023, respectively. The decrease of $0.4 million, was due to lower payroll expenses. Net interest expense was $1.5 million and $1.8 million in the nine months ended October 31, 2024 and 2023, respectively. The decrease of $0.3 million, was due primarily to declining interest rates on certain variable rate debt. Other expense was $0.2 million and $0.4 million in the nine months ended October 31, 2024 and 2023, respectively. The change was due primarily to exchange rate fluctuations in foreign currency transactions. The Company's ETR was 28% and 49% in the nine months ended October 31, 2024 and 2023, respectively. The change in the ETR is due to the ability to recognize tax benefits on losses in the United States in the current year whereas the prior year had a full valuation allowance and changes to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $7.2 million and $1.8 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $5.4 million, was mainly due to better project execution during the year. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website ( http://investors.permapipe.com .) Additional information regarding the Company's financial results for the three months ended October 31, 2024, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2024, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com . For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) 2024 2023 2024 2023 $ 41,563 $ 45,690 $ 113,397 $ 110,489 14,086 13,184 38,077 29,424 8,500 7,145 23,214 20,618 5,586 6,039 14,863 8,806 468 640 1,489 1,788 (50 ) (502 ) (156 ) (350 ) 5,068 4,897 13,218 6,668 1,615 1,533 3,692 3,257 $ 3,453 $ 3,364 $ 9,526 $ 3,411 962 1,429 2,303 1,577 $ 2,491 $ 1,935 $ 7,223 $ 1,834 $ 0.31 $ 0.24 $ 0.91 $ 0.23 $ 0.31 $ 0.24 $ 0.90 $ 0.23 Note: Earnings per share calculations could be impacted by rounding. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) $ 104,405 $ 98,818 56,344 56,893 $ 160,749 $ 155,711 $ 53,794 $ 57,742 26,792 25,991 80,586 83,733 8,952 6,266 71,211 65,712 $ 160,749 $ 155,711 View source version on businesswire.com : https://www.businesswire.com/news/home/20241223777874/en/ CONTACT: Perma-Pipe International Holdings, Inc. David Mansfield, President and CEO Perma-Pipe Investor Relations (847) 929-1200 investor@permapipe.com KEYWORD: TEXAS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENGINEERING CHEMICALS/PLASTICS OTHER ENERGY OIL/GAS MANUFACTURING ENERGY SOURCE: Perma-Pipe International Holdings, Inc. Copyright Business Wire 2024. PUB: 12/23/2024 12:43 PM/DISC: 12/23/2024 12:43 PM http://www.businesswire.com/news/home/20241223777874/en
New Delhi, Dec 23 (IANS): Prime Minister Narendra Modi on Monday condemned attempts to incite violence in society, highlighting that the teachings of Jesus Christ promote love, harmony, and brotherhood. While speaking at the Christmas event hosted by the Catholic Bishops’ Conference of India (CBCI) at its headquarters here, PM Modi stressed the need to work together to embody the values taught by Jesus and strengthen this spirit of unity. He also condemned last week's terror attack at Germany’s Magdeburg Christmas Market, where an SUV drove into a crowd, resulting in the deaths of four women and a nine-year-old child, while injuring 205 people. Among the injured were seven Indians. PM Modi stressed the importance of prioritising human interests alongside national interests, stating that India's foreign policy reflects this approach. He highlighted India's humanitarian efforts during the Covid-19 pandemic, where the country helped over 150 nations by providing medicines and vaccines. This approach, centred on human welfare, had a positive global impact, with countries like Guyana and several island nations expressing deep gratitude. “India went beyond its capabilities to help other countries during the Covid-19 pandemic, providing medicines to over 150 nations,” he said. He also highlighted the evacuation of Indians stranded in war-torn nations, saying that no matter where they are or what crisis they face, today’s India sees it as its duty to bring its citizens to safety. “We brought back our nurses who got stuck in the Gulf countries. It was a very satisfactory moment for me when we safely brought Father Alexis Prem Kumar from war-torn Afghanistan, a decade back. He was stuck there for 8 months and was in hostage... for us, all these missions are not mere diplomatic missions but an emotional commitment to bring back family members," he said. The Prime Minister further expressed pride in George Koovakad’s elevation as a Cardinal of the Holy Roman Catholic Church. “It is a moment of pride that His Holiness Pope Francis has made His Eminence George Koovakad a Cardinal of the Holy Roman Catholic Church," he said. He stressed the significance of hope in transforming the world, drawing attention to India's achievements over the past decade. PM Modi pointed out that 250 million people have overcome poverty, and the nation’s economy has grown from the 10th to the 5th largest globally. He praised the country's youth for their drive and ambition, and highlighted the empowerment of women across sectors, including entrepreneurship and the armed forces, emphasising that no nation can progress without empowering women. PM Modi also discussed India’s strides in technology, with advancements in mobile and semiconductor manufacturing. He underlined the importance of technology in empowering the poor and the rapid infrastructure development taking place, including new expressways, rural roads, and metro routes. These initiatives, he said, inspire hope for a brighter future for India. The Prime Minister reiterated the values of compassion and selfless service taught by Jesus Christ, stressing the role of institutions in serving society. He commended the government's initiatives, such as the PM Awas Yojana, which empowers women by building homes in their names, and the Nari Shakti Vandan Adhiniyam, which has increased women’s participation in Parliament. PM Modi concluded by reiterating the importance of collective effort in building a developed India. He expressed his confidence that, with ongoing initiatives like Swachh Bharat and support for local artisans, India will continue to progress. “A developed India is our shared goal, and together, we will achieve it,” he affirmed, wishing everyone a Merry Christmas and a hopeful Jubilee Year.
