LOS ANGELES, March 04, 2024 (GLOBE NEWSWIRE) — FAT(Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”), a leading global franchising company and parent company of iconic brands including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, Fazoli’s and 13 other restaurant concepts, today announced that the Company will host a conference call to review its fourth quarter and fiscal year 2023 financial results on Thursday, March 7, 2024 at 5:00 PM ET. A press release with fourth quarter and fiscal year 2023 financial results will be issued prior to the conference call that day.
The conference call can be accessed live over the phone by dialing 1-844-826-3035 from the U.S. or 1-412-317-5195 internationally. A replay will be available after the call until Thursday, March 28, 2024, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 10186678. Hosting the call will be Andy Wiederhorn, Chairman, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer.
The conference call will also be webcast live from the corporate website at www.fatbrands.com, under the “Investors” section. A replay of the webcast will be available through the corporate website shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Fourth quarter sales of $223 million, record annual sales of $995 million Full year adjusted EBITDA margins increased by 140 bps to 6.8% Provides outlook and guidance for full year 2024
NEW ALBANY, Ohio, March 04, 2024 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Highlights(Compared with prior-year period, where comparisons are noted)
Revenue of $223.1 million, down 5.0% due primarily to the impacts of a strike-related labor stoppage at a customer facility and reduced demand across Vehicle Solutions, Industrial Automation and Aftermarket segments; however, Electrical Systems segment continues to show strong growth with 19.4% increased revenue.
Operating income of $5.0 million, up $9.0 million; adjusted operating income of $6.6 million, down $1.8 million. Lower adjusted operating income was driven primarily by lower volumes and increased SG&A.
Net income of $23.3 million, or $0.70 per diluted share, compared to net loss of $32.0, or $(0.98) per diluted share; adjusted net income of $2.9 million, or $0.09 per diluted share, versus $1.4 million, or $0.04 per diluted share.
Adjusted EBITDA of $10.3 million, down $2.9 million, with an adjusted EBITDA margin of 4.6%, down from 5.7%.
Full Year 2023 Highlights(Compared with prior-year period, where comparisons are noted)
Revenue of $994.7 million, driven by pricing and the contribution of new business wins in Electrical Systems, offset by lower sales volume in Industrial Automation, Vehicle Solutions, and Aftermarket segments.
New business wins in excess of $150 million when fully ramped; these wins were concentrated in our Electrical Systems segment.
Operating income of $48.1 million, up $27.9 million, and adjusted operating income of $51.1 million, up $14.5 million. The increase in operating income was due to improved pricing and business mix.
Full-year 2023 debt paydown was $10.9 million, and net debt declined to $103.7 million; leverage ratio declined to 1.5x from 2.2x.
James Ray, President and Chief Executive Officer, said, “We are pleased with our 2023 results as CVG continued winning new business, particularly in Electrical Systems, and made progress on the Company’s transformation plan, driving record annual sales and improved profitability for the year. As we look to fiscal 2024, we are focused on enhancing operational efficiency and quality standards, growing our Electrical Systems segment to be our largest business, as well as facilitating cross-functional collaboration among our various business segments to strengthen our core Vehicle Solutions business and cultivating stronger customer relationships.”
Mr. Ray concluded, “As the new CEO, I am grateful for the hard work of our talented global teams that help drive improvements in our business every day, and I am looking forward to a strong fiscal 2024.”
Andy Cheung, Chief Financial Officer, added, “We delivered another year of record revenue driven by continued price realization and new business wins, despite softer fourth quarter revenues which were impacted by, among other things, a UAW labor strike at one customer facility. Our strong performance resulted in free cash flow of $19 million in 2023, which has helped us further pay down debt and reduce our net leverage to 1.5x. During the quarter, we initiated several restructuring actions to better align our resources with investments in growth product lines, which we expect will further enhance profitability across our underlying core businesses. Despite industry forecasts for a lower Class 8 truck build in 2024, we expect our financial performance in 2024 to be more resilient as we continue our diversification strategy reflecting primarily the success in growing our Electrical Systems business.”
