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The Rise of PIPEs in the Biotech World

Posted on by slightbourne@noblecapitalmarkets.com

For biotech companies operating in the small and micro-cap arena, access to capital can often be the difference between make or break. Developing cutting-edge therapies is an expensive endeavor, with clinical trials alone costing millions. When equity markets turn volatile, these small players can find themselves in a funding crunch that stalls or derails their most promising innovations.

This dilemma has led to a surge in an alternative financing technique known as the PIPE – a private investment in public equity. PIPEs allow select investors to directly purchase shares or convertible securities from a public biotech company at a discounted price in a private placement. In exchange, these investors gain access to highly coveted non-public information like interim clinical trial data or study results before they hit the mainstream.

The allure is obvious – getting an early peek under the hood allows “PIPE investors” to make educated bets on a company’s prospects ahead of any market-moving news releases. If the confidential data looks promising, they can stock up on discounted shares before the positive study results send the share price shooting upwards.

For the issuing biotech, a PIPE deal solves a dire cash crunch while attracting buy-in from reputable healthcare funds who often have existing holdings. It’s a win-win that has fueled a PIPE boom, with U.S. biotechs raising a record $5.7 billion through these private placements in Q1 2024 alone according to Jefferies data.

However, this lucrative trend is also igniting a raging controversy. The investing community is deeply divided between those with a rarefied seat at the PIPE table, and those feeling deprived of a chance at the same insight and opportunities.

On one side are specialist healthcare funds like Adage Capital, Logos Capital, and EcoR1 which have made PIPEs their bread-and-butter. They argue the confidential data access merely levels the playing field, as professional biotech investors already do rigorous public-sourced analyses that give them an edge over casual investors.

“You have companies spending years running clinical trials, taking huge risks to develop these drugs for patients. PIPEs give them a fighting chance to meet funding needs when equity markets turn hostile,” says Oleg Nodelman of EcoR1. “It’s better than watching all that work disintegrate.”

Opposing them are generalist investors and even some biotech CEOs who decry PIPEs as sanctioned insider trading that unfairly favors an elite group. Sounding the loudest alarms are those burned by buying into hyped PIPEs only to see outsized stock gains instantly materialize for PIPE investors.

“There are instances where stocks rallied over 40% the day positive PIPE data was announced,” notes Daphne Zohar, CEO of Seaport Therapeutics, who avoids PIPEs. “These lopsided deals make generalist investors feel the deck is stacked against them.”

The controversy deepened when an investor sued Taysha Gene Therapies in April, alleging company leaders strategically timed disclosures alongside a $150 million PIPE to maximize profits for an inner circle before share prices spiked.

As PIPEs proliferate from niche deals into a $5 billion-plus financing pipeline, stakes are rising for all sides. Furious retail investors have even conjectured PIPEs could enable “shadow trading” – using confidential data about one company’s study to invest in an unrelated competitor ahead of public releases.

While merely allegations now, any concrete evidence of foul play could precipitate a harsh regulatory crackdown to ensure fair markets. Already some PIPEs have seen muted stock bounces as news travels faster about these non-public data disclosures.

For now, cash-strapped biotechs seem willing to accept the criticism as a worthwhile price to pay for crucial growth capital. PIPE defenders argue if disclosure rules are followed, there’s no meaningful distinction between benefiting from non-public information as an investor versus as a biotech executive or regulator with early trial data access.

Only time will tell if the alluring but contentious PIPE well runs dry from overuse and regulatory scrutiny. But in today’s turbulent climate, it offers a vital lifeline to biotech innovators facing turbulent public capital currents. Just be prepared to defend your stake in this high-stakes game of data-driven musical chairs.

Take a moment to take a look at some emerging growth biotech companies, by looking at Noble Capital Markets’ Senior Research Analyst Robert LeBoyer’s coverage list.

Great Lakes Dredge & Dock (GLDD) – New Credit Facility Provides Flexibility and Optionality

Posted on by cpereira@noblefcm.com


Thursday, May 02, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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.

New Credit Agreement. Last week, Great Lakes entered into an $150 million 5-year, senior secured second-lien credit agreement with Guggenheim Credit Funding, LLC. The new agreement provides the Company with flexibility to fund its new vessel build out program as well as optionality on borrowing, although the interest rate is higher than the existing debt.

Use of Funds. The Company borrowed $100 million under the agreement on the closing date, which was used to repay amounts outstanding under the existing ABL. Great Lakes has the option to draw an additional $50 million for a period of 12 months following the closing date of the initial loan. The optional $50 million, if drawn, will be used to fund future new build payments, ongoing working capital, and other general corporate purposes.


