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Norman Powell's development made title contention possible in Toronto
Norman Powell may never be an NBA superstar but his development in Toronto as a draft-night acquisition was a key factor in putting the Raptors on a path to championship glory.
Norman Powell may never be an NBA superstar but his development in Toronto as a draft-night acquisition was a key factor in putting the Raptors on a path to championship glory.
It’s a new version of an old proposal from two Democratic lawmakers. But this time, a version could actually pass.
Pinnacle West Capital Corporation’s board of directors today declared a quarterly dividend of $0.83 per share of common stock.
Adolis García hit a go-ahead, three-run homer in the eighth inning, and the Texas Rangers rallied from a late two-run deficit for a 7-4 victory over the Los Angeles Angels on Wednesday. Nick Lowe also homered immediately after García's drive for the Rangers, who have won six of nine after jumping on Los Angeles' bullpen for six late runs to take two of three at Angel Stadium. García added his 411-foot, go-ahead homer off Mike Mayers (1-1) to his impressive list of big hits for Texas since coming up last week for his first significant big league action since 2018.
A Virginia police officer was "relieved of duty" Tuesday after reports surfaced that he supported and donated to Kyle Rittenhouse’s defense fund.
HOUSTON — Rockets guard Sterling Brown is back in Houston recovering from injuries sustained when he was assaulted outside a strip club in Miami early Monday morning. “He’s recovering,” coach Stephen Silas said. “He was assaulted and he has bumps and bruises and stuff like that, so stuff like that usually gets a little bit worse ... before it gets better.” The Rockets were in Miami to play the Heat when the incident occurred. Silas said that he spoke to Brown on Tuesday and he reached out to him Wednesday but had not gotten in touch with him. He said Brown is seeing doctors and working with the team’s training staff as he recovers. “The main thing for me is that he knows that we are 100% behind him and have his back and want him to get healthy soon, get back and get back with his teammates and all of those things,” Silas said. According to an incident report from the Miami-Dade Police Department, they received an anonymous call about a fight in the parking lot of Booby Trap on the River and when authorities arrived around 7 a.m., they found Brown with multiple lacerations throughout his body. He was with another Black male and the report says that while trying to assist the men and gather information about the incident that both men “became belligerent and refused to co-operate.” Neither would provide their names but kept insisting that Brown be transported to the hospital. Brown was identified by a fire department captain who took him to Jackson Hospital. The incident report says that there were no witnesses at the scene and the club personnel said they did not see what happened. The Rockets released a statement about the incident on Monday that said that Brown was the victim of an assault. “He had no prior knowledge of or interaction with the assailants,” the statement continued. “He suffered facial lacerations but will make a full recovery.” Brown has missed the last five games because of a sore left knee and Houston’s injury report said that he was out with the same injury for Wednesday night’s game against the Jazz. Silas said teammate Kevin Porter Jr. would miss Wednesday’s game and would likely be out until Sunday after being placed on the NBA’s health and safety protocols list. The NBA’s health and safety protocols limit where players can go while on the road and the Athletic reported that Porter was with Brown at the club on Monday morning. Silas said he could not comment on why Porter was on the health and safety protocols list. But he did say that he talks to his team often about the league’s health and safety protocols and the importance of following them. “Today we talked about a bunch of stuff that wasn’t just the Sterling stuff,” he said. “And we definitely talked about that as a group... over the last couple of days... so they absolutely know where I stand when it comes to that sort of thing. And it’s not just a one-time conversation that we have with this group. That’s consistent communication with the group.” The 26-year-old Brown is in his first season with the Rockets after spending his first three years with the Bucks. He has appeared in 51 games with 14 starts this season and is averaging 8.2 points and 4.4 rebounds a game. In an incident with Milwaukee police in 2018, Brown was taken to the ground, shocked with a Taser and arrested during an encounter over a parking violation. In 2020 he settled a civil suit for $750,000 and plus an admission that his constitutional rights were violated. ___ More AP NBA: https://apnews.com/hub/NBA and https://twitter.com/AP_Sports Kristie Rieken, The Associated Press
About 1.8 million vaccination jabs were reported Tuesday, the lowest one-day number in two weeks. Latest COVID-19 news.
As the U.S. gathers world leaders to discuss big climate actions, it's holding out hope it can get Brazil's far-right president to care about deforestation.
