Google to build subsea cable linking Australia's Darwin to Christmas Island
NEW YORK (AP) — President-elect Donald Trump’s recent dinner with Canadian Prime Minister Justin Trudeau and his visit to Paris for the reopening of the Notre Dame Cathedral were not just exercises in policy and diplomacy. They were also prime trolling opportunities for Trump. Throughout his first term in the White House and during his campaign to return, Trump has spun out countless provocative, antagonizing and mocking statements. There were his belittling nicknames for political opponents, his impressions of other political figures and the plentiful memes he shared on social media. Now that's he's preparing to return to the Oval Office, Trump is back at it, and his trolling is attracting more attention — and eyerolls. On Sunday, Trump turned a photo of himself seated near a smiling first lady Jill Biden at the Notre Dame ceremony into a social media promo for his new perfume and cologne line, with the tag line, “A fragrance your enemies can’t resist!” The first lady’s office declined to comment. When Trudeau hastily flew to Florida to meet with Trump last month over the president-elect's threat to impose a 25% tax on all Canadian products entering the U.S., the Republican tossed out the idea that Canada become the 51st U.S. state. The Canadians passed off the comment as a joke, but Trump has continued to play up the dig, including in a post Tuesday morning on his social media network referring to the prime minister as “Governor Justin Trudeau of the Great State of Canada.” After decades as an entertainer and tabloid fixture, Trump has a flair for the provocative that is aimed at attracting attention and, in his most recent incarnation as a politician, mobilizing fans. He has long relished poking at his opponents, both to demean and minimize them and to delight supporters who share his irreverent comments and posts widely online and cheer for them in person. Trump, to the joy of his fans, first publicly needled Canada on his social media network a week ago when he posted an AI-generated image that showed him standing on a mountain with a Canadian flag next to him and the caption “Oh Canada!” After his latest post, Canadian Immigration Minister Marc Miller said Tuesday: “It sounds like we’re living in a episode of South Park." Trudeau said earlier this week that when it comes to Trump, “his approach will often be to challenge people, to destabilize a negotiating partner, to offer uncertainty and even sometimes a bit of chaos into the well established hallways of democracies and institutions and one of the most important things for us to do is not to freak out, not to panic.” Even Thanksgiving dinner isn't a trolling-free zone for Trump's adversaries. On Thanksgiving Day, Trump posted a movie clip from “National Lampoon’s Christmas Vacation” with President Joe Biden and other Democrats’ faces superimposed on the characters in a spoof of the turkey-carving scene. The video shows Trump appearing to explode out of the turkey in a swirl of purple sparks, with the former president stiffly dancing to one of his favorite songs, Village People’s “Y.M.C.A." In his most recent presidential campaign, Trump mocked Florida Gov. Ron DeSantis, refusing to call his GOP primary opponent by his real name and instead dubbing him “Ron DeSanctimonious.” He added, for good measure, in a post on his Truth Social network: “I will never call Ron DeSanctimonious ‘Meatball’ Ron, as the Fake News is insisting I will.” As he campaigned against Biden, Trump taunted him in online posts and with comments and impressions at his rallies, deriding the president over his intellect, his walk, his golf game and even his beach body. After Vice President Kamala Harris took over Biden's spot as the Democratic nominee, Trump repeatedly suggested she never worked at McDonalds while in college. Trump, true to form, turned his mocking into a spectacle by appearing at a Pennsylvania McDonalds in October, when he manned the fries station and held an impromptu news conference from the restaurant drive-thru. Trump’s team thinks people should get a sense of humor. “President Trump is a master at messaging and he’s always relatable to the average person, whereas many media members take themselves too seriously and have no concept of anything else other than suffering from Trump Derangement Syndrome,” said Steven Cheung, Trump’s communications director. “President Trump will Make America Great Again and we are getting back to a sense of optimism after a tumultuous four years.” Though both the Biden and Harris campaigns created and shared memes and launched other stunts to respond to Trump's taunts, so far America’s neighbors to the north are not taking the bait. “I don’t think we should necessarily look on Truth Social for public policy,” Miller said. Gerald Butts, a former top adviser to Trudeau and a close friend, said Trump brought up the 51st state line to Trudeau repeatedly during Trump’s first term in office. “Oh God,” Butts said Tuesday, “At least a half dozen times.” “This is who he is and what he does. He’s trying to destabilize everybody and make people anxious,” Butts said. “He’s trying to get people on the defensive and anxious and therefore willing to do things they wouldn’t otherwise entertain if they had their wits about them. I don’t know why anybody is surprised by it.” Gillies reported from Toronto. Associated Press writer Darlene Superville contributed to this report.None
Wild first season in expanded Big 12 comes down to final weekend