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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).

FAT Brands (FAT) – Mixed 1Q Results but Growth Trends Remain Positive

Posted on by cpereira@noblefcm.com


Thursday, May 02, 2024

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

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.

1Q24 Results. FAT Brands reported 1Q24 revenue of $152 million, up 43.8% y-o-y, driven by the Smokey Bones acquisition. FAT reported adjusted EBITDA of $18.2 million in the quarter, compared to $19.2 million in 1Q23. Net loss for the quarter was $40.2 million, or $2.37/sh, compared to a net loss of $23.6 million, or $2.05/sh last year. Adjusted net loss for the quarter was $32.9 million, or $2.05/sh, compared to a net loss of $23.5 million, or a loss of $1.53/sh, last year. We had projected revenue of $163 million and a net loss of $23.2 million, or a loss of $1.39/sh.

Economy/Weather Impacted 1Q24 Results. While System-wide sales growth was 4.8% y-o-y, same store sales declined 4% y-o-y, as consumers traded down and weather conditions impacted traffic. Weather conditions also impacted new store openings, which came in at 16 for 1Q24, although management expects to increase to over 40 new openings in 2Q and for 125-150 new openings for all of 2024. 


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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. 

DLH Holdings (DLHC) – A Look into the Second Quarter

Posted on by cpereira@noblefcm.com


Thursday, May 02, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

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.

Past the Continuing Resolution. With the Continuing Resolution in the rear view mirror and building momentum in government decision making, DLH is positioned to realize any opportunities for awards throughout 2024, in our view. With the more positive environment, DLH already experienced an increase in its backlog, up $80 million sequentially, and we believe there is still more to come.

2Q Results. Revenue for the second quarter was $101.0 million, an increase from $99.4 million last year and above our estimate of $99 million. Net income totaled $1.8 million, or $0.12 per diluted share, versus $0.8 million, or $0.06 per diluted share, for 2Q23 and in-line with our estimate. EBITDA for 2Q24 was approximately $10.2 million versus $10.5 million in the prior year, or a margin of 10.1% and 10.5%, respectively, slightly below our $11.3 million projection.


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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. 

Conduent Inc. (CNDT) – A Good Start on its Transitional Journey

Posted on by cpereira@noblefcm.com


Thursday, May 02, 2024

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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.

Q1 beat. Conduent is in a period of transition, given that it is in the process of monetizing non-core assets. While year-over-year comparisons will be difficult to make, the company reported Q1 revenue and adj. EBITDA that were better than our expectations.

Positive commercial trends. Management noted that business activity in its Commercial segment (50% of total revenue) is improving in 2024 as client companies seek ways to restore projects while reducing costs. This could benefit Conduent, particularly for its outsourcing services.


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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. 

Comstock Inc. (LODE) – Concerns About Near-Term Liquidity; Rating Lowered to Market Perform

Posted on by cpereira@noblefcm.com


Thursday, May 02, 2024

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Rating changed to a Market Perform. We have lowered our investment rating to Market Perform from Outperform pending significant improvement in the company’s liquidity position and a visible path toward net income and cash flow growth from operations. Outside of its mining assets, the company operates much as a start-up within its Fuels and Metals businesses. We think those segments may require significant capital investment and we would like to see a clearer funding path. Additionally, we would like more details such as the components that drive the economics of the business models for each segment (i.e. terms of licensing agreements, royalties, and fees for engineering services).

First quarter 2024 achievements. Comstock achieved significant milestones during the first quarter, including securing all required operating permits and the commencement of production at its photovoltaic recycling facility in Nevada. Comstock Fuels commenced sample production of commercially available hydro-deoxygenated bioleum oil (HBO) and executed agreements for up to a $3 million investment in RenFuel K2B AB. Lastly, Comstock Mining updated its internal Dayton-Spring Valley economic assessment and expects to complete a mine plan by year-end 2024.


Get the Full Report

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. 

Fed Keeps Interest Rates at Historic 23-Year High

Posted on by slightbourne@noblecapitalmarkets.com

In a widely anticipated move, the Federal Reserve held its benchmark interest rate steady at a towering 5.25%-5.5% range, the highest level since 2001. The decision reinforces the central bank’s steadfast commitment to quashing stubbornly high inflation, even at the risk of delivering further blows to economic growth.

The lack of a rate hike provides a temporary reprieve for consumers and businesses already grappling with the sharpest lending rate increases since the Volcker era of the early 1980s. However, this pause in rate hikes could prove fleeting if inflationary pressures do not begin to subside in the coming months. The Fed made clear its willingness to resume raising rates if inflation remains persistently elevated.