BOSTON, April 21, 2021 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) today announced that Jason Robins, co-founder, Chief Executive Officer and Chairman of the Board, will participate in the following event: University of Miami Herbert Business School Knight Venture Leader Lecture Series on April 22, 2021. The keynote is scheduled for 5:00 PM ET Registration, and the live video and audio portions of the Knight Venture Leader Lecture keynote, can be accessed at the conference website. About DraftKings DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators in 17 countries. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Colorado, Illinois, Indiana, Iowa, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia and West Virginia. DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB, NASCAR, PGA TOUR and UFC as well as an authorized gaming operator of the NBA and MLB, an official betting operator of the PGA TOUR and the official betting operator of UFC. DraftKings also owns Vegas Sports Information Network, Inc. (VSiN), a multi-platform broadcast and content company. Media Contact media@draftkings.com@DraftKingsNews Investor Contact Investors@draftkings.com
Some late fireworks from Adolis Garcia and Nate Lowe played a key role, but so did some stellar defense by Nick Solak.
The Love and Hip Hop star, né Diamond Smith, and another victim were in the parking lot of a bowling alley Monday when two suspects attempted to steal a gold chain, police said
VANCOUVER — British Columbia's solicitor general says the government will release details of what is considered essential travel this week as the province looks at using roadblocks to limit the spread of COVID-19. Mike Farnworth described the checkpoints as a type of "counterattack," often used to find drunk drivers, but this time meant to discourage recreational travel outside of a person's health authority. A "full and comprehensive" list on what is considered essential travel will be released laster this week, Farnworth said at a news conference Wednesday. His comments come as the National Police Federation released a statement saying it has "grave concerns" about police taking part in enforcing a COVID-19 ban on non-essential travel. A statement from Brian Sauvé, president of the federation, said asking the police to enforce roadblocks puts even greater pressure on limited resources and exposes officers to further risk and possible COVID-19 infections. "Equally important, we are continuing to enhance and build on our relationships with vulnerable and racialized communities, and the ambiguity and potentially negative impacts of these orders risk reversing this progress," he said. He also pointed to a similar attempt in Ontario where the province had to pedal back enforcement measures. Officers were originally given powers to stop any pedestrian or driver to ask why they're out or request their home address. But on Sunday, Doug Ford's government limited police to being able to stop people who they had reason to believe were participating in an "organized public event or social gathering.'' Police forces in Ontario had said they had no intention of exercising their new powers ahead of the reversal. Sauvé noted that police services took the "unusual step" of rejecting the orders. "They explained in no uncertain terms that Ontario police officers had no appetite to act on enhanced powers that are typically found in police states, and that doing so would erode a currently fragile public trust, especially with vulnerable and racialized communities," he said. British Columbia reported 862 new cases of COVID-19 on Wednesday and seven more deaths, for a total of 1,546 fatalities since the pandemic started. A joint statement from the health minister and provincial health officer said more than 1.4 million doses of the vaccine have been administered. Those in B.C. who are now 30 years and older are eligible to register for the vaccine in the age-based vaccination program. This report by The Canadian Press was first published April 21, 2021. Hina Alam, The Canadian Press
Such siren alerts are generally activated by rocket attacks. Israel's Army Radio said that, if such an attack had taken place early on Thursday, its origin was not immediately clear. Abu Qrenat is deeper within Israeli territory than the usual range of the rockets of Palestinian militants in the Gaza Strip.
When Nick Jonas announced the Oscar nominations alongside his wife, Priyanka Chopra Jonas, last month, he glistened in a gold silk Dolce & Gabbana tuxedo. “The awards shows, particularly the Oscars, feel like a long-awaited embrace we’ve all been waiting for,” says his stylist Avo Yermagyan. “It’s a glimmer of what life was like before […]
‘This is the breakthrough in mainstreaming climate finance the world needs’, Mark Carney says
