Expedia profits slip due to higher taxes

first_img Show Comments ▼ whatsapp KCS-content Thursday 10 February 2011 8:39 pm Expedia profits slip due to higher taxes by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img Share ONLINE travel agency Expedia said yesterday its quarterly profit slipped 30 per cent due to a higher tax rate and increased interest expense.The largest online travel agency said fourth-quarter net income amounted to $71.3m (£44.3m), or 25 cents per share, compared with $102.2m, or 35 cents per share, a year ago.Excluding one-time items, Expedia said it earned 32 cents per share, compared with analysts’ average estimate of 36 cents per share.The total value of Expedia’s bookings rose 14 per cent in the quarter from a year ago to $5.75bn. The company posted revenue of $808.4m, compared with forecasts for $801.3m. Revenue was $697.5m in the same period a year ago.Expedia’s operating margin narrowed to 18.5 per cent from 20.2 per cent. Gross bookings climbed 14 per cent, while transactions rose 13 per cent. Worldwide hotel revenue climbed 15 per cent, with nights stayed rising. Air revenue also increased 15 per cent.Shares of Expedia fell 5.3 per cent to $24.33 following the release of its earnings from their $25.69 close in regular trading on Nasdaq. Tags: NULL More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapplast_img read more

iGB Live! Online: Day two round-up

first_img Tags: Online Gambling Email Address iGB Live! Online: Day two round-up Legal & compliance Topics: Legal & compliance Marketing & affiliates People Strategy The focus of the second day of iGB Live! Online shifted to B2B, with speakers including H2 Gambling Capital’s Ed Birkin, SKS365 chief Alexander Martin and Better Collective CEO Jesper Søgaard.The day began with H2’s Ed Birkin analysing the impact of novel coronavirus (Covid-19) on the sports betting vertical.While a full run-down of that session is available here, Birkin revealed that iGB’s principal data partner forecasts a 10% decline of interactive betting gross revenue from H2’s pre-pandemic forecasts for the year. This decline is likely to be more pronounced for land-based as a result of shop and casino closures, with revenue for the channel now expected to come in 30% below original projections.Birkin noted that there is a significant difference between sports betting and horse racing activity. Some form of horse racing activity continued throughout the lockdown, often behind closed doors, and therefore interactive racing GGR is only down 4% compared to H2’s initial forecast, whereas interactive sports betting GGR is down 16%.For the nascent US market, he said that while there had been a pronounced impact in March – at a time when the National Collegiate Athletics Association’s (NCAA) March Madness basketball tournament usually takes place – the effects since were less severe. April, May, June and July are traditionally quieter months in the US sporting calendar, which means the impact has been a lot lower than it otherwise might have been.When the National Football League (NFL) season kicks off in September, H2 still expects there to be some impact from the pandemic, as the size and scale of the market is constantly changing as state after state regulates the vertical, this will still allow for strong year-on-year growth.“We couldn’t hand them a Playstation” In a session titled, ‘The consumer response: retail and live sports shutdown’, Ivan Liashenko (pictured), chief marketing officer at Parimatch, discussed methods of retaining existing customers and keeping them engaged during the lockdown period.Liashenko said the main problem Parimatch faced was finding a way to ensure its customers would come back to the site even when there were almost no live sports on offer.“Of course, just like everyone else, we weren’t fully ready for what happened, but we tried to do our best,” Liashenko said. “The first problem we faced was customer retention. When there’s no sports events it’s hard to make players stay.”However, the Parimatch CMO said that matches played on popular video game Fifa proved to be an effective retention tool as customers enjoyed the familiarity offered by playing as real teams. “We work with local influencers in all of our countries and we tried to ask some celebrities to play,” he said. “We took some football players from big football clubs, which was a bit of a problem because they were of course in quarantine. We couldn’t hand them a Playstation, we had to leave it at the door and we couldn’t help install it.”Esports, he said, also kept customers coming back and have held steady in popularity even as traditional sports return.Liashenko added that producing a regular podcast helped too, as not only did this provide a reason for customers to visit the Parimatch website, but it also provided bettors more of a sense of community.“It’s just 7-10 minutes and kept customers up to date about our betting offering and importantly let our customers know that other people were betting too,” Liashenko continued. “When you’re all on your own it’s easy to think ‘Nobody else is watching these matches; nobody else is betting’ but we tried to recreate the atmosphere of a betting shop through podcasts.”Lessons learned from Italy Next up was Alexander Martin, CEO of SKS365, who recounted how lockdown impacted business in Italy, as well as sharing how he believed it would shape the operator’s future.The first point Martin covered was how the ongoing pandemic impacted SKS365 and its brand, Planetwin365, which runs around 1,000 betting shops in Italy.Due to the large scale outbreak in northern Italy, Martin explained that the company had a first glimpse at what was to come in lockdown. Initially, the impact of the Italian government announcing the closure of all shops on March 8 was limited, with only a decline of 40% in turnover. By the second week, however, the estate saw a 70% decline.As a result, igaming then saw significant growth in Italy – Martin noted that total GGR was 20% up year-on-year across all operators, primarily driven by online casinos. Conversely, sportsbook GGR was down 50%.SKS365 actively continued to invest in products, as well as customer and people experience, Martin continued. The company continued to grow its online casino product, and enriched its live dealer offering. By offering table games broadcasted from land-based casinos, Martin explained they were able to emulate a live, land-based experience.“All improvements resulted in the steady growth of casino, even during the lockdown, and achieved a year-on-year uplift on our online casino GGR of more than 50%,” he said.Despite retail outlets remaining closed, Martin said the company had continued to invest in betting shops, adding essential measures to allow them to be active as soon as possible.He then rounded off the session with his view of the future, and what the lasting impacts will be from the pandemic.A study in Italy saw 10% of its land-based customers opening an online gambling account for the first time, he noted.“That is something certainly that will be continuing, and online will [represent] a bigger percentage of the overall gambling market in the future,” Martin said.With the future uncertain, he goes on to recommend continued investment in areas less impacted by social distancing, such as esports and virtual gaming, as well as those with social opportunities: “As we have seen a revival in poker, we will continue to offer product formats that allow physical distancing, but enable social gatherings – including games that include chats, voice and even video interactions between players.”Finally, he said, SKS365 will continue to invest in its omnichannel strategy, highlighting the importance of the customer’s ability to play in a format best suited to their personal preference and environment.The importance of a light touch The day’s content concluded with Better Collective chief executive Jesper Søgaard discussing the value of licensing in the affiliate sector. He said a model similar to those in New Jersey or Romania, designed to give operators legal certainty over who they work with, and to ensure regulators have oversight of who is active in a territory, would be preferable.While Søgaard admitted to some dissatisfaction with elements of the New Jersey model – outlined in full here – he said that ultimately affiliate licensing appeared to increasingly inevitable as regulations tightened in European jurisdictions.This, he argued, made it vital for affiliates to be in dialogue with regulators, in order to play a role in shaping regulations rather than being hit with restrictive and unviable controls.iGB Live! Online is now finished, but all sessions are available to watch on demand. Register here to re-watch the two days’ content.The physical event is also coming up, taking place at the RAI in Amsterdam over 22 to 25 September.center_img The focus of the second day of iGB Live! Online shifted to B2B, with speakers including H2 Gambling Capital’s Ed Birkin, SKS365 chief Alexander Martin and Better Collective CEO Jesper Søgaard. Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 16th July 2020 | By contenteditorlast_img read more

