Toronto Raptors coach Nick Nurse acknowledged that losing earlier in the season was weighing down the team, but they're now looking at the rest of the season with a fresh perspective.
Toronto Raptors coach Nick Nurse acknowledged that losing earlier in the season was weighing down the team, but they're now looking at the rest of the season with a fresh perspective.
"Commodities matter a fair deal to the Canadian economy," said Michael Goshko, corporate risk manager at Western Union Business Solutions. "When commodity prices strengthen, so too does the Canadian dollar." The loonie was trading 1% higher at 1.2145 to the greenback, or 82.34 U.S. cents, its biggest gain since June last year and its strongest level since September 2017.
Ole Gunnar Solskjaer reached a major final as Manchester United manager for the first time after a 3-2 defeat to AS Roma at the Stadio Olimpico was enough to earn his side an 8-5 aggregate win in the Europa League semi-finals on Thursday. Edinson Cavani fired home a powerful finish after 39 minutes to open the scoring, but Roma found the net twice in the space of three second-half minutes through Edin Dzeko and Bryan Cristante to turn the game on its head. United had goalkeeper David de Gea to thank for not going further behind as the Spaniard produced a string of superb saves.
Tyler Sheridan is reported to be purchasing the Burnett family’s $347.7 million ranch where he’s shot scenes from his Paramount Network series “Yellowstone.”
ST. JOHN'S, N.L. — Poor management and a culture of indifference toward debt have brought Newfoundland and Labrador to a financial breaking point, according to a long-awaited economic report released Thursday.The report titled The Big Reset says the province's overspending and debt-servicing burden put it at risk of being unable to pay public sector salaries and keep hospitals running. To correct course, the report says the government needs to rein in public sector spending, re-evaluate its contracts with unions and dismantle the provincial energy corporation."We have been shocked as a panel to talk to very senior managers ... who just think that deficits don't matter," said Moya Greene, who chaired the team behind the report. "We were pretty surprised that we don't evaluate any of our programs, we just keep adding to (them). Those are ordinary principles of management."As for government complacency with debt, Green said she doesn't know where it came from. "But we certainly have a long history of it," she said.Greene, who presented the report by video from her home in the United Kingdom, is a St. John’s-born businesswoman known for privatizing Britain’s mail service. Premier Andrew Furey appointed her last fall to lead the economic recovery team of business and community leaders, mandated with steering the province away from a looming fiscal crisis.In a livestreamed speech, Greene said the report proposes a "gradual but deliberate set of measures" to balance the provincial budget over five to six years.Newfoundland and Labrador has the highest per capita revenues in the county, but the government overspends, the report says, leaving it with the highest deficit and net debt per capita of any province. When debt carried by the province's liquor, energy and lottery corporations are considered together with other liabilities and borrowing, the province's total debt sits at $47.3 billion, the report says.That works out to about $91,000 for every person in the province or, as the report points out, about $215,000 per household.In March of last year, then premier Dwight Ball wrote to Prime Minister Justin Trudeau saying his government couldn’t borrow any more money and was in danger of not making payroll. The COVID-19 pandemic hit just in time, forcing Ottawa to offer assistance to all provinces and allowing Newfoundland and Labrador to squeak by, Greene said. But Ottawa is unlikely to pitch in again, she said, noting that Newfoundland and Labrador’s problems are entirely self-made.Instead, Greene and her team have made a series of sweeping recommendations to reorient spending, which includes a move to abolish Nalcor Energy, which she said is far too large and complicated for a small province. When Nalcor’s borrowing is factored in, Greene said the province is spending more than $1.5-billion a year in debt-servicing costs. “We get nothing from these interest payments,” she said. “But it is twice as much as we spend on (kindergarten to Grade 12) education.”Her report also suggests the government seek federal and private sector partners for its hydro assets, and perhaps bundle them as a package deal. That includes the controversial, Nalcor-led Muskrat Falls hydroelectric project in Labrador. Its ballooning cost — now at $13.1 billion — threatens to double electricity bills in the province.The package could also include the Upper Churchill resources, which are currently under contract with Quebec until 2041, the document says.As for public sector employees, the report outlines about $8 billion in pensions and other benefits that will come due. The report proposes a wage freeze, work-from-home policies and a four-day work week for certain positions in order to cut staff costs.The document also calls for a 30 per cent cut to the operating grants offered to Memorial University and the College of the North Atlantic, and a reduction in funds offered to the four regional health authorities.Funding for the education of students in kindergarten to Grade 12 should not be cut, Greene said, though expenses should be scrutinized to ensure more money goes to the classroom and not to administration. She recommends that the government get rid of the province's stand-alone francophone school board and sell off its liquor corporation.Greene’s report was a thorn in the side of Liberal Premier Andrew Furey throughout the recent provincial election, with his opponents regularly accusing him of trying to hide looming cuts from voters by having them vote before the report was released.Furey on Thursday called the report's conclusions "sobering" but promised his government would consult the public before acting on its recommendations."Overall the theme is that we're in a tough spot," he said. "But there is a path forward, and there's reason for optimism." His hope comes from the report's emphasis on a transition to a green economy and the opportunities that provides, he said.This report by The Canadian Press was first published May 6, 2021. Sarah Smellie, The Canadian Press
(All amounts in U.S. dollars) MONTREAL, May 06, 2021 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, today announced it has entered into a definitive agreement to acquire SimplexCC Ltd. (“Simplex”), a fintech startup providing the fiat infrastructure to the cryptocurrency industry, for approximately $250 million to be paid in cash. The transaction is subject to customary closing conditions, including regulator approval, and is expected to close in the second half of 2021. Founded in 2014, Simplex has grown into a leading fiat-cryptocurrency gateway connecting market participants including exchanges, brokers, wallet and liquidity providers. Simplex delivers the infrastructure for users to buy or sell cryptocurrencies (i.e. on-ramp/off-ramp capabilities) using credit and debit cards. Through its proprietary fraud and risk management tools, Simplex provides a zero-chargeback guarantee to its customers, resulting in higher conversion rates. In addition, the acquisition will provide Nuvei with an electronic money institution (EMI) license to offer IBAN accounts to end users and corporations, and offers future banking and card issuing capabilities. As a principal member of the Visa network, Simplex has permission to issue Visa cards, giving its consumers access to digital currencies daily. Simplex processed approximately $500 million of total volume* in 2020 and is expected to process more than $2.0 billion of total volume* in 2021. “We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrency and converting it back to fiat within a user account – ultimately reducing complexity for merchants and consumers,” said Philip Fayer, Nuvei’s Chair and CEO. “Simplex’s infrastructure is a natural fit for Nuvei’s Native Commerce Platform, further strengthening the capabilities and overall value proposition of our single-integration approach to payments. We are excited to welcome Simplex to the Nuvei team.” “Today is a very special day for all of the Simplex team, as well as the entire cryptocurrency community,” said Nimrod Lehavi, Simplex's Co-founder and CEO. “By joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the blockchain space and the traditional finance world. We couldn't have thought of a better partner for us, and we are excited for what the future holds." About Nuvei We are Nuvei (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform connects merchants in 200 markets worldwide with local acquiring in 44 markets, supports 470 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies. Our purpose is to make our world a local marketplace. For more information, visit www.nuvei.com. About Simplex Simplex has been changing the status quo of crypto on/off ramps since 2014. As the market leader, Simplex pioneered the first riskless global fiat onramp using a credit and debit card, which promises a zero chargeback guarantee. Simplex Banking offers the Simplex fraudless payment processing, with global payment accessibility. Working alongside recognized leaders in the crypto ecosystem, Simplex provides robust fiat infrastructure for the cryptocurrency ecosystem. As a licensed EU financial institution, Simplex was selected as one of the 10 most impactful companies in blockchain in 2020. Put simply, Simplex is making crypto accessible to all, turning the complex into the Simplex. Keep up with the latest Simplex news by following us on Twitter or visiting www.simplex.com. *Total volume does not represent revenue earned by Simplex, but rather the total dollar value of transactions processed by merchants under contractual agreement with Simplex. Total volume is explained in further detail in the Company’s most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Information This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include but are not limited to Nuvei’s ability to satisfy all closing conditions, to close the transaction within the anticipated timeline, as well as Nuvei’s ability to integrate Simplex, accelerate its development timeline and increase its sales. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law. Contact: Investors Anthony Gerstein Vice President, Head of Investor Relations email@example.com
Webcast Today at 4:30 pm Eastern TimeSOUTH SAN FRANCISCO, May 06, 2021 (GLOBE NEWSWIRE) -- In a release issued under the same headline on Thursday, May 6th by Tricida, Inc. (Nasdaq: TCDA), please note that the first and second bullets of the "Upcoming Milestones" should have been combined into one bullet. The corrected release follows: Tricida, Inc. (Nasdaq: TCDA), a pharmaceutical company focused on the development and commercialization of its investigational drug candidate, veverimer, a non-absorbed, orally-administered polymer designed to treat metabolic acidosis and slow CKD progression in patients with chronic kidney disease (CKD), announced today financial results for the three months ended March 31, 2021 and provided an update on key initiatives. Recent Events Tricida continues to execute on recruitment and conduct of the VALOR-CKD renal outcomes trial. As of May 4, 2021, the VALOR-CKD renal outcomes trial has randomized 1,440 of 1,600 subjects with an average treatment duration of approximately 15 months and has accrued 95 of the 511 required subjects with a positively adjudicated primary endpoint event, defined as the time to first occurrence of renal death, end-stage renal disease (ESRD) or a confirmed greater than or equal to 40% reduction in eGFR (DD40).Tricida sponsored several presentations at the National Kidney Foundation Spring Clinical Meeting 2021 that occurred April 6 to 10, 2021, including analyses of: 1) the association between metabolic acidosis and accelerated kidney decline, 2) the association in kidney transplant recipients between metabolic acidosis and graft failure and 3) the association in kidney transplant recipients between metabolic acidosis and a higher risk of death. In addition, Tricida presented in vitro data showing that veverimer does not bind to, or affect the ion binding properties of, other non-absorbed binder drugs that are prescribed to patients with CKD, such as RENVELA, VELTASSA, LOKELMA and KAYEXALATE.Tricida previously announced that it received an Appeal Denied Letter (ADL) from the Office of New Drugs (OND) of the U.S. Food and Drug Administration (FDA) in response to its Formal Dispute Resolution Request (FDRR). Tricida intends to continue execution of the ongoing VALOR-CKD renal outcomes trial and believes that the optimal path forward for the potential approval of veverimer is to provide additional data to the FDA from the VALOR-CKD renal outcomes trial. Upcoming Milestones Anticipate the first VALOR-CKD renal outcomes trial interim analysis for early stopping for efficacy in the second half of 2021, when 150 patients with DD40 events are expected to have accrued. If the independent unblinded Interim Analysis Committee does not recommend stopping the trial early for efficacy, Tricida will receive no information from this interim analysis.Anticipate the second VALOR-CKD renal outcomes trial interim analysis for early stopping for efficacy in mid-2022, when 250 patients with DD40 events are expected to have accrued. If the independent unblinded Interim Analysis Committee does not recommend stopping the trial early for efficacy, Tricida will receive no information from this interim analysis. “Our VALOR-CKD trial is our key focus this year,” said Gerrit Klaerner, Ph.D., Tricida’s Chief Executive Officer and President. “The timing of accrual of primary endpoint events in the VALOR-CKD trial is an important measure moving forward as it will impact our options for next steps in veverimer’s development given our current financial resources.” Financial Results for the Three Months Ended March 31, 2021 Research and development expense was $32.2 million and $49.4 million for the three months ended March 31, 2021 and 2020, respectively. The decrease in research and development expense for the three months ended March 31, 2021 compared to the prior year was primarily due to decreased activities in connection with our veverimer clinical development program related to manufacturing process optimization and the manufacturing of drug substance and lower personnel costs. General and administrative expense was $9.9 million and $23.5 million for the three months ended March 31, 2021 and 2020, respectively. The decrease in general and administrative expense for the three months ended March 31, 2021 compared to the prior year was primarily due to decreased administrative activities in connection with our veverimer clinical development program, including pre-commercialization, medical affairs and personnel costs. Net loss was $53.4 million (non-GAAP net loss of $38.3 million) and $74.1 million (non-GAAP net loss of $63.8 million) for the three months ended March 31, 2021 and 2020, respectively. Net loss per basic and diluted share was $1.06 and $1.49 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, cash, cash equivalents and investments were $217.7 million. Financial Guidance Tricida believes it has financial resources to fund its planned operations into late 2022. Based on the current rate of primary endpoint events in the VALOR-CKD renal outcomes trial, the first and second interim analyses for early stopping of the trial are expected to occur within the time frame of our existing capital. Tricida Conference Call Information Tricida will host its First Quarter Financial Results and Business Update Conference Call and webcast today at 4:30 pm Eastern Time. The webcast or conference call may be accessed as follows: Tricida Conference Call Thursday, May 6, 2021 4:30 pm Eastern Time Webcast:IR.Tricida.com Dial-In:(877) 377-5478 International:(629) 288-0740 Conference ID:9047649 A replay of the webcast will be available on Tricida’s website approximately two hours following the completion of the call and will be available for up to 90 days following the presentation. About Tricida Tricida, Inc. is a pharmaceutical company focused on the development and commercialization of its investigational drug candidate, veverimer (also known as TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis and slow CKD progression in patients with CKD. Tricida is currently conducting a renal outcomes clinical trial, VALOR-CKD, to determine if veverimer slows CKD progression in patients with metabolic acidosis associated with CKD. There are no FDA-approved treatments for chronic metabolic acidosis. Metabolic acidosis is a condition commonly caused by CKD that is believed to accelerate the progression of kidney deterioration. It is estimated to pose a health risk to approximately three million patients