Company reports GAAP diluted earnings per share of $1.24 for the quarter, affirms 2021 earnings guidance and announces a $0.62 per share quarterly dividend payable June 30, 2021BUTTE, Mont. and SIOUX FALLS, S.D., April 21, 2021 (GLOBE NEWSWIRE) -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the three months ended March 31, 2021. Net income for the period was $63.1 million, or $1.24 per diluted share, as compared with net income of $50.7 million, or $1.00 per diluted share, for the same period in 2020. This increase was primarily due to improved gross margin from colder winter weather and lower operating costs, partly offset by higher Montana electric supply costs and depreciation expense, and lower income tax benefit. “First quarter operating and financial results were solid and a great start to a new year," said Bob Rowe, Chief Executive Officer. “The February extreme cold weather event that that hammered much of the country once again highlighted the importance of a safe, reliable and resilient energy grid and adequate electric and natural gas capacity. Just yesterday, we announced the projects that will be the first steps in addressing our capacity deficit in Montana. The February cold snap resulted in severe economic and personal disruption in a broad section of the country, including brown-outs and black-outs, and significant increases in electric and natural gas costs, driving liquidity issues for many utilities. We were able to navigate the event with minimal disruption to our customers and manageable balance sheet strain. We are proud of how our people and our infrastructure performed when customers needed us most." Additional information regarding this release can be found in the earnings presentation found at www.northwesternenergy.com/our-company/investor-relations/presentations-and-webcasts. Three Months EndedMarch 31,(in thousands, except per share amounts)2021 2020Revenues$400,803 $335,255 Cost of sales144,513 91,272 Gross Margin (1)256,290 243,983 Operating, general and administrative expense80,852 79,005 Property and other taxes47,478 44,499 Depreciation and depletion46,975 45,265 Total Operating Expenses (excl. Cost of sales)175,305 168,769 Operating income80,985 75,214 Interest expense, net(23,510) (24,334)Other income (expense), net5,574 (1,982)Income before income taxes63,049 48,898 Income tax benefit22 1,806 Net Income63,071 50,704 Basic Shares Outstanding50,631 50,507 Earnings per Share - Basic$1.25 $1.00 Diluted Shares Outstanding50,737 50,705 Earnings per Share - Diluted$1.24 $1.00 Dividends Declared per Common Share$0.62 $0.60 (1) Gross Margin, defined as Revenues less Cost of Sales, is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below for more information. Significant Items COVID-19 Pandemic We are one of many companies providing essential services during the national emergency related to the COVID-19 pandemic. Our level of service to our 743,000 customers remains uninterrupted. We implemented a comprehensive set of actions to help our customers, communities, and employees, while maintaining our commitments to provide reliable service and to continue to monitor and adapt our financial business plan for the evolving COVID-19 pandemic challenges. We have taken extra precautions for our employees who work in the field and for employees who continue to work in our facilities. This includes implementation of work from home policies, social-distancing protocols, face-covering directives, and travel restrictions where appropriate. We continue to implement strong physical and cyber-security measures to enable our systems to continue to serve our operational needs with a remote workforce and to keep our company running to provide high quality service to our customers. We continue to work with customers who have been unable to pay during the COVID-19 pandemic, including offering extended payment arrangements. In each of our jurisdictions, we have experienced a significant improvement in our past due customer account balances that peaked during the third quarter of 2020. We are subject to certain annual winter disconnection procedures, which were in effect from November 1, 2020 through March 31, 2021. The future impacts of the COVID-19 pandemic remain uncertain. Further extension of the slowdown of the United States’ economic growth, demand for commodities and/or material changes in governmental policy may continue to result in lower economic growth with lower demand for electricity and natural gas, as well as reduced ability of various customers, contractors, suppliers and other business partners to fulfill their obligations. These impacts could have a material adverse effect on our results of operations, financial condition and prospects. Electric Resource Planning - Montana We are currently 630 MW short of our peak needs and we cover the shortfall through market purchases. Absent resource additions, we forecast that our portfolio will be 725 MW short by 2025, considering expiring contracts and a modest increase in customer demand. We issued an all-source competitive solicitation request in January 2020 for up to 280 MWs of peaking and flexible capacity to be available for commercial operation in late 2023 or early 2024 (the January 2020 request for proposal (RFP)). Further, we expect additional all-source competitive solicitation requests will be forthcoming, beginning in late 2021 or 2022. Initial bids for the January 2020 RFP were received in July 2020. Bid submissions were evaluated by an independent party with the following portfolio of projects selected: Laurel Generating Station - the construction of a 175 MW natural gas-fired generation plant near Laurel, Montana, at a cost of approximately $250 million, which we will own; andPowerex Transaction - a 5-year power purchase agreement for 100 MWs of capacity and energy products originating predominately from hydroelectric resources. We also anticipate finalizing an agreement for an energy storage contract shortly to fill the 5-hour duration tier identified in the January 2020 RFP. We expect to request MPSC approval of the Laurel Generating Station, and possibly an energy storage contract, in May 