Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Announces a hefty special dividend. The company announced that it declared a special cash dividend of $2.00 per share to be paid on January 12, 2024 to shareholders on record December 20, 2023. The aggregate amount of the special dividend of $12.5 million will be paid from its sizable cash position. We believe that the announcement reflects the company’s confidence in its favorable fundamental outlook and significantly strong financial position.
Strong balance sheet. As of Sept. 30, the company had $31.2 million in cash and no long term debt. As such, the company has a strong balance sheet that will be maintained following the special dividend payment. This recent dividend announcement follows its Board’s review of the appropriate level of cash to be maintained on its balance sheet, which will reduce cash and short term investments to roughly $25 million.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 5th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Mr. Robert D’Loren highlighted the company’s transition to a high margin, licensing model, its recent announcement with super model Christy Brinkley, and the upcoming launch of its social commerce app. We believe that the company is well on its way for a transition toward revenue and cash flow growth.
Strategic partnership. The company announced its newly formed joint venture with Christie Brinkley to develop TWRHLL, a lifestyle and apparel brand that will utilize retail and live streaming distribution channels. Christie Brinkley will serve as the face and voice of TWRHLL, which is expected to launch in the spring of 2024.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Pharmaceutical giant AbbVie made a huge splash in the neuroscience space this week with the announcement of its definitive agreement to acquire clinical-stage biotech Cerevel Therapeutics for $8.7 billion. This transforms AbbVie’s position in neuroscience and adds multiple late-stage assets to its pipeline that could drive significant growth over the next decade.
At $45 per share in cash, AbbVie is paying a hefty premium for Cerevel, reflecting its belief in the blockbuster potential of the company’s pipeline. Cerevel has built an impressive roster of new compounds for psychiatric and neurological conditions—areas where AbbVie already has an established presence with treatments for Parkinson’s disease and migraine but now gains even more scale.
The crown jewel of the deal is emraclidine, an investigational antipsychotic for schizophrenia and other psychiatric disorders that could set a new standard of care. Currently in late-stage development, emraclidine has shown early signs of superior efficacy and safety compared to existing schizophrenia meds. With schizophrenia impacting over 5 million people across developed markets, emraclidine represents a multibillion-dollar opportunity for AbbVie commercially.
Beyond emraclidine, Cerevel has a range of other clinical-stage neuro assets that strengthen and complement AbbVie’s pipeline. These include tavapadon for Parkinson’s, CVL-354 for depression, and darigabat for epilepsy—all of which have potential for best-in-class status in their respective categories.
According to AbbVie’s chairman and CEO Richard Gonzalez, “Our existing neuroscience portfolio and our combined pipeline with Cerevel represents a significant growth opportunity well into the next decade.” He notes AbbVie’s global commercial infrastructure can help accelerate these drugs to market globally.
Gonzalez has orchestrated a highly successful strategy for AbbVie centered around building global therapeutic franchises in immunology, oncology, and aesthetics. Adding neuroscience as a fourth core franchise has been an ambition for awhile. Between Humira facing biosimilar competition and the need to fuel AbbVie’s next chapter of growth, this acquisition is a strategic step to position neuroscience as a more prominent piece of the puzzle.
For Cerevel, the buyout represents a major win and validation of the platform they have built. As CEO Dr. Ron Renaud comments, “Cerevel has always been committed to transforming what is possible in neuroscience…with AbbVie’s long-standing expertise in developing and commercializing medicines on a global scale, Cerevel’s novel therapies will be well positioned to reach more people.”
Wall Street is reacting positively to the deal announcement, with shares of both companies rising 3-4% the day it was announced. Investors recognize the growth implications and are cheering AbbVie’s move to recharge its pipeline.
While the deal is expected to close in 2024 pending approvals, it marks the continuation of a surge in biotech M&A driven by the appetite of large pharmas to augment their portfolios externally. With over 200 neuroscience programs in mid- to late-stage industrywide across CNS disorders, neurological treatments are having a moment right now. For AbbVie, the Cerevel transaction cements its intent to be at the forefront in capturing this opportunity.
The latest US jobs data released this week points to a cooling labor market as the country heads into 2024, although conditions remain relatively strong compared to historical averages. The Labor Department reported there were 8.7 million job openings in October, down significantly from 9.4 million in September and the lowest level since March 2021.
While job growth is moderating, the labor market retains a level of resilience as employers appear reluctant to lay off workers en masse despite economic uncertainties. The quits rate held steady in October, indicating many Americans still feel secure enough in their job prospects to leave current positions for better opportunities.
However, the days of workers having their pick of jobs may be over, at least for now. Job openings have declined in most sectors, especially healthcare, finance, and hospitality – fields that had gone on major hiring sprees during the pandemic recovery. This reversal follows a series of steep Fed interest rate hikes aimed at cooling runaway inflation by dampening demand across the economy.