with CKD in the United States. For more information about Tricida, please visit Tricida.com. Cautionary Note on Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to expectations concerning matters that are not historical facts. Words such as “projects,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “may,” “will,” “could,” “should,” “would,” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, all of the statements under the heading “Upcoming Milestones” and “Financial Guidance” and other statements, including the Company’s plans and expectations regarding event accrual rates for the VALOR-CKD renal outcomes trial, its plans for interactions and communications with the FDA, its plans and expectations as to the pathway to approval of veverimer by the FDA, if at all, and its expectations regarding financial runway are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, without limitation, the timing of the FDA’s approval of veverimer, if at all; the potential availability of the Accelerated Approval Program and the approvability of veverimer under that program; the Company’s plans and expectations with regard to its interactions with the FDA, including the potential resubmission of an NDA for veverimer; the Company’s plans and expectations for future clinical and product development milestones; the Company’s contractual and financial obligations to our its key suppliers and vendors; the Company’s financial projections and cost estimates; risks associated with the COVID-19 pandemic; and risks associated with the Company’s business prospects, financial results and business operations; risks related to the Company’s ability to retain its key employees and executives; and risks related to the Company’s capital requirements and ability to raise sufficient funds for its operations. These and other factors that may affect the Company’s future business prospects, results and operations are identified and described in more detail in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s most recent Annual Report filed on Form 10-K. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results, later events or circumstances or to reflect the occurrence of unanticipated events. (Financial Tables to Follow)Tricida, Inc. Condensed Balance Sheets(Unaudited)(In thousands) March 31,2021 December 31,2020AssetsCurrent assets: Cash and cash equivalents$40,510 $137,857 Short-term investments177,221 171,670 Prepaid expenses and other current assets2,989 4,488 Total current assets220,720 314,015 Long-term investments— 22,757 Property and equipment, net1,053 1,112 Operating lease right-of-use assets13,395 13,801 Total assets$235,168 $351,685 Liabilities and stockholders’ equity Current liabilities: Accounts payable$5,321 $3,508 Current operating lease liabilities2,341 2,079 Accrued expenses and other current liabilities32,543 28,671 Total current liabilities40,205 34,258 Term Loan, net— 76,638 Convertible Senior Notes, net120,775 118,670 Non-current operating lease liabilities12,627 13,046 Other long-term liabilities— 202 Total liabilities173,607 242,814 Stockholders’ equity: Preferred stock— — Common stock50 50 Additional paid-in capital748,712 742,555 Accumulated other comprehensive income (loss)(41) 64 Accumulated deficit(687,160) (633,798) Total stockholders’ equity61,561 108,871 Total liabilities and stockholders’ equity$235,168 $351,685 Tricida, Inc. Condensed Statements of Operations and Comprehensive Loss(Unaudited)(In thousands, except share and per share amounts) Three Months EndedMarch 31, 2021 2020Operating expenses: Research and development$32,175 $49,381 General and administrative9,895 23,526 Total operating expenses42,070 72,907 Loss from operations(42,070) (72,907) Other income (expense), net445 813 Interest expense(5,613) (2,020) Loss on early extinguishment of Term Loan(6,124) — Net loss(53,362) (74,114) Other comprehensive income (loss): Net unrealized gain (loss) on available-for-sale investments, net of tax(105) (232) Total comprehensive loss$(53,467) $(74,346) Net loss per share, basic and diluted$(1.06) $(1.49) Weighted-average number of shares outstanding, basic and diluted50,247,698 49,841,407 Tricida, Inc. GAAP to non-GAAP reconciliations(Unaudited)(In thousands) A reconciliation between net loss on a GAAP basis and on a non-GAAP basis is as follows: Three Months EndedMarch 31, 2021 2020GAAP net loss, as reported$(53,362) $(74,114) Adjustments: Non-cash operating lease costs248 320 Accretion of Term Loan and Convertible Senior Notes2,628 751 Loss on early extinguishment of Term Loan6,124 — Stock-based compensation6,042 8,374 Changes in fair value of compound derivative liability(202) 846 Restructuring costs220 — Total adjustments15,060 10,291 Non-GAAP net loss$(38,302) $(63,823) Use of Non-GAAP Financial Measures We supplement our financial statements presented on a GAAP basis by providing additional measures which may be considered “non-GAAP” financial measures under applicable Securities and Exchange Commission rules. We believe that the disclosure of these non-GAAP financial measures provides our investors with additional information that reflects the amounts and financial basis upon which our management assesses and operates our business. These non-GAAP financial measures are not in accordance with generally accepted accounting principles and should not be viewed in isolation or as a substitute for reported, or GAAP, net loss and diluted earnings per share, and are not a substitute for, or superior to, measures of financial performance performed in conformity with GAAP. “Non-GAAP net loss” is not based on any standardized methodology prescribed by GAAP and represents GAAP net loss adjusted to exclude (1) non-cash operating lease costs, (2) accretion of Term Loan and Convertible Senior Notes, (3) loss on early extinguishment of Term Loan, (4) stock-based compensation, (5) changes in fair value of compound derivative liability, and (6) restructuring costs (cash and non-cash), in reconciling of our GAAP to Non-GAAP net loss. Non-GAAP financial measures used by Tricida may be calculated differently from, and therefore may not be comparable to, non-GAAP measures used by other companies. Contact:Jackie Cossmon, IRCTricida, Inc.Senior Vice President of Investor Relations and CommunicationsIR@Tricida.com
Jimena Maule is back where she was one year ago: studying math at home, on her own. It's away from her Grade 10 classroom — and all her friends. "Half of my friends absolutely love the online school because of their anxiety and not having to go to school makes it a little better for them. But for me, personally, I love school. I need the social interaction," said Maule. Sudden school closures after an outbreak at N.J. Macpherson forced all Yellowknife schools into remote learning and students and teachers say that means changes to their learning environment, social life and student mental health. Maule, 15, is a member of a student-led mental health advocacy group called MAGMA (Magnanimous Advocates Generating Mental Health Awareness), a group that shifted their advocacy online during the pandemic. "Not everyone knows how to take care of themselves and make sure their mental health is well," said Maule. "There is a lot of stigma and not a lot of people know that mental health is just as important as physical health." Students learning from home are adapting to online learning, Maule said, and they worry about whether they will be able to pass classes like math. "Not everyone has WIFI or a computer and some people have to share a computer with everyone in their family," she said. "There are a few kids, who, online learning really isn't for them," she said, and some students aren't just falling behind, they're at risk of dropping out over the many disruptions to their learning, she said. Teaching peer support, promoting resources Denise Hurley, a program support teacher at Sir John Franklin High School and teacher supervisor for MAGMA says the school is doing check-ins with students. "Our students have been very adaptable and very resilient in dealing with the impacts of COVID-19 but of course many of them have experienced social isolation, definitely increases in stress and anxiety [and] virtual learning fatigue," she said. "Students are struggling with not being able to interact with their peers the way they're used to." MAGMA gives resources to students and teaches them five golden rules: to speak to your peers if you see sudden or unusual changes, show them you care and hear them out with non-judgment. As well, and perhaps most importantly, they teach youth to protect themselves by recognizing they're not trained mental health professionals, and to share resources to connect them with someone who is. The territorial government, for example, just came out with an e-mental health program for youth ages 13-24 called Breathing Room, said Hurley. The school also has child and youth care counsellors, who have seen an increase in demand for their services, and also experience fatigue themselves, said Hurley. N.J. Macpherson has also made those counsellors available by phone during the outbreak. Teachers creating space for check-ins, socializing Sean Magee, a Grade 7 and 8 teacher, says its important to do check-ins with the students.