Extreme Noyes terror and the nanny state

first_imgLegal & compliance Subscribe to the iGaming newsletter Extreme Noyes terror and the nanny state Regions: UK & Ireland AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Last month’s Social Market Foundation Report contained some reasoned contributions to the debate on GB gambling reform, but its proposal for affordability checks to be triggered by an arbitrary soft cap on deposits is not among them, argues Scott Longley Tags: Online Gambling Email Address Last month’s Social Market Foundation Report contained some reasoned contributions to the debate on GB gambling reform, but its proposal for affordability checks to be triggered by an arbitrary soft cap on deposits is not among them, argues Scott LongleyThe recent Gambling Review and Reform report from the Social Market Foundation contained enough within it that was sensible to make it seem like a useful addition to the ongoing debate around the regulation in the UK.Much of what was in the report covers old ground, particularly for co-author James Noyes who was previously an adviser on gambling policy to then deputy leader of the Labour Party Tom Watson. A gambling ombudsman, for instance, was among the measures called for by Watson last year, as was the ending of white-label partnerships.But in other areas, the report – co-authored by Jake Shepherd – wades into more controversial territory.In particular, on affordability Noyes proposes a £23 per week soft cap on net deposits to be applied on all customers.“Expenditure of up to £23 per week is more than what the majority of gamblers spend, while also being a threshold that ensures (according to our analysis of income and living standards) that gambling activities do not amount to serious financial harm,” says the report.To say that Noyes is patrician in reaching his estimates would be an understatement.In order to come up with the £23 figure he refers to research on the Minimum Income Standard, a piece of jargon from the social welfare arena which estimates “what members of the public think is needed for a decent standard of living in the UK.”Noyes then welds gambling to this arguably contentious measure on the basis that he thinks it is (emphasis added) “legitimate for the MIS budget set aside for social and cultural participation to be allocated to gambling, if consumers of these activities so wish.”In order to police this arbitrary ‘soft cap’, Noyes proposes the Gambling Ombudsman should become an all-seeing eye, collecting every piece of financial and personal data on anyone who should wish to spend more than £23 on gambling in order to determine whether they should be allowed to breach this limit.But in opting for the maximalist route on affordability – and insisting on an arbitrary soft cap limit – the Social Market Foundation report doesn’t appear to either know nor does it question what can already be achieved on affordability and by much less controversial means.“The truth is that there’s better ways to understand affordability which takes into account the diversity of the gambling public,” says Scott McGregor, chief operating officer and co-founder of responsible gambling solutions provider beBettor.He points out that the affordability solution his company offers works with open data to make estimates on the wealth and income of any gambler in the UK for customer protection purposes.“It’s a system of checks which any operator can deploy that work with the basic sign-on information given across when a player first registers with a site,” he adds. “This not only ensures more consumer freedom, but more tailored protection to the most vulnerable as well. Better yet, using open data sets as our ingredients maintains customer privacy whilst also not leaving any marks behind on customers credit scores.”For all the many pages on affordability, Noyes only gives mention to one firm – Experian – and has clearly not deemed it necessary to speak to them or any other providers of open data-based affordability solutions.It is a missed opportunity, particularly in light of the recent findings from Sweden where the Swedish Gambling Authority found that the setting up of a nationwide registry system presented formidable obstacles.The SMF report says at one point that the “question of affordability is a complex and controversial one because it touches upon the extent to which the spending, and therefore the economic agency, of a free individual should be limited by the state.”All of which is true. But if its authors had delved deeper into the issue they might have seen that these complexities are already being addressed, but in a far less charged fashion than the report’s authors appear to believe is necessary.The option is already there for the industry to confront issues of affordability – and further down the line the single customer view – in a constructive way that can answer the critics while also consigning ideas around a panopticon of Ombudsman oversight to the Orwellian dustbin.As McGregor says: “Affordability is clearly an issue the industry needs to address, however a sophisticated approach needs to be adopted as it’s not one-size-fits-all.”Scott Longley has been a journalist since the early 2000s, covering personal finance, sport and gambling. He has worked for a number of publications including Investment Week, Bloomberg Money, Football First, eGaming Review and Gambling Compliance. Scott now runs his own editorial consultancy, Clear Concise Media, and writes for a number of online and print titles. 9th September 2020 | By Stephen Carter Topics: Legal & compliancelast_img read more

Stock market crash round 2 may be coming. Here’s why I’d still buy cheap UK shares today

first_img See all posts by Peter Stephens The prospect of a second stock market crash continues to be relatively high. The ongoing rise in coronavirus cases means that the prospects for the world economy could prove to be very challenging.Despite this, now could be an opportune moment to buy a diverse range of cheap UK shares. In many cases, they appear to offer wide margins of safety that may take into account the risks faced by the world economy.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Although they may not produce high returns in the short run, due to a weak economic outlook, over the long run they could outperform other mainstream assets.A second stock market crashThe prospects for a second stock market crash seem to have increased over recent weeks. Continued growth in the number of coronavirus cases in major economies such as the US means that a return to more widespread containment measures may be ahead. This could slow economic growth and lead to more difficult operating conditions for many businesses.However, in many cases, UK shares appear to offer very good value for money. Certainly, some sectors such as online retailing and healthcare have rebounded strongly. However, other industries such as banking and energy continue to trade on low valuations. In fact, in some cases, the valuations of large-cap shares are significantly below their long-term average.Therefore, investors who take a long-term view of their portfolio may be able to buy high-quality stocks at the present time while they offer wide margins of safety. They may not produce strong returns in the short run due to the prospect of a second stock market crash. But over the coming years they may be very profitable holdings.Relative return potential of UK sharesThe potential for another stock market crash means that some investors may look to assets other than shares at the present time. For example, they may seek lower-risk opportunities such as cash and bonds, or they may decide to purchase buy-to-let property as government support impacts positively on buyer demand.However, cheap UK shares could be a more attractive option from a risk/reward standpoint than other mainstream assets. Their returns are likely to be significantly higher than those of cash and bonds in a low-interest-rate environment that may last for many years. Similarly, with buy-to-let properties being priced at high levels, UK shares could offer much better value for money and greater capital return prospects.As such, now could be the right time to buy cheap UK shares, despite the risk of a second market crash. Their valuations and track record of recovery suggest that long-term investors could generate high returns in the coming years as the world economy recovers and the operating conditions for FTSE 100 and FTSE 250 companies improve. Image source: Getty Images Stock market crash round 2 may be coming. Here’s why I’d still buy cheap UK shares today Peter Stephens | Tuesday, 28th July, 2020 Enter Your Email Address I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! “This Stock Could Be Like Buying Amazon in 1997” Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Our 6 ‘Best Buys Now’ Shareslast_img read more