Coca-Cola’s AI holiday ad sparks controversy for not being the ‘real thing’BOISE, Idaho — Freshman wide receiver George Dimopoulos threw a 25-yard touchdown pass to Dane Pardridge on the first play of double overtime and Jordan Hansen ended the game on a fourth-down sack to give Northern Illinois a 28-20 victory over Fresno State on Monday in the Idaho Potato Bowl. Dimopoulos, who played quarterback in high school, also converted the two-point conversion when he passed it to quarterback Josh Holst for his second completion of the season. Holst, a freshman walk-on, was making just his third start at quarterback as NIU was without starter Ethan Hampton, who entered with 1,600 yards and 12 touchdowns to go with six interceptions. Holst completed 18 of 30 passes for 182 and two touchdowns for Northern Illinois (8-5). He was also intercepted on the first play of the game. Both teams missed a 35-yard field goal in the final three minutes of regulation, including Dylan Lynch's third miss of the game on the final play to send it to overtime. Fresno State started overtime with a touchdown when Bryson Donelson was left wide open out of the backfield to haul in a 9-yard touchdown pass. NIU needed five plays, and a defensive holding penalty, to score as Holst found Grayson Barnes for a 3-yard touchdown. Donelson finished with 15 carries for 82 yards and a touchdown for Fresno State (6-7). He added three catches for 28 yards and another score. Dual-threat quarterback Joshua Wood was 16 of 23 for 180 yards and a touchdown. Mac Dalena made six catches for 118 yards to help go over 1,000 yards for the season. Fresno State was without 14 players, including starting quarterback Mikey Keene after he transferred to Michigan. Two top-three receivers, Jalen Moss and Raylen Sharpe, also did not play as the Bulldogs were forced to use five new starters. UTSA 44, COASTAL CAROLINA 15: Owen McCown threw for 254 yards and a touchdown and UTSA scored the opening 27 points of the Myrtle Beach Bowl to cruise past short-handed Coastal Carolina in Conway, S.C. UTSA (7-6) broke away in the second quarter by scoring a touchdown on three straight drives for a 21-0 lead. McCown was 14 of 17 in the first half, including a 6-yard touchdown pass to Patrick Overmyer. McCown also scored on a 35-yard run after breaking two tackles near the end zone. The other score was a 9-yard touchdown run by Brandon High. Coastal Carolina (6-7) finished the first half with just 140 total yards — 60 coming on the final drive. The Chanticleers punted on five straight drives to begin the game — with the longest possession lasting seven plays for 25 yards. UTSA added short field goals on its opening two drives of the second half, while Coastal Carolina started with two straight three-and-out drives. UTSA ended CCU’s third drive on Jakevian Rodgers’ first career interception to extend the program's single-game streak with an interception and a sack to 23 games. CCU’s first touchdown came on the first play of the fourth quarter when Bryson Graves caught a 50-yard touchdown pass from Tad Hudson. But UTSA’s Chris Carpenter returned the ensuing kickoff for a 93-yard touchdown to make it 34-7. It was the largest margin of victory in the five-year history of the Myrtle Beach Bowl. Get local news delivered to your inbox!