Financial Results (amounts in millions except per share data and percentages)
Fourth Quarter
2023
2022
Change
Revenues
$
223.1
$
234.9
(5.0)%
Gross profit
$
26.2
$
12.4
111.3
%
Gross margin
11.7
%
5.3
%
Adjusted gross profit1
$
26.0
$
23.9
8.8
%
Adjusted gross margin1
11.7
%
10.2
%
Operating income (loss)
$
5.0
$
(4.0
)
NM2
Operating margin
2.2
%
(1.7)%
Adjusted operating income1
$
6.6
$
8.4
(21.4)%
Adjusted operating margin1
2.9
%
3.6
%
Net income (loss)
$
23.3
$
(32.0
)
NM2
Adjusted net income (loss)1
$
2.9
$
1.4
107.1
%
Earnings (loss) per share, diluted
$
0.70
$
(0.98
)
NM2
Adjusted earnings (loss) per share, diluted1
$
0.09
$
0.04
125.0
%
Adjusted EBITDA1
$
10.3
$
13.3
(22.6)%
Adjusted EBITDA margin1
4.6
%
5.7
%
1See Appendix A for GAAP to Non-GAAP reconciliation
2Not meaningful
Consolidated Results
Fourth Quarter 2023 Results
Fourth quarter 2023 revenues were $223.1 million compared to $234.9 million in the prior year period, a decline of 5.0%. The decrease in revenues is due primarily to the impact of a strike at a customer facility, previous year benefit from a post-COVID backlog in Asia-Pacific, and reduced demand in Vehicle Solutions, Aftermarket, and Industrial Automation segments, which more than offset an increase in Electrical Systems revenue. Foreign currency translation favorably impacted fourth quarter 2023 revenues by $1.8 million, or by 0.7%.
Operating income for the fourth quarter 2023 was $5.0 million compared to operating loss of $4.0 million in the prior year period. Foreign currency translation also favorably impacted fourth quarter 2023 operating income by $0.7 million. Excluding special costs, the fourth quarter of 2023 adjusted operating income was $6.6 million, down 21.4%. The decline in adjusted operating income was driven primarily by lower volumes, strike impact, and higher SG&A.
Interest expense was $2.4 million and $2.9 million for the fourth quarter ended December 31, 2023 and 2022, respectively. The decrease in interest expense was due to lower average debt balances, partially offset by higher interest rates on variable debt.
Net income was $23.3 million, or $0.70 per diluted share, for the fourth quarter 2023 compared to net loss of $32.0 million, or $(0.98) per diluted share, in the prior year period.
At December 31, 2023, the Company had no outstanding borrowings on its revolving credit facility, $37.8 million of cash and $160.1 million availability from revolving credit facilities, resulting in total liquidity of $197.9 million.
Segment Results
Fourth Quarter 2023 Results (Compared with prior-year period, where comparisons are noted)
Vehicle Solutions Segment
Revenues were $128.4 million, a decrease of 10.1% primarily resulting from lower volumes and the impact of a strike at a customer facility during the quarter.
Operating income for the fourth quarter 2023 was $3.6 million, a decrease of 1.8%. Excluding special costs, the fourth quarter of 2023 adjusted operating income was $4.0 million, a decrease of 3.9%, as compared to the fourth quarter 2022, primarily due to the impact of lower sales volumes partially offset by pricing improvement and cost controls.
Electrical Systems Segment
Revenues were $56.2 million, an increase of 19.4%, primarily resulting from increased pricing and sales volume.
Operating income was $6.7 million, an increase of 25.0% primarily attributable to pricing and volume leverage.
Aftermarket and Accessories Segment
Revenues were $31.4 million, a decrease of 8.1%, primarily resulting from decreased sales volume.
Operating income was $3.4 million, an increase of 7.3%. Excluding special costs, the fourth quarter of 2023 adjusted operating income decreased 6.4%, as compared to the fourth quarter 2022, primarily due to the lower sales volume, partially offset by increased pricing.
Industrial Automation Segment
Revenues were $7.1 million, a decrease of 35.0%, due to lower sales volume from decreased customer demand.
Operating income was $0.9 million, compared to operating loss of $11.9 million in the prior year. Fourth quarter of 2023 adjusted operating income increased to $0.3 million, compared to an adjusted operating loss of $0.5 million in the fourth quarter 2022, primarily due to cost controls.
Outlook
CVG is providing the following outlook for the full year 2024:
Metric
2024 Outlook ($ millions)
Net Sales
$915 – $1,015
Adjusted EBITDA
$60 – $73
This outlook reflects, among others, current industry forecasts for North American Class 8 truck builds. According to ACT Research, 2024 North American Class 8 truck production levels are expected to be at 285,000 units. The 2023 actual Class 8 truck builds according to the ACT Research was 340,140 units.