Next year promises some cosmic shake-ups , with a lineup of significant astrological transits that promise to bring themes like disruption and massive change. Astrology buffs can anticipate celestial shifts to resonate both personally and universally. Astrologer Chani Nicholas highlights the importance of 2025s transits, stating: "Tapping into our courage, individually and collectively, will help us co-create a brighter future. Prepare to face the friction of this upcoming year , and get ready to generate some heat." Brace yourselves for these seven crucial astrological events as we turn the page into the new year. Looking ahead to seven key astrological transits in 2025: All the celestial events to look forward to in 2024 after 'majestic' solar eclipse across US Leo Astrology: All about the star sign’s horoscopes, dates, compatibility and more Important Dates: Jan. 11, 2025-Feb. 20, 2027 Annually, we witness two seasons of eclipses, with each one spanning 18 months or 1.5 years, until the lunar nodes transit to a new sign axis, setting the scene for yearly astrological narratives. Come Jan. 11, the lunar nodal shift from the Aries-Libra alignment where the North Node resides in Aries and the South Node in Libra will progress into the Virgo-Pisces axis. With the North Node in dreamy Pisces symbolizing an insatiable thirst, and the South Node in detail-oriented Virgo indicating a need for release, were bound to experience a communal pivot from balancing relationships and selfhood toward harmonizing reality and aspirations. The first eclipse season will feature a lunar eclipse in Virgo on March 13 and a solar eclipse in Aries on March 29. The second season will see a lunar eclipse in Pisces on September 7 and a solar eclipse in Virgo on September 21. Dates: March 1, 2025-April 12, 2025 Venus, the celestial body associated with love and creativity, goes into retrograde every 18 months, or 1.5 years, for approximately 40 days. Astrologers suggest that during this period, we are prompted to revisit themes related to the planet and its ruling sign. From March 1-26, the first half of the transit, the planet will be in the cardinal fire sign, Aries, before transitioning into the mutable water sign, Pisces, until April 12. It's not uncommon for relationships to end or undergo significant changes during this time, as evidenced by high-profile splits like Joe Jonas and Sophie Turner's divorce during the last Venus retrograde in the summer of 2023. Dates: March 30, 2025-October 22, 2025; January 26, 2026-March 23, 2039 Neptune, the planet of illusions and dreams, will transition from its home sign of Pisces into the cardinal fire sign, Aries, the zodiac's trailblazer. This infrequent transit occurs roughly every 18 years and is expected to influence the next two decades significantly. Aries, known for its boldness and action-oriented nature, is predicted by astrologers to inspire protest - though it may also contribute to the propagation of misinformation. Chani spoke about the Neptune in Aries transit, saying, "Neptune's transition marks a major shift in how we collectively engage with our ideals. When the celestial dreamer enters this Mars-ruled fire sign, sparks fly. Instead of just fantasizing about giving peace a chance, the ram of the zodiac encourages us to show up at the protest and take action." "During this transit, staying grounded and resisting the allure of spiritual or political propaganda will be essential for honoring and protecting what we believe in," she added. Dates: May 24, 2025-Sept. 1, 2025; Feb. 13, 2026-April 12, 2028 The planet of boundaries, Saturn, will transition from the mutable water sign, Pisces, to the cardinal fire sign, Aries. This approximately three-year-long transit is characterized by challenging karmic lessons, particularly for those who will experience their Saturn return. Those with Saturn in Aries in their natal birth chart will undergo their eagerly-awaited Saturn return. Chani commented on the Saturn in Aries transit, stating, "When the two collide, we're asked to be more disciplined and intentional in the ways we exercise our aggression, vitality, and drive. Noticing where we're overly competitive or impatient can help us stay levelheaded as we strive to realize our ambitions." "Saturn has a reputation for teaching tough lessons, but for a reason: Experiencing dissatisfaction and encountering life's constraints can help us tap into our stamina, grit, and accountability for our own actions." Flat Earther admits he was wrong after traveling 9,000 miles to Antarctica to test his belief Huge 1300-ft stadium sized asteroid set for close encounter with Earth this week Dates: June 9, 2025-June 29, 2026 Jupiter, the planet of abundance and prosperity, will transition from the mutable Earth sign Gemini to the cardinal water sign Cancer. This shift is set to bring good fortune to the aspects of your life governed by Cancer, a sign known for its nurturing nature. Dates: July 7, 2025-Nov. 7, 2025; April 25, 2026-Aug. 3-2032; Dec. 12, 2032-May 22, 2033 Uranus, the planet of disruption, will move from the fixed Earth sign Taurus to the mutable Earth sign Gemini. Chani noted that during its time in Venus-ruled Taurus, we witnessed Venusian themes like resource shortages in supply chains, worker strikes, climate change, and reproductive rights issues emerge. Now, as it enters Mercury-ruled Gemini, she anticipates shifts in mass communication. This infrequent transit occurs approximately every seven years and will influence the underlying tone of nearly the next decade. Notably, events such as World War II and the Holocaust, the U. S. Civil War, and the U. S. Revolutionary War all took place under a previous Uranus in Gemini transit. Click here to follow the Mirror US on Google News to stay up to date with all the latest news, sports and entertainment stories Dates: Nov. 19, 2024-March 8, 2043; Aug. 31, 2043-Jan. 19, 2044 Although this rare transit officially began at the end of 2024, it deserves a special mention as it will shape the next two decades. The slow-moving dwarf planet is seen in astrology as a celestial body of transformation, and Aquarius is a fixed air sign associated with social justice and scientific data. Pluto's last sojourn in Aquarius was from 1777 to 1798, a period that witnessed pivotal global events such as the American and French Revolutions, not to mention the dawn of the Industrial Revolution. This era also saw groundbreaking scientific breakthroughs, including the invention of the hot air balloon and the discovery of the planet Uranus. Astrologers are forecasting that the upcoming two decades will be characterized by profound societal shifts that will dismantle archaic structures. They also foresee a surge in technological innovation, especially in the realm of AI. DAILY NEWSLETTER: Sign up here to get the latest news and updates from the Mirror US straight to your inbox with our FREE newsletter. Regarding the Pluto in Aquarius phase, Chani remarked, "By the end of Pluto's time here in 2044, we can expect our social norms and ideologies to be radically transformed." "Whether we're grappling with the persistent climate crisis, the ascent of extreme political ideologies, or the scourge of gun violence, Pluto in Aquarius calls for our united efforts to turn these significant challenges around."SC’s Nikki Haley doesn’t support some of Trump’s cabinet picks. Which is she against?Richard Drury Dear readers/followers, I don't know if many of you are still in Essential Properties Realty Trust, Inc. ( NYSE: EPRT ). I invested in a small position in the company about 2 years ago. This is a REIT with a The company discussed in this article is only one potential investment in the sector. Members of iREIT on Alpha get access to investment ideas with upsides that I view as significantly higher/better than this one. Consider subscribing and learning more here. Wolf Report is a senior analyst and private portfolio manager with over 10 years of generating value ideas in European and North American markets. He is a contributing author and analyst for the investing group iREIT®+HOYA Capital and Wide Moat Research LLC where in addition to the U.S. market, he covers the markets of Scandinavia, Germany, France, UK, Italy, Spain, Portugal and Eastern Europe in search of reasonably valued stock ideas. Learn more Analyst’s Disclosure: I/we have a beneficial long position in the shares of EPRT; O either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial advice. It may be structured as such, but it is not financial advice. Investors are required and expected to do their own due diligence and research prior to any investment. Short-term trading, options trading/investment and futures trading are potentially extremely risky investment styles. They generally are not appropriate for someone with limited capital, limited investment experience, or a lack of understanding for the necessary risk tolerance involved. I own the European/Scandinavian tickers (not the ADRs) of all European/Scandinavian companies listed in my articles. I own the Canadian tickers of all Canadian stocks I write about. Please note that investing in European/Non-US stocks comes with withholding tax risks specific to the company's domicile as well as your personal situation. Investors should always consult a tax professional as to the overall impact of dividend withholding taxes and ways to mitigate these. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Tom Hanks Explores America’s Wildlife in First Trailer for NBC Docuseries ‘The Americas’
WEST JORDAN, Utah, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's Warehouse" or the "Company") SPWH today announced third quarter financial results for the thirteen and thirty-nine weeks ended November 2, 2024. "Despite a pressured consumer and complex macroeconomic environment, we focused our efforts on driving sales and achieved growth in our fishing, camping and gift bar categories during the quarter," said Paul Stone, Sportsman's Warehouse President and Chief Executive Officer. "We continue to make progress on our business reset initiatives with a focus on improved in-stocks, in-store and online customer experience and our Great Gear | Great Service program." "To improve our holiday relevancy and drive traffic during the season, we introduced an omni-channel marketing campaign highlighting gear perfect for gifting or for treating yourself, primarily centered around value," continued Stone. "This is a new approach to engaging our customers, which we coupled with an upgraded store experience creating a fully integrated customer experience. As we move through the balance of the holiday season and navigate a pressured consumer environment, we'll continue to prioritize traffic-driving marketing and product pricing initiatives, exceptional customer service and prudent inventory management. Emphasizing the balance sheet and ending the year with positive free cash flow remain our primary objectives." For the thirteen weeks ended November 2, 2024: Net sales were $324.3 million, a decrease of 4.8%, compared to $340.6 million in the third quarter of fiscal year 2023. The net sales decrease was primarily due to the continued impact of consumer inflationary pressures on discretionary spending, resulting in a decline in store traffic and lower demand across most product categories, particularly in ammunition, apparel and footwear. This decrease, however, was partially offset by year-over-year sales growth in our fishing, camping and optics and accessories departments. Same store