Author: aweinsoff@channelchek.com

Release – Lee Enterprises achieves all fiscal year guidance with strong fourth quarter results and increases long-term outlook

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LEE

December 7, 2023

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Total Digital Revenue(1) was $73M in the quarter, representing 44% of revenue
Digital-only subscribers total 721,000, exceeding guidance and up 36% YOY
Adjusted EBITDA(2) in line with full year guidance

DAVENPORT, Iowa, Dec. 07, 2023 (GLOBE NEWSWIRE) — Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 75 markets, today reported preliminary fourth quarter fiscal 2023 financial results(3) for the period ended September 24, 2023.

“Our fourth quarter digital subscription results lead the industry by a significant margin, continuing the streak for 16 consecutive quarters. Subscribers to our digital products totaled 721,000, up 36% compared to last year and digital-only subscription revenue accelerated–growing 68% on a Same-store basis(4),” said Kevin Mowbray, Lee’s President and Chief Executive Officer. “Amplified Digital® revenue totaled $24 million in the quarter, leading to an 11% increase over the prior year(4). Total Digital Revenue increased 14% in the quarter(4), and represented 44% of our total operating revenue. The rapid pace of digital growth is driven by our strong execution of our Three Pillar Digital Growth Strategy,” Mowbray added.

“Adjusted EBITDA in the quarter was up 29% sequentially, due to our rapid digital growth and strong cost management execution,” said Mowbray. “Our aggressive cost actions in FY23, as well as the strong performance of our digital revenue streams, will have a favorable impact on FY24 operating results. We anticipate full year FY24 Adjusted EBITDA to be in the range of $83 million to $90 million,” added Mowbray.

“The long-standing industry-leading digital execution gives us even more confidence in our transformation. In fact, the best-in-class performance increases our long-term outlook on digital-only subscribers by one-third to 1.2 million and digital subscription revenue by approximately 50% to more than $150 million. These significant improvements to our long-term outlook demonstrate our confidence in Lee’s digital transformation. We are on a clear path to becoming sustainable solely from the revenue and cash flow from our digital products,” said Mowbray.

Key Fourth Quarter Highlights:

  • Total operating revenue was $164 million.
  • Total Digital Revenue was $73 million, a 14% increase over the prior year(4), and represented 44% of our total operating revenue.
  • Digital-only subscription revenue increased 68% in the fourth quarter compared to the same quarter last year(4) due to a 36% increase in digital-only subscribers and marketing efforts driving price yields. Digital-only subscribers totaled 721,000 at the end of the September quarter.
  • Digital advertising and marketing services revenue represented 68% of our total advertising revenue and totaled $49 million. Digital marketing services revenue at Amplified Digital® fueled the growth, with quarterly revenue of $24 million.
  • Digital services revenue, which is predominantly BLOX Digital, totaled $5 million in the quarter.
  • Operating expenses totaled $156 million and Cash Costs(2) totaled $138 million.
  • Net loss totaled $1 million and Adjusted EBITDA totaled $30 million.

2024 Fiscal Year Outlook:

Total Digital Revenue$310 million (+13% YOY) – $330 million (+21% YOY)
Digital-only subscribers771,000 (+7% YOY)
Adjusted EBITDA$83 million (-3% YOY) – $90 million (+6% YOY)


Long-Term Outlook (2024 – 2028):

Total Digital Revenue$450 – $500 million
Digital-only subscribers1.2 million


Debt and Free Cash Flow:

The Company has $456 million of debt outstanding under our Credit Agreement(5) with BH Finance. The financing has favorable terms including a 25-year maturity, a fixed annual interest rate of 9.0%, no fixed principal payments, and no financial performance covenants.

As of and for the period ended September 24, 2023:

  • The principal amount of debt totaled $456 million, a reduction of $7 million for the fiscal year.
  • Cash on the balance sheet totaled $15 million. Debt, net of cash on the balance sheet, totaled $441 million.
  • Capital expenditures totaled $5 million for the full year. We expect $10 million of capital expenditures in FY24.
  • For fiscal year 2023, cash paid for income taxes totaled $4 million. We expect cash paid for income taxes to total between $10 million and $15 million in 2024.
  • We made no pension contributions in the fiscal year.

Conference Call Information:

As previously announced, we will hold an earnings conference call and audio webcast today at 9 a.m. Central Time. The live webcast will be accessible at www.lee.net and will be available for replay 24 hours later. Analysts have been invited to ask questions on the call. Questions from other participants may be submitted by participating in the webcast. To participate in the live conference call via telephone, please register here. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.

About Lee:

Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information, with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 75 markets in 26 states. Year to date, Lee’s newspapers have an average daily circulation of 1.0 million, and our legacy websites, including acquisitions, reach more than 31 million digital unique visitors. Lee’s markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.

FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are:

  • The overall impact the COVID-19 pandemic has on the Company’s revenues and costs;
  • The long-term or permanent changes the COVID-19 pandemic may have on the publishing industry, which may result in permanent revenue reductions and other risks and uncertainties;
  • We may be required to indemnify the previous owners of BH Media or The Buffalo News for unknown legal and other matters that may arise;
  • Our ability to manage declining print revenue and circulation subscribers;
  • The impact and duration of adverse conditions in certain aspects of the economy affecting our business;
  • Changes in advertising and subscription demand;
  • Changes in technology that impact our ability to deliver digital advertising;
  • Potential changes in newsprint, other commodities and energy costs;
  • Interest rates;
  • Labor costs;
  • Significant cyber security breaches or failure of our information technology systems;
  • Our ability to achieve planned expense reductions and realize the expected benefit of our acquisitions;
  • Our ability to maintain employee and customer relationships;
  • Our ability to manage increased capital costs;
  • Our ability to maintain our listing status on NASDAQ;
  • Competition; and
  • Other risks detailed from time to time in our publicly filed documents.

Any statements that are not statements of historical fact (including statements containing the words “aim”, “may”, “will”, “would”, “could”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “projects”, “considers” and similar expressions) generally should be considered forward-looking statements. Statements regarding our plans, strategies, prospects and expectations regarding our business and industry, including statements regarding the impacts that the COVID-19 pandemic and our responses thereto may have on our future operations, are forward-looking statements. They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this release. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.

Contact:
IR@lee.net
(563) 383-2100

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 Three months endedTwelve months ended
(Thousands of Dollars, Except Per Share Data)September
24,
2023		 September
25,
2022		 Percent
Change		 September
24,
2023		 September
25,
2022		 Percent
Change		 
             
Operating revenue:            
Print Advertising23,302 39,931 (41.6)125,804 184,963 (32.0)
Digital Advertising49,270 49,110 0.3 193,173 181,465 6.5 
Advertising and marketing services revenue72,572 89,041 (18.5)318,977 366,428 (12.9)
Print Subscription58,792 78,541 (25.1)252,591 313,504 (19.4)
Digital Subscription18,661 11,168 67.1 60,700 40,120 51.3 
Subscription revenue77,453 89,709 (13.7)313,291 353,624 (11.4)
Print Other8,966 10,532 (14.9)39,508 42,962 (8.0)
Digital Other5,020 4,355 15.3 19,362 17,955 7.8 
Other revenue13,986 14,887 (6.1)58,870 60,917 (3.4)
Total operating revenue164,011 193,637 (15.3)691,138 780,969 (11.5)
Operating expenses:   —   
Compensation59,048 71,456 (17.4)266,907 317,789 (16.0)
Newsprint and ink5,102 7,847 (35.0)25,346 30,101 (15.8)
Other operating expenses73,714 86,240 (14.5)323,067 344,905 (6.3)
Depreciation and amortization7,524 9,099 (17.3)30,621 36,544 (16.2)
Assets loss (gain) on sales, impairments and other, net6,137 21,055 (70.9)1,882 9,716 (80.6)
Restructuring costs and other4,552 2,858 59.3 12,673 22,720 (44.2)
Operating expenses156,077 198,555 (21.4)660,496 761,775 (13.3)
Equity in earnings of associated companies2,993 1,446 107.0 6,527 5,657 15.4 
Operating income10,927 (3,472)(414.7)37,169 24,851 49.6 
Non-operating (expense) income:      
Interest expense(10,326)(10,292)0.3 (41,471)(41,770)(0.7)
Curtailment gain— — — — 1,027 (100.0)
Pension withdrawal cost(1,200)— — (1,200)(2,335)(48.6)
 Pension and OPEB related benefit (cost) and other, net162 5,488 (29.9)2,420 19,022 (87.3)
Non-operating expenses, net(11,364)(4,804)136.6 (40,251)(24,056)67.3 
Income (loss) before income taxes(437)(8,276)NM(3,082)795 (487.7)
Income tax (benefit) expense888 (1,666)NM(349)698 (150.0)
Net (loss) income(1,325)(6,610)NM(2,733)97 NM 
Net income attributable to non-controlling interests(659)(526)25.3 (2,534)(2,114)19.9 
Loss attributable to Lee Enterprises, Incorporated(1,984)(7,136)NM (5,267)(2,017)161.1 
         
Earnings (loss) per common share:        
Basic(0.32)(1.23)NM (0.90)(0.35)NM 
Diluted(0.32)(1.23)NM (0.90)(0.35)NM 

DIGITAL / PRINT REVENUE COMPOSITION 
(UNAUDITED)

 Three months endedTwelve months ended
(Thousands of Dollars)September
24,
2023		September
25,
2022		September
24,
2023		September
25,
2022
     
Digital Advertising and Marketing Services Revenue49,27049,110193,173181,465
Digital Only Subscription Revenue18,66111,16860,70040,120
Digital Services Revenue5,0204,35519,36217,955
Total Digital Revenue72,95164,633273,235239,540
Print Advertising Revenue23,30239,931125,804184,963
Print Subscription Revenue58,79278,541252,591313,504
Other Print Revenue8,96610,53239,50842,962
Total Print Revenue91,060129,004417,903541,429
Total Operating Revenue164,011193,637691,138780,969

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

The table below reconciles the non-GAAP financial performance measure of Adjusted EBITDA to net income, its most directly comparable GAAP measure:

 Three months endedTwelve months ended
(Thousands of Dollars)September
24,
2023		 September
25,
2022		 September
24,
2023		 September
25,
2022		 
         
Net (loss) income(1,325)(6,610)(2,733)97 
Adjusted to exclude    
Income tax (benefit) expense888 (1,666)(349)698 
Non-operating expenses, net11,364 4,804 40,251 24,056 
Equity in earnings of TNI and MNI(6)(2,993)(1,446)(6,527)(5,657)
Assets loss (gain) on sales, impairments and other, net6,137 21,055 1,882 9,716 
Depreciation and amortization7,524 9,099 30,621 36,544 
Restructuring costs and other4,552 2,858 12,673 22,720 
Stock compensation421 311 1,806 1,337 
Add:    
Ownership share of TNI and MNI EBITDA (50%)3,476 1,676 7,604 6,541 
Adjusted EBITDA30,044 30,081 85,228 96,052 

The table below reconciles the non-GAAP financial performance measure of Cash Costs to Operating expenses, the most directly comparable GAAP measure:

 Three months endedTwelve months ended
(Thousands of Dollars)September
24,
2023		September
25,
2022		September
24,
2023		September
25,
2022
     
Operating expenses156,077198,555660,496761,775
Adjustments    
Depreciation and amortization7,5249,09930,62136,544
Assets loss (gain) on sales, impairments and other, net6,13721,0551,8829,716
Restructuring costs and other4,5522,85812,67322,720
Cash Costs137,864165,543615,320692,795

The table below reconciles the non-GAAP financial performance measure of Same-Store Revenues to Operating Revenues, its most directly comparable GAAP measure:

 Three months endedTwelve months ended
(Thousands of Dollars)September
24,
2023		 September
25,
2022		 Percent
Change		 September
24,
2023		 September
25,
2022		 Percent
Change		 
          
Print Advertising Revenue23,302 39,931 (41.6)125,804 184,963 (32.0)
Exited operations(29)(6,609)NM (14,595)(34,760)NM 
Same-store, Print Advertising Revenue23,273 33,322 (30.2)111,209 150,203 (26.0)
Digital Advertising Revenue49,270 49,110 0.3 193,173 181,465 6.5 
Exited operations(5)(370)NM (1,083)(964)NM 
Same-store, Digital Advertising Revenue49,265 48,740 1.1 192,090 180,501 6.4 
Total Advertising Revenue72,572 89,041 (18.5)318,977 366,428 (12.9)
Exited operations(34)(6,979)NM (15,679)(35,724)NM 
Same-store, Total Advertising Revenue72,538 82,062 (11.6)303,298 330,704 (8.3)
Print Subscription Revenue58,792 78,541 (25.1)252,591 313,504 (19.4)
Exited operations(4)(182)NM (382)(834)NM 
Same-store, Print Subscription Revenue58,788 78,359 (25.0)252,209 312,670 (19.3)
Digital Subscription Revenue18,661 11,168 67.1 60,700 40,120 51.3 
Exited operations— — NM — — NM 
Same-store, Digital Subscription Revenue18,658 11,139 67.5 60,535 39,977 51.4 
Total Subscription Revenue77,453 89,709 (13.7)313,291 353,624 (11.4)
Exited operations(7)(211)NM (547)(977)NM 
Same-store, Total Subscription Revenue77,446 89,498 (13.5)312,744 352,647 (11.3)
Print Other Revenue8,966 10,532 (14.9)39,508 42,962 (8.0)
Exited operations— (7)NM (10)(82)NM 
Same-store, Print Other Revenue8,966 10,525 (14.8)39,498 42,880 (7.9)
Digital Other Revenue5,020 4,355 15.3 19,362 17,955 7.8 
Exited operations— — NM — — NM 
Same-store, Digital Other Revenue5,020 4,355 15.3 19,362 17,955 7.8 
Total Other Revenue13,986 14,887 (6.1)58,870 60,917 (3.4)
Exited operations— (7)NM (10)(82)NM 
Same-store, Total Other Revenue13,986 14,880 (6.0)58,860 60,835 (3.2)
Total Operating Revenue164,011 193,637 (15.3)691,138 780,969 (11.5)
Exited operations(41)(7,197)NM (16,236)(36,783)NM 
Same-store, Total Operating Revenue163,970 186,440 (12.1)674,902 744,186 (9.3)


NOTES

(1) Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified Digital®), digital-only subscription revenue and digital services revenue.

(2) The following are non-GAAP (Generally Accepted Accounting Principles) financial measures for which reconciliations to relevant GAAP measures are included in tables accompanying this release:

  • Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates unusual, infrequent or non-cash transactions from the operating performance of the business. This allows users to easily compare operating performance among various fiscal periods and how management measures the performance of the business. This measure also provides users with a benchmark that can be used when forecasting future operating performance of the Company that excludes unusual, nonrecurring or one-time transactions. Adjusted EBITDA is a component of the calculation used by stockholders and analysts to determine the value of our business when using the market approach, which applies a market multiple to financial metrics. It is also a measure used to calculate the leverage ratio of the Company, which is a key financial ratio monitored and used by the Company and its investors. Adjusted EBITDA is defined as net income (loss), plus non-operating expenses, income tax expense, depreciation and amortization, assets loss (gain) on sales, impairments and other, restructuring costs and other, stock compensation and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI.
  • Cash Costs represent a non-GAAP financial performance measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to investors in understanding the components of the Company’s cash-settled operating costs. Periodically, the Company provides forward-looking guidance of Cash Costs, which can be used by financial statement users to assess the Company’s ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other operating expenses. Depreciation and amortization, assets loss (gain) on sales, impairments and other, other non-cash operating expenses and other expenses are excluded. Cash Costs also exclude restructuring costs and other, which are typically paid in cash.

(3) This earnings release is a preliminary report of results for the periods included. The reader should refer to the Company’s most recent reports on Form 10-Q and on Form 10-K for definitive information.

(4) Same-store revenues is a non-GAAP performance measure based on GAAP revenues for Lee for the current period, excluding exited operations. In 2023, exited operations include (1) businesses divested and (2) the elimination of stand-alone print products discontinued within our markets.

(5) The Company’s debt is the $576 million term loan under a credit agreement with BH Finance LLC dated January 29, 2020 (the “Credit Agreement”). Excess Cash Flow is defined under the Credit Agreement as any cash greater than $20,000,000 on the balance sheet in accordance with GAAP at the end of each fiscal quarter, beginning with the quarter ending June 28, 2020.

(6) TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI.

Source: Lee Enterprises Inc.

Release – ZyVersa Therapeutics, Inc. Announces Pricing of $5.0 Million Public Offering

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ZVA

Dec 6, 2023

WESTON, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) — ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA, or “ZyVersa” or “the Company”), a clinical stage specialty biopharmaceutical company developing first-in-class drugs for treatment of inflammatory and renal diseases with high unmet needs, announced today the pricing of a “reasonable best efforts” public offering of 4,000,000 shares of common stock (or pre-funded warrants in lieu thereof) and accompanying Series A and Series B warrants to purchase up to an aggregate of 8,000,000 shares of common stock at a combined public offering price of $1.25, resulting in gross proceeds of approximately $5.0 million. The Series A Warrants to purchase up to an aggregate of 4,000,000 shares of common stock and Series B Warrants to purchase up to an aggregate of 4,000,000 shares of common stock will have an exercise price of $1.25 per share, will be exercisable immediately following the date of issuance and will expire five years and eighteen months from the original issuance date, respectively.

The closing of the offering is expected to occur on or about December 11, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds of this offering for working capital and other general corporate purposes.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-275320) previously filed with the Securities and Exchange Commission (SEC) which became effective on December 6, 2023. The offering is being made only by means of a prospectus forming part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. An electronic copy of the final prospectus will be filed with the SEC and may be obtained, when available, on the SEC’s website located at http://www.sec.gov and may also be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About ZyVersa Therapeutics

ZyVersa (Nasdaq: ZVSA) is a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop first-in-class drugs for patients with renal and inflammatory diseases who have significant unmet medical needs. The Company is currently advancing a therapeutic development pipeline with multiple programs built around its two proprietary technologies – Cholesterol Efflux Mediator™ VAR 200 for treatment of kidney diseases, and Inflammasome ASC Inhibitor IC 100, targeting damaging inflammation associated with numerous CNS and other inflammatory diseases. For more information, please visit www.zyversa.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. ZyVersa Therapeutics, Inc (“ZyVersa”) uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions. Such forward-looking statements are based on ZyVersa’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including market and other conditions, ZyVersa’s ability to satisfy all conditions precedent to the closing of the offering; ZyVersa’s plans to develop and commercialize its product candidates, the timing of initiation of ZyVersa’s planned preclinical and clinical trials; the timing of the availability of data from ZyVersa’s preclinical and clinical trials; the timing of any planned investigational new drug application or new drug application; ZyVersa’s plans to research, develop, and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of ZyVersa’s product candidates; ZyVersa’s commercialization, marketing and manufacturing capabilities and strategy; ZyVersa’s ability to protect its intellectual property position; and ZyVersa’s estimates regarding future revenue, expenses, capital requirements and need for additional financing.

New factors emerge from time-to-time, and it is not possible for ZyVersa to predict all such factors, nor can ZyVersa assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements included in this press release are based on information available to ZyVersa as of the date of this press release. ZyVersa disclaims any obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Corporate and IR Contact:
Karen Cashmere
Chief Commercial Officer
kcashmere@zyversa.com
786-251-9641

Media Contacts
Tiberend Strategic Advisors, Inc.
Casey McDonald
cmcdonald@tiberend.com
646-577-8520

Dave Schemelia
dschemelia@tiberend.com
609-468-9325

Release – AdTheorent Health Audiences, Powered by HABi™, Earn Neutronian’s NQI Certification for Data Quality, Privacy and Transparency

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ADTH

Dec 6, 2023

PDF Version

NEW YORK, Dec. 6, 2023 /PRNewswire/ — AdTheorent Health, a division of AdTheorent Holding Company, Inc. (Nasdaq: ADTH), a programmatic digital advertising leader using advanced machine learning and privacy-forward solutions to drive advertiser outcomes, today announced that it has earned Neutronian’s NQI Data Quality certification, awarded to companies that maintain the highest standards of data quality, privacy, and transparency. AdTheorent Health received Neutronian’s NQI Data Quality certification for its groundbreaking algorithm-based, ID-independent Health Audiences, powered by HABi™. 

   

Using the most comprehensive, primary-sourced health dataset in market, HABi enables health advertisers to research, create and activate ID-independent health audiences in one platform.

Advertisers can explore de-identified health records in real time based on diagnosis, procedures, prescribed medication, healthcare specialty and many other attributes. Based on the attributes selected, users can see a variety of health Insights, such as top diagnosis, top prescribed medication, top procedures performed, age, gender, and geographical breakdown, and then correlate such insights with available targetable digital media. This allows advertisers to create and activate custom health audiences on the platform that are tailored to their unique objectives. These AdTheorent Health Audiences are ID-independent, privacy-forward and fully customizable with the highest performance in market.

To become Neutronian Certified, AdTheorent Health underwent a comprehensive audit of the processes, procedures and data used to build AdTheorent Health Audiences. The “Certified by Neutronian” badge, supported by proprietary and innovative data-evaluation procedures, helps brand and agency marketers identify top-quality, privacy compliant datasets to use for their marketing efforts. For buyers of marketing data, Neutronian certification provides transparency and clarity with an independent verification of data quality. This eases the data vetting burden on buyers and helps high-quality data providers stand out from the rest.

AdTheorent Health went through a Neutronian’s rigorous audit process covering five main categories of data quality, privacy and transparency including:

  • CONSENT & COMPLIANCE
    • Consent standards and opt-in/out process
    • Privacy and compliance disclosures (ex. GDPR, CCPA, etc.)
  • SOURCING TRANSPARENCY
    • Data sources and data capture mechanisms
    • Transparency of data sources and data use details externally
  • DATASET CHARACTERISTICS
    • Type(s) of dataset – deterministic and/or modeled
    • Data cleansing practices – de-duplication, removal of fraudulent data, etc.
  • METHODOLOGY &PROCESSING
    • Data processing and retention controls
    • Statistical methodology utilization – modeling, weighting, etc.
  • PERFORMANCE
    • Methods used to evaluate data accuracy
    • Frequency of evaluating data performance

AdTheorent Health exceeded all Neutronian Certification criteria, providing marketers the confidence that AdTheorent Health Audiences, built by HABi, have been qualified through an extremely comprehensive and in-depth audit of data sources, processes and privacy compliance. 

“Having the highest standard of data quality, privacy and transparency is particularly important in the healthcare industry and we are honored that AdTheorent Health Audiences, built by HABi, received the Neutronian NQI certification,” said Jim Lawson, CEO of AdTheorent. “AdTheorent Health Audiences represent a groundbreaking approach to audience creation, and this certification validates AdTheorent’s position as a leader in privacy-forward and industry compliant healthcare solutions.” 