142 South Street / Sandy Rendel Architects

first_imgShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/791160/142-south-street-sandy-rendel-architects Clipboard Building Contractor: ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/791160/142-south-street-sandy-rendel-architects Clipboard Planning Consultant: Save this picture!© Oliver Perrott+ 17 Share 142 South Street / Sandy Rendel ArchitectsSave this projectSave142 South Street / Sandy Rendel Architects United Kingdom Projects Photographs Area:  257 m² Year Completion year of this architecture project 2015 Myriad Construction Manufacturers: Kingspan Insulated Panels, Allgood, C.P. Hart, IQ Glass, Renolit, The Safety Letterbox Company, Urban Front, Vasco, Vitsœ, Amina Technologies, Authentic Stone, Ben the Blacksmith, Coexistence, Ground Floor Structural Glazing, ICS Industrial Roofing and Cladding, Integrity Soft Furnishings, J F Stoneworks, Janatti Marble, Laguna Rugs, Lambs Bricks, +4Luxal, Membrane Roofing, Stamco, The London Upholstery House-4 Houses “COPY” Architects: Sandy Rendel Architects Area Area of this architecture project ECE Planning, Chris Barker CopyHouses•Lewes, United Kingdom CopyAbout this officeSandy Rendel ArchitectsOfficeFollowProductsWoodSteelConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesLewesEnglandUnited KingdomPublished on July 13, 2016Cite: “142 South Street / Sandy Rendel Architects” 13 Jul 2016. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogPartitionsSkyfoldChoosing the Skyfold Wall for Your SpaceGlass3MSun Control Film – Prestige ExteriorShowerhansgroheShowers – Croma SelectWall / Ceiling LightsSpectrum LightingLED Downlight – Infinium 3″ Round FlangelessVentilated / Double Skin FacadeCosentinoDekton Cladding in LD Sevilla hotelSealantsSikaJoint SealingBeams / PillarsLunawoodThermowood Frames and BearersPorcelain StonewareApariciPorcelain Tiles – MarblesCeramicsTerrealTerracotta Facade in Manchester HospitalWindowspanoramah!®ah! CornerHome AppliancesGIRAGira Keyless in – Door communicationLightsLinea Light GroupIntegrated Lighting – Fylo+More products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream 142 South Street / Sandy Rendel Architects Structural Engineer / Qs / Project Management:Stephen Evans AssociatesInterior Joinery Design (Kitchen And Staircase)::Jeremy PittsArchitect In Charge:Sandy Rendel ArchitectsStructural Engineer:Stephen Evans AssociatesQS:Stephen Evans AssociatesProject Management:Stephen Evans AssociatesCity:LewesCountry:United KingdomMore SpecsLess SpecsSave this picture!© Richard ChiversText description provided by the architects. Sandy Rendel Architects has completed 142 South Street, a new house within the scenic South Downs National Park on the banks of the River Ouse in Lewes, East Sussex.Save this picture!© Oliver PerrottReplacing a derelict workshop on a brownfield site that historically functioned as a wharf for the old quarry and cement works behind, the house occupies a prominent position at the entrance to the town. The local planning authority aspired for a ’landmark’ building to mark the entrance to the town and stipulated a bold design. As the first building you see, it is highly visible from the approach on the A26, as well as across the river and from above on Cliffe Hill.Save this picture!Ground Floor PlanSitting on a long and narrow strip of the riverbank overlooking the Railway Land Nature Reserve, the Corten steel clad house is set against the dramatic backdrop of white cliffs. Built off the roughcast concrete river wall, the five-bedroom home enjoys expansive views to the south and west over the river and low-lying flood plain. The chalk face of Cliffe Hill rises steeply to the east providing an imposing backdrop.Save this picture!© Richard ChiversThe main body of the house features a simple two-storey asymmetrical pitched roof structure whose ridge is carved away to break down its scale and reflect the contours of the cliff face behind. The simple plan arrangement has been subtly distorted at each end to draw in key views and also to provide a covered terrace at the southern end and a sheltered courtyard at the entrance, buffering the sound of the adjacent road.Save this picture!© Leigh SimpsonEmphasising the building’s form, a simple palette of self-finished materials has been carefully selected to be robust and weather naturally, developing a character that reflects the qualities of the site and surrounding area. On the ground floor on the riverside the exposed frame is constructed of board-marked concrete echoing the tone and texture of the rugged in-situ concrete river wall below. In contrast, the street elevation features walls of handmade ash-glazed Sussex brickwork traditional to the town, which gives a softer texture and more intimate scale to the street.Save this picture!SectionThe roof and external first floor walls are wrapped in a continuous skin of Corten steel expanded mesh that articulates the form of the upper volume.  The homogenous appearance of the surface conceals gutters, eaves and other traditional architectural elements resulting in clean, crisp detailing. Contrasting with the muted tones of the masonry base below, the decorativeSave this picture!© Oliver PerrottCorten rainscreen weathers naturally to a striking red ochre colour with a subtle variety of tone and texture. The mesh echoes the colour of the local soft red clay brickwork and tiles, whilst still remaining distinct, alluding to the industrial heritage of the area.Save this picture!DetailThe 257m2 house is entered through a small courtyard followed by an enclosed and dramatic hallway lined with blackened sawn oak boards. From here the interior opens out as you move further into the house, and walls of floor-to-ceiling frameless glass windows reveal expansive views of the river and nature reserve beyond. Developed in close collaboration with Jeremy Pitts Design, the oak wall lining and joinery continue into the open plan living space. Exploiting different treatments further emphasises the material qualities and allows for the development of patina with use over time.  Complementing the oak interior, mid-grey terrazzo tiling flows throughout the ground floor and connects through the glazing to the skirt of external paving around the building.Save this picture!© Oliver PerrottThe layout is flexible to accommodate changes as the young family grows up. The three interlinked central first floor rooms will allow different configurations over time, without physical changes to the building being required.Save this picture!© Oliver Perrott142 South Street is a sustainable, contemporary family home that maximises dramatic and extensive views up the river towards the centre of the town and out over the river floodplain. The distinct form and profile of the house makes a positive contribution to its surroundings and adds to the rich architectural heritage of the town.Save this picture!© Oliver PerrottProject gallerySee allShow lessKotorAPSS Forum 2016: RE-USE Symposium and THE DEBATE (Project Solana)SymposiumMaison D’education De La Legion D’honneur / Belus & Hénocq ArchitectesSelected Projects Share Year:  ArchDaily “COPY” Photographs:  Richard Chivers, Leigh Simpson Manufacturers Brands with products used in this architecture project last_img read more

Public to nominate visual artist to appear on the next £20 note

first_imgPublic to nominate visual artist to appear on the next £20 note  33 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis When will the new £20 note appear?After the nomination period closes, a committee which includes experts from the visual arts will draw up a shortlist, with help from public focus groups, and the Governor will make the final choice.The winning nomination will be announced in Spring 2015, and the new £20 note will be introduced into circulation within three to five years.Victoria Cleland, Chief Cashier and Director of Notes, said: Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 20 May 2015 | News “Characters have been on our banknotes since 1970 and they provide a fantastic opportunity to celebrate individuals from the past who have made significant contributions in a number of fields. The visual arts are clearly an area of outstanding British achievement and influence and I am very much looking forward over the next two months to meeting people across the UK to hear how they have been inspired by it.”Tim Reeve, Deputy Director and Chief Operating Officer, V&A added:“Britain has long been a global leader in the creative industries and its dynamic arts sector contributes many billions annually to the UK economy, so it is very fitting that the new £20 note will celebrate the wealth of creative talent this country has produced”.Other new bank notes to comeThe Bank of England will issue the new £5 note featuring Sir Winston Churchill in the second half of 2016 and the new £10 featuring Jane Austen around a year later. Members of the public have been invited by the Bank of England to make nominations for the person who should be recognised by appearing on the reverse of the next £20 note design.Speaking at the Victoria and Albert Museum in London yesterday, the Governor of the Bank of England, Mark Carney, announced that the design would recognise someone for their achievements for the visual arts.Who can be nominated?Nominations can be made over the next two months of people:• of historic significance from the visual arts including artists, sculptors, printmakers, designers, craftspeople, ceramicists, architects, fashion designers, photographers and filmmakers, and• whose work “shaped British thought, innovation, leadership, values and society”.The Bank will not accept nominations of the following:• living characters, with the exception of the Monarch• individuals “who would be unduly divisive”• individuals for whom the Bank can not generate “a recognisable and usable representation within a banknote design” (for security and anti-fraud reasons).Nominations for the £20 note character can be made until 19 July 2015.This is the first public nomination opportunity held since the Bank introduced a new character selection process in December 2013 to ensure that the choice of characters for the Bank’s notes “commanded broad respect and legitimacy”.[youtube height=”450″ width=”800″]https://www.youtube.com/watch?v=Pndc-SekcRc[/youtube] Tagged with: Bank of England Finance About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