We expect to benefit from growth in Electrical Systems, partially offsetting the projected 16% decline in Class 8 truck builds.
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.
Conference Call
A conference call to discuss this press release is scheduled for Tuesday, March 5, 2024, at 10:00 a.m. ET. Management intends to reference the Q4 2023 Earnings Call Presentation posted on our website during the conference call. To participate, dial (888) 259-6580 using conference code 88986985. International participants dial (416) 764-8624 using conference code 88986985.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.cvgrp.com, where it will be archived for one year.
A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (877) 674-7070 using access code 986985 and international callers can dial (416) 764-8692 using access code 986985.
Company Contact
Andy Cheung Chief Financial Officer CVG IR@cvgrp.com
At CVG we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, global supply chain constraints, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction equipment business, the Company’s prospects in the wire harness, industrial automation and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment, including inflation and labor shortages and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Recent drill results. Exploration and drilling at the company’s 100%-owned Kingsway gold project is targeting the Appleton Fault over a 12-kilometer strike length. With almost 92,000 meters of the company’s planned 100,000-meter drilling program completed, the company has approximately C$7 million in cash on hand. Assays are pending for samples from approximately 4,000 meters of core. The company recently released results for holes drilled at the Northeast extension of Big Vein, Knobby, and a follow-up hole at the HM occurrence.
Long interval of high-grade gold at Big Vein. Hole K-23-309 drilled at Big Vein intersected several intervals over the length of the hole, including 10.63 grams of gold per tonne over 5.9 meters that included 46.72 grams of gold per tonne over 1 meter, 1.41 grams of gold per tonne over 2 meters, and 2.2 grams of gold per tonne over 8.3 meters that included 12.07 grams of gold per tonne over 0.8 meters.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q23 Results. Driven by a number of factors, including a strike at a customer plant, revenue was down 5.0% y-o-y to $223.1 million. We had estimated $230 million. Adjusted EBITDA came in at $10.3 million, down $2.9 million y-o-y and below our $13 million forecast. Impacted by a favorable tax benefit, 4Q23 GAAP net income was $23.3 million, or $0.70/sh, compared to GAAP net loss of $32 million, or a loss of $0.98/sh. Adjusted 4Q23 net income was $2.9 million, or $0.09/sh, compared to $1.4 million, or $0.04/sh last year. We had forecast net income of $4.4 million, or $0.13/sh.
Segments. Electrical Systems remained the star performer with revenue increasing 19.4% to $56.2 million and adjusted operating income up 25% to $6.7 million. Vehicle Solutions revenue down 10.1% to $128.4 million, with adjusted operating income down 3.9% to $4 million. Aftermarket revenue of $31.4 million was off 8.1%, while adjusted operating income declined 6.4% to $3.4 million. Industrial Automation revenue of $7.1 million declined 35%, while adjusted operating income was $0.3 million.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
JetBlue Airways’ audacious attempt to significantly reshape the U.S. airline industry by acquiring the ultra-low-cost carrier Spirit Airlines has crashed into an insurmountable regulatory barrier. After a nearly two-year battle, the two carriers terminated their $3.8 billion merger agreement in the face of steadfast federal antitrust opposition.
The deal’s demise represents a stinging setback for JetBlue, which had contested the U.S. Justice Department in federal court over whether buying Spirit would reduce competition and raise fares. A federal judge ultimately blocked the transaction, siding with the Biden administration’s view that it would “harm cost-conscious travelers who rely on Spirit’s low fares.”
While JetBlue initially appealed the ruling as required by the merger terms, both airlines acknowledged the increasingly slim odds of reviving the deal. With the Justice Department firmly opposed and the regulatory obstacles too high, new JetBlue CEO Joanna Geraghty conceded “the probability of getting the green light anytime soon is extremely low.”
Geraghty, tasked with righting JetBlue’s operational struggles, defended the rationale as an bold plan to “shake up the industry status quo.” However, the regulatory headwinds proved too intense to complete what would have been the airline sector’s most transformative merger since 2013.
The termination marks an abrupt reversal from just months ago when JetBlue convinced Spirit shareholders to reject a lower buyout bid from Frontier Airlines. Spirit was positioned to receive a $2.9 billion cash payout before the deal disintegrated in court.