“We are pleased that AdTheorent Health has earned Neutronian Certification for its prioritization of data quality, privacy, and transparency,” said Lisa Abousaleh, CEO and co-founder of Neutronian. “AdTheorent Health’s transparent approach to audience creation, utilizing de-identified health data that is then correlated to real time programmatic signals, allows health marketers to achieve their desired advertising outcomes in the most privacy-forward way possible – this is a tangible differentiator in the health advertising ecosystem.”

To learn more about AdTheorent Health, please visit AdTheorentHealth.com 

About AdTheorent
AdTheorent (Nasdaq: ADTH) uses advanced machine learning technology and privacy-forward solutions to deliver impactful advertising campaigns for marketers. AdTheorent’s machine learning-powered media buying platform powers its predictive targeting, predictive audiences, geo-intelligence, audience extension solutions and in-house creative capability, Studio A\T. Leveraging only non-sensitive data and focused on the predictive value of machine learning models, AdTheorent’s product suite and flexible transaction models allow advertisers to identify the most qualified potential consumers coupled with the optimal creative experience to deliver superior results, measured by each advertiser’s real-world business goals. 

AdTheorent is consistently recognized with numerous technology, product, growth and workplace awards. AdTheorent was named “Best Buy-Side Programmatic Platform” in the 2023 Digiday Technology Awards and was honored with an AI Breakthrough Award and “Most Innovative Product” (B.I.G. Innovation Awards) for five consecutive years. Additionally, AdTheorent is the only seven-time recipient of Frost & Sullivan’s “Digital Advertising Leadership Award.” AdTheorent is headquartered in New York, with fourteen locations across the United States and Canada. For more information, visit adtheorent.com.

About Neutronian:
Neutronian is a SaaS company providing the industry’s most comprehensive approach to data privacy and quality verification. Using a standard evaluation framework, Neutronian produces independent data privacy “credit scores” and in-depth data quality certification. These solutions provide marketers with the transparency they need to confirm that their data and inventory partners are privacy compliant and ensure that their campaigns are running in privacy safe environments. High quality, privacy compliant data providers that work with Neutronian to improve their data privacy scores or achieve certification can be rewarded via faster sales cycles and increased customer trust. For more information, please visit neutronian.com.

   

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SOURCE AdTheorent Health

Melanie Berger, AdTheorent, melanie@adtheorent.com, 850-567-0082

Release – Comtech Names Satellite and Defense Industry Leader John Ratigan as Chief Corporate Development Officer

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

BY THE COMTECH EDITORIAL TEAM – DEC 6, 2023 | 3 MIN READ

MELVILLE, N.Y. – Dec. 6, 2023– Comtech (NASDAQ: CMTL), a global technology leader, today announced the appointment of satellite communications (SATCOM) and defense technology industry leader John Ratigan as the company’s first Chief Corporate Development Officer (CCDO).

With differentiated expertise across the global satellite technology sector, Ratigan brings over three decades of leadership experience to his position as Comtech’s CCDO. Ratigan’s experience is uniquely well aligned with Comtech’s strategic business priorities and continued expansion into new growth markets.

Prior to joining Comtech, Ratigan served as CEO and President of iDirect Government as well as holding a position as an Executive Committee Member of ST Engineering iDirect. As its first employee, Ratigan established iDirect Government and grew the company to over $100 million in annual revenue. During his tenure as CEO and President, Ratigan assembled a team of over 200 outstanding professionals and was responsible for taking iDirect Government from a startup to a well-known technology leader that deployed thousands of innovative modem solutions and satellite technologies supporting U.S. government and Department of Defense (DoD) customers across the globe. Ratigan was also responsible for acquiring GlowLink and its unique interference mitigation technology (CSIR) and fused it with iDirect’s own Evolution technology, which helped the company become the largest provider of Time Division Multiple Access (TDMA) SATCOM capabilities for the U.S. DoD.

“As a renowned leader in the satellite and defense industry, John’s deep expertise and unique experience will help enhance our strategic positioning, accelerate Comtech’s new technology trajectories, and further improve our ability to accomplish our near and long-term strategic priorities,” said Ken Peterman, President and CEO, Comtech. “John will be instrumental in identifying new opportunities, strategic partnerships, and technology synergies that will help Comtech democratize access to communications technologies, bridge the digital divide, and empower a truly connected planet. We are thrilled to have him on board as we enter our next chapter as One Comtech.”

In his position as CCDO, Ratigan will oversee new business initiatives aligned with Comtech’s strategic pursuits as the company continues its One Comtech journey.

“I’m excited to be part of Comtech’s transformational growth and it’s an honor to help lead a company where I spent 10 years earlier in my career,” said Ratigan. “I’m thrilled to be working with Ken Peterman and this incredible Comtech team where we’re bringing some of the best and brightest minds together to push the limits of innovation and make a lasting, positive impact in the world. As CCDO, I’m looking forward to helping the company identify and secure new opportunities that can unleash the full potential of the One Comtech transformation.”

Earlier in his career, Ratigan ran east coast operations for Fairchild Data, and EF DATA (now Comtech). As a company leader, Ratigan was instrumental in helping EF DATA grow from $20 million to $120 million in revenue in under eight years. During his tenure, Ratigan played a key role helping EFDATA become the preeminent leader in Single Channel Per Carrier (SCPC) satellite technology, which provided him with valuable insights related to technology migration and leadership experience that has continued to serve him well in subsequent roles. In addition to starting his own company, Ratigan held the position of Senior Vice President of North and South American sales for the start-up Broadlogic, just as companies started to run IP directly over satellite.

Ratigan began his career in the United States Senate working for Senator Bill Armstrong (R-Colorado) and held multiple sales positions with the Xerox Corporation as a member of the legal sales team.

Ratigan holds a Bachelor of Science degree in Marketing from the University of Maryland.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.

Forward-Looking Statements

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

PCMTL

Investor Relations

Maria Ceriello

631-962-7115

investors@comtech.com

Media Contact

Jamie Clegg

480-532-2523

jamie.clegg@comtech.com

Release – Century Lithium Provides Update On Feasibility Study And Sodium Hydroxide As A By-Product

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CYDVF

December 6, 2023 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company”) is pleased to provide an update on its ongoing Feasibility Study for its Clayton Valley Lithium Project (“Project”) in Clayton Valley, Nevada, and has commenced a market study on sodium hydroxide as a soluble by-product.

Highlights

  • Feasibility Study continues with work on options for a phased approach to production
  • Market study on sodium hydroxide as salable by-product to be included in the Feasibility Study

Throughout the year, Century Lithium remained focused on the development of its Clayton Valley Lithium Project. The work included ongoing testing of lithium extraction at the Pilot Plant and continuing work on the Feasibility Study for the Project, with reviews of capital and operating cost estimates with consultants Wood PLC, Global Resource Engineers, thyssenkrupp nucera USA, Saltworks Technologies Inc., and WSP USA Environment & Infrastructure Inc. This comprehensive study covers all areas of the lithium extraction process from shallow surface mining of lithium-bearing clay to on-site production of battery-grade lithium carbonate. Target production for the study follows that of the project’s earlier Pre-Feasibility Study, which was based on a mill feed of 15,000 tonnes per day and average annual output of 27,000 tonnes per year of lithium carbonate equivalent.

To date, the Company has worked with its Feasibility Study team to revise and update estimates based on optimization. Given volatility in the lithium market, the Company is examining a phased approach to full scale production to provide prospective parties with a lower risk alternative in financing.  The Company is working with its consultants to determine viable phases and underlying schedules.  

The scope of the Project is multi-faceted in its approach to processing, and includes clay leaching and filtration, ion-exchange based direct lithium extraction (“DLE”) from leach solutions, and the production of battery-grade lithium carbonate from the DLE product solutions via concentration, purification, and precipitation. The process is driven by locally sourced sodium chloride brine (salt solution) which is treated by electrolysis in a chlor-alkali plant to produce all the leaching and neutralization reagents required for the process on-site.

In the operation of the chlor-alkali plant, the neutralizing reagent generated is sodium hydroxide, also commonly known as lye, caustic soda, or simply caustic. In the plant, sodium hydroxide is produced as a by-product of the generation of the leaching reagent, hydrochloric acid, in an amount that is slightly greater than the production of hydrochloric acid. The acid and base are both produced in liquid form at concentrations in the range of 30-37%, The hydrochloric acid is fully utilized in the leaching process. Sodium hydroxide is used at various points in the operation for neutralization and removal of impurities.

Pilot plant testing has shown a significant amount of the sodium hydroxide will be surplus to the production process and therefore available as a by-product for potential sale. The western United States is largely dependent on imports of this essential chemical for water treatment and other industrial uses. A market study, to be incorporated in the Feasibility Study, recognizes the potential for revenue from sodium hydroxide sales, tapping into the need for a domestic supply of sodium hydroxide.

In order to properly evaluate the alternatives and incorporate economic benefits of by-product sales, described above, the Company anticipates completion of the Feasibility Study in Q1 2024.

Qualified Person

Todd Fayram, MMSA-QP and Senior Vice President, Metallurgy of Century Lithium is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.

About Century Lithium Corp.

Century Lithium Corp. (formerly Cypress Development Corp.) is an advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in west-central Nevada, USA. Century Lithium is currently in the pilot stage of testing on material from its lithium-bearing claystone deposit at its Lithium Extraction Facility in Amargosa Valley, Nevada and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

ON BEHALF OF CENTURY LITHIUM CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer

For further information, please contact:
Spiros Cacos | Vice President, Investor Relations
Direct: +1 604 764 1851
Toll Free: 1 800 567 8181
scacos@centurylithium.com 
centurylithium.com  

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release includes certain statements that may be deemed to be “forward-looking statements”. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “scheduled,” and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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 or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

Release – Vera Bradley Announces Third Quarter Fiscal Year 2024 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on VRA

Dec 6, 2023

Consolidated net revenues totaled $115.0 million

Net income totaled $5.1 million, or $0.16 per diluted share;
non-GAAP net income totaled $6.1 million, or $0.19 per diluted share

Balance sheet strengthens, with cash and cash equivalents of $52.3 million, no debt, and year-over-year inventories down 27.6%

FORT WAYNE, Ind., Dec. 06, 2023 (GLOBE NEWSWIRE) — Vera Bradley, Inc. (Nasdaq: VRA) today announced its financial results for the third quarter and nine months ended October 28, 2023.

In this release, Vera Bradley, Inc. or “the Company” refers to the entire enterprise and includes both the Vera Bradley and Pura Vida brands. Vera Bradley on a stand-alone basis refers to the Vera Bradley brand.

Third Quarter Comments

Jackie Ardrey, Chief Executive Officer of the Company, stated, “Our efforts continue on Project Restoration, and we are very pleased with our progress to date as our associates across the Company work together to position Vera Bradley, Inc. for long-term, profitable growth. Year-over-year third quarter non-GAAP income was essentially flat, as we delivered solid gross margin expansion and carefully managed our expenses, despite sales challenges.”  

“Total third quarter revenues for the Vera Bradley brand decreased 5.0% from last year,” Ardrey noted. “Vera Bradley Direct revenue declines primarily resulted from continued weakness in the outlet store channel and the impact of store closures. Year-over-year Vera Bradley Indirect revenues were up as compared to last year.

“Pura Vida year-over-year sales decreased 18.3%, with declines in both wholesale and ecommerce revenues, as prior year sales were driven by meaningfully higher levels of marketing spend, along with increased liquidation and clearance activity. Store sales remained strong. With our diligent expense management and focus on profitability, Pura Vida year-over-year third quarter operating income improved.

“At both brands, customers have responded to our latest iconic product collaborations and to our new, innovative, and on-trend product offerings, even as they have been more careful and thoughtful with their discretionary spending in the current macro environment.”