Washington finally deals with Iran even as State Dept. reneges on terms

first_imgApril 6 — The agreed nuclear framework negotiated between the Iranian government and an unholy alliance of imperialist bandits, in addition to China, must be put in proper perspective.Whatever the terms of the framework agreement, and whatever the ultimate outcome of the negotiations, the fact is that the imperialist powers have had to sit across the table and agree, in one form or another, to Iran’s right to a nuclear program and to lift the sanctions.This is a position Washington had refused to accept for 12 years.In fact, Washington refused to negotiate with Iran for decades. Instead, it dealt with Teheran with sanctions, attempted counterrevolution, invasion, bombing threats, vilification, attempted isolation and a long campaign to bring about economic collapse and “regime change.” This campaign has been going on without letup since day one of the Iranian Revolution and the establishment of the anti-imperialist Islamic Republic in 1979.Of course, the details of the final accord — if there is one — are all-important. But the fact that Iran is still standing as a sovereign and independent anti-imperialist country, and has forced imperialism to recognize it, is a historic testament to the will and resistance of the Iranian people.Three groupings in U.S. ruling classThere are three basic groupings in the U.S. ruling class with regard to the negotiations.The first is the regime-change grouping that has never left the scene and was invigorated by George Bush’s “Axis of Evil” speech in 2002. In this grouping are both John Bolton, a Republican neoconservative and former U.S. ambassador to the U.N.,  and Lindsey Graham, a Republican senator from South Carolina.Bolton wrote an op-ed piece in the New York Times of March 25 titled “To Stop Iran’s Bomb, Bomb Iran.” He went on to say that “military attacks should be combined with vigorous American support for Iran’s opposition, aimed at regime change in Teheran.”Lindsey Graham, on the other hand, wants to sanction the government to death.The second grouping is the Obama camp, which wants to sell this deal to the ruling class here on the basis of it facilitating a broad realignment in the Middle East. Iran would presumably move to become a “respectable” member of the “community of nations,” and this would weaken the resistance front of Iran, Syria, Hezbollah and Hamas. it would also bring some relief to U.S. imperialism, which is deeply mired in crisis, from Afghanistan to North Africa.This geostrategic realignment is most likely wishful thinking on the part of a besieged imperialist government unsuccessfully trying to put out fires in Afghanistan, Iraq, Syria,  Yemen, Somalia, Libya, Nigeria, etc. Much of the ruling class here is skeptical about such a scenario.Then there is a third grouping. It does not believe that the anti-imperialist government of Ali Khamenei is going to help imperialism out of its dilemma. This grouping has no illusions about realignment, but wants a deal to contain Iran’s nuclear program.James Baker of Texas, a former government official high in the Reagan and first Bush administrations, is in this third grouping. He told Fareed Zakaria on CNN on April 4 that realignment “is a very difficult concept to believe. … If we can get an agreement that is verifiable, that is tight … that would be a very good accomplishment whether there was a geostrategic realignment or not.”This middle grouping leans toward accepting the nuclear framework agreement and the future negotiations. But the relationship of forces within the camp of the political advisers outside Congress is one thing. The Congress itself, which is leaning way to the right, is another.Under ordinary circumstances this framework would most likely be accepted by the ruling class. But politics has gone so far to the right in the U.S. that there is a significant possibility that right-wing, militarist elements will scuttle the framework during or after the negotiations. Huge amounts of money are now flowing to the right-wing forces aligned with Prime Minister Benjamin Netanyahu of Israel and are dedicated to destroying the framework before any agreement can be reached.State Department spin The State Department has issued a so-called Fact Sheet giving its spin on the talks. It is designed to sell the deal to the ruling class here. It also aims to lock in the Iranians to provisions they did not agree to. The State Department is treating this document as a legally binding agreement when it is in fact only the agreed-upon framework for further negotiations.The Iranian government has vigorously objected to this “spin” document, claiming it reneges on the agreement that sanctions would be lifted as soon as an accord was officially agreed upon. Secretary of State John Kerry and company have described a drawn-out, indefinite process for lifting the sanctions once Iran “has taken all of its key nuclear-related steps.”The State Department Fact Sheet talks of Iran being able to engage in “limited” research. The Iranian document does not contain the word “limited.” There is also a dispute over the number of centrifuges the Iranians will retain.Nuclear terror states vs. IranThe dramatic negotiations and all the big business commentary have left out one monumental fact: It is atrocious that a group of imperialist countries that persist in stockpiling perhaps 10,000 nuclear weapons combined, not to mention the U.S. client state of Israel with hundreds more nuclear weapons, have the audacity to use methods of extortion — sanctions — to limit Iran’s nuclear development.But the most atrocious part of this arrangement is that the imperialists are pretending to prevent something that the U.S. government knows the Iranians are not trying to do:  develop a nuclear weapon. Developing a nuclear weapon under conditions of nuclear threat and encirclement is something they have every right to do, but the government long ago deemed this unwise, unnecessary, and religiously and morally wrong. In fact, Ayatollah Ali Khamenei issued a fatwa against the development of nuclear weapons.In 2005 the fatwa, which is more binding on Iranian Muslims than the Nuclear Non-Proliferation Treaty, was announced by IRNA, the Iranian news agency. It was also presented to the Board of Governors of the International Atomic Energy Agency (IAEA) on Aug. 10, 2005.The IRNA posting said, “The Leader of the Islamic Republic of Iran, Ayatollah Ali Khamenei, has issued the Fatwa that the production, stockpiling and use of nuclear weapons are forbidden under Islam and that the Islamic Republic of Iran shall never acquire these weapons.” (juancole.com/2012/04/) Khamenei has declared weapons of mass destruction un-Islamic and their use to be a sin.In fact, it is precisely because Iran is not intending to develop a weapon that the government is open to wide inspection and significant reduction of nuclear enrichment.Dangers of the negotiationsIn any negotiations between a superpower such as the U.S. and a country like Iran, there is always the fear that the smaller country will be overwhelmed and forced into dangerous concessions that compromise its sovereignty and independence.In this light it is perfectly understandable that revolutionary Marxist, working-class, anti-imperialist partisans of Iran worry about, above all, the inspections process.Iran is strong enough to give leeway on enrichment. As long as they have their peaceful nuclear program and infrastructure intact, the Iranians can afford to compromise.If, however, the imperialists are allowed to take advantage of an unlimited inspections regime to undermine the security of the country and gain military and intelligence advantages that could be used in times of conflict or for sabotage, then the question of national sovereignty comes into play.The U.S. Fact Sheet has described the right of the IAEA to get access to “suspicious sites” or investigate allegations of “covert sites or facilities” anywhere in the country. This open-ended language will hopefully be clarified by the Iranian government in such a way as to prevent the unlimited access that is implied by the State Department.The concern about dangerous or unwarranted concessions arises because the Iranian regime has a dual character. On the one hand, it is an anti-imperialist government with a clerical leadership. On the other hand, it is a capitalist regime. And despite the anti-imperialist nature of the present leadership, bourgeois moderates in Iran have significant political strength. There is an understandable fear that they may have a negative influence on the outcome of the negotiations.Decade of threats and sanctionsBut so far the Iranians have stood up to a decade of threats and sanctions. It is unlikely they will compromise their sovereignty at this point.Iran was sanctioned three times by the U.N. Security Council — in 2006, 2008 and 2011. Each set of sanctions was stronger and broader than the previous one. It was further sanctioned by the U.S. Congress with drastic measures in 2010 and 2011. And it was sanctioned by the European Union in 2010 and 2012. All the sanctions were explicitly aimed at ending Iran’s enrichment program and dismantling its nuclear program.IN 2009, the U.S. fomented the so-called Green Revolution aimed at a counterrevolutionary overthrow of the government of Mahmoud Ahmadinejad and its replacement by pro-imperialist elements. That effort was defeated.During all that time the Iranian government increased its enrichment facilities, increased the percentage of enrichments, developed an anti-ballistic missile, created higher-grade uranium, and more and better centrifuges. Teheran never buckled under the most extreme sanctions enforced by the entire gang of imperialist robbers.To be sure, Iran wants to be free of the sanctions. It wants normalization of relations. Iran will be forced into compromises — but hopefully on the basis of sovereignty, independence and holding imperialism at bay.It must be remembered that the background to these negotiations is not only the hardships being suffered by the Iranian people, but the growing and deepening regional crisis, from Afghanistan to North Africa, of U.S. imperialism and its partners in crime in London, Paris and Berlin — not to mention the global capitalist economic crisis. These are among the reasons that brought the imperialist side to the negotiating table.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Social Trans Initiative goes socialist