sales decreased 5.7% during the third quarter of fiscal year 2024, compared to the third quarter of fiscal year 2023, primarily as a result of the impact of consumer inflationary pressures and recessionary concerns on discretionary spending. Gross profit was $103.1 million, or 31.8% of net sales, compared to $103.2 million or 30.3% of net sales in the third quarter of fiscal year 2023. This 150 basis-point increase, as a percentage of net sales, was primarily driven by improved product margins in our apparel and footwear departments, partially offset by increased freight and shrink. Selling, general, and administrative (SG&A) expenses were $100.0 million, or 30.8% of net sales, compared to $100.1 million, or 29.4% of net sales in the third quarter of fiscal year 2023. Net loss was $(0.4) million, compared to a net loss of $(1.3) million in the third quarter of fiscal year 2023. Adjusted net income was $1.4 million, compared to adjusted net loss of $(0.2) million in the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Adjusted EBITDA was $16.4 million, compared to $16.2 million in the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Diluted loss per share was $(0.01), compared to diluted loss per share of $(0.04) in the third quarter of fiscal year 2023. Adjusted diluted earnings per share were $0.04, compared to adjusted diluted loss per share of $(0.01) for the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). For the thirty-nine weeks ended November 2, 2024: Net sales were $857.2 million, a decrease of 6.6%, compared to $917.6 million in the first nine months of fiscal year 2023. This net sales decrease was primarily driven by lower demand across most product categories due to current consumer inflationary pressures on discretionary spending. This decrease was partially offset by same store sales growth in our fishing department and the opening of 1 new store since October 28, 2023. Stores that have been open for less than 12 months and were not included in our same store sales, contributed $30.8 million to net sales. Same store sales decreased 9.4% compared to the first nine months of fiscal year 2023, primarily as a result of the same factors noted above that impacted net sales. Gross profit was $266.9 million or 31.1% of net sales, compared to $284.0 million or 31.0% of net sales for the first nine months of fiscal year 2023. This increase, as a percentage of net sales, was primarily due to higher overall product margins, versus last years apparel and footwear clearance events which put pressure on our gross margin, partially offset by increased shrink. SG&A expenses decreased to $288.7 million or 33.6% of net sales, compared with $301.5 million or 32.9% of net sales for the first nine months of fiscal year 2023. This absolute dollar decrease primarily related to our ongoing cost reduction efforts and decision to not open new stores during fiscal year 2024, partially offset by increases in rent and depreciation expenses. The increase as a percentage of net sales was largely due to lower net sales. Net loss was $(24.3) million, compared to net loss of $(20.3) million in the first nine months of fiscal year 2023. Adjusted net loss was $(21.7) million, compared to adjusted net loss of $(16.6) million in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Adjusted EBITDA was $15.1 million, compared to $19.3 million in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Diluted loss per share was $(0.65), compared to diluted loss per share of $(0.54) in the first nine months of fiscal year 2023. Adjusted diluted loss per share was $(0.58), compared to adjusted diluted loss per share of $(0.44) in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Balance sheet and capital allocation highlights as of November 2, 2024: The Company ended the third quarter with net debt of $151.3 million, comprised of $130.0 million of borrowings outstanding under the Company's revolving credit facility, $24.0 million of net borrowings outstanding under the Company's term loan facility, and $2.7 million of cash and cash equivalents. Inventory at the end of the third quarter was $438.1 million. Total liquidity was $150.8 million as of the end of the third quarter of fiscal year 2024, comprised of $148.1 million of availability under the Company's revolving credit facility and term loan facility and $2.7 million of cash and cash equivalents. Company Outlook: "Given the current consumer environment and the shift towards value and promotion-driven shopping, we intensified our marketing and advertising campaigns to drive sales, which placed additional pressure on our margins this quarter," said Jeff White, Chief Financial Officer of Sportsman's Warehouse "To ensure strong core product in-stocks and to bring fresh offerings to our stores, we made strategic inventory investments aimed at improving sales during the hunting and holiday seasons. As we progress through the remainder of the year, we will remain disciplined in managing our expenses, and will reduce total inventory levels to generate positive free cash flow. Our mid and long-term objectives will be centered on improving our topline with a focus on margins and profitability." The Company is adjusting its guidance for fiscal year 2024 and expects net sales to be in the range of $1.18 billion to $1.20 billion, adjusted EBITDA to be in the range of $23 million to $29 million and total inventory to be below $350 million. The low end of the adjusted EBITDA range still assumes positive free cash flow for the full year. The Company now expects capital expenditures for 2024 to be in the range of $17 million to $20 million, primarily consisting of technology investments relating to merchandising