In its latest policy statement, the Fed bluntly stated there has been “a lack of further progress toward the committee’s 2% inflation objective.” This frank admission indicates the central bank is digging in for what could be an extended trek back to its elusive 2% inflation goal.

During the subsequent press conference, Fed Chair Jerome Powell struck a hawkish tone, emphasizing that policymakers require “greater confidence” that inflation is headed sustainably lower before contemplating any rate cuts. This stance contrasts with the Fed’s projections just two months ago that suggested multiple rate reductions could materialize in 2024.

“I don’t know how long it will take, but when we get that confidence rate cuts will be in scope,” Powell stated, adding “there are paths to not cutting and there are paths to cutting.”

The Fed’s preferred core PCE inflation gauge continues to defy its efforts thus far. In March, the index measuring consumer prices excluding food and energy surged 4.4% on an annualized three-month basis, more than double the 2% target.

These stubbornly high readings have effectively forced the Fed to rip up its previous rate projections and adopt a more data-dependent, improvised policy approach. Powell acknowledged the path forward is shrouded in uncertainty.

“If inflation remains sticky and the labor market remains strong, that would be a case where it would be appropriate to hold off on rate cuts,” the Fed Chair warned. Conversely, if inflation miraculously reverses course or the labor market unexpectedly weakens, rate cuts could eventually follow.

For now, the Fed appears willing to hold rates at peak levels and allow its cumulative 5 percentage points of rate increases since March 2022 to further soak into the economy and job market. Doing so risks propelling the United States into a recession as borrowing costs for mortgages, auto loans, credit cards and business investments remain severely elevated.

Underscoring the challenging economic crosswinds, the policy statement acknowledged that “risks to achieving the Fed’s employment and inflation goals have moved toward better balance over the past year.” In other words, the once-overheated labor market may be gradually cooling, while goods price inflation remains problematic.

The only minor adjustment announced was a further slowing of the Fed’s balance sheet reduction program beginning in June. The monthly caps on runoff will be lowered to $25 billion for Treasuries and $35 billion for mortgage-backed securities.

While seemingly a sideshow compared to the main event of interest rate policy, this technical adjustment could help alleviate some recent stresses and volatility in the Treasury market that threatened to drive up borrowing costs for consumers and businesses.

Overall, the Fed’s latest decision exemplifies its unyielding battle against inflation, even at the cost of potential economic pain and a recession. Having surged the policy rate higher at the fastest pace in decades, returning to a 2% inflation environment has proven far trickier than battling the disinflationary forces that characterized most of the post-1980s era.

For investors, the combination of extended high rates and economic uncertainty poses a challenging environment requiring deft navigation of both equity and fixed income markets. Staying nimble and diversified appears prudent as the ferocious inflation fight by the Fed rages on.

Yellen Sounds Alarm on “Impossible” Housing Market for First-Time Buyers

Posted on by slightbourne@noblecapitalmarkets.com

For investors looking at hot housing sectors, Treasury Secretary Janet Yellen just aired some cold hard truths about the brutal landscape facing first-time homebuyers. In testimony before the House Ways and Means Committee, the former Federal Reserve chair minced no words in declaring it “almost impossible” for those trying to get that coveted first rung on the property ladder.

“With house prices having gone up and now with much higher interest and mortgage rates, it’s almost impossible for first-time buyers,” Yellen bluntly stated, citing the twin pains of home price appreciation and elevated financing costs.

Her candid assessment encapsulates the scorching environment scorching the dreams of millions of aspiring homeowners. After a pandemic-driven housing boom, the headwinds buffeting the entry-level market show no signs of abating:

Prices at Nosebleed Heights
According to Zillow data, a staggering 550 U.S. cities now have median home values topping the once-unthinkable $1 million mark. California accounts for nearly 40% of those cities, with the Los Angeles and San Francisco areas ground zero for pricing outliers.

Mortgage Rates Kryptonite
The days of locking in a 30-year mortgage under 3% now seem quaint relics. As the Fed jacked rates higher to tame inflation, average mortgage rates soared past 7% as of early 2024 – more than double pandemic-era levels. For cash-strapped first-timers, that translates into over $600 extra in monthly payments for a $400,000 loan.

Inventory Drought
Perhaps the biggest obstacle is critically low supply pipelines thanks to existing homeowners being financially “locked-in” to their low mortgage rates, as Yellen described it. They are disincentivized from listing and moving to avoid securing a new mortgage at higher rates – leading to a self-perpetuating cycle.

Rapacious Investor Competition
Even affordable starter homes in short supply are being ravenously consumed by investors. A Redfin report showed they purchased over 1 in 4 U.S. homes in Q4 2023 alone. With hedge funds and private equity firms devoting massive capital to residential real estate, it’s perhaps the biggest pricing pressure of all.