first_imgA New Year’s statement from Socialist Trans InitiativePensacola, Fla.Jan. 1 — Over the past five years, Strive has never attempted to conceal our views. We recognized early on that a major factor in the widespread oppression of transgender/nonbinary/genderqueer/Two-Spirit/non-Western-gendered people is capitalism.In precapitalist times, gender variance was not only acknowledged, but celebrated. It was only through the development of private property and divide-and-conquer tactics of the developing capitalist class that what we now know as transphobia began to take hold. Transgender people face higher amounts of homelessness, of poverty, of job discrimination, of medical discrimination, of violence, of assault and of murder. At the most concentrated level of these issues are Black transgender women, who face the highest amounts of all these issues, plus the highest rates of HIV/AIDS infection. All this stems from the exploitative system that is capitalism.Since the current Executive Board began running Strive back in 2017, Strive has branched out to do solidarity work with other organizations around police brutality, prison abolition, anti-racism, anti-xenophobia, pro-immigration and other forms of anti-capitalist work.All this was one with developing our own Emergency Housing Program, a core mission of Strive, which serves to keep transgender people off the streets, thus reducing the risk of violence to them. We do not discuss numbers much, so as not to come off as bragging or anything like that, but we have kept perhaps a dozen, if not more, homeless transgender people off the streets. We have, with the help of the community, raised thousands of dollars to help transgender people in need. We’ve had power restored in homes, put food in people’s kitchens and put gas in people’s cars. All this is how we win against an exploitative system that does everything in its power to make us fail.Many people have called us “extremists” or “a welfare group”; sadly some of these people are transgender themselves or in the general LGBTQ2S+ community. Strive is not a welfare group; fellow queer/transgender people who say this are well off, detached from the reality of exploitation that working-class queer/transgender people go through.Solidarity is not charity or welfare; we believe in solidarity. It is unfortunate that many in our LGBTQ2S+ movement do not believe in that. As far as “extremists” go, we look to the words of George Jackson, Black Panther Party field marshal and political prisoner:“I am an extremist. I call for extreme solutions to extreme problems. Where face and freedom are concerned, I do not use or prescribe half-measures. To me life without control over the determining factors is not worth the effort of drawing breath. Without self-determination, I am extremely displeased.”Transgender people, as well as the LGBTQ2S+ community, face extreme problems. Strive believes, therefore, in extreme solutions.All this is to say: On Dec. 25, 2019, the Executive Board of Strive voted unanimously to approve a name change. Strive has, up until now, stood for Social Trans Initiative. We believed that a name change to reflect our core values was necessary.We are a socialist organization, and we believe socialism is the only way for transgender people to get free. Therefore, we voted to change our name to Socialist Trans Initiative. This change takes effect as of today, Jan. 1, 2020.Thank you to all of you who have worked with us over the years. We look forward to working continuously with you and building a better future.Happy New Year! Solidarity forever!Several Workers World Party members and candidates belong to Strive.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Further deferral on sale of Cecil Street site

first_imgPrint The property on Cecil Street which was at the centre of a debate at Monday’s council meeting.Photo: Cian ReinhardtFORMER Mayor James Collins has compared a move by Limerick City and County Council to further delay a decision to sell three council-owned properties to that of a “dictatorship”.The disposal of 36 Cecil Street to Tait House Community Enterprise, along with a proposal for a second site at Galvone Industrial Estate to the community development co-operative were this week deferred for a fourth time since July.Sign up for the weekly Limerick Post newsletter Sign Up The site at 36 Cecil Street is currently home to The Gaff — an artist-led, community-focused facility in the heart of the city.The disposal of another site at Galvone Industrial Estate to Limerick City Build was also further postponed at this Monday’s council.Mayor Michael Sheahan told council members that the items were to be deferred so the Council could look at all “possibilities”.“This will give the executive more time to discuss it and report back to the Metropolitan District,” the Fine Gael politician explained.Fianna Fáil councillor James Collins insisted on being allowed to discuss the items at Monday’s meeting and pointed out that the item had been proposed and seconded.“You are trying to silence us. You won’t even allow us speak on the matter,” Cllr Collins fumed.“It has been moved back to the Metropolitan District with a commitment from the executive to look at all possibilities,” Mayor Sheahan replied.“There are members here from The Gaff in the public gallery who want to know what’s happening,” Cllr Collins concluded. Email Facebook Advertisement NewsBusinessCommunityPoliticsFurther deferral on sale of Cecil Street siteBy Alan Jacques – November 28, 2019 490 center_img WhatsApp Twitter Linkedin Previous articleChild waiting list a ‘thundering disgrace’Next articleLimerick Post Show | Not Around Us Campaign Alan Jacqueshttp://www.limerickpost.ielast_img read more