Instead, Spirit will get a relatively modest $69 million breakup fee from the termination, though its shareholders had already pocketed $425 million in prepayments from JetBlue.
Walking away leaves each airline to fend for itself in a market dominated by the “Big Four” carriers controlling over 80% of seat capacity. The stakes are elevated for the oft-struggling Spirit, grappling with operational issues like an engine defect that will ground dozens of jets for inspections.
With JetBlue’s acquisition off the table, Spirit must fortify its shaky balance sheet and consistently turn a profit as a standalone ultra-low-cost carrier (ULCC). CEO Ted Christie affirmed initiatives underway to “bolster profitability and elevate the guest experience.” Spirit expects better-than-expected Q1 revenue amid robust demand, and is refinancing debt.
However, funding constraints and cost pressures cloud Spirit’s outlook. Aviation experts caution the ULCC model faces an uphill climb in an inflationary environment squeezing margins. Without JetBlue’s resources, Spirit’s growth ambitions may stall as rivals build scale.
For JetBlue, the road is also turbulent as it contends with operations struggles, financial headwinds and pressure from activists. The Spirit deal was viewed as a potential catalyst accelerant for overhauling its business model. Without that lever, JetBlue may be forced to double down on existing lines or revisit other acquisition targets.
The regulatory blockade has raised the bar for any future industry consolidation. The Biden administration signaled it will vehemently contest any merger resembling a reduction of competition. Airlines contemplating deals should anticipate similar anti-trust scrutiny.
In the near-term, blocking the JetBlue-Spirit tie-up preserves ultra-low fare offerings in markets they serve. But whether those discounted seats endure remains uncertain as unconventional airlines face economic pressures.
What was envisioned as a game-changing shift in industry power dynamics has stalled indefinitely. The two airlines must now chart separate paths forward – for better or for worse.
U.S. Treasury yields kicked off the new week on an upswing as investors braced for a slew of high-impact economic releases and testimony from Federal Reserve Chair Jerome Powell that could shape the central bank’s monetary policy path. With inflation still running high and the labor market remaining resilient, all eyes are on the incoming data to gauge whether the Fed’s aggressive rate hikes have begun cooling economic activity enough to potentially allow a pause or pivot.
The yield on the 10-year Treasury note, a benchmark for mortgage rates and other consumer lending products, rose by around 4 basis points to 4.229% on Monday. The 2-year yield, which is highly sensitive to Fed policy expectations, spiked over 5 basis points higher to 4.585%. Yields rise when bond prices fall as investors demand higher returns to compensate for inflation risks.
The move in yields came ahead of a data-heavy week packed with labor market indicators that could influence whether the Fed continues hiking rates or signals a prolonged pause is forthcoming. Investors have been hanging on every new economic report in hopes of clarity on when the central bank’s tightening cycle may finally conclude.
“The labor market remains the key variable for Fed policy, so any upside surprises on that front will likely be interpreted as raising the prospect of further rate hikes,” said Kathy Bostjancic, chief U.S. economist at Oxford Economics. “Conversely, signs of cooling could open the door to rate hikes ending soon and discussion over rate cuts later this year.”
This week’s labor market highlights include the Job Openings and Labor Turnover Survey (JOLTS) for January on Wednesday, ADP’s monthly private payrolls report on Thursday, and the ever-important nonfarm payrolls data for February on Friday. Economists project the economy added 205,000 jobs last month, according to Refinitiv estimates, down from January’s blockbuster 517,000 gain but still a solid pace of hiring.
Beyond employment, investors will also scrutinize fresh insights from Fed Chair Powell when he delivers his semi-annual monetary policy testimony to Congress on Wednesday and Thursday. Any signals Powell sends about upcoming rate decisions and the central bank’s perspective on achieving price stability could spark volatility across markets.
“Given how uncertain the path is regarding where rates will peak and how long they’ll remain at that level, markets will be hyper-focused on Powell’s latest take,” DataTrek co-founder Nick Colas commented. “Right now, futures are pricing in one more 25 basis point hike at the March meeting followed by a pause, but that could certainly change depending on Powell’s tone this week.”
Interest rates in the fed funds futures market are currently implying a 70% probability the Fed raises its benchmark rate by a quarter percentage point later this month to a target range of 4.75%-5.00%. However, projections for where rates peak remain widely dispersed, ranging from 5.00%-5.25% on the dovish end up to 5.50%-5.75% at the hawkish extreme if inflationary forces persist.