Ardrey continued, “We continue to diligently manage our debt-free balance sheet, adding to our year-over-year cash position while strategically lowering our inventory levels. Strength in this area is important in navigating an uncertain retail environment as well as in supporting our Project Restoration initiatives.

“Presently, we are taking targeted and prudent actions to stabilize revenues, and we remain focused on strong financial discipline and controlling what we can control as we react both strategically and tactically to current market conditions. Simultaneously, we have made meaningful progress on our long-term strategic plan, Project Restoration, focusing on four key pillars of the business for each brand – Consumer, Brand, Product, and Channel. We believe execution of Project Restoration will drive long-term profitable growth and deliver value to our shareholders.”

Summary of Financial Performance for the Third Quarter

Consolidated net revenues totaled $115.0 million compared to $124.0 million in the prior year third quarter ended October 29, 2022.

For the current year third quarter, Vera Bradley, Inc.’s consolidated net income totaled $5.1 million, or $0.16 per diluted share. These results included $1.0 million of net after tax charges, comprised of $0.6 million for the amortization of definite-lived intangible assets, $0.2 million of severance charges, and $0.2 million of consulting fees primarily associated with strategic initiatives. On a non-GAAP basis, Vera Bradley, Inc.’s consolidated third quarter net income totaled $6.1 million, or $0.19 per diluted share.

For the prior year third quarter, Vera Bradley, Inc.’s consolidated net income totaled $5.2 million, or $0.17 per diluted share. These results included $1.1 million of net after tax charges, comprised of $0.6 million of consulting and professional fees primarily associated with cost savings initiatives and the CEO search, $0.4 million for the amortization of definite-lived intangible assets, and $0.3 million of severance and stock-based retirement compensation charges, partially offset by a benefit of $0.2 million for the reversal of certain purchase order cancellation fees. On a non-GAAP basis, Vera Bradley, Inc.’s consolidated third quarter net income totaled $6.3 million, or $0.20 per diluted share.

Summary of Financial Performance for the Nine Months

Consolidated net revenues totaled $337.5 million for the current year nine months ended October 28, 2023, compared to $352.9 million in the prior year nine-month period ended October 29, 2022.

For the current year nine months, Vera Bradley, Inc.’s consolidated net income totaled $9.7 million, or $0.31 per diluted share. These results included $4.0 million of net after tax charges, comprised of $1.8 million of severance charges, $1.7 million for the amortization of definite-lived intangible assets, and $0.5 million of consulting and professional fees primarily associated with strategic initiatives. On a non-GAAP basis, Vera Bradley, Inc.’s consolidated net income for the nine months totaled $13.7 million, or $0.44 per diluted share.

For the prior year nine months, Vera Bradley, Inc.’s consolidated net loss totaled ($31.6) million, or ($1.00) per diluted share. These results included $34.2 million of net after tax charges, comprised of $18.2 million of Pura Vida goodwill and intangible asset impairment charges, $5.0 million of severance and stock-based retirement compensation retirement charges and other employee costs, $4.7 million of inventory adjustments associated with the exit of certain technology products and the write-off of excess mask inventory, $3.0 million of consulting and professional fees primarily associated with cost savings initiatives and the CEO search, $1.3 million of intangible asset amortization, $1.0 million of store and right-of-use asset impairment charges, $0.7 million of purchase order cancellation fees for spring 2023 goods, and $0.3 million of goodMRKT exit costs. On a non-GAAP basis, Vera Bradley, Inc.’s consolidated net income for the nine months totaled $2.6 million, or $0.08 per diluted share.

Non-GAAP Numbers

The current year non-GAAP third quarter and nine-month income statement numbers referenced below exclude the previously outlined severance charges, intangible asset amortization, and consulting and professional fees. The prior year non-GAAP third quarter income statement numbers referenced below exclude the previously outlined consulting and professional fees, amortization of definite-lived intangible assets, severance and stock-based retirement compensation charges, and a benefit for the reversal of certain purchase order cancellation fees. The prior year non-GAAP income statement numbers for the nine months referenced below exclude the previously outlined goodwill and intangible asset impairment charges, severance and stock-based retirement compensation retirement charges and other employee costs, inventory adjustments and write-offs, consulting and professional fees, intangible asset amortization, store and right-of-use asset impairment charges, purchase order cancellation fees, and goodMRKT exit costs.

Third Quarter Details

Current year third quarter Vera Bradley Direct segment revenues totaled $72.3 million, a 9.7% decrease from $80.1 million in the prior year third quarter. Comparable sales declined 8.2% in the third quarter, primarily driven by weakness in the outlet channel. Total revenues were also impacted by store closures over the last twelve months, including 15 full-line and two outlet stores. The Company also opened three outlet stores over the last twelve months.

Vera Bradley Indirect segment revenues totaled $25.0 million, a 12.0% increase over $22.3 million in the prior year third quarter, reflecting a significant one-time key account order that did not take place in the prior period.

Pura Vida segment revenues totaled $17.7 million, an 18.3% decrease from $21.7 million in the prior year third quarter, reflecting a decline in sales to wholesale accounts and a decline in ecommerce sales, partially offset by growth in retail store sales.

Third quarter consolidated gross profit totaled $63.0 million, or 54.8% of net revenues, compared to $65.9 million, or 53.1% of net revenues, in the prior year. On a non-GAAP basis, prior year gross profit totaled $65.6 million, or 52.9% of net revenues. The current year gross profit rate compared to the prior year non-GAAP rate was favorably impacted by lower year-over-year inbound and outbound freight expense, lower supply chain costs, and the sell-through of previously-reserved inventory, partially offset by increased promotional activity. Prior year gross profit was materially impacted by high inbound and outbound freight expense as well as deleverage of overhead costs.

Third quarter consolidated SG&A expense totaled $56.4 million, or 49.0% of net revenues, compared to $60.1 million, or 48.4% of net revenues, in the prior year. On a non-GAAP basis, consolidated SG&A expense totaled $55.1 million, or 48.0% of net revenues for the current year third quarter, compared to $57.6 million, or 46.4% of net revenues, in the prior year.   Vera Bradley’s current year non-GAAP SG&A expenses were lower than the prior year primarily due to Company-wide cost reduction initiatives across various areas of the enterprise. The expense deleverage resulted from lower revenues.

The Company’s third quarter consolidated operating income totaled $6.8 million, or 5.9% of net revenues, compared to $6.0 million, or 4.8% of net revenues, in the prior year third quarter. On a non-GAAP basis, the Company’s current year consolidated operating income totaled $8.0 million, or 7.0% of net revenues, compared to $8.2 million, or 6.6%, of net revenues, in the prior year.

By segment:

  • Vera Bradley Direct operating income was $15.7 million, or 21.7% of Direct net revenues, for the third quarter, compared to $17.1 million, or 21.3% of Direct net revenues, in the prior year. On a non-GAAP basis, prior year Direct operating income totaled $16.8 million, or 21.0% of Direct net revenues.
  • Vera Bradley Indirect operating income was $9.0 million, or 35.9% of Indirect net revenues, for the third quarter, compared to $9.0 million, or 40.4% of Indirect net revenues, in the prior year. On a non-GAAP basis, prior year Indirect operating income totaled $9.0 million, or 40.2% of Indirect net revenues.
  • Pura Vida’s operating loss was ($0.6) million, or (3.3%) of Pura Vida net revenues, in the current year, compared to an operating loss of ($1.4) million, or (6.2%) of Pura Vida net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s operating income was $0.1 million, or 0.8% of Pura Vida net revenues, compared to an operating loss of ($0.1) million, or (0.3%) of Pura Vida net revenues, in the prior year.

Details for the Nine Months

Vera Bradley Direct segment revenues for the current year nine-month period totaled $216.9 million, a 5.2% decrease from $228.7 million in the prior year. Comparable sales declined 5.8% for the nine months.

Vera Bradley Indirect segment revenues for the nine months totaled $57.7 million, a 2.0% increase over $56.6 million in the prior year.

Pura Vida segment revenues for the nine months totaled $62.9 million, a 6.9% decrease from $67.5 million in the prior year, reflecting a decline in sales to wholesale accounts and a decline in ecommerce sales, partially offset by growth in retail store sales.

Consolidated gross profit for the nine months totaled $186.8 million, or 55.3% of net revenues, compared to $178.9 million, or 50.7% of net revenues, in the prior year. On a non-GAAP basis, prior year gross profit totaled $185.9 million, or 52.7% of net revenues. The current year gross profit rate compared to the prior year non-GAAP rate was favorably impacted by lower year-over-year inbound and outbound freight expense, lower supply chain costs, and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity.

For the nine months, consolidated SG&A expense totaled $174.3 million, or 51.6% of net revenues, compared to $195.0 million, or 55.3% of net revenues, in the prior year. On a non-GAAP basis, current year consolidated SG&A expense totaled $169.1 million, or 50.1% of net revenues, compared to $181.0 million, or 51.3% of net revenues, in the prior year. Vera Bradley’s current year non-GAAP SG&A expenses were lower than the prior year primarily due Company-wide cost reduction initiatives across various areas of the enterprise.

For the nine months, the Company’s consolidated operating income totaled $13.3 million, or 3.9% of net revenues, compared to a consolidated operating loss of ($45.1) million, or (12.8%) of net revenues, in the prior year. On a non-GAAP basis, the Company’s current year consolidated operating income was $18.5 million, or 5.5% of net revenues, compared to $5.3 million, or 1.5% of net revenues, in the prior year.

By segment:

  • Vera Bradley Direct operating income was $43.7 million, or 20.1% of net revenues, compared to $32.6 million, or 14.3% of Direct net revenues, in the prior year. On a non-GAAP basis, current year Direct operating income was $44.0 million, or 20.3% of Direct net revenues, compared to $38.6 million, or 16.9% of Direct net revenues, in the prior year.
  • Vera Bradley Indirect operating income was $19.9 million, or 34.4% of Indirect net revenues, compared to $18.4 million, or 32.5% of Indirect net revenues, in the prior year. On a non-GAAP basis, prior year Indirect operating income totaled $19.4 million, or 34.2% of Indirect net revenues.
  • Pura Vida’s operating income was $5.0 million, or 7.9% of Pura Vida net revenues, compared to an operating loss of ($28.8) million, or (42.7%) of Pura Vida net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s operating income was $7.2 million, or 11.5% of Pura Vida net revenues, for the current year, compared to $4.3 million, or 6.4% of Pura Vida net revenues, for the prior year.

Balance Sheet

Net capital spending for the nine months ended October 28, 2023 totaled $2.5 million compared to $7.0 million in the prior year.

Cash and cash equivalents as of October 28, 2023 totaled $52.3 million compared to $25.2 million at the end of last year’s third quarter. The Company had no borrowings on its $75 million asset-based lending (“ABL”) facility at quarter end.

Total quarter-end inventory was $129.1 million, compared to $178.3 million at the end of the third quarter last year.

During the third quarter, the Company repurchased approximately $0.5 million of its common stock (71,807 shares at an average price of $6.76), bringing the total repurchased for the nine months to approximately $1.9 million (320,127 shares at an average price of $5.94). The Company has $25.8 million remaining under its $50.0 million repurchase authorization that expires in December 2024.

Forward Outlook

Management is updating certain components of guidance for the fiscal year ending February 3, 2024 (“Fiscal 2024”) based on performance for the first nine months, Company initiatives underway, and current macroeconomic trends and expectations. The Company has revised the guidance range for diluted earnings per share for the fiscal year.    

Excluding net revenues, all forward-looking guidance numbers referenced below are non-GAAP. The prior year income statement numbers exclude the previously disclosed goodwill and intangible asset impairment charges, severance and stock-based retirement compensation retirement charges and other employee costs, inventory adjustments and write-offs, certain consulting and professional fees, intangible asset amortization, store and right-of-use asset impairment charges, purchase order cancellation fees, and goodMRKT exit costs. Current year guidance excludes any similar charges.