2021. February Cold Weather Event The February 2021 prolonged cold spell resulted in record winter peak demand for electricity and natural gas. The broad reach of this event across the United States and other market factors resulted in an extreme price excursion for purchased power and natural gas. In our South Dakota and Nebraska service territories, natural gas costs for the month of February 2021 exceeded the total cost for all of 2020. Fuel and purchased power costs in these jurisdictions are recovered through fuel adjustment clauses. We’ve incorporated the liquidity impacts into our overall 2021 financing plans. The Nebraska Public Service Commission (NPSC) opened a docket on March 2, 2021 to investigate the effect of this cold weather event on natural gas supply. Considering customer impacts, we proposed recovery of our costs for February 13, 2021 to February 18, 2021 over a two-year period. We expect the NPSC to issue a decision during the second quarter of 2021. We recorded a regulatory asset of approximately $26 million for these costs. The NPSC extended the winter disconnect rules until May 31, 2021 as a result of this cold weather event. The South Dakota Public Utilities Commission issued an order allowing recovery of natural gas costs for the same time period over a one-year period, effective March 1, 2021. We recorded a regulatory asset of approximately $17.8 million for these costs. Regulatory Update We do not expect to make general rate case filings in any of our regulatory jurisdictions during 2021. On April 15, 2021, we filed a request to delay the implementation of our fixed cost recovery mechanism pilot in our Montana jurisdiction for another year until July 2022 or beyond, due to the continued uncertainties created by the COVID-19 pandemic. We anticipate making several other regulatory filings, primarily in our Montana jurisdiction, including: An April 21, 2021 filing requesting approval to increase the forecasted costs used to develop rates for the recovery of electric power costs through our Power Cost and Credit Adjustment Mechanism (PCCAM) by approximately $17 million, andA May 2021 filing requesting approval to acquire electric capacity resources identified through our January 2020 RFP. Financing Activity In March 2021, we issued and sold $100 million aggregate principal amount of Montana First Mortgage Bonds at a fixed interest rate of 1.00% maturing on March 26, 2024. The net proceeds were used to repay in full our outstanding $100 million one-year term loan that was due April 2, 2021. We anticipate financing our ongoing maintenance and capital programs with a combination of cash flows from operations, first mortgage bonds and equity issuances. We anticipate initiating a $200 million At-the-Market (ATM) offering during the second quarter of 2021 and begin issuing equity under that program. Capital investment in response to our Montana electric supply resource planning would be incremental to these amounts. Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions and other factors. Any equity issuances will be sized to maintain and protect our current credit ratings. Significant Earnings Drivers Revenues Consolidated operating revenues for the three months ended March 31, 2021 were $400.8 million as compared with $335.2 million for the same period in 2020. Gross Margin Consolidated gross margin for the three months ended March 31, 2021 was $256.3 million compared with $244.0 million for the same period in 2020. This $12.3 million increase was a result of a $10.0 million increase to items that have an impact on net income and $2.3 million increase to items that are offset in operating expenses and income tax expense with no impact to net income. Consolidated gross margin for items impacting net income increased $10.0 million, due to the following: ↑ $4.1 million increase in electric retail revenue driven by residential usage in Montana primarily due to colder winter weather and overall customer growth. After the impacts of regulatory amortizations, commercial and industrial revenues were largely flat;↑ $2.8 million increase due to higher gas volumes due to colder winter weather in our Montana and Nebraska jurisdictions and customer growth, partly offset by warmer winter weather in our South Dakota jurisdiction;↑ $2.1 million increase due to higher Montana transmission rates, partly offset by lower demand to transmit energy across our transmission lines due to market conditions and pricing;↓ $0.5 million lower due to a reduction of rates from the step down of our Montana gas production assets;↓ $1.4 million lower due to increased Montana electric supply costs as compared with the prior period; and↑ $2.9 million increase in other miscellaneous gross margin. The change in consolidated gross margin for items that had no impact on net income represented a $2.3 million increase primarily due to the following: ↑ $2.0 million increase in revenues due to an increase for property taxes included in trackers, offset by increased property tax expense;↑ $1.1 million increase due to a increase in revenue due to the decrease in production tax credit benefits passed through to customers in our tracker mechanisms, which are offset by increased income tax expense; and↓ $0.8 million lower due to a decrease in revenues for operating costs recovered in tracker revenues, offset by a decrease in associated operating expense. Operating, General and Administrative Expenses Consolidated operating, general and administrative