Yellen herself acknowledged the troubling dynamic, stating “We know that affordable housing and starter homes are an area where we really need to do a lot to increase availability.”

So what is being done to combat the brutal affordability crisis freezing out so many first-time buyers? The Biden administration has floated a novel twin tax credit concept:

  • A $10,000 credit for first-time homebuyers could provide vital funds for larger down payments to offset higher rates.
  • A separate $10,000 credit incentivizing existing owners to sell their “starter home” when upsizing could modestly relieve inventory shortages.

Some lawmakers are taking a more forceful approach – moving to punish corporate real estate investors gobbling up residential properties. Proposals include revoking depreciation and mortgage interest deductions, penalty taxes, and even mandates to divest rental home portfolios over time.

Whether such measures gain traction remains to be seen. But there’s no denying the current state of housing markets represents something close to a perfect storm for strivers trying to get in the game.

As an investor, the opportunities are evident amid the obstacles:

  • A generational housing shortage should keep upward pressure on asset pricing
  • Financing challenges and inventory scarcity create huge pent-up demand tailwinds for homebuilders
  • Solutions like single-family rental operators may temporarily ease entry-level pressures
  • And any public-private innovations that help reignite first-time buyer demand could be lucrative portfolio additions

Because for now – as Janet Yellen so starkly articulated – breaking into the housing market as a newcomer is indeed “almost impossible” based on today’s towering barriers. Sometimes the frank truth is the first step towards meaningful investment opportunities.

Release – DLH Reports Fiscal 2024 Second Quarter Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on DLHC

May 1, 2024

Revenue Grows and Backlog Strengthens as Debt Reduction Continues

ATLANTA, May 01, 2024 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of science research and development, systems engineering and integration, and digital transformation and cyber security solutions to federal agencies, today announced financial results for its fiscal second quarter ended March 31, 2024.

Second Quarter Highlights

  • Second quarter revenue was $101.0 million in fiscal 2024 versus $99.4 million in fiscal 2023
  • Earnings were $1.8 million, or $0.12 per diluted share, for the second quarter of fiscal 2024 versus $0.8 million, or $0.06 per diluted share, for the second quarter of fiscal 2023
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) were $10.2 million for the second quarter of fiscal 2024 as compared to $10.5 million for the second quarter of fiscal 2023.
  • Total debt was $170.8 million as of March 31, 2024 versus $174.4 million as of December 31, 2023
  • Contract backlog was $736.2 million as of March 31, 2024 versus $653.5 million as of December 31, 2023.

Management Discussion
“I am very pleased to announce that, with the Continuing Resolution behind us and decision-making in Washington getting back on track, we posted both revenue and backlog growth during the quarter — positioning us well for the remainder of fiscal 2024,” said Zach Parker, DLH President and Chief Executive Officer. “Revenue rose to $101.0 million, up slightly year-over-year, and our backlog climbed more than $80 million sequentially from the end of the first quarter, to $736.2 million. Our bottom line also improved over fiscal 2023 results, reflecting the positive impact of focusing cash flow on de-levering our balance sheet. We were proud to announce renewal contract awards with the National Cancer Institute and the National Institute on Drug Abuse as we were selected to continue supporting their critical missions and potentially increase our presence at each institute through significant contract provisions for optional IT services. Over the past quarter we saw momentum building in government decision making and, with an active pipeline of opportunities, we expect to deliver further backlog gains and top line growth going forward. This should position us well for fiscal 2025 and beyond, while our ongoing debt reduction strategy continues to enhance underlying performance and shareholder value.

“With respect to the VA CMOP program, as reported during the quarter, the VA issued notices of intent to award short term contracts for each of the CMOP locations. They subsequently cancelled those notices and issued us a new contract to provide services while the procurements for new five-year contracts are evaluated and awarded. The contract has a ceiling value of $200 million, with initial tasking through July 31, 2024.”

Results for the Three Months Ended March 31, 2024
Revenue for the second quarter of fiscal 2024 was $101.0 million versus $99.4 million in fiscal 2023, reflecting growth across the Company’s programs, particularly in public health and IT services offset in part by national security contracts converting to small business set-aside companies.

Income from operations was $5.9 million versus $6.0 million in the fiscal 2023 second quarter and, as a percentage of revenue, the Company reported operating margin of 5.9% in fiscal 2024 second quarter versus 6.0% in the prior-year period. For the quarter, general and administrative costs increased as a percentage of revenue to 11.6% from 10.8%, primarily due to an increase in legal costs associated with customer procurements and strategic corporate planning costs.