So far the Fed seems to have achieved a soft landing for the job market. Employers added a steady 150,000 jobs in October and unemployment remains low at 3.7%. The most recent data is welcome news for the Fed as it tries to bring down consumer prices without triggering a recession and massive job losses.
Heading into 2024, economists expect monthly job gains will average around 170,000 – still solid but below 2023’s pace when the economy added over 400,000 jobs a month. Wage growth is anticipated to continue easing as well.
While layoffs remain limited for now, companies are taking a more cautious stance on hiring, noted Nela Richardson, chief economist at ADP. “Business leaders are prepared for an economic downturn, but they are not foreseeing the kind of massive job cuts that happened in past downturns,” she said.
Some sectors still hungry for workers
Certain sectors continue urgently hiring even as the broader labor market slows. Industries like healthcare and technology still report hundreds of thousands of open jobs. Despite downsizing at high-profile firms like Amazon, the tech sector remains starved for engineers, developers and AI talent.
Demand still outweighs supply for many skilled roles. “We have around 300,000 open computing jobs today versus an average of 60,000 open computing jobs before the pandemic,” said Allison Scott, Chief Research Officer at KLA.
Restaurants and the wider hospitality industry also plan to bulk up staffing after cutting back earlier this year. American Hotel & Lodging Association CEO Katherine Lugar expects hotels to hire over 700,000 workers in 2024.
Traffic, bookings and travel spending are rebounding. “As we continue working our way back, hiring has picked up,” Lugar noted.
Uncertainties Cloud 2024 Outlook
Economists warn many uncertainties persist around inflation, consumer spending and business sentiment heading into 2024. “The outlook for next year is tough to forecast,” said Oren Klachkin of Oxford Economics. “A lot hinges on whether the Fed can tame inflation without severely harming employment.”
While the Fed intends to keep rates elevated for some time, markets increasingly expect a rate cut in 2024 if inflation continues cooling and economic growth stalls.
For jobseekers and workers, 2024 promises slower but steadier hiring without the wage bidding wars and unprecedented quitting rates seen last year. However, landing a new job may require more effort amid mounting competition.
The days of an ultra-tight labor market may have passed, but for now at least, most employers still remain eager to retain and recruit staff despite the slowing economy. The soft landing continues, but turbulence could still be ahead.
SAN DIEGO, Dec. 07, 2023 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in defense, national security and global markets, announced today that it demonstrated 100% interoperability success at the first ever DIFI Plugfest where satellite solutions providers converged to test the interoperability of their Digital IF products.
Founded under the auspices of the IEEE, the Digital IF Interoperability (DIFI) Consortium is an independent, international group of companies, organizations, and government agencies that have an interest in the interoperability of satellite ground system equipment. Its Digital IF/RF standard is intended to accelerate industry transformation beyond stove-piped, hardware-based systems to digital software-defined networks.
“Plugfests” are events held to test electronic equipment and software product interoperability between vendors against a technical standard. Seven equipment makers participated in this inaugural DIFI Plugfest, led by Kratos providing the most products tested, including:
OpenSpace® quantumRadio – virtualized modem that provides RF signal processing for TT&C and narrowband payload missions
OpenSpace® quantumRX – virtualized modem that provides RF signal processing for wideband missions
OpenSpace® Channelizer and OpenSpace® Combiner – software used to split and combine digitized RF signals for more effective downlink and uplink processing
SpectralNet® Wideband Digitizer – converts RF signals into digital IP packets for RF over IP transport
“Kratos is leading the movement to build interoperable, standards-based products that bring satellite networks into the mainstream of the global communications infrastructure,” said Kevin Tobias, Director of Product Management at Kratos. “That leadership was evident in the success across the broad range of Kratos products at DIFI’s Plugfest event. With our OpenSpace, SpectralNet and quantum products, Kratos is working to build a digital future that delivers more flexible, streamlined and affordable satellite services worldwide.”
The implementation of the DIFI standard across a wide variety of ground system products is foundational in Kratos’ ongoing effort to support the mainstreaming of satellite services so that satellite ground systems operate seamlessly with today’s wireless and terrestrial networks. As a founding member of the DIFI Consortium, Kratos recognizes the importance of the adoption of standards like DIFI in advancing that transformation and the satellite industry’s ability to scale and meet future demand.