Central to the Fed’s calculus is progress on its dual mandate of achieving maximum employment and price stability. While the labor market has remained extraordinarily tight, the latest inflation data has sent mixed signals, muddling the policy outlook.
In January, the Fed’s preferred inflation gauge – the personal consumption expenditures (PCE) price index – showed an annual increase of 5.4% for the headline figure and 4.7% for the core measure that strips out volatile food and energy costs. While still well above the 2% target, the year-over-year readings decelerated from December, potentially marking a peak for this cycle.
However, other data including the consumer price index and producer prices have painted a stickier inflation picture. Rapidly rising services costs, stubbornly high rents, and short-term inflation expectations ticking higher have all fueled anxiety that the disinflationary process isn’t playing out as smoothly as hoped.
Complicating matters is the impact of higher rates for longer on economic growth and the broader financial system. Last week’s reports of Silicon Valley Bank and Silvergate Capital making severe business cuts crystallized the double-edged sword of tighter monetary policy. While intended to cool demand and thwart inflation, rising borrowing costs can tip the scale towards financial stress.
Given these cross-currents, all eyes will be fixated on this week’s dataflow and Powell’s latest rhetoric. Softer labor market figures and more affirmation inflation is peaking could pave the way for an extended pause in rate hikes later this year. But a continued barrage of hot data and rising inflation expectations could embolden the Fed to deliver additional super-sized rate increases to fortify its inflation-fighting credibility, even at the risk of raising recession risks. Market participants should brace for a pivotal week ahead.
TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce assays from six samples containing visible gold recently collected during prospecting in the Golden Glove area at its 100% owned Kingsway Project. The samples were collected as part of the Company’s continuous efforts to generate and upgrade targets for drilling along the 12km strike length of the Appleton Fault Zone covered by the Kingsway Property.
The samples were taken from quartz veins believed to be splays off the original Golden Glove vein. Assays of the six samples ranged from 7.51 g/t to 479.51 g/t Au. The quartz veins are hosted by grey and black shales and are typically vuggy and locally stylolitic with iron carbonate alteration. The four highest grade samples contain visible gold, and all samples contain between 2 and 5% pyrite and arsenopyrite both in the vein and along the contact with the shale wallrock. These results are comparable to assays from the initial samples taken at Golden Glove that ranged from 2.99 to 338.08g/t Au (see news release dated September 21, 2021).
“The discovery of more veins containing high-grade gold at surface is encouraging as it gives us additional information on the structural context of the mineralization at Golden Glove and will allow more efficient drill targeting.” said Roger Moss, President and CEO. “Drilling to date has been following up recent high-grade intersections of 20.07 g/t Au over 1m in Hole K-22-154 and 6.22 g/t Au over 4m in hole K-22-150 located approximately 160m south of the discovery outcrop. Given the high-grade nature of these veins we will certainly look to specifically target them in our ongoing drilling at Golden Glove.”
Sample ID
Sample type
Rock Type
Au (g/t)
853601*
Grab
Quartz Vein
479.51
853602*
Grab
Quartz Vein
81.49
853603*
Grab
Quartz Vein
114.72
853604*
Grab
Quartz Vein
34.90
853605
Grab
Quartz Vein
7.51
853606
Grab
Quartz Vein
12.25
* Sample contains visible gold. Note that grab samples are select samples and are not necessarily representative of gold mineralization found on the property.
All samples are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples were assayed by metallic screen/fire assay. The whole sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened through 150mesh. Both the +150mesh fraction and a 30g subsample of the -150mesh fraction are fire assayed for Au and a calculated weighted average of total Au in the sample is reported. The company routinely submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $25 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 169,189,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB and on the OTCQX under the symbol NKOSF.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
SAN DIEGO, March 04, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology Company in Defense, National Security and Global Markets, announced today that it has been awarded a $499,000,000 multiple award, indefinite-delivery/indefinite-quantity contract for the design, build, test, and delivery of functioning anti-tamper solutions that will be ready for follow-on production to be integrated into a broad range of Department of Defense programs. The development of these solutions enables the necessary protection of critical program information from adversarial tamper efforts. Work will be performed in the continental United States and is expected to be completed February 28, 2030. This contract was a competitive acquisition, and twenty offers were received. The Air Force Life Cycle Management, Wright Patterson Air Force Base, Ohio, is the contracting activity.