Interest expense was $4.2 million in the fiscal second quarter of 2024 versus $4.8 million in the prior-year period, reflecting lower debt outstanding due to the Company’s use of cash flow generation to de-lever the balance sheet. Income before income taxes was $1.8 million for the second quarter this year versus $1.2 million in fiscal 2023, representing 1.7% and 1.2% of revenue, respectively, for each period.

For the three months ended March 31, 2024 and 2023, DLH recorded a $(0.1) million and $0.4 million provision for income tax expense, respectively, with the lower tax in fiscal 2024 reflecting the beneficial impact of stock based compensation expense as options are exercised. The Company reported net income of approximately $1.8 million, or $0.12 per diluted share, for the second quarter of fiscal 2024 versus $0.8 million, or $0.06 per diluted share, for the second quarter of fiscal 2023. As a percentage of revenue for the second quarters of fiscal 2024 and 2023, net income was 1.8% and 0.8%, respectively.

On a non-GAAP basis, EBITDA for the three months ended March 31, 2024 was approximately $10.2 million versus $10.5 million in the prior-year period, or 10.1% and 10.5% of revenue, respectively.

Key Financial Indicators
During the second quarter of fiscal 2024, DLH generated $5.2 million in operating cash. As of March 31, 2024 the Company had cash of $0.2 million and debt outstanding under its credit facilities of $170.8 million versus cash of $0.2 million and debt outstanding of $179.4 million as of September 30, 2023. The debt reduction of $3.6 million was all voluntary prepayments applied to floating rate debt. The Company expects to reduce its total debt balance to between $157.0 million and $153.0 million by the end of fiscal 2024.

As of March 31, 2024 total backlog was approximately $736.2 million, including funded backlog of approximately $106.9 million and unfunded backlog of $629.3 million.

Conference Call and Webcast Details
DLH management will discuss second quarter results and provide a general business update, including current competitive conditions and strategies, during a conference call beginning at 10:00 AM Eastern Time tomorrow, May 2, 2024. Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256.   Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call.     

A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 2520402.

About DLH

DLH (NASDAQ: DLHC) enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 3,000 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit www.DLHcorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding estimates of future revenues, operating income, earnings and cash flow. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements made in this release due to a variety of factors, including: the risk that we will not realize the anticipated benefits of acquisitions (including anticipated future financial performance and results); the diversion of management’s attention from normal daily operations of the business and the challenges of managing larger and more widespread operations; the inability to retain employees and customers; contract awards in connection with re-competes for present business and/or competition for new business; our ability to manage our debt obligations; compliance with bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, as well as subsequent reports filed thereafter. The forward-looking statements contained herein are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and business.

Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements, except as may be required by law.

CONTACTS:

INVESTOR RELATIONS
Contact: Chris Witty
Phone: 646-438-9385
Email: cwitty@darrowir.com

Release – Fat Brands Inc. Reports First Quarter 2024 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on FAT

05/01/2024

Download(opens in new window)

Conference call and webcast today at 5:00 p.m. ET

LOS ANGELES, May 01, 2024 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal first quarter ended March 31, 2024.

“Over the last three years, we have expanded our footprint 10-fold by strategically building a diverse portfolio that now includes 18 iconic concepts spanning over 2,300 locations worldwide, across more than 40 countries and 49 U.S. states,” said Andy Wiederhorn, Chairman of FAT Brands. “Our franchise interest remains high across all brands, as evidenced by the participation and units sold at our biannual FAT Brands Summit held in April. During the first quarter, we finalized a strategic development deal for 40 co-branded Round Table Pizza and Fatburger locations and continue to see heightened interest from our franchise partners, who are eager to explore additional co-branding opportunities that leverage synergies within our brand offerings.”

Ken Kuick, Co-Chief Executive Officer of FAT Brands, commented, “During the first quarter, we signed over 150 development deals, increasing our pipeline to over 1,200 locations.” Kuick continued, “Continuing in 2024 is our focus on the expansion of Twin Peaks. We opened three new lodges during the first quarter, and plan to open 15 to 20 new Twin Peaks lodges in 2024, ending the year with approximately 125 lodges. Additionally, our first conversion of a Smokey Bones location is officially underway. We see this as the first of many sites we will use to fuel Twin Peaks’ fast-paced growth.”

Rob Rosen, Co-Chief Executive Officer of FAT Brands, concluded, “Opportunities in 2024 are abundant. Our long-term strategy is to create value through the organic expansion of our existing brands, acquire additional brands that strategically complement our portfolio, realize value from strategic divestments when appropriate to manage outstanding debt, and ultimately increase long-term value for our stakeholders.”