About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology company that develops and fields transformative, affordable systems, products and solutions for United States National Security, allies and global commercial enterprises. At Kratos, affordability is a technology, and Kratos is changing the way breakthrough technology is rapidly brought to market – at a low cost – with products, systems and technologies rather than slide decks or renderings. Through proven commercial and venture capital backed approaches, including proactive, internally funded research and streamlined development processes, Kratos is focused on being first to market with our solutions, well in advance of competition. Kratos is the recognized technology disruptor in our core market areas, including Space and Satellite Communications, Cyber Security and Warfare, Unmanned Systems, Rocket and Hypersonic Systems, Next-Generation Jet Engines and Propulsion Systems, Microwave Electronics, C5ISR and Virtual and Augmented Reality Training Systems. For more information, visit www.KratosDefense.com.
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 25, 2022, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced that Beth Simermeyer has been elected to the Board of Directors, effective December 5, 2023.
“We are excited to welcome Beth, a dynamic business leader with a proven track record of success to ACCO Brands’ Board of Directors. Beth’s extensive marketing expertise, P&L ownership and global leadership mindset, will further enhance our Board and help us execute on our strategic transformation. We look forward to leveraging Beth’s insights to continue to further strengthen the company going forward,” said Boris Elisman, Executive Chairman of ACCO Brands Corporation.
Ms. Simermeyer brings substantial business leadership experience in marketing, transformation, innovation, growth acceleration, acquisitions and top and bottom-line delivery in the consumer goods, industrial and healthcare sectors. In her most recent role as Global Group President, Executive Vice President, Healthcare and Life Sciences at Ecolab (NYSE: ECL) she launched and led the global Life Sciences business that has become a top investment priority for the company. During her more than thirty-year career, Ms. Simermeyer held several senior brand and general management roles, including Ecolab’s Chief Marketing Officer, where her responsibilities spanned sustainability, customer insights, branding and communications. Prior to joining Ecolab, Ms. Simermeyer was Senior Vice President, North America at S.C. Johnson. She started her career at The Procter & Gamble Company (NYSE: PG). Since 2019, she has served as an Independent Director at the Securian Financial Group.
About ACCO Brands
ACCO Brands, the Home of Great Brands Built by Great People, designs, manufactures and markets consumer and end-user products that help people work, learn, play and thrive. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.
Christopher McGinnis Investor Relations (847) 796-4320
Kori Reed Media Relations (224) 501-0406
Source:
December 7, 2023
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced that Beth Simermeyer has been elected to the Board of Directors, effective December 5, 2023.
“We are excited to welcome Beth, a dynamic business leader with a proven track record of success to ACCO Brands’ Board of Directors. Beth’s extensive marketing expertise, P&L ownership and global leadership mindset, will further enhance our Board and help us execute on our strategic transformation. We look forward to leveraging Beth’s insights to continue to further strengthen the company going forward,” said Boris Elisman, Executive Chairman of ACCO Brands Corporation.
Ms. Simermeyer brings substantial business leadership experience in marketing, transformation, innovation, growth acceleration, acquisitions and top and bottom-line delivery in the consumer goods, industrial and healthcare sectors. In her most recent role as Global Group President, Executive Vice President, Healthcare and Life Sciences at Ecolab (NYSE: ECL) she launched and led the global Life Sciences business that has become a top investment priority for the company. During her more than thirty-year career, Ms. Simermeyer held several senior brand and general management roles, including Ecolab’s Chief Marketing Officer, where her responsibilities spanned sustainability, customer insights, branding and communications. Prior to joining Ecolab, Ms. Simermeyer was Senior Vice President, North America at S.C. Johnson. She started her career at The Procter & Gamble Company (NYSE: PG). Since 2019, she has served as an Independent Director at the Securian Financial Group.
About ACCO Brands
ACCO Brands, the Home of Great Brands Built by Great People, designs, manufactures and markets consumer and end-user products that help people work, learn, play and thrive. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.
Christopher McGinnis Investor Relations (847) 796-4320
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 subscribers
771,000 (+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 subscribers
1.2 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.