(Submitted by Sean Magee) Sean Magee is a Grade 7 and 8 teacher at Range Lake North School. As classes move online, Magee is mindful to take time while teaching math or social studies to break out into smaller groups and leave time for "connecting with each other," he said. He starts every conversation or email with a focus on emotional well being. "We know if kids are [emotionally deregulated], they're not going to learn that day. So, how do we make sure they feel good in their head? Then the learning can begin and will be more fruitful," he said. "We get it and we care. We're not going to penalize them or make them feel bad about the fact that they need to maybe step away for a little bit," he said. Some students will see the outbreak as a mere "blip" when they have the resources they need, while others who were previously thriving may struggle through online learning, he said. "We know marginalized communities and individuals are going to have a harder time … if you don't have reliable internet access or you don't have a working laptop at home or a space to quietly focus on your work, you're not going to get a lot out of the next couple of weeks," he said. Young parents struggling Magee says many young parents, up against "crazy-huge demand for high quality child care" are struggling. Most of the time, they are paying out-of-pocket and don't have paid sick leave at their jobs. "Supporting families and thinking about how we build a social safety net that really takes care of people who are our most vulnerable, which is children and their caregivers," he said. But, kids deserve credit for their strength too, he said. "Kids are super resilient," Magee said, adding the narrative at times needs to shift toward "celebrating how amazing it is that they [can] keep moving forward." 'That little feeling of last year' Lana Saunders, 16, says learning online instead of the classroom is a lot like getting motivated to work out at home — it's easier to stay motivated at the gym, when you're exercising alongside other people.(Submitted by Lana Saunders.) Lana Saunders, 16, is a Grade 10 student at Sir John Franklin High School and has been part of MAGMA for two years, volunteering to make sure her peers feel happy and safe. She says that while learning from home is a flashback to last year, many students have learned to work around their new normal. They video call and have online movie watch parties, but today there is "that little feeling of last year" as many people are in isolation. But, with the Pfizer vaccine newly available to students her age, Saunders says there's a bit of light.
Former NHL player and longtime broadcaster Nick Kypreos doesn't believe stiffer discipline against Washington's Tom Wilson would've prevented what ensued in the Capitals-New York Rangers game Wednesday night. There were six fights in the first five minutes of the contest, which Washington won 4-2. That included three separate incidents right off the opening faceoff. Prior to the game, the NHL issued Wilson, a repeat offender, a US$5,000 fine — the maximum allowed under the collective bargaining agreement — rather than suspending him for on-ice incidents in Monday night's 6-3 win. During a skirmish, Wilson punched Pavel Buchnevich in the neck/head region while he was down on the ice and threw a helmetless Artemi Panarin to the ice multiple times, resulting in a season-ending lower-body injury to the Rangers' scoring leader (17 goals, 41 assists). Kypreos, a Toronto native who played for both the Rangers and Capitals, said a harsher penalty against Wilson might've only delayed Wednesday night's incident from occurring. "We would be talking about it," Kypreos said during a telephone interview. "There's a chance that if the league came down on (Wilson) harder, this just would've carried over all summer and gone into the first game that they played in next season. "The one thing that's consistent from generation to generation is hockey players have long memories, they don't forget. If this didn't get cleaned up (Wednesday) night, it would've next season. It was still going to play out the way it was going to, it just might've been delayed." Later in the first Wednesday, New York defenceman Brendan Smith squared off with Wilson, with Smith receiving an extra two-minute instigating penalty. Things got ugly in the second when Buchnevich was handed a game misconduct and five-minute major for cross-checking Capitals forward Anthony Mantha. On Thursday, the NHL fined New York US$250,000 for public comments criticizing head of player safety George Parros. Two days earlier, the Rangers released a statement that criticized the league for not suspending Wilson. New York fired president John Davidson and GM Jeff Gorton on Wednesday, reportedly the result of dissent regarding Tuesday's statement. The league also handed Bucknevich a one-game suspension Thursday for his hit on Mantha. Retired NHL player Sean Avery, who was one of the league's top agitators during his 12-year career, feels Wilson "took a run at Artemi Panarin." "Tom Wilson basically took Artemi Panarin's head and he tried to smash it on the ice," the former Ranger said Wednesday on the No Gruffs Given With Sean Avery podcast. "Panarin didn't have a helmet on. "Yeah, it was a dirty play, he tried to bury him. Do I think Tom Wilson realized what he was doing? Yeah, I think he knew that Panarin's helmet was off and I think he tried to (expletive) pile-drive him through the ice." Avery admits his words could seem contradictory given the way he played the game. But the outspoken Toronto native said he never crossed the line on the ice. "Yeah, I was dirty, I was mean but I never once was suspended for an on-ice infraction," he said. "I never tried to hurt somebody so bad that it would hurt them to the point that they couldn't come back and play. "Like, I never tried to plow a guy's head through the ice with no helmet on. If he had a helmet on, absolutely. Did I try and break guys' legs with slashes or break their wrist? Yeah. We were in a war, OK? And the only way you get out of a war is by being one of the last men standing. Whatever it takes to win, that was the old-school mentality." And if Avery could've turned back the hands of time and rejoined the Rangers on Wednesday — he was with the club 2006-08 and 2008-12 — he would've had definite plan in mind on his first shift. "I wouldn't sit back and wait for the NHL to do the work for me," Avery said. "I'd go out on my first shift and the first moment I got the puck, I'd try to basically dump the puck in. "As soon as that goaltender comes out to play the puck, I'm just going right through him. You want to go after our star player . . . well this is going to give you reason to second-guess that decision in the future." Although New York lost the game Wednesday, Kypreos said there's no doubt in his mind the Rangers came together as a result of the contest. "There are different ways for teams to grow together," Kypreos said. "Whether or not you think it's a despicable act and diminishes the sport, you cannot deny the fact that those guys feel closer together as a team because of (Wednesday night) than at any other time in the season. "It's not about the fighting, it's not about throwing the punches, it's not whether you end up on the bottom of the pile or the top of the pile. It's all about the fact that 20 guys stuck together. It's hard for me to tell that story to people who've never experienced sticking together on a team." Many, particularly those on social media, expressed condemnation for Wednesday's incident and called it another black eye for the NHL. "I've been around it for a little bit here, I've lost count of black eyes," Kypreos said. This report by The Canadian Press was first published May 6, 2021. Dan Ralph, The Canadian Press
Last week’s 6-2 victory at Old Trafford meant United already had one foot in the Gdansk finale.