For Fiscal 2024, the Company’s updated expectations are as follows:

  • Consolidated net revenues of $472 to $478 million. Net revenues totaled $500.0 million in Fiscal 2023.
  • A consolidated gross profit percentage of 54.0% to 54.5% compared to 51.4% in Fiscal 2023. The Fiscal 2024 gross profit rate is expected to be favorably impacted by lower year-over-year freight expense, cost reduction initiatives, and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity.
  • Consolidated SG&A expense of $232.5 to $235.5 million compared to $245.3 million in Fiscal 2023. An expected decline in SG&A expense is being driven by Company-wide cost reduction initiatives, partially offset by restoring short-term and long-term incentive compensation to more normalized levels and incremental marketing investment intended to accelerate customer file growth.
  • Consolidated operating income of $23.3 to $25.9 million compared to $12.3 million in Fiscal 2023.
  • Free cash flow of between $40 and $43 million compared to a cash usage of $21.7 million in Fiscal 2023.
  • Consolidated diluted EPS of $0.56 to $0.62 based on diluted weighted-average shares outstanding of approximately 31.0 million and an effective tax rate of approximately 28%. Diluted EPS totaled $0.24 last year.
  • Net capital spending of approximately $4 million compared to $8.2 million in the prior year, reflecting investments associated with new Vera Bradley outlet stores and technology and logistics enhancements.

Disclosure Regarding Non-GAAP Measures

The Company’s management does not, nor does it suggest that investors should, consider the supplemental non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies.

The Company believes that the non-GAAP measures presented in this earnings release, including free cash flow (cash usage); gross profit; selling, general, and administrative expenses; operating income (loss); net income (loss); net income (loss) attributable and available to Vera Bradley, Inc.; and diluted net income (loss) per share available to Vera Bradley, Inc. common shareholders, along with the associated percentages of net revenues, are helpful to investors because they allow for a more direct comparison of the Company’s year-over-year performance and are consistent with management’s evaluation of business performance. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in the Company’s supplemental schedules included in this earnings release.

Call Information

A conference call to discuss results for the third quarter is scheduled for today, Wednesday, December 6, 2023, at 9:30 a.m. Eastern Time. A broadcast of the call will be available via Vera Bradley’s Investor Relations section of its website, www.verabradley.com. Alternatively, interested parties may dial into the call at (888) 204-4368, and enter the access code 7089328. A replay will be available shortly after the conclusion of the call and remain available through December 20, 2023. To access the recording, listeners should dial (844) 512-2921, and enter the access code 7089328.

About Vera Bradley, Inc.

Vera Bradley, Inc. operates two unique lifestyle brands – Vera Bradley and Pura Vida. Vera Bradley and Pura Vida are complementary businesses, both with devoted, emotionally-connected, and multi-generational female customer bases; alignment as casual, comfortable, affordable, and fun brands; positioning as “gifting” and socially-connected brands; strong, entrepreneurial cultures; a keen focus on community, charity, and social consciousness; multi-channel distribution strategies; and talented leadership teams aligned and committed to the long-term success of their brands.

Vera Bradley, based in Fort Wayne, Indiana, is a leading designer of women’s handbags, luggage and other travel items, fashion and home accessories, and unique gifts.  Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand is known for its innovative designs, iconic patterns, and brilliant colors that inspire and connect women unlike any other brand in the global marketplace.

In July 2019, Vera Bradley, Inc. acquired a 75% interest in Creative Genius, Inc., which also operates under the name Pura Vida Bracelets (“Pura Vida”). Pura Vida, based in La Jolla, California, is a digitally native, highly-engaging lifestyle brand founded in 2010 by friends Paul Goodman and Griffin Thall. Pura Vida has a differentiated and expanding offering of bracelets, jewelry, and other lifestyle accessories. The Company acquired the remaining 25% of Pura Vida in January 2023.

The Company has three reportable segments: Vera Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pura Vida. The VB Direct business consists of sales of Vera Bradley products through Vera Bradley Full-Line and Factory Outlet stores in the United States, www.verabradley.com, Vera Bradley’s online outlet site, and the Vera Bradley annual outlet sale in Fort Wayne, Indiana. The VB Indirect business consists of sales of Vera Bradley products to approximately 1,600 specialty retail locations throughout the United States, as well as select department stores, national accounts, third party e-commerce sites, and third-party inventory liquidators, and royalties recognized through licensing agreements related to the Vera Bradley brand. The Pura Vida segment consists of sales of Pura Vida products through the Pura Vida websites, www.puravidabracelets.com, www.puravidabracelets.ca, and www.puravidabracelets.eu; through the distribution of its products to wholesale retailers and department stores; and through its Pura Vida retail stores.

Website Information

We routinely post important information for investors on our website www.verabradley.com in the “Investor Relations” section. We intend to use this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.

Investors and other interested parties may also access the Company’s most recent Corporate Responsibility and Sustainability Report outlining its ESG (Environmental, Social, and Governance) initiatives at https://verabradley.com/pages/corporate-responsibility.

Vera Bradley Safe Harbor Statement

Certain statements in this release are “forward-looking statements” made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and are subject to various risks and uncertainties that may cause actual results to differ materially from those that we expected, including: possible adverse changes in general economic conditions and their impact on consumer confidence and spending; possible inability to predict and respond in a timely manner to changes in consumer demand; possible loss of key management or design associates or inability to attract and retain the talent required for our business; possible inability to maintain and enhance our brands; possible inability to successfully implement the Company’s long-term strategic plans; possible inability to successfully open new stores, close targeted stores, and/or operate current stores as planned; incremental tariffs or adverse changes in the cost of raw materials and labor used to manufacture our products; possible adverse effects resulting from a significant disruption in our distribution facilities; or business disruption caused by pandemics. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the SEC, including the Company’s Form 10-K for the fiscal year ended January 28, 2023. We undertake no obligation to publicly update or revise any forward-looking statement. Financial schedules are attached to this release.

CONTACTS:
Investors:
Julia Bentley
jbentley@verabradley.com

Media:           
mediacontact@verabradley.com
877-708-VERA (8372)

      
Vera Bradley, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
      
 October 28, 2023 January 28, 2023 October 29, 2022
Assets     
Current assets:     
     Cash and cash equivalents$52,266  $46,595  $25,237 
     Accounts receivable, net 25,599   22,105   25,115 
     Inventories 129,140   142,275   178,334 
     Income taxes receivable 1,376   1,311   4,120 
     Prepaid expenses and other current assets 13,025   14,276   14,817 
                    Total current assets 221,406   226,562   247,623 
      
Operating right-of-use assets 67,037   77,954   82,683 
Property, plant, and equipment, net 55,909   58,674   60,388 
Intangible assets, net 13,731   15,918   32,001 
Goodwill –   –   24,833 
Deferred income taxes 18,961   21,542   9,381 
Other assets 5,790   3,851   4,428 
                    Total assets$382,834  $404,501  $461,337 
      
Liabilities, Redeemable Noncontrolling Interest, and Shareholders’ Equity     
Current liabilities:     
     Accounts payable$12,297  $20,350  $31,125 
     Accrued employment costs 11,756   14,312   12,252 
     Short-term operating lease liabilities 18,673   19,714   19,742 
     Other accrued liabilities 13,671   12,723   14,771 
     Income taxes payable 570   558   501 
                    Total current liabilities 56,967   67,657   78,391 
      
Long-term operating lease liabilities 63,915   74,664   80,109 
Other long-term liabilities 71   90   85 
                    Total liabilities 120,953   142,411   158,585 
      
Redeemable noncontrolling interest –   10,712   23,153 
Shareholders’ equity:     
     Additional paid-in-capital 112,397   109,718   109,070 
     Retained earnings 284,322   274,629   302,790 
     Accumulated other comprehensive loss (74)  (105)  (181)
     Treasury stock (134,764)  (132,864)  (132,080)
                    Total shareholders’ equity of Vera Bradley, Inc. 261,881   251,378   279,599 
                    Total liabilities, redeemable noncontrolling interest, and shareholders’ equity$382,834  $404,501  $461,337 
      
Vera Bradley, Inc. 
Condensed Consolidated Statements of Operations 
(in thousands, except per share amounts) 
(unaudited) 
         
         
 Thirteen Weeks Ended Thirty-Nine Weeks Ended 
 October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 
         
Net revenues$114,987  $124,040  $337,521  $352,870  
Cost of sales 51,980   58,164   150,749   173,963  
     Gross profit 63,007   65,876   186,772   178,907  
Selling, general, and administrative expenses 56,363   60,059   174,274   195,015  
Impairment of goodwill and intangible assets –   –   –   29,338  
Other income, net 142   141   773   350  
     Operating income (loss) 6,786   5,958   13,271   (45,096) 
Interest (income) expense, net (285)  39   (241)  115  
   Income (loss) before income taxes 7,071   5,919   13,512   (45,211) 
Income tax expense (benefit) 1,953   1,090   3,819   (6,429) 
     Net income (loss) 5,118   4,829   9,693   (38,782) 
Less: Net loss attributable to redeemable noncontrolling interest –   (338)  –   (7,208) 
Net income (loss) attributable to Vera Bradley, Inc.$5,118  $5,167  $9,693  $(31,574) 
         
Basic weighted-average shares outstanding 30,814   31,061   30,836   31,721  
Diluted weighted-average shares outstanding 31,322   31,229   31,246   31,721  
         
Basic net income (loss) per share available to Vera Bradley, Inc. common shareholders$0.17  $0.17  $0.31  $(1.00) 
Diluted net income (loss) per share available to Vera Bradley, Inc. common shareholders$0.16  $0.17  $0.31  $(1.00) 
         
      
Vera Bradley, Inc.  
Condensed Consolidated Statements of Cash Flows 
(in thousands) 
(unaudited)  
     
      
 Thirty-Nine Weeks Ended  
 October 28, 2023 October 29, 2022  
Cash flows from operating activities     
Net income (loss)$9,693 $(38,782)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:     
     Depreciation of property, plant, and equipment5,988 6,685  
     Amortization of operating right-of-use assets15,622 16,151  
     Goodwill and intangible asset impairment– 29,338  
     Other impairment charges– 1,351  
     Amortization of intangible assets2,187 2,305  
     Provision for doubtful accounts87 (80)  
     Stock-based compensation2,365 2,593  
     Deferred income taxes3,155 (5,524)  
     Other non-cash loss, net50 –  
     Changes in assets and liabilities:     
          Accounts receivable(3,581) (4,354)  
          Inventories13,135 (33,453)  
          Prepaid expenses and other assets(688) 2,764  
          Accounts payable(8,134) 49  
          Income taxes(53) 5,772  
          Operating lease liabilities, net(16,495) (19,262)  
          Accrued and other liabilities(2,273) (2,311)  
Net cash provided by (used in) operating activities21,058 (36,758)  
      
Cash flows from investing activities     
     Purchases of property, plant, and equipment(2,546) (6,968)  
     Cash paid for business acquisition(10,000) –  
Net cash used in investing activities(12,546) (6,968)  
      
Cash flows from financing activities     
     Tax withholdings for equity compensation(972) (1,430)  
     Repurchase of common stock(1,900) (17,278)  
     Distributions to redeemable noncontrolling interest– (613)  
Net cash used in financing activities(2,872) (19,321)  
Effect of exchange rate changes on cash and cash equivalents31 (152)  
      
Net increase (decrease) in cash and cash equivalents$5,671 $(63,199)  
Cash and cash equivalents, beginning of period46,595 88,436  
Cash and cash equivalents, end of period$52,266 $25,237  
      