Knowles Reports Q4 & Full Year 2020 Financial Results and Provides Outlook for Q1…

first_imgGross profit (1.2 Diluted (0.4 16.4 Pinterest Stock-based compensation expense 75.6 3.9 $ (0.01) Revenues Q1 2021 GAAP results are expected to include approximately $0.05 per share in stock-based compensation and $0.03 per share in amortization of intangibles and debt discount. Non-GAAP Financial Measures In addition to the GAAP results included in this press release, Knowles has presented supplemental non-GAAP gross profit, earnings before interest and income taxes, adjusted earnings before interest and income taxes, non-GAAP diluted earnings per share, as well as other metrics on a non-GAAP basis that exclude certain amounts that are included in the most directly comparable GAAP measure to facilitate evaluation of Knowles’ operating performance. Non-GAAP results are not presented in accordance with GAAP. Non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies. Knowles believes that non-GAAP measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating Knowles’ performance for business planning purposes. Knowles also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in Knowles’ opinion, do not reflect its core operating performance including, for example, stock-based compensation, certain intangibles amortization expense, impairment charges, restructuring, production transfer costs, and other charges which management considers to be outside our core operating results. Knowles believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Knowles uses internally for purposes of assessing its core operating performance. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the reconciliation table accompanying this release. Webcast and Conference Call Information Investors can listen to a live or replay webcast of the Company’s quarterly financial conference call at http://investor.knowles.com. The live webcast will begin today at 3:30 p.m. Central time. The webcast replay will be available after 7:00 p.m. Central time today. Investors can also listen to the conference call at 3:30 p.m. Central time today by calling (844) 589-0917 (United States) or (647) 253-8649 (International). The conference call replay will be available after 7:00 p.m. Central time today through 11:59 p.m. Central time on February 11, 2021 at (800) 585-8367 (United States) or (416) 621-4642 (International). The conference ID is 6778685. About Knowles Knowles Corporation (NYSE: KN) is a market leader and global provider of advanced micro-acoustic, audio processing, and precision device solutions, serving the consumer electronics, communications, medtech, defense, electric vehicle, and industrial markets. Knowles uses its leading position in MEMS (micro-electro-mechanical systems) microphones and strong capabilities in audio processing technologies to optimize audio systems and improve the user experience in mobile, ear, and IoT applications. Knowles is also the leader in acoustic components, high-end capacitors, and mmWave RF solutions for a diverse set of markets. Knowles’ focus on the customer, combined with unique technology, proprietary manufacturing techniques, rigorous testing, and global scale, enables it to deliver innovative solutions that optimize the user experience. Founded in 1946 and headquartered in Itasca, Illinois, Knowles is a global organization with employees in over a dozen countries. The company continues to invest in high value solutions to diversify its revenue and increase exposure to high growth markets. For more information, visit knowles.com. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, such as statements about our future plans, objectives, expectations, financial performance, and continued business operations. The words “believe,” “expect,” “anticipate,” “project,” “estimate,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “objective,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made. The statements in this news release are based on currently available information and the current expectations, forecasts, and assumptions of Knowles’ management concerning risks and uncertainties that could cause actual outcomes or results to differ materially from those outcomes or results that are projected, anticipated, or implied in these statements, including risks relating to the COVID-19 pandemic and governmental responses to it, including but not limited to, the impact on our supply chain, customer demand, and costs associated with our operations. Other risks and uncertainties include, but are not limited to: unforeseen changes in MEMS microphone demand from our largest customers, in particular, two North American, a Korean, and Chinese OEM customers; our ongoing ability to execute our strategy to diversify our end markets and customers; our ability to stem or overcome price erosion in our segments; fluctuations in our stock’s market price; fluctuations in operating results and cash flows; our ability to prevent or identify quality issues in our products or to promptly remedy any such issues that are identified; the timing of OEM product launches; risks associated with increasing our inventories in advance of anticipated orders by customers; global economic instability; the impact of changes to laws and regulations that affect the Company’s ability to offer products or services to customers in different regions; risks associated with shareholder activism, including proxy contests; our ability to achieve continued reductions in our operating expenses; the ability to qualify our products and facilities with customers; our ability to obtain, enforce, defend or monetize our intellectual property rights; difficulties or delays in and/or the Company’s inability to realize expected cost synergies from its acquisitions; increases in the costs of critical raw materials and components; availability of raw materials and components; managing new product ramps and introductions for our customers; our dependence on a limited number of large customers; our ability to maintain and expand our existing relationships with leading OEMs in order to maintain and increase our revenue; increasing competition and new entrants in the market for our products; our ability to develop new or enhanced products or technologies in a timely manner that achieve market acceptance; our reliance on third parties to manufacture, assemble, and test our products and sub-components; escalating international trade tensions, new or increased tariffs and trade wars among countries; financial risks, including risks relating to currency fluctuations, credit risks and fluctuations in the market value of the Company; market risk associated with fluctuations in commodity prices, particularly for various precious metals used in our manufacturing operation, and changes in tax laws, changes in tax rates and exposure to additional tax liabilities; and other risks, relevant factors, and uncertainties identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, subsequent Reports on Forms 10-Q and 8-K and our other filings we make with the U.S. Securities and Exchange Commission. Knowles disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 141.8 0.24 WhatsApp CONSOLIDATED STATEMENTS OF CASH FLOWS December 31, 2020September 30, 2020December 31, 2019 $ ) 66.3 (1.3 Earnings from continuing operations before interest and income taxes 49.1 $ $ Net cash used in investing activities (1.9 1,654.6 $ $0.35 0.53 8.4 94,047,904 Cash and cash equivalents 5.6 1.9 $ $190 to $210 million % 1.4 ) ) 36.0 INVESTOR SUPPLEMENT – FOURTH QUARTER 2020 Cash and cash equivalents at beginning of period 4.8 $ ) KNOWLES CORPORATION Earnings from continuing operations before interest and income taxes