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
(70.9
)
1,882
9,716
(80.6
)
Restructuring costs and other
4,552
2,858
59.3
12,673
22,720
(44.2
)
Operating expenses
156,077
198,555
(21.4
)
660,496
761,775
(13.3
)
Equity in earnings of associated companies
2,993
1,446
107.0
6,527
5,657
15.4
Operating income
10,927
(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, net
162
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) expense
888
(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 ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Digital Advertising and Marketing Services Revenue
49,270
49,110
193,173
181,465
Digital Only Subscription Revenue
18,661
11,168
60,700
40,120
Digital Services Revenue
5,020
4,355
19,362
17,955
Total Digital Revenue
72,951
64,633
273,235
239,540
Print Advertising Revenue
23,302
39,931
125,804
184,963
Print Subscription Revenue
58,792
78,541
252,591
313,504
Other Print Revenue
8,966
10,532
39,508
42,962
Total Print Revenue
91,060
129,004
417,903
541,429
Total Operating Revenue
164,011
193,637
691,138
780,969
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 ended
Twelve 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) expense
888
(1,666
)
(349
)
698
Non-operating expenses, net
11,364
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, net
6,137
21,055
1,882
9,716
Depreciation and amortization
7,524
9,099
30,621
36,544
Restructuring costs and other
4,552
2,858
12,673
22,720
Stock compensation
421
311
1,806
1,337
Add:
Ownership share of TNI and MNI EBITDA (50%)
3,476
1,676
7,604
6,541
Adjusted EBITDA
30,044
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 ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Operating expenses
156,077
198,555
660,496
761,775
Adjustments
Depreciation and amortization
7,524
9,099
30,621
36,544
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
1,882
9,716
Restructuring costs and other
4,552
2,858
12,673
22,720
Cash Costs
137,864
165,543
615,320
692,795
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 ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
Percent Change
September 24, 2023
September 25, 2022
Percent Change
Print Advertising Revenue
23,302
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 Revenue
23,273
33,322
(30.2
)
111,209
150,203
(26.0
)
Digital Advertising Revenue
49,270
49,110
0.3
193,173
181,465
6.5
Exited operations
(5
)
(370
)
NM
(1,083
)
(964
)
NM
Same-store, Digital Advertising Revenue
49,265
48,740
1.1
192,090
180,501
6.4
Total Advertising Revenue
72,572
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 Revenue
72,538
82,062
(11.6
)
303,298
330,704
(8.3
)
Print Subscription Revenue
58,792
78,541
(25.1
)
252,591
313,504
(19.4
)
Exited operations
(4
)
(182
)
NM
(382
)
(834
)
NM
Same-store, Print Subscription Revenue
58,788
78,359
(25.0
)
252,209
312,670
(19.3
)
Digital Subscription Revenue
18,661
11,168
67.1
60,700
40,120
51.3
Exited operations
—
—
NM
—
—
NM
Same-store, Digital Subscription Revenue
18,658
11,139
67.5
60,535
39,977
51.4
Total Subscription Revenue
77,453
89,709
(13.7
)
313,291
353,624
(11.4
)
Exited operations
(7
)
(211
)
NM
(547
)
(977
)
NM
Same-store, Total Subscription Revenue
77,446
89,498
(13.5
)
312,744
352,647
(11.3
)
Print Other Revenue
8,966
10,532
(14.9
)
39,508
42,962
(8.0
)
Exited operations
—
(7
)
NM
(10
)
(82
)
NM
Same-store, Print Other Revenue
8,966
10,525
(14.8
)
39,498
42,880
(7.9
)
Digital Other Revenue
5,020
4,355
15.3
19,362
17,955
7.8
Exited operations
—
—
NM
—
—
NM
Same-store, Digital Other Revenue
5,020
4,355
15.3
19,362
17,955
7.8
Total Other Revenue
13,986
14,887
(6.1
)
58,870
60,917
(3.4
)
Exited operations
—
(7
)
NM
(10
)
(82
)
NM
Same-store, Total Other Revenue
13,986
14,880
(6.0
)
58,860
60,835
(3.2
)
Total Operating Revenue
164,011
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 Revenue
163,970
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.
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.
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
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Increasing Production. During November, Bit Digital produced 142.7 BTC, a 24% increase from 111.6 BTC last month. The increase was primarily driven by the increase in the Company’s active hash rate, which was at 2.25 EH/s as of November 30, 2023 compared to 2.0 EH/s last month, and Bit Digital did not experience any maintenance outages.
Staking. Over on the staking side, Bit Digital had approximately 12,784 ETH actively staked in native and liquid staking protocols as of November 30, 2023. Approximately 12,384 ETH were natively staked and 400 ETH were deployed in liquid staking protocols as of that date. The Company earned a blended APY of approximately 4.35% on its staked ETH position for the month, and earned aggregate staking rewards of approximately 44.93 ETH.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.
Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Alvopetro released November production volumes that accelerated its recent upward trend. Alvopetro reported November gas production of 12.9 mmcfe/day (up from 10.6 mmcfe/day in October), oil production of 15 boe/day (vs. 8 boe/day), and NGL production of 105 boe/day (up from 67 boe/day). Production was depressed over the summer due to allocation issues with a joint venture partner and demand issues from Bahia Gas, Alvopetro’s primary natural gas customer. Total production was 2,264 boe/day in November.
Total production remains below peak levels but is approaching that level quickly. Production peaked at 2,771 MBOE/day in the quarter ended March 31, 2023. However, with production rising 425 MBOE/day in the most recent month, it is quickly returning to past production levels. Importantly, oil and natural gas production is the fastest growing component of Alvopetro energy portfolio providing additional diversification and lessening its reliance on Bahia Gas.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.”
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.
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.
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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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 atwww.sedar.com for further information.