expenses for the three months ended March 31, 2021 were $80.9 million compared with $79.0 million for the same period in 2020. This $1.9 million increase was a result of a $3.6 million decrease to items that have an impact on net income and $5.5 million increase to items that are offset in gross margin and other income (expense) with no impact to net income. Consolidated operating, general and administrative expenses for items impacting net income decreased $3.6 million, including: ↓ $1.6 million lower uncollectible accounts expense due to collections of previously written-off amounts;↓ $0.6 million reduction in travel and training costs due to the impacts of the COVID-19 pandemic;↓ $0.4 million decrease in labor costs due to more time being spent by employees on capital projects than maintenance projects (which are expensed);↓ $0.3 million lower maintenance costs at our electric generation facilities;↑ $0.4 million higher employee benefit costs primarily due to an increase in medical benefits; and↓ $1.1 million other miscellaneous expense reductions. The change in consolidated operating, general and administrative expenses for items that had no impact on net income increased $5.5 million primarily due to the following: ↑ $4.5 million increase in the value of non-employee directors deferred compensation due to an increase in our stock price, offset in other income;↑ $1.8 million increase due to the regulatory treatment of the non-service cost components of pension and postretirement benefit expense, which is offset in other income; and↓ $0.8 million decreased operating expenses offset by lower associated tracker revenue. Property and Other Taxes Property and other taxes were $47.5 million for the three months ended March 31, 2021, as compared with $44.5 million in the same period in 2020. This increase was due primarily to an increase in Montana state and local taxes. We estimate property taxes throughout each year, and update those estimates based on valuation reports received from the Montana Department of Revenue. Under Montana law, we are allowed to track the increases in the actual level of state and local taxes and fees and adjust our rates to recover the increase between rate cases less the amount allocated to FERC-jurisdictional customers and net of the associated income tax benefit. Depreciation and Depletion Expense Depreciation and depletion expense was $47.0 million for the three months ended March 31, 2021, as compared with $45.3 million in the same period in 2020. This increase was primarily due to plant additions. Operating Income Consolidated operating income for the three months ended March 31, 2021 was $81.0 million as compared with $75.2 million in the same period in 2020. This increase was primarily due to the increase in gross margin, offset in part by higher operating expenses. Interest Expense Consolidated interest expense for the three months ended March 31, 2021 was $23.5 million as compared with $24.3 million in the same period in 2020. This decrease was primarily due to lower interest on our revolving credit facilities and higher capitalization of Allowance for Funds Used During Construction (AFUDC), slightly offset by higher borrowings. Other Income Consolidated other income was $5.6 million for the three months ended March 31, 2021 as compared to other expense of $2.0 million during the same period in 2020.This increase includes approximately $6.3 million related to items offset in operating, general and administrative expense with no impact to net income and higher capitalization of AFUDC. Items offset in operating, general and administrative expense include a $4.5 million increase in the value of deferred shares held in trust for non-employee directors deferred compensation and a decrease in other pension expense of $1.8 million. Income Tax Consolidated income tax benefit for the three months ended March 31, 2021 was less than $0.1 million as compared with $1.8 million in the same period in 2020. Our effective tax rate for the three months ended March 31, 2021 was 0.0% as compared with (3.7)% for the same period in 2020. We currently estimate effective tax rate to range between (2.5)% to 2.5% in 2021. The following table summarizes the differences between our effective tax rate and the federal statutory rate for the periods: (in millions) Three Months EndedMarch 31, 2021 2020Income Before Income Taxes $63.1 $48.9 Income tax calculated at federal statutory rate 13.2 21.0 % 10.3 21.0 % Permanent or flow-through adjustments: State income tax, net of federal provisions 0.1 0.1 % — — %Flow-through repairs deductions (7.8) (12.5)% (7.4) (15.2)%Production tax credits (4.3) (6.8)% (3.6) (7.4)%Share-based compensation (0.3) (0.4)% (0.6) (1.2)%Amortization of excess deferred income tax (0.3) (0.4)% (0.4) (0.7)%Plant and depreciation flow through items (0.3) (0.5)% 0.1 0.3 %Other, net (0.3) (0.5)% (0.2) (0.5)%Subtotal (13.2) (21.0)% (12.1) (24.7)% Income Tax Benefit $— — % $(1.8) (3.7)% We compute income tax expense for each quarter based on the estimated annual effective tax rate for the year, adjusted for certain discrete items. Our effective tax rate typically differs from the federal statutory tax rate primarily due to the regulatory impact of flowing through federal and state tax benefits of repairs deductions, state tax benefit of accelerated tax depreciation deductions (including bonus depreciation when applicable) and production tax credits. Net Income Consolidated net income for the