as % of revenues 1.9 Other liabilities % $75.2 36.5% Revenues ) 243.2 $ ) Other accrued expenses 46.8 ) Tax on restricted and performance stock unit vesting 130.6 0.1 0.22 ) % 0.7 $ 92.0 (7.6 78.4 36.5 ) 21.9 Cost of goods sold 1,654.9 1.07 – 0.35 Impairment charges 50.6 $ 75.2 126.9 159.6 Accrued compensation and employee benefits ) Accumulated other comprehensive loss KNOWLES CORPORATION ) 58.8 Operating earnings Income tax effects of non-GAAP reconciling adjustments (5) 92.5 0.64 60.6 18.7 $190 to $210 million 490.8 Depreciation and amortization Receivables, net Interest expense, net 0.9 1.7 Earnings per share non-GAAP reconciling adjustment Property, plant, and equipment, net Accounts payable 6.0 8.9 2.3 5.6 Deferred income taxes Selling and administrative expenses % $ Prepaid and other current assets Payments of finance lease obligations 0.03 2.3 32.8 $ $ 0.5 5.6 Stock-based compensation expense 0.32 $89.6 38.3% Diluted average shares outstanding $ Selling and administrative expenses – 6.0 Year Ended 0.23 % % (0.3 $ 0.06 7.4 33.6 4.7 17.0 1.0 0.3 ) $ $ 419.6 Diluted $ (5.6 $ – $ Loss per share from discontinued operations: Net earnings per share: December 31, 2020December 31, 2019 (7.0 8.6 Restructuring charges – cost of goods sold % (unaudited) % Diluted $ Earnings before income taxes and discontinued operations ) 0.06 Stockholders’ equity: 39.8 Basic 0.4 36.3 1.0 2.7 (1.4 92,957,686 Non-GAAP diluted earnings per share ) KNOWLES CORPORATION 5.6 (0.5 $ $0.08 $ Revenues 0.1 (175.1 0.06 $ Cost of goods sold $ 100.0 2.3 1.7 26.7 – 19.3 92.0 21.1 (23.6 ) 4.7 $ 78.7 $ 23.7 9.3 32.0 28.6 63.2 165.1 242.0 ) 45.8 Pinterest 10.3 0.2 (35.1 14.5 1.7 Net earnings Non-GAAP net earnings (9.4 95,742,308 4.9 Net earnings 0.21 16.6 5.9 2.9 92,883,138 (5.6 (unaudited) (6.4 92,957,686 Restructuring charges 24.5 0.54 (3.3 17.3 Basic $ 0.03 81.2 Facebook Adjusted earnings from continuing operations before interest and income taxes as % of revenues (1.7 3.5 4.3 0.53 Earnings (loss) per share from discontinued operations: 3.3 0.1 151.2 Total liabilities and stockholders’ equity 61.6 Receivables, net of allowances of $1.6 and $0.8 Non-GAAP selling and administrative expenses Prepaid and other current assets 0.5 ) $ 113.4 Basic 32.2 16.4 (unaudited) – $ 3.2 $ (8.1 ) $ 91,701,004 Gross Profit Margin – 87.7 14.8 ) (1.2 95,742,308 $205.8 Stock-based compensation expense 1,574,586 December 31,2020September 30,2020December 31,2019 December 31,2020December 31,2019 $ 93,439,023 6.8 $ Facebook 4.6 10.2 Payment of consideration owed for acquisitions 0.13 Research and development expenses Restructuring charges 58.8 37.8 21.9 91,667,461 Interest expense, net non-GAAP reconciling adjustments (4) 7.1 $ 35.5 39.0 $ $ Diluted (7.5 ) 0.4 Other expense, net 3.6 $0.22 EPS 271.2 (unaudited) $ $ Production transfer costs (2) By Digital AIM Web Support – February 4, 2021 $ Interest expense, net 54.4 ) Non-GAAP gross profit $ ) $ 0.07 $ 8.1 $ Research and development expenses 29.2 2019 – Total stockholders’ equity 38.9 Other non-current assets and non-current liabilities % $ % 333.6 Earnings per share from continuing operations: 49.1 (0.01) (1.3 $ 22.7 Borrowings under revolving credit facility $ 27.7 ) (5) Income tax effects of non-GAAP reconciling adjustments are calculated using the applicable tax rates in the jurisdictions of the underlying adjustments. 92.9 (13.0 96.8 Gross profit (as a % of revenues) (1.2 (16.2 2.6 ) ) 30.8 93,439,023 ) (7.6 75.2 $ Interest expense, net ) (3.5 Accounts payable ) 94,888,650 ) 0.4 0.7 $ (1.0 Research and development expenses Other expense, net $ $0.41 9.5 (1.7 Diluted Previous articleTeradata Reports Fourth-Quarter and Full-Year 2020 Financial ResultsNext articleUnity Announces Fourth Quarter and Full Year 2020 Financial Results Digital AIM Web Support % ) Local NewsBusiness Total current assets % (100.0 $ 0.32 34.6 (69.3 (5.6 Quarter Ended 0.2 ) $ Diluted $ CONSOLIDATED STATEMENTS OF EARNINGS Impairment charges ) 2.8 Restructuring charges – cost of goods sold Net earnings per share: (1.9 147.8 143.6 ) 44.4 Earnings from continuing operations Investing Activities – 1,574.7 Non-GAAP gross profit (as a % of revenues) $92.5 38.0% (1.2 Operating Activities Loss on disposal of fixed assets Other, net 32.0 ) Acquisitions of business (net of cash acquired) 38.4 Other accrued expenses 5.6 $ $ 26.6 Basic (168.5 $ 0.2 1.6 $ 38.0 ) Operating expenses % $ 0.06 $ 0.4 1,449,627 $ 16.2 7.6 32.1 0.04 $90.9 38.9% 22.0 ) 1,288.5 16.4 (23.9 181,222 Impairment charges Operating earnings $ 328.0 2.9 $ (4.4 KNOWLES CORPORATION Intangibles amortization expense Net earnings 13.6 1.5 246.8 $ $ 94,139,117 $ – (16.0 (7.6 ) – – $75.6 36.7% (0.1 131.4 – ) Stock-based compensation Basic 764.3 29.6 Other (3) Non-GAAP research and development expenses (1.2 11.3 Provision for income taxes 30.3 % $ Repurchase of common stock 2.3 – 36.5% to 38.5% (0.5 ) $ Interest expense, net $ 525.1 (8.5 194.6 23.7 ) – 32.2 (1.7center_img 0.67 (4.5 (0.01) Impairment charges 0.32 ITASCA, Ill.–(BUSINESS WIRE)–Feb 4, 2021– Knowles Corporation (NYSE: KN), a market leader and global provider of advanced micro-acoustic, audio processing, and precision device solutions, today announced results for the quarter and year ended December 31, 2020. “Fourth quarter revenue and EPS were well above the high end of our guidance, primarily driven by stronger-than-expected MEMS microphone demand in multiple end markets and improving trends in our Hearing Health business. Precision Device revenues were in line with our expectations as shipments into medtech and defense markets continue to be impacted by COVID-19,” said Jeffrey Niew, president and CEO of Knowles. “We were able to deliver strong second half financial results through a combination of improving Audio demand and solid operational execution across the Company. I believe we are well positioned to deliver strong growth in revenue and earnings in 2021,” continued Niew. Financial Highlights The following table highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis for continuing operations (in millions, except per share data): Total assets Intangibles amortization expense 0.7 $ ) 3.6 – 909.9 Provision for income taxes 46.1 Non-GAAP diluted earnings per share** 14.5 Weighted-average common shares outstanding: 16.6 (3.2 101.6 ) 0.06 $ Operating lease liabilities Other assets and deferred charges 14.9 ) TAGS  Commitments and contingencies 26.5 – $ – $ $ 92,883,138 4.9 Stock-based compensation expense (0.4 Proceeds from the sale of property, plant, and equipment ) Intangibles amortization expense 0.07 – 1.7 ) Basic 3.6 1.7 Accumulated deficit ) 7.6 ) 78.4 (6) The non-GAAP reconciling adjustments are those adjustments made to reconcile Earnings from continuing operations before interest and income taxes to Adjusted earnings from continuing operations before interest and income taxes. 