Fiscal First Quarter 2024 Highlights

  • Total revenue improved 43.8% to $152.0 million compared to $105.7 million in the fiscal first quarter of 2023
    • System-wide sales growth of 4.8% in the fiscal first quarter of 2024 compared to the prior year fiscal quarter
    • Year-to-date system-wide same-store sales declined of 4.0% in the fiscal first quarter of 2024 compared to the prior year
    • 16 new store openings during the fiscal first quarter of 2024
  • Net loss of $38.3 million, or $2.37 per diluted share, compared to $32.1 million, or $2.05 per diluted share, in the fiscal first quarter of 2023
  • EBITDA(1) of $9.4 million compared to $7.7 million in the fiscal first quarter of 2023
  • Adjusted EBITDA(1) of $18.2 million compared to $19.2 million in the fiscal first quarter of 2023
  • Adjusted net loss(1) of $32.9 million, or $2.05 per diluted share, compared to adjusted net loss of $23.5 million, or $1.53 per diluted share, in the fiscal first quarter of 2023

(1)   EBITDA, adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under “Non-GAAP Measures”. Reconciliation of GAAP net loss to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.

Summary of Fiscal First Quarter 2024 Financial Results

Total revenue increased $46.3 million, or 43.8%, in the first quarter of 2024 to $152.0 million compared to $105.7 million in the same period of 2023, driven by the acquisition of Smokey Bones in September 2023.

Costs and expenses consist of general and administrative expense, cost of restaurant and factory revenues, depreciation and amortization, refranchising net loss and advertising fees. Costs and expenses increased $48.0 million, or 45.6%, in the first quarter of 2024 to $153.3 million compared to the same period in the prior year, primarily due to the acquisition of Smokey Bones in September 2023 and increased activity from Company-owned restaurants and the Company’s factory.

General and administrative expense increased $1.6 million, or 5.6%, in the first quarter of 2024 compared to $28.4 million in the same period in the prior year, primarily due to the acquisition of Smokey Bones in September 2023.

Cost of restaurant and factory revenues was related to the operations of the company-owned restaurant locations and dough factory and increased $40.0 million, or 67.6%, in the first quarter of 2024, primarily due to the acquisition of Smokey Bones in September 2023 and higher company-owned restaurant and factory sales.

Depreciation and amortization increased $3.1 million, or 43.3% in the first quarter of 2024 compared to the same period in the prior year, primarily due to the acquisition of Smokey Bones in September 2023 and depreciation of new property and equipment at company-owned restaurant locations.

Refranchising net loss in the first quarter of 2024 of $1.5 million was comprised of $1.0 million in restaurant operating costs, net of food sales, and $0.5 million in net loss related to the sale or closure of refranchised restaurants. Refranchising net loss in the first quarter of 2023 of $0.2 million was comprised of $0.1 million in net gains related to the sale or closure of refranchised restaurants, offset by $0.3 million in restaurant operating costs, net of food sales.

Advertising expenses increased $2.1 million in the first quarter of 2024 compared to the prior year period. These expenses vary in relation to advertising revenues.

Total other expense, net, for the first quarter of 2024 and 2023 was $33.4 million and $30.0 million, respectively, which is inclusive of interest expense of $34.0 million and $30.1 million, respectively. This increase is primarily due to new debt offerings which occurred in the second half of fiscal year 2022 and first three quarters of 2023. Total other expense, net for the first quarter of 2024 also consisted of a $0.4 million net loss on the extinguishment of debt.

Adjusted net loss(1) of $32.9 million, or $2.05 per diluted share, compared to adjusted net loss of $23.5 million, or $1.53 per diluted share, in the fiscal first quarter of 2023.

Key Financial Definitions

New store openings – The number of new store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per reporting period and the timing of stores openings has, and will continue to have, an impact on our results.

Same-store sales growth – Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year.

System-wide sales growth – System wide sales growth reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period.

Conference Call and Webcast

FAT Brands will host a conference call and webcast to discuss its fiscal first quarter 2024 financial results today at 5:00 PM ET. Hosting the conference call and webcast will be Andy Wiederhorn, Chairman of the Board, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 1-844-826-3035 from the U.S. or 1-412-317-5195 internationally. A replay will be available after the call until Wednesday, May 22, 2024, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 10187929. The webcast will be available at www.fatbrands.com under the “Investors” section and will be archived on the site shortly after the call has concluded.