three months ended March 31, 2021 was $63.1 million as compared with $50.7 million for the same period in 2020. This increase was primarily due to improved gross margin from colder winter weather and lower operating costs, partly offset by higher Montana electric supply costs and depreciation expense, and a lower income tax benefit in 2021. Reconciliation of Primary Changes from 2020 to 2021 Three Months Ended March 31, ($millions, except EPS)Pretax IncomeNet (1)IncomeDiluted EPS 2020 reported$48.9 $50.7 $1.00 Gross Margin Electric retail volumes 4.1 3.1 0.06 Natural gas retail volumes 2.8 2.1 0.04 Electric transmission 2.1 1.6 0.03 Montana natural gas production rates (0.5) (0.4) (0.01) Montana electric supply cost recovery (1.4) (1.0) (0.02) Other 2.9 2.2 0.04 Subtotal: Items impacting net income 10.0 7.6 0.14 Property taxes recovered in trackers 2.0 1.5 0.03 Production tax credits reducing revenue, offset in income tax benefit 1.1 0.8 0.02 Operating expenses recovered in trackers (0.8) (0.6) (0.01) Subtotal: Items not impacting net income 2.3 1.7 0.04 Total Gross Margin 12.3 9.3 0.18 OG&A Expense Uncollectible accounts 1.6 1.2 0.02 Travel and training 0.6 0.4 0.01 Labor 0.4 0.3 0.01 Generation maintenance 0.3 0.2 — Employee benefits (0.4) (0.3) (0.01) Other 1.1 0.8 0.02 Subtotal: Items impacting net income 3.6 2.6 0.05 Non-employee directors deferred compensation (4.5) (3.4) (0.07) Pension and other postretirement benefits, offset in other income (1.8) (1.3) (0.02) Operating expenses recovered in trackers 0.8 0.6 0.01 Subtotal: Items not impacting net income (5.5) (4.1) (0.08) Total OG&A Expense (1.9) (1.5) (0.03) Other items Depreciation and depletion expense (1.7) (1.3) (0.03) Property and other taxes (3.0) (2.2) (0.04) Interest expense 0.8 0.6 0.01 Other income (incl. offset to Non-employee compensation above) 7.6 5.7 0.11 Permanent and flow-through adjustments to income tax 1.8 0.04 Total Other items 3.7 4.6 0.09 Total impact of above items 14.2 12.4 0.24 2021 reported$63.1 $63.1 $1.24 (1) Income Tax Benefit (Expense) calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. Liquidity and Capital Resources As of March 31, 2021, our total net liquidity was approximately $187.9 million, including $8.9 million of cash and $179.0 million of revolving credit facility availability. This compares to total net liquidity one year ago at March 31, 2020 of $186.4 million. Availability under our credit facilities was $205.0 million as of April 16, 2021. Dividend Declared NorthWestern's Board of Directors declared a quarterly common stock dividend of $0.62 per share payable June 30, 2021 to common shareholders of record as of June 15, 2021. 2021 Earnings Guidance Affirmed NorthWestern affirms its previously announced 2021 earnings guidance range of $3.40 - $3.60 per diluted share based upon, but not limited to, the following major assumptions and expectations: COVID-19 related reduction in our commercial and industrial sales volumes, offset in part by an increase in usage by residential customers through the second quarter of 2021;Normal weather for the remainder of the year in our electric and natural gas service territories;A consolidated income tax rate of approximately (2.5%) to +2.5% of pre-tax income; andDiluted shares outstanding of approximately 51.5 million to 51.8 million. Continued investment in our system to serve our customers and communities is expected to provide annualized 4% - 5% growth in rate base and a targeted long-term earnings per share growth rate of 3% - 6%. Maintaining our 60% - 70% targeted dividend payout ratio, we anticipate the dividend growth rate to be in line with the EPS growth rate going forward. Significant Items Not Contemplated in Guidance A reconciliation of items not factored into our non-GAAP diluted earnings per share guidance of $3.40 - $3.60 for 2021 and final non-GAAP diluted earnings per share of $3.35 for 2020 are summarized below. The amount below represents a non-GAAP measure that may provide users of this data with additional meaningful information regarding the impact of certain items on our expected earnings. More information on this measure can be found in the "Non-GAAP Financial Measures" section below. (in millions, except EPS) EPS Range to Meet Guidance Three Months EndedMarch 31, 2021 2021Q2 - Q4 Estimated 2021Full Year Pre-taxIncomeNet(1) Income DilutedEPS Low High Low High2021 Reported GAAP$63.1 $63.1 $1.24 $2.14 to $2.34 $3.38 to $3.58 Non-GAAP Adjustments: Remove impact of unfavorable weather as compared to normal 1.3 1.0 0.02 0.02 0.02 2021 Adj. Non-GAAP$64.4 $64.1 $1.26 $2.14 to $2.34 $3.40 to $3.60 Actual Three Months EndedMarch 31, 2020 2020Q2 - Q4 2020Full Year Pre-taxIncomeNet(1) Income DilutedEPS Pre-taxIncomeNet(1) Income DilutedEPS Pre-taxIncomeNet(1) Income DilutedEPS2020 Reported GAAP$48.9 $50.7 $1.00 $95.3 $104.5 $2.06 $144.2 $155.2 $3.06 Non-GAAP Adjustments: Remove impact of unfavorable weather as compared to normal 4.0 3.0 0.06 5.8 4.3 0.08 9.8 7.3 0.14 Disallowance of prior period supply costs 9.9 7.4 0.15 9.9 7.4 0.15 2020 Adj. Non-GAAP$52.9 $53.7 $1.06 $111.0 $116.2 $2.29 $163.9 $169.9 $3.35 (1) Income Tax Benefit (Expense) calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. Company Hosting Investor Conference Call NorthWestern will host an investor conference call and webcast on Thursday, April 22, 2021, at 3:00 p.m. Eastern time to review its financial results for the first quarter 2021. To register for the webinar, please visit