  
Vera Bradley, Inc. 
Third Quarter Fiscal 2024 
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended October 28, 2023 
(in thousands, except per share amounts) 
(unaudited) 
 Thirteen Weeks Ended  
 As Reported Other Items Non-GAAP
(Excluding Items)		  
Gross profit$63,007  $–  $63,007   
Selling, general, and administrative expenses 56,363   1,216 1 55,147   
Operating income (loss) 6,786   (1,216)  8,002   
Income (loss) before income taxes 7,071   (1,216)  8,287   
Income tax expense (benefit) 1,953   (234)2 2,187   
Net income (loss) 5,118   (982)  6,100   
Less: Net loss attributable to redeemable noncontrolling interest –   –   –   
Net income (loss) attributable to Vera Bradley, Inc. 5,118   (982)  6,100   
Diluted net income (loss) per share available to Vera Bradley, Inc. common shareholders$0.16  $(0.03) $0.19   
        
Vera Bradley Direct segment operating income$15,708  $–  $15,708   
Vera Bradley Indirect segment operating income$8,967  $–  $8,967   
Pura Vida segment operating (loss) income$(580) $(729)3$149   
Unallocated corporate expenses$(17,309) $(487)4$(16,822)  
        
1Items include $729 for the amortization of definite-lived intangible assets; $304 for severance charges; and $183 for certain professional fees and consulting fees associated with strategic initiatives  
2Related to the tax impact of the items mentioned above  
3Related to $729 for the amortization of definite-lived intangible assets  
4Related to $304 for severance charges; and $183 for certain professional fees and consulting fees associated with strategic initiatives  
   
  
Vera Bradley, Inc. 
Third Quarter Fiscal 2023 
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended October 29, 2022 
(in thousands, except per share amounts) 
(unaudited) 
 Thirteen Weeks Ended  
 As Reported Other Items Non-GAAP
(Excluding Items)		  
Gross profit$65,876  $276 1$65,600   
Selling, general, and administrative expenses 60,059   2,470 2 57,589   
Impairment of goodwill and intangible assets –   –   –   
Operating income (loss) 5,958   (2,194)  8,152   
Income (loss) before income taxes 5,919   (2,194)  8,113   
Income tax expense (benefit) 1,090   (763)3 1,853   
Net income (loss) 4,829   (1,431)  6,260   
Less: Net loss attributable to redeemable noncontrolling interest (338)  (322)  (16)  
Net income (loss) attributable to Vera Bradley, Inc. 5,167   (1,109)  6,276   
Diluted net income (loss) per share available to Vera Bradley, Inc. common shareholders$0.17  $(0.04) $0.20   
        
Vera Bradley Direct segment operating income$17,060  $225 4$16,835   
Vera Bradley Indirect segment operating income$9,012  $51 4$8,961   
Pura Vida segment operating loss$(1,353) $(1,289)5$(64)  
Unallocated corporate expenses$(18,761) $(1,181)6$(17,580)  
        
1Related to the reversal of certain PO cancellation fees  
2Items include $1,133 for consulting fees associated with cost savings initiatives and CEO search, as well as certain Pura Vida professional fees; $768 for the amortization of definite-lived intangible assets; $406 for severance charges; and $163 for CEO stock-based compensation associated with retirement  
3Related to the tax impact of the charges mentioned above  
4Related to an allocation for reversals of certain PO cancellation fees  
5Related to $768 for the amortization of definite-lived intangible assets; and $406 for severance charges; and $115 for certain professional fees  
6Related to $1,018 for consulting fees associated with cost savings initiatives and CEO search and $163 for CEO stock-based compensation associated with retirement  
   
  
Vera Bradley, Inc. 
GAAP to Non-GAAP Reconciliation Thirty-Nine Weeks Ended October 28, 2023 
(in thousands, except per share amounts) 
(unaudited) 
 Thirty-Nine Weeks Ended  
 As Reported Other Items Non-GAAP
(Excluding Items)		  
Gross profit$186,772  $–  $186,772   
Selling, general, and administrative expenses 174,274   5,217 1 169,057   
Operating income (loss) 13,271   (5,217)  18,488   
Income (loss) before income taxes 13,512   (5,217)  18,729   
Income tax expense (benefit) 3,819   (1,247)2 5,066   
Net income (loss) 9,693   (3,970)  13,663   
Less: Net loss attributable to redeemable noncontrolling interest –   –   –   
Net income (loss) attributable to Vera Bradley, Inc. 9,693   (3,970)  13,663   
Diluted net income (loss) per share available to Vera Bradley, Inc. common shareholders$0.31  $(0.13) $0.44   
        
Vera Bradley Direct segment operating income (loss)$43,669  $(342)3$44,011   
Vera Bradley Indirect segment operating income$19,877  $–  $19,877   
Pura Vida segment operating income (loss)$4,982  $(2,266)4$7,248   
Unallocated corporate expenses$(55,257) $(2,609)5$(52,648)  
        
1Items include $2,372 for severance charges; $2,187 for the amortization of definite-lived intangible assets; and $658 for certain professional fees and consulting fees associated with strategic initiatives  
2Related to the tax impact of the items mentioned above  
3Related to severance charges  
4Related to $2,187 for the amortization of definite-lived intangible assets and $79 for severance charges  
5Items include $1,951 for severance charges and $658 associated with certain professional fees and consulting fees for strategic initiatives  
        
  
Vera Bradley, Inc. 
GAAP to Non-GAAP Reconciliation Thirty-Nine Weeks Ended October 29, 2022 
(in thousands, except per share amounts) 
(unaudited) 
 Thirty-Nine Weeks Ended  
 As Reported Other Items Non-GAAP
(Excluding Items)		  
Gross profit (loss)$178,907  $(7,000)1$185,907   
Selling, general, and administrative expenses 195,015   14,057 2 180,958   
Impairment of goodwill and intangible assets 29,338   29,338   –   
Operating (loss) income (45,096)  (50,395)  5,299   
(Loss) income before income taxes (45,211)  (50,395)  5,184   
Income tax (benefit) expense (6,429)  (7,898)3 1,469   
Net (loss) income (38,782)  (42,497)  3,715   
Less: Net (loss) income attributable to redeemable noncontrolling interest (7,208)  (8,285)  1,077   
Net (loss) income attributable to Vera Bradley, Inc. (31,574)  (34,212)  2,638   
Diluted net (loss) income per share available to Vera Bradley, Inc. common shareholders$(1.00) $(1.08) $0.08   
        
Vera Bradley Direct segment operating income (loss)$32,607  $(5,948)4$38,555   
Vera Bradley Indirect segment operating income (loss)$18,409  $(943)5$19,352   
Pura Vida segment operating (loss) income$(28,831) $(33,143)6$4,312   
Unallocated corporate expenses$(67,281) $(10,361)7$(56,920)  
        
1Items include $6,142 for inventory adjustments associated with the exit of certain technology products and the goodMRKT brand, as well as excess mask products and $858 for PO cancellation fees  
2Items include $6,120 for severance charges; $4,038 for consulting fees associated with cost savings initiatives, CEO search, and certain Pura Vida professional fees; $2,305 for the amortization of definite-lived intangible assets; $1,351 for store and right-of-use asset impairment charges; $163 for CEO stock-based compensation associated with retirement; and $80 for goodMRKT brand exit costs  
3Related to the tax impact of the charges mentioned above, as well as goodwill and intangible asset impairment charges  
4Related to $4,872 related to an allocation for certain inventory adjustments and PO cancellation fees; $759 for store impairment charges; $302 for goodMRKT brand exit costs; and $15 for severance charges  
5Related to an allocation for certain inventory adjustments and PO cancellation fees  
6Related to $29,338 of goodwill and intangible asset impairment charges; $2,305 for the amortization of definite-lived intangible assets; $963 for inventory adjustments associated with mask products; $422 for severance charges; and $115 for certain professional fees  
7Related to $5,683 for severance charges; $3,923 for consulting fees associated with cost savings initiatives and CEO search; $592 for a right-of-use asset impairment charge; and $163 for CEO stock-based compensation associated with retirement  

Release – Cocrystal Pharma Announces First-Patient-In for Phase 2a Human Challenge Study Evaluating Oral CC-42344 in Pandemic and Seasonal Influenza A

Posted on by aweinsoff@channelchek.com

Research News and Market Data on COCP

DECEMBER 06, 2023

 DOWNLOAD AS PDF

BOTHELL, Wash., Dec. 06, 2023 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces the achievement of first-patient-in for the Phase 2a human challenge clinical trial with CC-42344, an investigational new oral antiviral inhibitor for the treatment of pandemic and seasonal influenza A. This randomized, double-blind, placebo-controlled study will evaluate the safety, tolerability, viral and clinical measurements of influenza A infection in subjects dosed with oral CC-42344 treatment.

“There is an urgent need for new oral antivirals targeting pandemic and seasonal influenza that address drug resistance. CC-42344 was discovered using our proprietary structure-based drug discovery platform technology to inhibit the viral replication process. The data from this proof-of-concept clinical study will further validate CC-42344’s novel mechanism of action,” said Sam Lee, Ph.D., Cocrystal’s President and co-CEO. “We expect to report topline data from this clinical trial in 2024.”

“We are excited about the potential CC-42344 holds to create a paradigm shift in the treatment of one the world’s most common viral infections,” added James Martin, Cocrystal’s CFO and co-CEO. “Currently approved antiviral treatments for influenza are prone to viral resistance, increasing the need for improved influenza treatments for patients that also provide significant cost savings to the global healthcare system.”

About CC-42344
In late 2022 Cocrystal reported favorable safety and tolerability results in the single-ascending and multiple-ascending dose portions of the healthy volunteer Phase 1 trial conducted in Australia. Preclinical data showed that CC-42344 is highly active against seasonal and pandemic influenza A strains. In October 2023 Cocrystal received authorization from the United Kingdom Medicines and Healthcare Products Regulatory Agency to initiate a Phase 2a human challenge trial with CC-42344 as a potential treatment for pandemic and seasonal influenza A.

About Seasonal Influenza
Each year there are approximately 1 billion cases of seasonal influenza worldwide, with 3-5 million severe illnesses and up to 650,000 deaths, according to the World Health Organization. On average about 8% of the U.S. population contracts influenza each season. In addition to the health risk, influenza is responsible for approximately $10.4 billion in direct costs for hospitalizations and outpatient visits for adults in the U.S. annually.

About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2) noroviruses and hepatitis C viruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the initiation and characteristics of a Phase 2a study for CC-42344 as a product candidate for oral antiviral inhibitor for the treatment of pandemic and seasonal influenza A, the potential efficacy and clinical benefits of, and market for, such product candidate, and the expected results and topline data from this clinical trial in 2024. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, risks relating to our ability to proceed with the Phase 2a study including recruiting volunteers and procuring materials for such study by our clinical research organizations and vendors, and the results of such study. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Contact:
LHA Investor Relations
Jody Cain
310-691-7100
jcain@lhai.com

Media Contact:
JQA Partners
Jules Abraham
917-885-7378
Jabraham@jqapartners.com

# # #

Source: Cocrystal Pharma, Inc.

Released December 6, 2023

Release – ZyVersa Therapeutics Announces Publication Showing AIM2 and NLRP3 Inflammasomes Promote Atherosclerosis in Diabetes, Supporting IC 100’s Rationale for Targeting ASC to Inhibit Multiple Inflammasome Pathways

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ZVSA

Dec 6, 2023

  • Atherosclerosis, an inflammatory disease characterized by buildup of cholesterol, lipids, and other substances (plaque) in arteries leading to heart attack and stroke, is accelerated in patients with diabetes.
  • The study published in Diabetes demonstrates that AIM2 and NLRP3 inflammasome activation leads to development of atherosclerotic lesions in diabetic mice.
  • ZyVersa is developing Inflammasome ASC Inhibitor IC 100, which inhibits multiple inflammasome pathways (including NLRP3 and AIM2) to attenuate initiation and perpetuation of damaging inflammation that is pathogenic in numerous diseases.