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Smokey Bones, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses and franchises and owns approximately 2,300 units worldwide. For more information, please visit www.fatbrands.com. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial and operating results of the Company, the timing and performance of new store openings, our ability to conduct future accretive acquisitions and our pipeline of new store locations. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “plans,” “forecast,” and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Non-GAAP Measures (Unaudited)

This press release includes the non-GAAP financial measures of EBITDA, adjusted EBITDA and adjusted net loss.

EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors, and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles (“GAAP”), and should not be considered as an alternative to net loss as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP.

Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising loss, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations.

Adjusted net loss is a supplemental measure of financial performance that is not required by or presented in accordance with GAAP. Adjusted net loss is defined as net loss plus the impact of adjustments and the tax effects of such adjustments. Adjusted net loss is presented because we believe it helps convey supplemental information to investors regarding our performance, excluding the impact of special items that affect the comparability of results in past quarters to expected results in future quarters. Adjusted net loss as presented may not be comparable to other similarly titled measures of other companies, and our presentation of adjusted net loss should not be construed as an inference that our future results will be unaffected by excluded or unusual items. Our management uses this non-GAAP financial measure to analyze changes in our underlying business from quarter to quarter based on comparable financial results.

Reconciliations of net loss presented in accordance with GAAP to EBITDA, adjusted EBITDA and adjusted net loss are set forth in the tables below.

Investor Relations:

ICR
Michelle Michalski
ir-fatbrands@icrinc.com
646-277-1224

Media Relations:

Erin Mandzik
emandzik@fatbrands.com
860-212-6509

View Full Release Here.

Release – Beasley Broadcast Group to Report 2024 First Quarter Financial Results, Host Conference Call and Webcast on May 8

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BBGI

May 01, 2024 10:00 ET

NAPLES, Fla., May 01, 2024 (GLOBE NEWSWIRE) — May 1, 2024 – Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, announced today that it will report its 2024 first quarter financial results before the market opens on Wednesday, May 8, 2024. The Company will host a conference call and webcast at 11:00 a.m. ET that morning to review the results.

To access the conference call, interested parties may dial 877-407-4018 or 201-689-8471, conference ID 13746158 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company’s website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company’s website, www.bbgi.com.

Questions from analysts, institutional investors and debt holders may be e-mailed to ir@bbgi.com at any time up until 9:00 a.m. ET on May 8, 2024. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).

About Beasley Broadcast Group
Beasley Broadcast Group, Inc. (www.bbgi.com) was founded in 1961 by George G. Beasley and owns 59 AM and FM stations in 13 large- and mid-size markets in the United States. Beasley radio stations reach over 30 million unique consumers weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text, apps and email. For more information, please visit www.bbgi.com.

For further information, or to receive future Beasley Broadcast Group news announcements via e-mail, please contact Beasley Broadcast Group, at 239-263-5000 or email@bbgi.com, or Joseph Jaffoni, JCIR, at 212-835-8500 or bbgi@jcir.com.

CONTACT: 
Heidi RaphaelJoseph Jaffoni, Jennifer Neuman
Vice President of Corporate CommunicationsJCIR
Beasley Broadcast Group, Inc.212-835-8500 or bbgi@jcir.com
239-263-5000 or email@bbgi.com 

Release – V2X Announces $75 Million in Awards to Enhance Global CBRN Threat Detection and Decision Support Systems

Posted on by aweinsoff@channelchek.com

Research News and Market Data on VVX

May 01, 2024

MCLEAN, Va., May 1, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) has been awarded a total of $75 million in new and follow-on work to advance the next generation of threat detection and response to Chemical, Biological, Radiological, and Nuclear (CBRN) hazards. This funding is a significant step forward in enhancing global security and operational readiness against evolving threats.

The first part of this funding, amounting to $50 million, is a five-year project that will position V2X as the lead systems integrator under the CBRN Support to Command and Control (CSC2) program. CSC2 is now the program of record for the integration of CBRN and force protection sensors, which provides integrated early warning of attacks, enhancing security and operational readiness at overseas locations.

In addition to the CSC2 contract, V2X is finalizing a $25 million award to modernize and re-architect the CBRN threat warning and notification application, and predictive hazard propagation tools for enhanced operational decision support. These cutting-edge applications are designed to leverage existing systems while adding additional capabilities in a single user-friendly interface. This initiative will play a critical role in harnessing and synthesizing the growing volume of data available to commanders, ensuring rapid and informed decision-making in complex scenarios.

“These awards not only exemplify our commitment to innovation in national defense but also positions V2X at the forefront of a crucial global security initiative that requires distinct operational expertise and an ability to integrate the right technologies for the right mission” said Corinne Minton-Package, Senior Vice President of Operational Technology and Engineering at V2X. “Our technology-driven and converged security solutions are set to significantly boost the efficacy and responsiveness of CBRN threat detection and mitigation on an international scale.”