https://zoom.us/webinar/register/WN_KUOz-tfYSQyaruft7-3d1A or visit the “Presentations and Webcasts” section at www.northwesternenergy.com. Please go to the site at least 15 minutes in advance of the webinar to register. An archived webcast will be available shortly after the event and remain active for one year. Notice of Virtual Annual Stockholders Meeting The virtual Annual Stockholders Meeting will be held on Thursday, April 22, 2021, at 12:00 pm Eastern Daylight Time. A virtual Annual Meeting enables our stockholders—regardless of size, resources, or physical location—to participate in the Annual Meeting at no cost, while safeguarding the health of our stockholders, Board of Directors, and management. We are committed to ensuring that stockholders will be afforded the same rights and opportunities to participate at our virtual meeting as they would in person. The Annual Meeting will be webcast live on the internet and can be accessed by visiting www.virtualshareholdermeeting.com/NWE2021. To participate in the meeting, please go to the site at least 15 minutes in advance of the meeting and follow the check-in procedures. About NorthWestern Energy NorthWestern Corporation, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We are working to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. This includes bridging our history as a regulated utility safely providing low-cost and reliable service with our future as a globally-aware company offering a broader array of services performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 743,000 customers in Montana, South Dakota, Nebraska and Yellowstone National Park. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002. More information is available on the company's Web site at www.northwesternenergy.com. Non-GAAP Financial Measures This press release includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Gross Margin, Adjusted Non-GAAP Pre-Tax Income, Adjusted Non-GAAP Net Income and Adjusted Non-GAAP Diluted EPS, that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. We define Gross Margin as Revenues less Cost of Sales as presented in our Condensed Consolidated Statements of Income. Management believes that Gross Margin (revenues less cost of sales) provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Gross Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow for recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic or other conditions), rates and other factors impact our results of operations. Our Gross Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report. Management also believes the presentation of Adjusted Non-GAAP pre-tax income, net income and Diluted EPS is more representative of normal earnings than GAAP pre-tax income, net income and EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings. The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures. Special Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, the information under "Significant Items Not Contemplated in Earnings". Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” These statements are based upon our current expectations and speak only as of the date hereof. Our actual future business and financial performance may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including, but not limited to: adverse determinations by regulators, as well as potential adverse federal, state, or local legislation or regulation, including costs of compliance with existing and future environmental requirements, could have a material effect on our liquidity, results of operations and financial condition;changes in availability of trade credit, creditworthiness of counterparties, usage, commodity prices, fuel supply costs or availability due to higher demand, shortages, weather conditions, transportation problems or other developments, may reduce revenues or may increase operating costs, each of which could adversely affect our liquidity and results of operations;unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase cost of sales or may require additional capital expenditures or other increased operating costs; andadverse changes in general economic and competitive conditions in the U.S. financial markets and in our service territories. Our 2020 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investor Relations Contact:Media Contact: Travis Meyer (605) 978-2967Jo Dee Black (866) 622-8081travis.meyer@northwestern.comjodee.black@northwestern.com
Splitit, a global payment technology company (ASX:SPT), today announced the availability of Splitit Plus, a new service enabling merchants of all sizes to offer payment installments to their customers in minutes. Any merchant can now activate Splitit through the Splitit Plus gateway or any integrated gateway partner that Splitit supports worldwide.
The police officer who shot and killed a student in a Tennessee high school will not face criminal charges, a district attorney announced Wednesday. Knox County District Attorney General Charme Allen said she determined the shooting of 17-year-old Anthony J. Thompson Jr. by Knoxville police Officer Jonathon Clabough was “justifiable” under Tennessee’s self-defense law. Allen added that she wouldn't press any other charges against the three other officers present at the time of the April 12 shooting at Austin-East Magnet High School in the East Tennessee city.
“Senators, this is not curation as we’ve been told," said Match Group lawyer Jared Sine. "It is iron-fisted monopoly control.”