Ubisoft will release a new standalone, free-to-play game in its ongoing Tom Clancy Division series called The Division Heartland.
Morning mail: PM to unveil India flight plan, Sydney restrictions, office housing?. Friday: national cabinet will discuss repatriation plans today. Plus: NSW government refers environmental offset purchases to watchdog
TORONTO, May 06, 2021 (GLOBE NEWSWIRE) -- Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of Fiber Internet Services, Mobile Services, Domain Name Services and other Internet services, today reported its financial results for the first quarter ended March 31, 2021. All figures are in U.S. dollars. COVID-19: Tucows shareholders and prospective investors are encouraged to read Tucows’ public statement regarding COVID-19, which is available here: https://bit.ly/2LavpOc. Note on the Financial Impact of Tucows’ Sale of Ting Mobile Customer Relationships and Transition to Mobile Services Enabler Platform: As previously announced, effective August 1, 2020 most of Tucows’ mobile customers relationships were sold to DISH Networks (“DISH”) as part of Tucows’ transition of its mobile business to a Mobile Services Enabler (MSE) model from a Mobile Virtual Network Operator (MVNO) model, under which DISH became Tucows’ first MSE customer. Accordingly, the results of the Mobile Services segment for the first quarter of 2021 reflects operations under the new MSE model with prior periods being composed entirely of operations under Tucows’ previous MVNO model. Under the terms of the earn out arrangement for the Ting customer base acquired by DISH, the income generated by the customer base acquired by Dish are recognized (net of expenses) as “Other Income” under the heading “Gain on Sale of Ting Customer Assets”. As a result, revenue and gross margin for the Mobile Services segment for the first quarter of 2021 are lower than those for the first quarter of 2020. Tucows will recognize fees per subscriber for customers owned by DISH under the Ting brand as well as customers under DISH’s Boost brand that are added to Tucows’ MSE platform, as Mobile Platform Services revenue under the terms of the MSE Agreement signed with DISH. For more information, see Tucows’ Financial Statements and Management Discussion and Analysis for the first quarter of 2021. Summary Financial Results(In Thousands of US Dollars, Except Per Share Data) 3 Months ended March 312021(Unaudited)2020(Unaudited)% ChangeNet revenue70,87583,985(15.6%)Gross Profit17,45325,150(30.6%)Gain on Sale of Ting Customer Assets15,395-n/aNet income2,1492,834(24.2%)Basic Net earnings per common share0.200.27(25.9%)Adjusted EBITDA112,72412,6810.3%Net cash provided by operating activities14,08614,0730.1% This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table. Summary of Revenues, Gross Profit and Adjusted EBITDA(In Thousands of US Dollars) RevenueGross ProfitAdj. EBITDA2 3 Months ended March 31 3 Months ended March 313 Months ended March 31 2021 (Unaudited)2020 (Unaudited)2021 (Unaudited)2020 (Unaudited)2021 (Unaudited)2020 (Unaudited)Fiber Internet Services: Fiber Internet Services5,3714,3082,736 2,592 (2,593)(1,062) Mobile Services:Retail Mobile Services2,01420,148960 10,291 Mobile Platform Services349-291 - Other Professional Services1,916-250 - Total Mobile Services4,27920,1481,501 10,291 4,478 4,989 Domain Services: Wholesale Domain Services46,99145,96411,216 9,495 Value Added Services5,0804,3064,482 3,549 Total Wholesale52,07150,27015,698 13,044 Retail9,1549,2594,753 4,870 Total Domain Services61,22559,52920,451 17,914 13,820 11,547 Network Expenses: Network, other costsn/an/a(3,238)(2,416) Network, depreciation and amortization costsn/an/a(3,937)(3,231) Network, impairmentn/an/a(60)- Total Network expensesn/an/a(7,235)(5,647) Total70,87583,98517,453 25,150 “The first quarter was a very solid start to 2021 with revenue and gross margin from our Domains and Ting Internet businesses combined, increasing 4% and 13% year over year, respectively.” said Elliot Noss, President and Chief Executive Officer, Tucows Inc. “In our Domains Services business, as growth in new registration volumes continued to decelerate toward normalized levels as expected post the pandemic surge, we are clearly benefiting from our focus on profitability with Adjusted EBITDA up 20% year-over-year. The new iteration of the Mobile Services business continues to move forward on plan with our legacy customer base performing as expected with DISH. And it was one of our best quarters ever of progress in the Ting Internet business as we set new records across all of our key metrics, most notably, by far our largest quarterly capital expenditures as we accelerate investment in 2021, as well as our highest ever quarter for additions in serviceable addresses.” Financial Results Net revenue for the first quarter of 2021 was $70.9 million compared with $84.0 million for the first quarter of 2020. The majority of the decrease was the result of the absence of Ting Mobile MVNO revenue in the first quarter of 2021 following the Company’s sale of its Ting Mobile customer relationships to DISH and the related earn out being recognized as Other Income. Excluding the Mobile Services business, net revenue for the combined Domains and Ting Internet businesses for the first quarter of 2021 increased 4% from the first quarter of 2020. Gross profit for the first quarter of 2021 was $17.5 million compared with $25.2 million for the first quarter of 2020. The decrease in gross profit is attributable to the same factors as the decrease in revenue. Excluding the Mobile Services business, gross margin for the combined Domains and Ting Internet businesses for the first quarter of 2021 increased 13% from the first quarter of 2020. Net income for the first quarter of 2021 was $2.1 million, or $0.20 per share, a decrease of 24% from $2.8 million, or $0.27 per share, for the first quarter of 2020 due to higher Fiber network related depreciation and slighter higher effective annual tax rate. Adjusted EBITDA1 for the first quarter of 2021 remained flat at $12.7 million, an increase of less than 1% compared to the first quarter of 2020. Cash and cash equivalents at the end of the first quarter of 2021 were $8.3 million, unchanged from that at the end of the fourth quarter of 2020 and down from $12.4 million at the end of the first quarter of 2020. Notes: 1. Adjusted EBITDA Tucows reports all financial information required in accordance with United States generally accepted accounting principles (GAAP). Along with this information, to assist financial statement users in an assessment of our historical performance, the Company typically discloses and discusses a non-GAAP financial measure, adjusted EBITDA, in press releases and on investor conference calls and related events that exclude certain non-cash and other charges as the Company believes that the non-GAAP information enhances investors' overall understanding of our financial performance. The Company believes that the provision of this supplemental non-GAAP measure allows investors to evaluate the operational and financial performance of the Company’s core business using similar evaluation measures to those used by management. The Company uses adjusted EBITDA to measure its performance and prepare its budgets. Since adjusted EBITDA is a non-GAAP