WESTON, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) — ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA, or “ZyVersa”), a clinical stage specialty biopharmaceutical company developing first-in-class drugs for treatment of inflammatory and renal diseases, announces publication of an article in the peer-reviewed journal, Diabetes, demonstrating that AIM2 and NLRP3 inflammasome activation contributes to development of atherosclerosis in two different animal models of type 1 diabetes.

In the paper titled, “Hematopoietic NLRP3 and AIM2 inflammasomes promote diabetes-accelerated atherosclerosis, but increased necrosis is independent of pyroptosis,” the authors studied mouse models of type 1 diabetes and atherosclerosis. Following are key findings reported in the paper:

  • Diabetic animals demonstrated activation of inflammasome pathways, based on increased levels of plasma IL-1β and IL-18, and elevated levels of cleaved caspase- 1 in the peritoneal cavity fluid.
  • Each of the two different type 1 diabetes models exhibited similar levels of plasma IL- 1β and IL-18 and similar aortic lesion sizes and severity.
  • Diabetic mice deficient in NLRP3 and/or AIM2 had reduced aortic lesion size compared to diabetic controls, indicating that NLRP3 and AIM2 inflammasome activation contributes to atherosclerotic lesion development.
  • Results are consistent with other animal model studies showing deficiencies in essential inflammasome components, such as NLRP3, AIM2, ASC, and caspase-1, appear to protect against atherosclerosis.

To read the article, Click Here.

“The research published in Diabetes reinforces that inhibition of multiple types of inflammasomes, not just NLRP3, may be required to effectively control inflammation in diseases, such as atherosclerosis, in which activation of more than one type of inflammasome is pathogenic,” commented Stephen C. Glover, ZyVersa’s Co-founder, Chairman, CEO and President. “ZyVersa’s Inflammasome ASC inhibitor IC 100 is designed to inhibit formation of multiple types of inflammasomes and their associated ASC specks to attenuate initiation and perpetuation of damaging inflammation contributing to numerous diseases.” To review a white paper summarizing the mechanism of action and preclinical data for IC 100, Click Here.

About Inflammasome ASC Inhibitor IC 100

IC 100 is a novel humanized IgG4 monoclonal antibody that inhibits the inflammasome adaptor protein ASC. IC 100 was designed to attenuate both initiation and perpetuation of the inflammatory response. It does so by binding to a specific region of the ASC component of multiple types of inflammasomes, including NLRP1, NLRP2, NLRP3, NLRC4, AIM2, Pyrin. Intracellularly, IC 100 binds to ASC monomers, inhibiting inflammasome formation, thereby blocking activation of IL-1β early in the inflammatory cascade. IC 100 also binds to ASC Specks, both intracellularly and extracellularly, further blocking activation of IL-1β and the perpetuation of the inflammatory response that is pathogenic in inflammatory diseases. Because active cytokines amplify adaptive immunity through various mechanisms, IC 100, by attenuating cytokine activation, also attenuates the adaptive immune response.

About ZyVersa Therapeutics, Inc.

ZyVersa (Nasdaq: ZVSA) is a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop first-in-class drugs for patients with renal and inflammatory diseases who have significant unmet medical needs. The Company is currently advancing a therapeutic development pipeline with multiple programs built around its two proprietary technologies – Cholesterol Efflux Mediator™ VAR 200 for treatment of kidney diseases, and Inflammasome ASC Inhibitor IC 100, targeting damaging inflammation associated with numerous CNS and other inflammatory diseases. For more information, please visit www.zyversa.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. ZyVersa Therapeutics, Inc (“ZyVersa”) uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions. Such forward-looking statements are based on ZyVersa’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including ZyVersa’s plans to develop and commercialize its product candidates, the timing of initiation of ZyVersa’s planned preclinical and clinical trials; the timing of the availability of data from ZyVersa’s preclinical and clinical trials; the timing of any planned investigational new drug application or new drug application; ZyVersa’s plans to research, develop, and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of ZyVersa’s product candidates; ZyVersa’s commercialization, marketing and manufacturing capabilities and strategy; ZyVersa’s ability to protect its intellectual property position; and ZyVersa’s estimates regarding future revenue, expenses, capital requirements and need for additional financing.

New factors emerge from time-to-time, and it is not possible for ZyVersa to predict all such factors, nor can ZyVersa assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements included in this press release are based on information available to ZyVersa as of the date of this press release. ZyVersa disclaims any obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law.

Corporate and IR Contact:
Karen Cashmere
Chief Commercial Officer
kcashmere@zyversa.com
786-251-9641        

Media Contacts
Tiberend Strategic Advisors, Inc.
Casey McDonald
cmcdonald@tiberend.com
646-577-8520

Dave Schemelia
dschemelia@tiberend.com
609-468-9325

Release – Tonix Pharmaceuticals Announces IND Clearance by the FDA for Phase 2 Trial of TNX-2900 for the Treatment of Prader-Willi Syndrome, the Most Common Genetic Cause of Life-Threatening Childhood Obesity

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TNXP

December 04, 2023 7:00am ESTDownload as PDF

TNX-2900 is a proprietary magnesium-potentiated formulation of intranasal oxytocin, a naturally occurring hormone that reduces appetite and eating

Preclinical data show magnesium-potentiation increases the potency of exogenous oxytocin

Formulations of intranasal oxytocin without magnesium have reported inconsistent results in clinical trials of Prader Willi Syndrome1,2

CHATHAM, N.J., Dec. 04, 2023 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP), a biopharmaceutical company with marketed products and a pipeline of development candidates, today announced the U.S. Food and Drug Administration (FDA) has cleared the Investigational New Drug (IND) application to support clinical development of TNX-2900 (intranasal potentiated oxytocin), a proprietary magnesium (Mg2+)-enhanced formulation of intranasal oxytocin, to treat Prader-Willi syndrome (PWS) in children and adolescents. TNX-2900 for the treatment of PWS was granted Orphan Drug designation by the FDA in 2022.

The Phase 2 study approved by the IND is a dose-finding study involving approximately 36 PWS patients divided into four groups with approximately nine PWS patients per group. One group will receive placebo and three groups will receive different dosage regimens of TNX-2900. Tonix intends to seek a partner to advance TNX-2900 for PWS in clinical development.

“We are pleased that TNX-2900 is cleared for clinical studies for the treatment of PWS in children and adolescents as there remains a significant need for new therapies, particularly for PWS hyperphagia, which currently has no approved treatments,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “PWS is the most common genetic cause of life-threatening childhood obesity.3,4 We believe adding Mg2+ to the formulation has the potential to improve intranasal oxytocin’s therapeutic action.”

The IND application for TNX-2900 was supported by preclinical data demonstrating that Mg2+ enhances the potency of oxytocin. Oxytocin is a naturally-occurring hormone that reduces appetite and eating and regulates hunger, anxiety and prosocial behavior. PWS is a genetic disorder associated with abnormalities of the oxytocin system5. Several previous clinical studies in PWS of intranasal oxytocin without Mg2+-potentiation have shown trends toward improvement, but the results have been inconsistent.1,2 Tonix believes that Mg2+-potentiation of intranasal oxytocin in PWS may improve consistency in clinical trials because in animal studies Mg2+-potentiation appears to eliminate the high-dose suppression of oxytocin’s inverted “U”-shaped dose response.6

Gregory Sullivan, M.D., Chief Medical Officer of Tonix Pharmaceuticals added, “Recent reports show Mg2+ is necessary for oxytocin to fully activate the oxytocin receptor.3,6 Oxytocin has potent effects in adult mice correcting behavioral characteristics of the Magel2 knock-out mouse model for PWS and autism.4 Oxytocin has many potential therapeutic roles in reducing appetite, eating, weight, migraine pain and autistic spectrum behaviors. Tonix recently completed enrollment in a Phase 2 study of TNX-1900, a related Mg2+-potentiated intranasal oxytocin candidate, for the prevention of migraine headaches, and is also studying TNX-1900 through external collaborations for the treatment of obesity in adolescents, binge eating disorder, bone health in autism, and social anxiety disorder.”

About Prader-Willi Syndrome (PWS)
PWS is recognized as the most common genetic cause of life-threatening childhood obesity and affects males and females with equal frequency and all races and ethnicities. PWS results from the absence of expression of a group of genes on the paternally acquired chromosome 15. The hallmarks of PWS are lack of suckling in newborns and, in children and adolescents, severe hyperphagia, an overriding physiological drive to eat, leading to severe obesity and other complications associated with significant mortality. A systematic review of the morbidity and mortality as a consequence of hyperphagia in PWS found that the average age of death in PWS was 22.1 years.7 There is no approved medication to treat poor feeding in newborns or hyperphagia in children and adolescents with PWS. Given these serious or life-threatening manifestations of these conditions, there is a critical need for effective treatments to decrease morbidity and mortality, improve quality of life, and increase life expectancy in people with PWS. Oxytocin has potent effects in adult mice correcting behavioral characteristics of the Magel2 knock-out mouse model for PWS and autism.4 In addition, oxytocin has potent effects in correcting behavioral characteristics of the neonatal Magel2 knock-out mouse model for PWS and autism8 and intriguing effects in a clinical trial of neonates with PWS.9

About TNX-2900 and Tonix’s Potentiated Oxytocin Platform
TNX-2900 is based on Tonix’s patented intranasal potentiated oxytocin formulation intended for use by adults and adolescents. Tonix’s patented potentiated oxytocin formulation is believed to increase specificity for oxytocin receptors relative to vasopressin receptors as well as to enhance the potency of oxytocin. Tonix is also developing a different intranasal formulation, designated TNX-1900, for prophylaxis of chronic migraine as well as for adolescent obesity, binge eating disorder, bone health in autism and social anxiety disorder. Oxytocin is a naturally occurring human hormone that acts as a neurotransmitter in the brain. Oxytocin is believed to be more than 600 million years old and is present in vertebrates including mammals, birds, reptiles, amphibians and fish.10,11 It was originally approved by the U.S. Food and Drug Administration as Pitocin®*, an intravenous infusion or intramuscular injection drug, for use in pregnant women to induce labor. An intranasal formulation of oxytocin is marketed in some European countries to assist in the production of breast milk as Syntocinon®** (oxytocin nasal 40 units/ml). *Pitocin® is a trademark of Par Pharmaceutical, Inc.

**Syntocinon® is a trademark of BGP Products Operations GmbH

Citations

  1. Shalma NM, et al. Diabetes Metab Syndr. 2023. 17(2):102711.
  2. Rice LJ, et al. Curr Opin Psychiatry. 2018. 31(2):123-127.
  3. Meyerowitz JG, et al. Nat Struct Mol Biol. 2022. 29(3):274-281.
  4. Meziane H, et al. Biol Psychiatry. 2015. 78(2):85-94.
  5. Correa-da-Silva F, et al. J Neuroendocrinol. 2021. 33(7):e12994.
  6. Bharadwaj VN, et al. Pharmaceutics. 2022. 14(5):1105.
  7. Bellis SA, et al. Eur J Med Genet. 2022. 65(1):104379.
  8. Bertoni A, et al. Mol Psychiatry. 2021. 26(12):7582-7595.
  9. Tauber M, et al. Pediatrics. 2017. 139(2):e20162976.
  10. Oxytocin in Wikipedia https://en.wikipedia.org/wiki/Oxytocin (accessed 8-8-23)
  11. Gruber CW. Exp Physiol. 2014. 99(1):55-61. doi: 10.1113/expphysiol.2013.072561.