and store productivity. No new store openings for the remainder of fiscal year 2024 are currently anticipated and we plan to open one new store in fiscal year 2025. The Company has not reconciled expected adjusted EBITDA for fiscal year 2024 to GAAP net income because the Company does not provide guidance for net (loss) income and is not able to provide a reconciliation to net (loss) income without unreasonable effort. The Company is not able to estimate net (loss) income on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from Adjusted EBITDA, including stock-based compensation expense. Conference Call Information A conference call to discuss third quarter 2024 financial results is scheduled for December 10, 2024, at 5:00 PM Eastern Time. The conference call will be held via webcast and may be accessed via the Investor Relations section of the Company's website at www.sportsmans.com . Non-GAAP Financial Measures This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the "SEC") and that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"): adjusted net (loss) income, adjusted diluted (loss) earnings per share and adjusted EBITDA. The Company defines adjusted net (loss) income as net (loss) income plus expenses incurred relating to director and officer transition costs, costs related to the implementation of our cost reduction plan, costs related to legal settlements and related fees and expenses, and fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. Net (loss) income is the most comparable GAAP financial measure to adjusted net (loss) income. The Company defines adjusted diluted (loss) earnings per share as adjusted net (loss) income divided by diluted weighted average shares outstanding. Diluted (loss) earnings per share is the most comparable GAAP financial measure to adjusted diluted (loss) earnings per share. The Company defines Adjusted EBITDA as net (loss) income plus interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation expense, director and officer transition costs, costs related to the implementation of our cost reduction plan, a legal settlement and related fees and expenses, and fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. Net (loss) income is the most comparable GAAP financial measure to adjusted EBITDA. The Company has reconciled these non-GAAP financial measures to the most directly comparable GAAP financial measures under "GAAP and Non-GAAP Financial Measures" in this release. As noted above, the Company has not provided a reconciliation of fiscal year 2024 guidance for Adjusted EBITDA, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors and are frequently used by analysts, investors and other interested parties in the evaluation of companies in the Company's industry. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company's business and facilitate a more meaningful comparison of its diluted (loss) earnings per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Management uses this information as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Other companies in the Company's industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. The Company's management believes that these non-GAAP financial measures allow investors to evaluate the Company's operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company's core operating performance. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results, cash flows or leverage will be unaffected by other unusual or non-recurring items. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our progress on our business reset initiatives; our prioritization of traffic-driving marketing and product pricing initiatives, exceptional customer service and prudent inventory management; our emphasis on the balance sheet and ending the year with positive free cash flow; our ability to manage expenses, reduce total inventory levels to generate positive free cash flow; and our guidance for net sales and Adjusted EBITDA for fiscal year 2024. Investors can identify these statements by the fact that they use words such as "aim," "anticipate," "assume," "believe," "can have," "could," "due," "estimate," "expect," "goal," "intend," "likely," "may," "objective," "plan," "positioned," "potential," "predict," "should," "target," "will," "would" and similar terms and phrases. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for the Company's products and ability to conduct its business; the Company's retail-based business model which is impacted by general economic and market conditions and economic, market and financial uncertainties that may cause a decline in consumer spending; the Company's concentration of stores in the Western United States which makes the Company susceptible to adverse conditions in this region, and could affect the Company's sales and cause the Company's operating results to suffer; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner; the Company's entrance into new markets or operations in existing markets, including the Company's plans to open additional stores in future periods, which may not be successful; the Company's implementation of a plan to reduce expenses in response to adverse macroeconomic conditions, including an increased focus on financial discipline and rigor throughout the Company's organization; impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, economic slowdowns, and recessions or market corrections; and other factors that are set forth in the Company's filings with the SEC, including under the caption "Risk Factors" in the Company's Form 10-K for the fiscal year ended February 3, 2024, which was filed with the SEC on April 4, 2024, and the Company's other public filings made with the