Kratos SRE is a technology business focused on strategic deterrence systems, missiles, space and satellite communications, exotic material test and analysis, intelligence, surveillance and reconnaissance, hypersonic platforms, trusted and assured microelectronics, anti–tamper technology and other platforms and systems.
Michael Johns, President of Kratos SRE, said, “This recent award provides Kratos access to a new contractual channel and new customers for certain of our most sophisticated technology and products, specifically related to the protection of mission critical national security programs and systems from tampering efforts.”
About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Kratos Press Contact: Yolanda White 858-812-7302 Direct
VANCOUVER, BC, March 4, 2024 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce that samples of mixed rare earth carbonate (“MREC“) have been shipped to two major Rare Earth Element (“REE“) companies. Samples generated by SGS Canada Inc. in Lakefield, Ontario during 2023 hydrometallurgical piloting test work performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample taken from the Company’s wholly-owned Wicheeda deposit have now been sent to almost every REE separator in the world.
MREC samples shipped to the recipients are independently verifying the high-quality of the REE product from the Wicheeda deposit, and further establishing Defense Metals’ Wicheeda REE Project as a critically important, future North American source of rare earths.
Craig Taylor, CEO of Defense Metals, commented:
“Defense Metals continues to advance the Wicheeda Project, establishing it as one of the few western world REE projects that has the key characteristics required for a viable REE project including: (1) location and superior logistics, (2) minerology, metallurgy, and grade, (3) the ability to produce a REE product as established by pilot plant operations , (4) significant potential mine life, and (5) social licence and support of the McLeod Lake Indian Band. Defense Metals believes strongly that Wicheeda will play a key role in establishing North American REE supply chains; first and foremost, with respect to mining and hydrometallurgical processing, and ultimately with respect to the onshoring of downstream REE separation, refining and metallizing capabilities. Defense Metals is positioned as one of the very few North American REE companies having true ability to achieve this vision.”
Defense Metals to Attend the Prospectors & Developers Association of Canada Convention
Defense Metals will be attending the Prospectors & Developers Association of Canada (PDAC) Convention in Toronto, Canada from March 3 to March 6, 2024, and invites interested parties to visit the Company at Booth #2500 and at Discovery Group’s Booth #2630.
Qualified Person
This news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), a Principal of APEX Geoscience Ltd., of Edmonton, Alberta, a technical consultant to the Company, and a “Qualified Person” as defined in NI 43-101.
About Defense Metals Corp. and its Wicheeda Rare Earth Element Project
Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.
The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.
Defense Metals is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to attending PDAC and related meetings, advancing the Wicheeda REE Project, the expectations and plans for the Wicheeda REE Project, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ (www.sedarplus.com). While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain or obtain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–loo
LOS ALTOS, Calif., March 04, 2024 (GLOBE NEWSWIRE) — Unicycive Therapeutics, Inc. (Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease (the “Company or “Unicycive”), today announced that the U.S. Food and Drug Administration has granted orphan drug designation (ODD) to UNI-494 for the prevention of Delayed Graft Function (DGF) in kidney transplant patients. UNI-494 is a cytoprotective agent that elicits an ischemic preconditioning effect by activating KATP channels in mitochondria to restore mitochondrial function.
“We are pleased to announce that the FDA has granted orphan drug designation to UNI-494 for the prevention of delayed graft function after kidney transplantation, an unmet medical need for which there are no FDA-approved drugs,” said Shalabh Gupta, MD, Chief Executive Officer of Unicycive. “Obtaining ODD is an important milestone in the development of UNI-494 that may provide certain tax credits for qualified clinical trials, exemption of user fees, and the potential for seven years of market exclusivity after approval. DGF is one of the most serious complications resulting from kidney transplantation, and we believe that the mechanism of action of UNI-494 is ideally suited for the prevention of this orphan condition.”
The FDA, through its Office of Orphan Products Development (OOPD), grants orphan drug designation to agents that have the potential to offer a safe and effective treatment, diagnosis or prevention of rare diseases that affect fewer than 200,000 individuals in the United States.
As previously announced, on March 12, 2024, Unicycive will present data on the efficacy of UNI-494 in animal models of DGF and a poster describing the ongoing Phase 1 clinical trial design for UNI-494 in healthy volunteers at the 29th International Conference on Advances in Critical Care Nephrology AKI and CRRT 2024.