financial performance measure, the Company’s calculation of adjusted EBITDA may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. Because adjusted EBITDA is calculated before recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a liquidity measure. Non-GAAP financial measures do not reflect a comprehensive system of accounting and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies and/or analysts and may differ from period to period. The Company endeavors to compensate for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted EBITDA to net income based on U.S. GAAP, which should be considered when evaluating the Company's results. Tucows strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company’s adjusted EBITDA definition excludes depreciation, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions and costs that are one-time in nature and not indicative of on-going performance (profitability), including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding unhedged foreign currency contracts, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars. The following table reconciles adjusted EBITDA to income before provision for income taxes (dollars in thousands): 3 months ended March 31 2021 (Unaudited)2020 (Unaudited)Adjusted EBITDA12,72412,681Depreciation of property and equipment3,7592,990Impairment of property and equipment60-Amortization of intangible assets2,6193,301Interest expense, net9361,150Accretion of contingent consideration9687Stock-based compensation1,022801Unrealized loss (gain) on change in fair value of forward contracts166348Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities67(42)Acquisition and transition costs*767111 Income before provision for income taxes3,2323,935*Acquisition and other costs represent transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisition of Ascio in March 2019 and Cedar in January 2020 and disposition of certain Ting Mobile assets in August 2020. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments. Conference Call Concurrent with the dissemination of its quarterly financial results news release at 5:05 pm ET on Thursday, May 6, management’s pre-recorded audio commentary (and transcript) discussing the quarter and outlook for the Company, will be posted to the Tucows website at http://www.tucows.com/investors/financials. In lieu of a live question and answer period, for the subsequent five days, until Tuesday, May 11, shareholders, analysts and prospective investors can submit questions to Tucows’ management at firstname.lastname@example.org. Management will post responses to questions of general interest (audio recording and transcript) to the Company’s website at http://www.tucows.com/investors/financials/ on Tuesday, May 18, at approximately 4 pm ET. All questions will receive a response, however, questions of a more specific nature may be responded to directly. About Tucows Tucows is a provider of Fiber Internet Services, Mobile Services, Domain Name Services and other Internet services. Ting Internet (https://ting.com/internet) delivers fixed fiber Internet access with outstanding customer support. Tucows’ mobile services enabler (MSE) platform provides network access, provisioning and billing services for mobile virtual network operators (MVNOs). OpenSRS (https://opensrs.com), Enom (https://www.enom.com) and Ascio (https://ascio.com) combined manage approximately 26 million domain names and millions of value-added services through a global reseller network of over 36,000 web hosts and ISPs. Hover (https://hover.com) makes it easy for individuals and small businesses to manage their domain names and email addresses. More information can be found on Tucows’ corporate website (https://tucows.com). Tucows Inc. Consolidated Balance Sheets (Dollar amounts in thousands of U.S. dollars) March 31 December 31, 2021 2020 (unaudited) (unaudited) Assets Current assets: Cash and cash equivalents$8,310 $8,311 Accounts receivable 15,868 15,540 Inventory 2,317 1,875 Prepaid expenses and deposits 14,579 16,845 Derivative instrument asset, current portion 2,893 3,860 Deferred costs of fulfillment, current portion 96,861 93,467 Income taxes recoverable 1,316 1,302 Total current assets 142,144 141,200 Derivative instrument asset, long-term portion 65 - Deferred costs of fulfillment, long-term portion 18,316 17,599 Property and equipment 129,846 117,530 Right of use operating lease asset 11,893 11,238 Contract costs 369 362 Deferred tax asset 188 226 Intangible assets 44,978 47,444 Goodwill 116,304 116,304 Total assets$464,103 $451,903 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$9,969 $6,329 Accrued liabilities 11,028 10,235 Customer deposits 15,527 15,402 Derivative instrument liability, current portion 83 99 Operating lease liability, current portion 1,982 1,761 Deferred revenue, current portion 132,427 127,336 Accreditation fees payable, current portion 1,023 940 Income taxes payable 14 863 Total current liabilities 172,053 162,965 Derivative instrument liability, long-term portion - 114 Deferred revenue, long-term portion 25,167 24,909 Accreditation fees payable, long-term portion 189 195 Operating lease liability, long-term portion 9,668 9,179 Loan payable, long-term portion 121,802 121,733 Other long-term liability 3,512 3,416 Deferred tax liability 24,298 24,694 Stockholders' equity: Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding - - Common stock - no par value, 250,000,000 shares authorized; 10,624,415 shares issued and outstanding as of March 31, 2021 and 10,612,414 shares issued and outstanding as of December 31, 2020 21,511 20,798 Additional paid-in capital 1,778 1,458 Retained earnings 82,255 80,106 Accumulated other comprehensive income 1,870 2,336 Total stockholders' equity 107,414 104,698 Total liabilities and stockholders' equity$464,103 $451,903 Tucows Inc.Consolidated Statements of Operations and Comprehensive Income(Dollar amounts in thousands of U.S. dollars) Three months ended March 31, 2021 2020 (unaudited) (unaudited) Net revenues$70,875 $83,985 Cost of revenues: Cost of revenues 46,187 53,188 Network expenses (*) 3,238 2,416 Depreciation of property and equipment 3,638 2,877 Amortization of intangible assets 299 354 Impairment of property and equipment 60 - Total cost of revenues 53,422 58,835 Gross profit 17,453 25,150 Expenses: Sales and marketing (*) 8,311 8,985 Technical operations and development (*) 3,132 2,751 General and administrative (*) 4,953 4,741 Depreciation of property and equipment 121 113 Amortization of intangible assets 2,320 2,947 Loss (gain) on currency forward contracts (253) 441 Total expenses 18,584 19,978 Income from operations (1,131) 5,172 Other income (expenses): Interest expense, net (936) (1,150)Gain on sale of Ting Customer Assets, net 5,395 - Other expense, net (96) (87)Total other income (expenses) 4,363 (1,237) Income before provision for income taxes 3,232 3,935 Provision for income taxes 1,083 1,101 Net income for the period 2,149 2,834 Other comprehensive income, net of tax Unrealized income (loss) on hedging activities 368 (1,234)Net amount reclassified to earnings (834) 43 Other comprehensive income (loss) net of tax expense (recovery) of ($140) and ($366) for the three months ended March 31, 2021 and March 31, 2020 respectively (466) (1,191) Comprehensive