2.3 Common stock – $0.01 par value; 400,000,000 shares authorized; 92,689,912 and 91,611,549 shares issued and outstanding at December 31, 2020, respectively, and 91,701,745 shares issued and outstanding at December 31, 2019 ) * Current period results include $4.9 million in stock-based compensation and $3.2 million in intangibles amortization expense. ** Q4 ’20 non-GAAP diluted EPS includes a $0.03 benefit related to recently enacted tax legislation. First Quarter 2021 Outlook The forward looking guidance for the quarter ending March 31, 2021 on a continuing operations basis is as follows: ) $ 0.1 Non-GAAP gross profit as % of revenues 0.2 3.9 2.3 Other (3) 206.5 13.0 2.0 1.2 5.6 $ $ 49.7 $ 28.8 Restructuring charges 1.2 $ Diluted ) Current assets: Operating expenses 18.3 Non-GAAP operating expenses 78.4 Earnings before income taxes and discontinued operations 20.5 ) 12.6 0.7 131.5 Write-off of fixed assets ) Adjustments $ 37% to 39% Selling and administrative expenses 0.22 Knowles Reports Q4 & Full Year 2020 Financial Results and Provides Outlook for Q1 2021 14.5 ) (3.3 29.6 Interest expense, net non-GAAP reconciling adjustments (4) – 1.9 % 328.0 12.1 ) (in millions, except share and per share amounts) 2.0 91,653,662 $ 0.5 1.9 $ Production transfer costs (2) $ 7.7 Provision for income taxes $ ) 69.4 Earnings (loss) from discontinued operations, net $ 13.0 Preferred stock – $0.01 par value; 10,000,000 shares authorized; none issued – Adjusted earnings from continuing operations before interest and income taxes 0.4 1.7 18.6 17.3 ) 2.3 145.7 ) 0.2 Non-GAAP provision for income taxes Q4FY20 81.2 Quarter Ended $ $ Inventories, net Income tax effects of non-GAAP reconciling adjustments (5) Twitter CONSOLIDATED BALANCE SHEETS 117.1 $ Diluted earnings per share* 21.1 91,688,765 (2.0 ) (112.0 10.0 Payments of debt issuance costs 0.5% 49.7 1,587.8 8.1 6.1 0.6 5.6 7.6 0.53 $ 1.9 (1) In addition to the GAAP financial measures included herein, Knowles has presented certain non-GAAP financial measures that exclude certain amounts that are included in the most directly comparable GAAP measures. Knowles believes that non-GAAP measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating Knowles’ performance for business planning purposes. Knowles also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in Knowles’ opinion, do not reflect its core operating performance. Knowles believes that its presentation of non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Knowles uses internally for purposes of assessing its core operating performance. % 30.4 $ GAAP 51.6 $0.15 to $0.19 $ 10.0 49.7 Q4FY19 7.6 $ 38.9 $0.24 ) (in millions, except share and per share amounts) Non-GAAP diluted average shares outstanding (7) RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (1) Net cash used in financing activities % 233.9 7.9 297.3 5.6 $ $ ) 1,654.6 Gross profit 14.0 $ 9.0 (4.3 0.09 Effect of exchange rate changes on cash and cash equivalents 0.04 $ Q3FY20 Non-GAAP reconciling adjustments (6) 17.6 $ 2.7 22.3 Non-cash interest expense and amortization of debt issuance costs 271.2 $ $ (in millions, except share and per share amounts) (0.6 31.8 89.6 ) (1.7 Stock-based compensation expense (6.2 ) 1,181,431 Year Ended View source version on businesswire.com:https://www.businesswire.com/news/home/20210204005837/en/ CONTACT: Financial Contact: Mike Knapp Knowles Investor Relations Phone: (630) 238-5236 Email:[email protected] KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS INDUSTRY KEYWORD: SEMICONDUCTOR CONSUMER ELECTRONICS TECHNOLOGY AUDIO/VIDEO TELECOMMUNICATIONS MOBILE/WIRELESS HARDWARE SOURCE: Knowles Corporation Copyright Business Wire 2021. PUB: 02/04/2021 04:05 PM/DISC: 02/04/2021 04:06 PM http://www.businesswire.com/news/home/20210204005837/en 1,477,156 29.6 – $ 61.6 275.4 $0.06 2.7 Notes: 0.03 $ 16.6 $ Earnings from continuing operations – (7) The number of shares used in the diluted per share calculations on a non-GAAP basis excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. In addition, the Company entered into convertible note hedge transactions to offset any potential dilution from the convertible notes. Although the anti-dilutive impact of the convertible note hedges is not reflected under GAAP, the Company includes the anti-dilutive impact of the convertible note hedges in non-GAAP diluted average shares outstanding, if applicable. 7.4 ) $ December 31, 2020December 31, 2019 ) ) – 205.8 ) Total current liabilities ) ) 1.4 9.8 91,156,124 Earnings per share from continuing operations: Intangible assets, net Non-GAAP interest expense 54.4 ) 0.32 246.8 10.4 Years Ended December 31, 94,360,294 (5.5 ) 79.3 $ ) 910.0 91.7 Operating lease right-of-use assets 4.7 Diluted earnings per share from continuing operations (3.9 36.7 6.6 2.9 % $ 145.7 $ Purchase of investments Current maturities of long-term debt (100.5 Weighted-average common shares outstanding: 34.6 (3.2 $ 7.0 $ $0.32 – $ $ 8.4 1.3 (41.2 – 16.5 2.8 1.3 $ $ KNOWLES CORPORATION 151.5 0.4 3.9 (in millions, except share and per share amounts) Earnings from continuing operations $ (6.1 1.7 854.8 (4.4 $ 0.22 29.9 Twitter (0.6) 21.1 37.6 $ (15.6 Loss from discontinued operations, net 95,923,530 $ – Provision for income taxes Treasury stock – at cost; 1,078,363 shares at December 31, 2020 3.7 (0.6) 1.0 Additional paid-in capital $ ) 7.6 ) $ $ 2.8 0.4 29.6 Basic ) 92.9 156.8 $ 8.4 $ ) 1,654.9 Accrued compensation and employee benefits $ Other (3) $92.0 37.8% (in millions) Revenues 92,473,318 2020 (4) Under GAAP, certain convertible debt instruments that may be settled in cash (or other assets) upon conversion are required to be separately accounted for as liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. Accordingly, for GAAP purposes we are required to recognize imputed interest expense on the Company’s $172.5 million of convertible senior notes due 2021 that were issued in a private placement in May 2016. The imputed interest rate is 8.12% for the convertible notes due 2021, while the actual coupon interest rate of the notes was 3.25%. The difference between the imputed interest expense and the coupon interest expense is excluded from management’s assessment of the Company’s operating performance because management believes that this non-cash expense is not indicative of its core, ongoing operating performance. $ (1.0 ) $ $ 242.0 Adjustments to reconcile net earnings to cash from operating activities: $ $ (0.4 (0.1 29.0 25.2 – 0.41 38.3 $ Federal and other taxes on income $ Financing Activities 1,303.5 – – 16.7 Long-term operating lease liabilities 0.54 (2.6 Earnings from continuing operations (2) Production transfer costs represent duplicate costs incurred to migrate manufacturing to facilities primarily in Asia. These amounts are included in the corresponding Gross profit and Earnings from continuing operations before interest and income taxes for each period presented. Long-term debt (1.3 5.0 Cash and cash equivalents at end of period Changes in assets and liabilities (excluding effects of foreign exchange): Basic 0.9 (17.8 3.7 Inventories, net ) Gross profit as % of revenues ) $ – Restructuring charges $ % (17.5 33.3 191.5 (10.0 (2.1 22.7 $243.2 $233.9 $ 32.4 $ (3) In 2020, Other expenses represent the ongoing net lease cost (income) related to facilities not used in operations and expenses related to shareholder activism. In 2019, Other expenses of $4.4 million represent expenses related to shareholder activism and the remaining Other expenses relate to the acquisition of the MEMS Microphone Application-specific integrated circuit Design Business from ams AG by the Audio segment and the acquisition of DITF Interconnect Technology, Inc. by the Precision Devices segment. Accrued taxes (5.8 388.4 25.2 – (0.1 $ 70.3 54.4 73.5 128.1 123.9 Impairment charges Additions to property, plant, and equipment (31.9 Current liabilities: 147.8 23.3 20.2 $ – $ 1.8 92,473,318 ) Net cash provided by operating activities 0.6 $ – Deferred income taxes (0.4 80.8 Goodwill 0.3 206.3 Payments under revolving credit facility 0.55 Restructuring charges $ – 0.3 0.18 2.2 $ (16.2 ) – (7.0 Intangibles amortization expense – 131.5 130.1 (110.5 2.8 12.3 (0.4 (0.5) ) Operating expenses – ) 9.5 $ (19.0 – Net proceeds from exercise of stock-based awards $0.23 to $0.27 25.1 6.8 Non-GAAP Non-GAAP adjustment (7) (1.4 96.8 Diluted – 3.6 Net increase in cash and cash equivalents % ) Gross profit 89.6 Liabilities of discontinued operations (unaudited) 6.6 90.9 $ 89.2 (0.4 (0.7 $ CONSOLIDATED STATEMENTS OF EARNINGS 0.32 WhatsApp $last_img read more