Tonix Pharmaceuticals Holding Corp.*
Tonix is a biopharmaceutical company focused on commercializing, developing, discovering and licensing therapeutics to treat and prevent human disease and alleviate suffering. Tonix Medicines, our commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg under a transition services agreement with Upsher-Smith Laboratories, LLC from whom the products were acquired on June 30, 2023. Zembrace SymTouch and Tosymra are each indicated for the treatment of acute migraine with or without aura in adults. Tonix’s development portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’s CNS development portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead development CNS candidate, TNX-102 SL (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia, having completed the clinical phase of a potentially confirmatory Phase 3 study in the fourth quarter of 2023, with topline data expected in late December 2023. TNX-102 SL is also being developed to treat fibromyalgia-type Long COVID, a chronic post-acute COVID-19 condition, and topline results were reported in the third quarter of 2023. TNX-1900 (intranasal potentiated oxytocin), is in development as a preventive treatment in chronic migraine, and enrollment has completed in a Phase 2 proof-of-concept study with topline data expected in early December 2023. TNX-1900 is also being studied in binge eating disorder, pediatric obesity and social anxiety disorder by academic collaborators under investigator-initiated INDs. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication and has been granted Breakthrough Therapy designation by the FDA. A Phase 2 study of TNX-1300 is expected to be initiated in the fourth quarter of 2023. Tonix’s rare disease development portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan Drug designation by the FDA. Tonix’s immunology development portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 was initiated in the third quarter of 2023. Tonix’s infectious disease pipeline includes TNX-801, a vaccine in development to prevent smallpox and mpox. TNX-801 also serves as the live virus vaccine platform or recombinant pox vaccine platform for other infectious diseases, including TNX-1800, in development as a vaccine to protect against COVID-19. During the fourth quarter of 2023, TNX-1800 was selected by the U.S. National Institutes of Health (NIH), National Institute of Allergy and Infectious Diseases (NIAID) Project NextGen for inclusion in Phase 1 clinical trials. The infectious disease development portfolio also includes TNX-3900 and TNX-4000, which are classes of broad-spectrum small molecule oral antivirals.

*Tonix’s product development candidates are investigational new drugs or biologics and have not been approved for any indication.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. Intravail is a registered trademark of Aegis Therapeutics, LLC, a wholly owned subsidiary of Neurelis, Inc. All other marks are property of their respective owners.

This press release and further information about Tonix can be found at www.tonixpharma.com.

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 by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of 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, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the failure to successfully market any of our products; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2023, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Investor Contact

Jessica Morris
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 904-8182

Peter Vozzo
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

Media Contact

Ben Shannon
ICR Westwicke
ben.shannon@westwicke.com
(443) 213-0495

Primary Logo

Source: Tonix Pharmaceuticals Holding Corp.

Released December 4, 2023

Release – Lee Enterprises plans quarterly call and webcast December 7, 2023

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LEE

December 1, 2023

DAVENPORT, Iowa, Dec. 01, 2023 (GLOBE NEWSWIRE) — Lee Enterprises, Incorporated (NASDAQ: LEE), a major subscription and advertising platform and a leading provider of high quality, trusted, local news and information in 75 markets, has scheduled an audio webcast and conference call for Thursday, December 7, 2023, at 9 a.m. Central Time. Lee plans to issue a news release before market opens that day with preliminary results for its year ended September 24, 2023.

A live webcast of the conference call may be accessed via the Investor Relations portion of Lee’s website or here and will be available for replay 24 hours later.

ABOUT LEE

Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information with daily newspapers, rapidly growing digital products and, nearly 350 weekly and specialty publications serving 75 markets in 26 states. Lee’s newspapers have average daily circulation of 1.0 million, and reach more than 31 million digital unique visitors. Lee’s markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on the NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.

Contact:
IR@lee.net
(563) 383-2100

Source: Lee Enterprises Inc.

Release – Xcel Brands, Inc. to Present At Upcoming Investor Conferences

Posted on by aweinsoff@channelchek.com

Research News and Market Data on XELB

PDF Version

NEW YORK, Dec. 01, 2023 (GLOBE NEWSWIRE) — Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company with significant expertise in livestream shopping and social commerce, today announced that it is scheduled to present at the following investor conferences:

Noble Capital Markets 19th Annual Emerging Growth Equity Conference 
Location: Boca Raton, FL
Date: December 4 – 5, 2023
Presentation Time: December 5 at 3:00 pm ET
Webcast: www.nobleconference.com

Sidoti Small-Cap Virtual Conference
Location: Virtual
Date: December 6 – 7, 2023
Presentation Time: December 6 at 1:00 pm ET
Webcast: https://sidoti.zoom.us/webinar/register/WN_QIGTd7obSLSOIBUV8y5tZg#/registration

Robert W. D’Loren, Chairman and Chief Executive Officer of Xcel Brands, will be leading the formal presentation and answering questions from investors. Xcel Brands will also provide an overview of its growth opportunities and business transformation, including a first look at the Company’s new livestream shopping technology and social commerce platform.

About Xcel Brands

Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, production, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as one thing. Xcel owns the Judith Ripka, Halston, LOGO by Lori Goldstein, and C. Wonder brands and a minority stake in the Isaac Mizrahi brand. It also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $4 billion in retail sales via livestreaming in interactive television and digital channels alone, and over 20,000 hours of live-stream and social commerce. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. www.xcelbrands.com

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release, including statements regarding future events, our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking statements. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “ongoing,” “could,” “estimates,” “expects,” “intends,” “may,” “appears,” “suggests,” “future,” “likely,” “goal,” “plans,” “potential,” “projects,” “predicts,” “seeks,” “should,” “would,” “guidance,” “confident” or “will” or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements regarding our anticipated revenue, expenses, profitability, strategic plans, and capital needs. These statements are based on information available to us on the date hereof and our current expectations, estimates and projections and are not guarantees of future performance. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including, without limitation, the risks discussed in the “Risk Factors” section and elsewhere in the Company’s Annual Report on form 10-K for the year ended December 31, 2022 and its other filings with the SEC, which may cause our or our industry’s actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, changed circumstances, or any other reason.

For further information please contact:
Andrew Berger
SM Berger & Company, Inc.
216-464-6400
andrew@smberger.com

Release – Orion Group Holdings, Inc. to Present at Noble Capital Markets’ 19th Annual Emerging Growth Equity Conference on December 4

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ORN

Nov 30, 2023

HOUSTON, Nov. 30, 2023 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, announced today that CEO Travis Boone and CFO Scott Thanisch will be participating in NobleCon 19 Emerging Growth Equity Conference being held at Florida Atlantic University in Boca Raton. Orion Management will be presenting on December 4, 2023, at 2:30 p.m. Eastern Time. Following the presentation there will be a breakout session with investors as well as scheduled one-on-one meetings.

A high-definition video webcast of the presentation will be available the following day on the Company’s website at https://www.oriongroupholdingsinc.com. The presentation will also be available on Noble Capital Markets’ Conference website www.nobleconference.com and on Channelchek www.channelchek.com, Noble Capital’s investor portal. The webcast will be archived for 90 days following the event.

About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. https://www.oriongroupholdingsinc.com.

About Noble Capital Markets, Inc. 
Noble Capital Markets (“Noble”) is a research-driven investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public small and micro-cap companies and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news. 

Contacts:

Financial Profiles, Inc.
Margaret Boyce 310-622-8247
mboyce@finprofiles.com

Release – ZyVersa Therapeutics, Inc. Announces Reverse Stock Split and Increase in Authorized Shares of Common Stock

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ZVSA

Nov 30, 2023

PDF Version

WESTON, Fla., Nov. 30, 2023 (GLOBE NEWSWIRE) — ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA, or “ZyVersa” or the “Company”), a clinical stage specialty biopharmaceutical company developing first-in-class drugs for treatment of renal and inflammatory diseases with high unmet needs, announces that its board of directors has approved a 1-for-35 reverse stock split of the Company’s common stock. The board of directors has also approved an increase in the Company’s authorized shares of capital stock. The Company’s stockholders approved the reverse stock split and the increase in authorized capital stock at the Company’s Annual Meeting of Stockholders held on October 31, 2023. The stockholders granted the board of directors the authority to determine the exact split ratio and when to proceed with the reverse stock split.

The reverse stock split will become effective on December 4, 2023 at 4:01 pm, Eastern Time, (“Effective Time”) and the Company’s common stock is expected to begin trading on a reverse stock split-adjusted basis on The Nasdaq Global Market (“Nasdaq”) on December 5, 2023 at market open under the existing ticker symbol, “ZVSA.” The reverse stock split is intended to increase the price per share of the Company’s common stock to allow the Company to demonstrate compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq, among other benefits.

As of the Effective Time, every 35 shares of the Company’s issued and outstanding common stock will be combined into one share of common stock. The par value per share of our common stock will remain unchanged at $0.0001. Proportional adjustments will be made to the number of shares of common stock issuable upon the exercise of the Company’s equity awards, convertible securities and warrants, as well as the applicable exercise price, and the number of shares authorized and reserved for issuance pursuant to the Company’s equity incentive plans.

No fractional shares will be issued as a result of the reverse stock split; rather, the Company will issue an additional fraction of a share of common stock to round the number of shares to the nearest whole share, so no stockholder will hold fractional shares following the reverse stock split.

The Company’s transfer agent, Continental Stock & Trust Company, will serve as the exchange agent for the reverse stock split. Registered stockholders holding pre-reverse stock split shares of common stock electronically in book-entry form are not required to take any action to receive post-reverse stock split shares. Those stockholders who hold their shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the reverse stock split, subject to each broker’s particular processes, and will not be required to take any action in connection with the reverse stock split.

Likewise, effective November 30, 2023, the Company amended its certificate of incorporation to increase the authorized number of shares of the Company’s capital stock from 111,000,000 to 251,000,000 and the number of authorized shares of common stock from 110,000,000 to 250,000,000.

Additional information about the reverse stock split and increase in authorized capital stock can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on September 13, 2023, a copy of which is available at www.sec.gov.

About ZyVersa Therapeutics

ZyVersa (Nasdaq: ZVSA) is a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop first-in-class drugs for patients with renal and inflammatory diseases who have significant unmet medical needs. The Company is currently advancing a therapeutic development pipeline with multiple programs built around its two proprietary technologies – Cholesterol Efflux Mediator™ VAR 200 for treatment of kidney diseases, and Inflammasome ASC Inhibitor IC 100, targeting damaging inflammation associated with numerous CNS and other inflammatory diseases. For more information, please visit www.zyversa.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. ZyVersa Therapeutics, Inc (“ZyVersa”) uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions. Such forward-looking statements are based on ZyVersa’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including the effect that the reverse stock split may have on the price of ZyVersa’s common stock and ZyVersa’s ability to maintain its listing on The Nasdaq Global Market.

New factors emerge from time-to-time, and it is not possible for ZyVersa to predict all such factors, nor can ZyVersa assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements included in this press release are based on information available to ZyVersa as of the date of this press release. ZyVersa disclaims any obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law.

Corporate and IR Contact:
Karen Cashmere
Chief Commercial Officer
kcashmere@zyversa.com
786-251-9641

Media Contacts
Tiberend Strategic Advisors, Inc.
Casey McDonald
cmcdonald@tiberend.com
646-577-8520

Dave Schemelia
dschemelia@tiberend.com
609-468-9325