SEC and available at www.sec.gov . If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. About Sportsman's Warehouse Holdings, Inc. Sportsman's Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories. For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com . Investor Contact: Riley Timmer Vice President, Investor Relations Sportsman's Warehouse (801) 304-2816 investors@sportsmans.com SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited) (amounts in thousands, except per share data) For the Thirteen Weeks Ended November 2, 2024 % of net sales October 28, 2023 % of net sales YOY Variance Net sales $ 324,261 100.0 % $ 340,569 100.0 % $ (16,308 ) Cost of goods sold 221,173 68.2 % 237,384 69.7 % (16,211 ) Gross profit 103,088 31.8 % 103,185 30.3 % (97 ) Operating expenses: Selling, general and administrative expenses 99,973 30.8 % 100,113 29.4 % (140 ) Income from operations 3,115 1.0 % 3,072 0.9 % 43 Interest expense 3,317 1.1 % 3,944 1.2 % (627 ) Other losses - 0.0 % - 0.0 % - Loss before income taxes (202 ) (0.1 %) (872 ) (0.3 %) 670 Income tax expense 162 0.0 % 459 0.1 % (297 ) Net loss $ (364 ) (0.1 %) $ (1,331 ) (0.4 %) $ 967 Loss per share Basic $ (0.01 ) $ (0.04 ) $ 0.03 Diluted $ (0.01 ) $ (0.04 ) $ 0.03 Weighted average shares outstanding Basic 37,869 37,393 476 Diluted 37,869 37,393 476 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited) (amounts in thousands, except per share data) For the Thirty-Nine Weeks Ended November 2, 2024 % of net sales October 28, 2023 % of net sales YOY Variance Net sales $ 857,235 100.0 % $ 917,593 100.0 % $ (60,358 ) Cost of goods sold 590,343 68.9 % 633,547 69.0 % (43,204 ) Gross profit 266,892 31.1 % 284,046 31.0 % (17,154 ) Operating expenses: Selling, general and administrative expenses 288,727 33.6 % 301,450 32.9 % (12,723 ) Loss from operations (21,835 ) (2.5 %) (17,404 ) (1.9 %) (4,431 ) Interest expense 9,408 1.1 % 9,518 1.0 % (110 ) Other losses 457 0.1 % - 0.0 % 457 Loss before income taxes (31,700 ) (3.7 %) (26,922 ) (2.9 %) (4,778 ) Income tax benefit (7,364 ) (0.9 %) (6,664 ) (0.7 %) (700 ) Net loss $ (24,336 ) (2.8 %) $ (20,258 ) (2.2 %) $ (4,078 ) Loss per share Basic $ (0.65 ) $ (0.54 ) $ (0.11 ) Diluted $ (0.65 ) $ (0.54 ) $ (0.11 ) Weighted average shares outstanding Basic 37,729 37,500 229 Diluted 37,729 37,500 229 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited) (amounts in thousands, except par value data) November 2, February 3, 2024 2024 Assets Current assets: Cash and cash equivalents $ 2,666 $ 3,141 Accounts receivable, net 1,447 2,119 Income tax receivable 523 — Merchandise inventories 438,136 354,710 Prepaid expenses and other 19,745 20,078 Total current assets 462,517 380,048 Operating lease right of use asset 320,729 309,377 Property and equipment, net 175,181 194,452 Goodwill 1,496 1,496 Deferred tax asset 7,480 505 Definite lived intangibles, net 282 327 Total assets $ 967,685 $ 886,205 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 112,690 $ 56,122 Accrued expenses 95,094 83,665 Income taxes payable — 126 Operating lease liability, current 48,866 48,693 Revolving line of credit 130,042 126,043 Total current liabilities 386,692 314,649 Long-term liabilities: Term loan, net 23,969 — Operating lease liability, noncurrent 313,454 307,000 Total long-term liabilities 337,423 307,000 Total liabilities 724,115 621,649 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding — — Common stock, $.01 par value; 100,000 shares authorized; 37,957 and 37,529 shares issued and outstanding, respectively 379 375 Additional paid-in capital 85,144 81,798 Accumulated earnings 158,047 182,383 Total stockholders' equity 243,570 264,556 Total liabilities and stockholders' equity $ 967,685 $ 886,205 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements Cash Flows (Unaudited) (amounts in thousands) Thirty-Nine Weeks Ended November 2, October 28, 2024 2023 Cash flows from operating activities: Net loss $ (24,336 ) $ (20,258 ) Adjustments to reconcile net income to net cash used in operating activities: Depreciation of property and equipment 30,491 28,367 Amortization of discount on debt and deferred financing fees 217 114 Amortization of definite lived intangible 45 45 Loss on asset dispositions 501 — Noncash lease expense 3,239 24,493 Deferred income taxes (6,975 ) (6,664 ) Stock-based compensation 3,438 3,341 Change in operating assets and liabilities, net of amounts acquired: Accounts receivable, net 673 (1,051 ) Operating lease liabilities (7,964 ) (10,539 ) Merchandise inventories (83,426 ) (47,196 ) Prepaid expenses and other 220 (7,403 ) Accounts payable 56,128 26,081 Accrued expenses 9,727 (4,413 ) Income taxes payable and receivable (649 ) (1,554 ) Net cash used in operating activities (18,671 ) (16,637 ) Cash flows from investing activities: Purchase of property and equipment, net of amounts acquired (11,305 ) (71,170 ) Proceeds from sale of property and equipment 55 — Net cash used in investing activities (11,250 ) (71,170 ) Cash flows from financing activities: Net borrowings on line of credit 3,999 97,885 Borrowings on term loan 25,000 — Increase (Decrease) in book overdraft 1,670 (5,611 ) Proceeds from issuance of common stock per employee stock purchase plan 208 456 Payments to acquire treasury stock — (2,748 ) Payment of withholdings on restricted stock units (296 ) (1,649 ) Payment of deferred financing costs and discount on term loan (1,135 ) — Net cash provided by financing activities 29,446 88,333 Net change in cash and cash equivalents (475 ) 526 Cash and cash equivalents at beginning of period 3,141 2,389 Cash and cash equivalents at end of period $ 2,666 $ 2,915 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Financial