Both CBRN opportunities are pivotal in advancing the Department of Defense’s vision for Combined Joint All-Domain Command and Control (CJADC2). This vision seeks to connect sensors into a cohesive architecture that communicates across all branches of service, forming a unified network that enhances the collective operational capability of the U.S. military.

The projects underscore V2X’s role as a critical integrator and developer of sophisticated systems that improve security and defense capabilities on a global scale. The company continues to be a leader in the development and deployment of operational solutions that address high consequence mission requirements.

About V2X
V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Our lifecycle solutions improve security, streamline logistics, and enhance readiness.

The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.

Media Contact 
Angelica Spanos Deoudes
Director, Corporate Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Investor Contact 
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-announces-75-million-in-awards-to-enhance-global-cbrn-threat-detection-and-decision-support-systems-302132423.html

SOURCE V2X, Inc.

Release – Entravision Unveils “Poder Latino” Concert Series

Posted on by aweinsoff@channelchek.com

Research News and Market Data on EVC

May 1, 2024

Fusing Music, Community, and Empowerment to Mobilize the Latino Community

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation announces the launch of its highly-anticipated “Poder Latino” concert series. This groundbreaking initiative represents a fusion of music, entertainment and community engagement aimed at mobilizing and informing the Latino community.

“We are excited to announce the launch of the ‘Poder Latino’ concert series, a unique platform poised at the intersection of entertainment and community,” said Nestor Rocha, Vice President of Audio Programming at Entravision. “Representing a pioneering initiative within the Latino community, we aim to unite the realms of entertainment and social mobilization like never before. The series will harness the impact of music to inspire unity and catalyze positive change.”

In partnership with Mi Familia en Acción, an organization dedicated to registering Latino voters and promoting civic engagement, the “Poder Latino” concert series promises to be a transformative platform for messages of empowerment and unity. This collaboration reinforces Entravision’s commitment to serving the Latino community and fostering active participation in the political process.

“In this pivotal election year, we are committed to enabling Latino voters and ensuring their voices are heard,” said Jeffery Liberman, President and Chief Operating Officer at Entravision. “Our partnership with Mi Familia en Acción solidifies our shared dedication to voter registration efforts and community advocacy through the power of music & entertainment.”

“We are thrilled to partner with Entravision on the ‘Poder Latino’ concert series. We know that an engaged, organized electorate is a powerful strength for our democracy,” said Hector Sanchez Barba, President and CEO at Mi Familia en Acción. “This concert series is a critical combination of art and civic participation that benefits the Latino families and the country. We look forward to engaging with our communities through the power of music and organizing.”

Spanning ten concert events and festivals across six major Latino markets, including Phoenix, Los Angeles, Denver, El Paso, Sacramento, and Las Vegas, the series will kick off on May 2 at the Stratus Event Center in Phoenix, Arizona, setting the stage for a series of unforgettable performances and community engagement.

Featuring top-tier headliners such as Los Caimanes de Sinaloa, Los Primos del Este, Alex Favela, Luis Ayala, and Los Valenz, “Poder Latino” promises a diverse lineup of talent that reflects the rich cultural tapestry of the Latino community.

Tickets for the event(s) will be accessible through “El Botón,” Entravision’s streaming platform showcasing 34 radio stations across 10 diverse formats. Those interested are urged to visit ElBoton.com via their mobile devices or desktops to secure their complimentary ticket(s).

“Poder Latino” Concert Series’ Q2 Schedule:

  • May 2, 2024 – “Sólo Con Invitación” – Stratus Event Center, Phoenix, Arizona
  • June 9, 2024 – “El Veranazo” – Pico Rivera Sports Complex, Pico Rivera, California
  • June 27, 2024 – “Fiesta Privada” – Stampede, Denver, Colorado

About Entravision Communications Corporation

Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services. We have commercial partnerships with global media companies, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

About Mi Familia en Acción

Mi Familia en Accion’s mission is to advance the Latino community’s policy priorities, by mobilizing Latino power, through year-round activation of the electorate, and investment in local infrastructure.

Mi Familia en Acción’s mission is to build Latino power, through activation of the community and year-round investment in local infrastructure, to advance our priorities. Both organizations have operations in Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, and Texas and expansion efforts are underway in Pennsylvania, Michigan, and Wisconsin.

Fabiola Rangel, Senior Director, Marketing and Communications, Entravision

fabiola.rangel@entravision.com



Kristian Ramos, Communications Lead, Mi Familia en Acción

kristianr@mifamiliavota.org

Source: Entravision Communications Corporation