About Delayed Graft Function
Delayed Graft Function (DGF) refers to the acute kidney injury (AKI) that occurs in the first week after kidney transplantation, which necessitates dialysis intervention. As the name indicates, DGF can result in sub-optimal or impaired graft function and is one of the most common and serious complications of kidney transplantation. Poor kidney function in the first week of graft life is detrimental to the longevity of the allograft. DGF is also associated with higher rates of tissue rejection and decreased patient survival. Currently, there are no FDA approved drugs for the treatment of DGF.
Ischemia/reperfusion injury (IRI) is known to be a major causative factor for the AKI that results in DGF during kidney transplantation. Ischemic preconditioning, that works by activating KATP channels in mitochondria, is a natural endogenous mechanism which protects cells from IRI in the heart, kidney, liver, and other organs. UNI-494 is a pharmacological approach that emulates and enhances this natural phenomenon of ischemic preconditioning.
About UNI-494
UNI-494 is a novel nicotinamide ester derivative and a selective ATP-sensitive mitochondrial potassium channel activator. Mitochondrial dysfunction plays a critical role in the progression of acute kidney injury and chronic kidney disease. UNI-494 has a novel mechanism of action that restores mitochondrial function and may be beneficial for the treatment of several diseases including kidney disease. Unicycive is currently conducting a Phase 1 dose-ranging safety study in healthy volunteers in the United Kingdom that is expected to complete in 2H of 2024. UNI-494 is protected by issued patent(s) in the U.S. and Europe and a wide range of patent applications worldwide.
About Unicycive Therapeutics
Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead drug candidate, oxylanthanum carbonate (OLC), is a novel investigational phosphate binding agent being developed for the treatment of hyperphosphatemia in chronic kidney disease patients on dialysis. UNI-494 is a patent-protected new chemical entity in clinical development for the treatment of conditions related to acute kidney injury. For more information, please visit Unicycive.com and follow us on LinkedIn and YouTube.
Forward-looking statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Unicycive’s expectations, strategy, plans or intentions. These forward-looking statements are based on Unicycive’s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business interruptions, which could seriously harm our financial condition and increase our costs and expenses; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
PDSB Has Clinical Trial Milestones For 2024. We expect PDS Biotech is expecting to start the Phase 3 trial for PDS0101in head and neck cancer in 1Q24. This follows strong data from the Phase 2 trial presented during 2023. Several Investigator-initiated trials (IITs) testing PDS0101 in other indications have presented data showing improvements over current standards of care, its mechanism of action, and its potential use in related cancers. The second product, PDS01ADC, has also shown strong data in a Triple Combination trial. In our opinion, the stock has not reflected these results in the stock price.
A Phase 3 Trial For PDS0101 Is Expected Shortly. The Phase 3 VERSAMUNE-003 trial for PDS0101will enroll patients with recurrent or metastatic head and neck squamous cell carcinoma (R/M HNSCC) who have failed treatment with standard chemotherapy but have not been treated with an immune checkpoint inhibitor (ICI naïve). The trial design follows the Phase 2 VERSAMUNE-002, which showed strong improvements in overall response rate (ORR) and overall survival (OS) benefits compared with current treatments.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Progress. In 2023 Orion transformed into a more focused, more competitive and more driven company. Management implemented a disciplined project bidding and delivery strategy, attracted high-caliber business development executives, invested in systems, training and tools, secured a three-year, $103 million credit facility, and closed over $25 million in equipment and real estate sale-leaseback transactions.
Marine Segment. Segment revenue was up 40.3% to $135.2 million, while operating income was $4.3 million, compared to $234,000 in 4Q22. The revenue growth was primarily related to the Pearl Harbor project.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q4 results. The company reported Q4 revenue of €50.1 million, handily beating our estimate of €39.0 million by 28.5%. Adj. EBITDA in the quarter was a loss of €4.1 million, better than our estimate of a loss of €6.2 million.
Growth in key markets. The company’s solid Q4 performance was driven by year over year revenue growth of 56% in Mexico and 17% in Spain. In both countries, the number of users and spend per customer increased compared with Q3. Notably, the company displayed year-over-year growth, in spite of tough comps in Q4 against such big events as the World Cup.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