Measures (Unaudited) (amounts in thousands, except per share data) The following table presents the reconciliations of (i) GAAP net loss to adjusted net loss and (ii) GAAP diluted loss per share to adjusted diluted loss per share: For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Numerator: Net loss $ (364 ) $ (1,331 ) $ (24,336 ) $ (20,258 ) Director and officer transition costs (1) 279 1,180 709 3,067 Cancelled contract (2) 205 - 911 - Cost reduction plan (3) - 351 - 1,216 Legal settlement (4) 1,750 - 1,750 687 Less tax benefit (519 ) (398 ) (783 ) (1,292 ) Adjusted net loss $ 1,351 $ (198 ) $ (21,749 ) $ (16,580 ) Denominator: Diluted weighted average shares outstanding 37,869 37,393 37,729 37,500 Reconciliation of loss per share: Diluted loss per share: $ (0.01 ) $ (0.04 ) $ (0.65 ) $ (0.54 ) Impact of adjustments to numerator and denominator 0.05 0.03 0.07 0.10 Adjusted diluted loss per share: $ 0.04 $ (0.01 ) $ (0.58 ) $ (0.44 ) (1) Expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team. (2) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. (3) Severance expenses paid as part of our cost reduction plan implemented during the 13 weeks ended July 29, 2023. (4) Represents costs related to legal settlements and related fees and expenses. SPORTSMAN'S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Financial Measures (Unaudited) (amounts in thousands, except per share data) The following table presents the reconciliation of GAAP net loss to adjusted EBITDA for the periods presented: For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net loss $ (364 ) $ (1,331 ) $ (24,336 ) $ (20,258 ) Interest expense 3,317 3,944 9,408 9,518 Income tax benefit 162 459 (7,364 ) (6,664 ) Depreciation and amortization 9,984 10,663 30,536 28,412 Stock-based compensation expense (1) 1,047 965 3,438 3,341 Director and officer transition costs (2) 279 1,180 709 3,067 Cancelled contract (3) 205 - 911 - Cost reduction plan (4) - 351 - 1,216 Legal settlement (5) 1,750 - 1,750 687 Adjusted EBITDA $ 16,380 $ 16,231 $ 15,052 $ 19,319 (1) Stock-based compensation expense represents non-cash expenses related to equity instruments granted to employees under our equity incentive plan and employee stock purchase plan. (2) Expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team. (3) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. (4) Severance expenses paid as part of our cost reduction plan implemented during the 13 weeks ended July 29, 2023. (5) Represents costs related to legal settlements and related fees and expenses. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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( MENAFN - PR Newswire) Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Acadia Healthcare To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $100,000 in Acadia Healthcare between February 28, 2020 and September 26, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . [You may also click here for additional information] NEW YORK, Dec. 12, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP , a leading national securities law firm, is investigating potential claims against Acadia Healthcare Company, Inc. ("Acadia Healthcare" or the "Company") (NASDAQ: ACHC ) and reminds investors of the December 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See . As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Acadia Healthcare's business model centered on holding vulnerable people against their will in its facilities, including in cases where it was not medically necessary to do so; (2) while in Acadia Healthcare facilities, many patients were subjected to abuse; (3) Acadia Healthcare deceived insurance providers into paying for patients to stay in its facilities when it was not medically necessary; and (4) as a result, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. On Sunday, September 1, 2024, The New York Times published an article entitled "How a Leading Chain of Psychiatric Hospitals Traps Patients." This article stated that "Acadia Healthcare is one of America's largest chains of psychiatric hospitals. Since the pandemic exacerbated a national mental health crisis, the company's revenue has soared. [. . .] But a New York Times investigation found that some of that success was built on a disturbing practice: Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary. In at least 12 of the 19 states where Acadia operates psychiatric hospitals, dozens of patients, employees and police officers have alerted the authorities that the company was detaining people in ways that violated the law, according to records reviewed by The Times. In some cases, judges have intervened to force Acadia to release patients." On this news, the price of Acadia Healthcare stock fell by 4.5% on September 3, 2024. On September 27, 2024, Acadia Healthcare filed a current report with the U.S. Securities and Exchange Commission ("SEC"), revealing that "[o]n September 24, 2024 [Acadia] received a voluntary request for information from the United States Attorney's Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri [. . .] related to its admissions, length of stay and billing practices." The current report further stated that "Acadia anticipates receiving similar document requests from the [SEC] and may receive additional document requests from other governmental agencies." On this news, the price of Acadia Healthcare stock fell by 16.36% on September 27, 2024. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Acadia Healthcare's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Acadia Healthcare Company, Inc. class action, go to /ACHC or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . Follow us for updates on LinkedIn , on X , or on Facebook . Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. SOURCE Faruqi & Faruqi, LLP MENAFN12122024003732001241ID1108988688 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.A bankruptcy judge on Monday ordered a new hearing in conspiracy theorist Alex Jones' effort to stop the satirical news outlet The Onion from buying Infowars and turning it into a parody. Jones alleges fraud and collusion marred the bankruptcy auction in which The Onion was named the winning bidder on Nov. 14 over a company affiliated with him. U.S. Bankruptcy Judge Christopher Lopez had been scheduled to hear an emergency motion to disqualify The Onion's bid, but decided to put it off until either Dec. 9 or Dec. 17. That's also when the judge will hear arguments on a request to approve the sale of Infowars to The Onion. Lopez said similar arguments are being made in both requests. Lopez could ultimately allow The Onion to move forward with its purchase, order a new auction or name the other bidder as the winner. At stake is whether Jones gets to stay at Infowars’ studio in Austin, Texas, under a new owner friendly to him, or whether he gets kicked out by The Onion. The other bidder, First United American Companies, runs a website in Jones’ name that sells nutritional supplements. Regardless, Jones has set up a new studio, websites and social media accounts that would allow him to keep airing his show. And his personal account with 3.3 million followers on the social platform X was not part of the sale, although Lopez will be deciding whether it should be included in the liquidation and sold off later. In a new court filing Monday, lawyers for X objected to any sale of the accounts of both Jones and Infowars, saying X is the owner of the accounts and that it has not given consent for them to be sold or transferred. Jones has praised X owner Elon Musk on his show and suggested that Musk should buy Infowars. Musk has not responded publicly to that suggestion and was not among the bidders. Jones' bankruptcy and the liquidation of his assets came about after he was ordered to pay nearly $1.5 billion to relatives of victims of the Sandy Hook Elementary School shooting in Newtown, Connecticut. Jones was found liable for defamation and emotional distress damages in lawsuits in Connecticut and Texas for repeatedly calling the 2012 shooting that killed 20 first graders and six educators a hoax staged by actors to increase gun control. Proceeds from the liquidation are to go to Jones' creditors, including the Sandy Hook families who sued him. Jones alleges The Onion’s bid was the result of fraud and collusion involving many of those families, the humor site and a court-appointed trustee who is overseeing the liquidation. First United American Companies submitted a $3.5 million sealed bid, while The Onion offered $1.75 million in cash. But The Onion's bid also included a pledge by Sandy Hook families to forgo some or all of the auction proceeds due to them to give other creditors a total of $100,000 more than they would receive under other bids. The trustee, Christopher Murray, said that made The Onion's proposal better for creditors and he named it the winning bid. He has denied any wrongdoing. Jones and First United American Companies claimed that the bid violated Lopez’s rules for the auction by including multiple entities and lacking a valid dollar amount. Jones also alleged Murray improperly canceled an expected round of live bidding and only selected from among the sealed bids that were submitted. Jones called the auction “rigged” and a “fraud” on his show, which airs on the Infowars website, radio stations and Jones' X account. He filed a counter lawsuit last week against Murray, The Onion's parent company and the Sandy Hook families in the bankruptcy court. In a court filing on Sunday, Murray called the allegations a “desperate attempt” to delay the sale of Infowars to The Onion and accused Jones, his lawyers and attorneys for First United American Companies of a “vicious smear campaign lobbing patently false accusations.” He also alleges Jones collaborated with First United American Companies to try to buy Infowars. Lopez’s September order on the auction procedures made a live bidding round optional. And it gave broad authority to Murray to conduct the sale, including the power to reject any bid, no matter how high, that was “contrary to the best interests” of Jones, his company and their creditors. But at a Nov. 14 hearing Lopez said he was concerned about the process and transparency. “We’re all going to an evidentiary hearing and I’m going to figure out exactly what happened,” he said. “No one should feel comfortable with the results of this auction.” The assets of Infowars' parent company, Free Speech Systems, that were up for sale included the Austin studio, Infowars' video archive, video production equipment, product trademarks, and Infowars' websites and social media accounts. Jones is appealing the $1.5 billion in judgments citing free speech rights, but has acknowledged that the school shooting happened . Jones has brought in millions of dollars a year in revenue by hawking nutritional supplements, clothing, survival gear and other merchandise, including more than $22 million this year through Sept. 30 from his Infowars Store website, according to court documents. Many of Jones’ personal assets, including real estate, guns and other personal belongings, also are being sold as part of the bankruptcy. Documents filed in court this year say Jones has about $9 million in personal assets, while Free Speech Systems has about $6 million in cash and more than $1 million worth of inventory. Dave Collins, The Associated Press