As she watched a broadcast of the verdict in the murder trial of the police officer charged with killing George Floyd with her last-period class, middle school teacher Diana Garcia-Allen did her best to stifle her own emotions and keep from crying. She sensed a sadness mirrored in her students. “I don’t think until that moment they felt the weight of it,” she said. The guilty verdicts were welcomed by her students in Fort Worth, Texas — all Hispanic with one Black student — but they had a range of viewpoints. Some were relieved because violent protests might have broken out otherwise. One boy said he didn’t see why former police officer Derek Chauvin should serve a lengthy prison sentence, prompting a groan from classmates. “I kind of just let them go with it,” said Garcia-Allen, a career and technology teacher. “I think it’s important for them to just share and have a voice.” Tuesday marked the latest challenge for teachers around the U.S. who have grappled with how to address the country's reckoning with racial injustice for the past year. In the moment and the immediate aftermath of the verdict, some have looked to challenge students' thinking or incorporate the trial into their curriculum. Others sought to give youths space to process their reactions or held off on addressing it at all. Large school districts including Charlotte-Mecklenburg and Houston — Floyd's hometown — stressed that counsellors would be available to support students. In Albuquerque, New Mexico, Superintendent Scott Elder called on educators to provide guidance to help students process events. "There is no manual for situations such as those we’ve been thrust into over the past year, but we know listening with an open mind and without judgment is critical,” he said. At Metropolitan Business Academy, a magnet high school in New Haven, Connecticut, social studies teacher Leslie Blatteau, who teaches mostly students of colour, eased into the discussion during a virtual session Wednesday with nine students. When she asked for students' thoughts and feelings on the trial, three spoke up. “Two really brought up the fact that they it does help kind of bolster their optimism that the movement for Black Lives Matter is working and that the accountability that was established last night is part of the process of moving forward,” she said. “And I’m glad. They deserve to feel that amidst all of the all the pain and all of the violence, young people deserve to feel optimistic.” Another brought up Rodney King and the Los Angeles riots of 1992. “She said she was frustrated that people were saying, ‘Oh, they’re so relieved about the guilty verdict because there won’t be riots.’ And she said it’s not about the burning buildings. It’s about people’s feelings. It’s about people being heard," she said. Blatteau said no one brought up Tuesday’s police killing of teenager Ma’Khia Bryant in Ohio, and Blatteau herself wasn’t ready to raise it. “If somebody brought it up, I would have gone there. But I wasn’t going to, at least not today. Tomorrow,” she said, “but not today.” In Helena, Montana, high school social studies teacher Ryan Cooney said he feels a responsibility to expose students in his rural, predominantly white district to events happening elsewhere. Floyd's death and Chauvin's trial have been featured regularly in a daily presentation and journal session on current events. On Tuesday, he had several students waiting after school to hear the verdict. One student asked him whether the guilty verdict should be celebrated. He said his initial response was “Yes,” but as the excitement has waned, he said he’s left torn. “I have chatted with students this morning, many are still feeling pretty jubilant, but now many of them are starting to realize that yes, in the sense of justice, this is a win," Cooney said. “But with the systemic, societal issues we face as a nation, we still have a lot of work to do.” In some schools, elements of the trial were incorporated into lesson plans. At New Jersey's Maplewood Middle School, one teacher redesigned an English language arts lesson to analyze the trial’s closing arguments with her seventh-graders and another showed video of the post-verdict reaction to spark a discussion. The school's social services team provided a script for teachers who felt like they needed something to help guide conversations. At West Las Vegas High School, in northern New Mexico, several students said the verdict was not discussed in their classes. Teachers said they did not plan to discuss the case because they were afraid of appearing biased and getting complaints from parents. “There are people I would really not talk about it with,” said Julienne Rirsimaah, 17, a senior and one of the few Black people in town. In Texas, Garcia-Allen said fear of controversy would likely keep many of her colleagues from addressing the trial. While she had engaged her students on the Capitol riot in January , she couldn't find any other teachers at her school who did. In the discussion Tuesday after watching the verdict, Garcia-Allen said she focused on facts and tried to keep out her views, although she did challenge the student who questioned why Chauvin should face severe punishment. “Finally I was like ‘Justice, it’s finally justice, right?’ and so we kind of had that discussion,” she said. She was putting together some dialogue cues to be prepared for additional discussions that were sure to follow this week. “They feel a genuine empathy,” she said. “They were ready to engage in this conversation and learn. And that was that was exciting to see.” ____ Thompson reported from Buffalo, New York, and Tulp from Atlanta. Associated Press writers Cedar Attanasio in West Las Vegas, New Mexico, and Michael Melia in Hartford, Connecticut, contributed. Carolyn Thompson And Sophia Tulp, The Associated Press
Counterfeit versions of Pfizer's COVID-19 vaccine have been identified in Mexico and Poland, a Pfizer spokesperson confirmed to ABC News -- adding to the running tally of scam attempts in the U.S. and internationally. "We are cognizant that in this type of environment -- fueled by the ease and convenience of e-commerce and anonymity afforded by the Internet -- there will be an increase in the prevalence of fraud, counterfeit and other illicit activity as it relates to vaccines and treatments for COVID-19," the spokesperson told ABC News. A source familiar with the matter told ABC News a cosmetic product was inside the vials of fake vaccine in Poland; Pfizer is now working closely with local authorities.