income, net of tax for the period$1,683 $1,643 Basic earnings per common share$0.20 $0.27 Shares used in computing basic earnings per common share 10,617,807 10,612,230 Diluted earnings per common share$0.20 $0.26 Shares used in computing diluted earnings per common share 10,796,762 10,713,678 (*) Stock-based compensation has been included in expenses as follows: Network expenses$125 $87 Sales and marketing$506 $370 Technical operations and development$167 $167 General and administrative$224 $177 Tucows Inc.Consolidated Statements of Cash Flows(Dollar amounts in thousands of U.S. dollars) Three months ended March 31, 2021 2020 (unaudited) (unaudited) Cash provided by: Operating activities: Net income for the period$2,149 $2,834 Items not involving cash: Depreciation of property and equipment 3,759 2,990 Loss on write off of property and equipment 60 - Amortization of debt discount and issuance costs 67 67 Amortization of intangible assets 2,619 3,301 Net amortization contract costs (7) 29 Accretion of contingent consideration 96 87 Deferred income taxes (recovery) (220) (190)Excess tax benefits on share-based compensation expense (172) (180)Net Right of use operating assets/Operating lease liability 55 (179)Loss on disposal of domain names 1 13 Loss (gain) on change in the fair value of forward contracts 166 348 Stock-based compensation 1,022 801 Change in non-cash operating working capital: Accounts receivable (328) 2,151 Inventory (442) 904 Prepaid expenses and deposits 2,266 25 Deferred costs of fulfillment (4,111) (2,853)Income taxes recoverable (689) 500 Accounts payable 1,451 1,771 Accrued liabilities 793 (1,831)Customer deposits 125 58 Deferred revenue 5,349 3,342 Accreditation fees payable 77 85 Net cash provided by operating activities 14,086 14,073 Financing activities: Proceeds received on exercise of stock options 229 17 Payment of tax obligations resulting from net exercise of stock options (218) (182)Repurchase of common stock - (3,117)Payment of loan payable costs - (25)Net cash provided by (used in) financing activities 11 (3,307) Investing activities: Additions to property and equipment (13,944) (9,943)Acquisition of Cedar Networks, net of cash of $66 - (8,770)Acquisition of intangible assets (154) - Net cash used in investing activities (14,098) (18,713) (Decrease) increase in cash and cash equivalents (1) (7,947) Cash and cash equivalents, beginning of period 8,311 20,393 Cash and cash equivalents, end of period$8,310 $12,446 Supplemental cash flow information: Interest paid$949 $1,154 Income taxes paid, net$2,381 $956 Supplementary disclosure of non-cash investing and financing activities: Property and equipment acquired during the period not yet paid for$3,320 $1,102 Fair value of shares issued for acquisition of Cedar Holdings Group$- $2,000 Fair value of contingent consideration for acquisition of Cedar Holdings Group$- $3,065 Reconciliation of Income before Provision for Income Taxes to Adjusted EBITDA (In Thousands of U.S. Dollars) Three months ended March 31,(unaudited) 2021 (unaudited) 2020 (unaudited) Adjusted EBITDA$12,724$12,681 Depreciation of property and equipment 3,759 2,990 Impairment of property and equipment 60 - Amortization of intangible assets 2,619 3,301 Interest expense, net 936 1,150 Accretion of contingent consideration 96 87 Stock-based compensation 1,022 801 Unrealized loss (gain) on change in fair value of forward contracts 166 348 Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities 67 (42)Acquisition and other costs1 767 111 Income before provision for income taxes$3,232$3,935 1Acquisition and other costs represents transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses. Expenses include severance and transitional costs associated with department, operational, or overall company restructuring efforts, including geographic alignments. This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding our future financial results and, including, without limitation, our expectations regarding our ability to realize synergies from the Enom acquisition and our expectation for growth of Ting Internet. These statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Information about other potential factors that could affect Tucows’ business, results of operations and financial condition is included in the Risk Factors sections of Tucows’ filings with the Securities and Exchange Commission. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements are based on information available to Tucows as of the date they are made. Tucows assumes no obligation to update any forward-looking statements, except as may be required by law. Tucows, Ting, OpenSRS, Enom, Ascio and Hover are registered trademarks of Tucows Inc. or its subsidiaries. Contact:Lawrence Chamberlain(416) 519-4196 | email@example.com
Whiting USA Trust II (the "Trust") (OTC: WHZT) announced today that the Trust will make a distribution to unitholders in the second quarter of 2021, which relates to net profits generated during the first quarterly payment period of 2021. Unitholders of record on May 20, 2021 will receive a distribution of $0.082926 per unit, which is payable on or before May 28, 2021 (the "May 2021 distribution").
Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today the declaration of a cash dividend of $0.04 per share for May 2021. This dividend will be paid on or about June 15, 2021 to shareholders of record on May 21, 2021. This dividend is designated as an "eligible dividend" for Canadian tax purposes.
Sinckler a shock omission as Alun Wyn Jones named captain of Lions squad
OTTAWA — The chief of staff to Alexei Navalny, the imprisoned critic of the Russian president, is calling on Ottawa to impose new sanctions on those who he described as "Vladimir Putin's oligarchs." Leonid Volkov told members of a parliamentary committee that freezing the assets of Putin's friends would build leverage for western leaders, so they have stronger positions when putting pressure on the Russian president. Volkov says Putin was personally offended by Navalny's investigation into a luxurious palace he was building, so he ordered his agents to poison the critic in August 2020. He says Navalny was arrested in the airport on Jan. 17 upon returning from Germany, where he spent five months recovering from the poisoning, and he has been in prison since then. Foreign Affairs Marc Garneau announced sanctions against nine Russian officials in March to put pressure on senior figures in the government involved in Navalny's poisoning, his subsequent prosecution, and the silencing of citizens who protested his treatment. Volkov says he is ready to provide the parliamentary foreign affairs committee with a list of 35 names of Putin's close friends who hold his assets. This report by The Canadian Press was first published May 6, 2021. —— This story was produced with the financial assistance of the Facebook and Canadian Press News Fellowship. The Canadian Press
A Texas man charged with the attempted capital murder of a peace officer is set for trial next month in Bowie County. Aaron Caleb Swenson, 37, appeared for a final pretrial hearing Tuesday before 102nd District Judge Jeff Addison, according to the Texarkana Gazette. Bowie County District Attorney Jerry Rochelle said the state is ready to present the case to a jury June 1.
Kochi (Kerala) [India], May 7 (ANI): Members of the United Democratic Front (UDF) in Kerala have alleged that the Communist Party of India (Marxist) won in the Vypin constituency in the recently held assembly polls due to "vote-trading" between the BJP and the CPI-M-led Left Democratic Party.
STAMFORD, Conn., May 06, 2021 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE: IHC) today reported 2021 first-quarter results. Financial Results Net income attributable to IHC was $5,621,000, or $.38 per share, diluted, for the three months ended March 31, 2021 compared to $4,278,000, or $.29 per share, diluted, for the three months ended March 31, 2020. The Company reported revenues of $124,657,000 for the three months ended March 31, 2021 compared to revenues for the three months ended March 31, 2020 of $103,997,000. The increase in revenues primarily relates to an increase for the Paid Family Leave (“PFL”) portion of our New York disability law (“DBL”) business, higher premium volume in our pet insurance business and an increase in sales of insurance products (primarily senior products, Affordable Care Act (“ACA”) plans and small group stop-loss) by the IHC agencies for multiple unaffiliated insurance carriers. Chief Executive Officer’s Comments Roy T. K. Thung, Chief Executive Officer, commented, “We are pleased with the increases in net income and revenues for the first quarter of 2021, primarily attributable to the performance of our DBL/PFL line of business as referenced above. Partially offsetting these positive results, we are experiencing a sharp drop in short term medical sales due to changes in the ACA, including the extended Special Enrollment Period for ACA coverage and the increased Advanced Premium Tax Credits, also known as subsidies, which have made ACA plans more affordable for many people who in the past may have elected short term medical. The Company expects weak sales in short term medical to continue. In addition, the group life incidence rate was higher than expected in the first quarter due to COVID-19 reported deaths, but subsequent to March 31st the death rates have returned to normal.” Mr. Thung added, “IHC has a very strong balance sheet with no indebtedness and a very substantial amount of free cash at the corporate level and significant excess capital in our insurance companies. Our book value was $32.36 per share at March 31, 2021. Our overall investment portfolio continues to be very highly rated (on average, AA) and has an effective duration of under three years.” About Independence Holding Company Through our subsidiaries, Independence Holding Company (NYSE: IHC) underwrites and distributes health, group disability and life, New York State DBL and paid family leave, and pet insurance. IHC underwrites policies in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands through our three carriers: Independence American Insurance Company, Standard Security Life Insurance Company of New York (“Standard Security Life”) and Madison National Life Insurance Company, Inc. We also distribute products nationally through multiple channels, including our agencies, call centers, advisors, direct and affinity relationships, Web Broker, and web properties, including www.healthedeals.com; www.healthinsurance.org; www.medicareresources.org; www.petplace.com; and www.mypetinsurance.com. As previously announced, IHC recently entered into a stock purchase agreement to sell all of the issued and outstanding capital stock of Standard Security Life. To learn more, visit https://ihcgroup.com/. Forward-looking Statements Certain statements and information contained in this release may be considered “forward-looking statements,” such as statements relating to management’s views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which IHC operates, new federal or state governmental regulation, IHC’s ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in IHC’s other news releases and filings with the Securities and Exchange Commission. IHC expressly disclaims any duty to update its forward-looking statements unless required by applicable law. INDEPENDENCE HOLDING COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOMEMarch 31, 2021 (In Thousands, Except Shares and Per Share Data) Three Months Ended March 31, 2021 2020REVENUES: Premiums earned$115,141$96,050 Net investment income 2,592 3,240 Fee income 6,356 3,942 Other income 353 477 Net investment gains 215 288 124,657 103,997 EXPENSES: Insurance benefits, claims and reserves 67,378 54,058 Selling, general and administrative expenses 50,420 44,574 117,798 98,632 Income before income taxes 6,859 5,365 Income taxes 1,293 1,043 Net income 5,566 4,322 (Income) loss from noncontrolling interests 55 (44) NET INCOME ATTRIBUTABLE TO IHC$5,621$4,278 Basic income per common share$.38$.29 WEIGHTED AVERAGE SHARES OUTSTANDING 14,641 14,856 Diluted income per common share$.38$.29 WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING 14,778 14,911 As of May 6, 2021, there were 14,639,449 common shares outstanding, net of treasury shares. INDEPENDENCE HOLDING COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS(In Thousands) March 31, December 31, 2021 2020 ASSETS: Investments: Short-term investments $1,559 $2,634 Securities purchased under agreements to resell 145,392 49,990 Fixed maturities, available-for-sale 390,942 406,649 Equity securities 2,671 6,119 Other investments 10,768 8,238 Total investments 551,332 473,630 Cash and cash equivalents 22,123 72,089 Due and unpaid premiums 40,688 29,182 Due from reinsurers 357,053 357,205 Goodwill 74,900 74,900 Other assets 78,876 76,150 TOTAL ASSETS $1,124,972 $1,083,156 LIABILITIES AND STOCKHOLDERS’ EQUITY: LIABILITIES: Policy benefits and claims $193,282 $179,232 Future policy benefits 196,439 198,086 Funds on deposit 141,891 141,376 Unearned premiums 43,798 12,789 Other policyholders’ funds 11,920 12,001 Due to reinsurers 2,634 3,872 Accounts payable, accruals and other liabilities 58,961 63,682 TOTAL LIABILITIES 648,925 611,038 Commitments and contingencies Redeemable noncontrolling interest 2,258 2,312 STOCKHOLDERS’ EQUITY: Preferred stock (none issued) - - Common stock 18,625 18,625 Paid-in capital 125,189 124,757 Accumulated other comprehensive income 2,268 4,197 Treasury stock, at cost (77,228) (77,088) Retained earnings 404,894 399,273 TOTAL IHC STOCKHOLDERS’ EQUITY 473,748 469,764 NONREDEEMABLE NONCONTROLLING INTERESTS 41 42 TOTAL EQUITY 473,789 469,806 TOTAL LIABILITIES AND EQUITY $1,124,972 $1,083,156 CONTACT: Loan Nisser(646) 509-2107www.IHCGroup.com
HyperloopTT CEO Andrés de León addresses the US House Committee on Transportation and Infrastructure