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Western Asset High Yield Defined Opportunity Fund Inc. Announces Results of Special Meeting of Stockholders and Other Fund Developments

NEW YORK–(BUSINESS WIRE)–
Western Asset High Yield Defined Opportunity Fund Inc. (the “Fund”), which is traded on the New York Stock Exchange under the symbol “HYI,” announced today the results of the votes cast at the Fund’s re-convened Special Meeting of Stockholders held on June 6, 2025. The Special Meeting of Stockholders was originally held on May 22, 2025, but was adjourned to permit further solicitation of proxies.

Stockholders approved the proposal to convert the Fund to a perpetual fund by eliminating the Fund’s term, which was scheduled to end at the close of business on September 30, 2025, and eliminating the Fund’s fundamental policy to liquidate on or about September 30, 2025.

As a result of the proposal’s approval, the following will occur:

• The Fund will conduct a tender offer for up to 100% of the Fund’s outstanding shares of common stock (“Shares”) at a price per share equal to 100% of the Fund’s net asset value per Share on the day on which the tender offer expires (the “Tender Offer”). The Fund expects the Tender Offer to commence on or about June 20, 2025, with an expiration time of 5:00 p.m., New York City time, on or about July 21, 2025, unless extended. To ensure the Fund can pay proceeds for repurchased Shares promptly after the expiration of the Tender Offer, the Fund intends to reposition its portfolio in an orderly manner in advance of the expiration of the Tender Offer.

• If the Fund maintains at least $75 million of net assets following the Tender Offer, the Fund will change its name from “Western Asset High Yield Defined Opportunity Fund Inc.” to “Western Asset High Yield Opportunity Fund Inc.” The Fund’s ticker symbol will remain “HYI”. The Fund’s CUSIP, 95768B107, will not change.

• If less than $75 million of net assets remain in the Fund following the Tender Offer, the Tender Offer will be cancelled and the Fund will proceed to liquidate on or about September 30, 2025 without further action by stockholders; and

• The Fund’s investment manager has agreed to waive 20 basis points of its annual management fee (the “Fee Waiver”) for a period of one year following the proposal’s approval. The Fee Waiver will terminate on June 6, 2026.

The Fund has not commenced the Tender Offer described in this release. This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell Shares of the Fund and the above statements are not intended to constitute an offer to participate in any tender offer. Information about the Tender Offer will be provided by future public announcements. Stockholders will be notified in accordance with the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, either by publication or mailing or both. The Tender Offer will be made only by an offer to purchase, a related letter of transmittal, and other documents to be filed with the U.S. Securities and Exchange Commission (“SEC”). STOCKHOLDERS OF THE FUND SHOULD READ THE OFFER TO PURCHASE AND TENDER OFFER STATEMENT AND RELATED EXHIBITS WHEN THOSE DOCUMENTS ARE FILED AND BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER. These and other filed documents will be available to investors for free both at the website of the SEC and from the Fund. There can be no assurance that any Share repurchase will reduce or eliminate the discount of market price per Share to net asset value per Share for the Fund.

Western Asset High Yield Defined Opportunity Fund Inc. is a non-diversified, limited-term, closed-end management investment company managed by Franklin Templeton Fund Adviser, LLC (“FTFA”) and is sub-advised by Western Asset Management Company, LLC (“Western Asset”), Western Asset Management Company Pte. Ltd. (“Western Asset Singapore”), Western Asset Management Company Ltd (“Western Asset Japan”) and Western Asset Management Company Limited (“Western Asset London”) are the Fund’s subadvisers. FTFA, Western Asset, Western Asset Singapore, Western Asset Japan and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc.

For more information, please call Investor Relations on 1-888-777-0102, or consult the funds’ web sites www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of each fund’s complete audited financial statements are available free of charge upon request.

The Fund’s Shares are traded on the New York Stock Exchange. Similar to stocks, Fund share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value, and can increase an investor’s risk of loss. All investments are subject to risk, including the risk of loss.

THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH FUND’S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES IS CONTAINED IN EACH FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.

About Western Asset

Western Asset is one of the world’s leading fixed-income managers with 50 years of experience and $252.2 billion in assets under management (AUM) as of March 31, 2025. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed income sectors. Founded in 1971, Western Asset has been recognized for delivering superior levels of client service alongside its approach emphasizing team management and intensive proprietary research, supported by robust risk management. To learn more about Western Asset, please visit www.westernasset.com.

Western Asset is an independent specialist investment manager of Franklin Templeton.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.53 trillion in assets under management as of March 31, 2025. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

Category: Fund Announcement

Investor Contact: Fund Investor Services-1-888-777-0102

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609367183/en/

Media Contact: Jeaneen Terrio

+1-212-632-4005

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

MEDIA:

Posted on June 9, 2025 8:05 am

Motorcar Parts of America Reports Fiscal Year Results

Motorcar Parts of America Reports Fiscal Year Results

– Record Sales and Gross Profit with Strong Cash Flow Generation –

LOS ANGELES–(BUSINESS WIRE)–
Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported strong results for its fiscal 2025 fourth quarter, with record net sales and gross profit, and strong cash flow generation for the year ended March 31, 2025.

Key highlights for the fiscal year

• Net sales increased 5.5 percent to a record $757.4 million.

• Gross profit increased 16.1 percent to a record $153.8 million.

• Generated cash from operating activities of $45.5 million and reduced net bank debt by $32.6 million to $81.4 million.

• Repurchased 542,134 shares for $4.8 million.

Fiscal 2025 Fourth Quarter Results

Net sales for the fiscal 2025 fourth quarter increased 1.9 percent to $193.1 million from $189.5 million in the prior year.

Gross profit for the fiscal 2025 fourth quarter increased 10.6 percent to a fourth quarter record $38.5 million from $34.8 million a year earlier. Gross margin for the fiscal 2025 fourth quarter was 19.9 percent compared with 18.4 percent a year earlier. Gross margin for the fiscal 2025 fourth quarter was impacted by $3.2 million, or 1.7 percent, of non-cash expenses, and $4.6 million, or 2.4 percent, for certain tariffs costs paid for products sold before price increases were effective, as detailed in Exhibit 3.

Interest expense for the fiscal fourth quarter decreased by $2.1 million to $12.5 million from $14.6 million a year ago, impacted by lower average outstanding balances under the company’s credit facility and lower interest rates.

Net loss for the fiscal 2025 fourth quarter was $722,000, or $0.04 per share, reflecting the impact of $4.6 million, or $0.24 per share pre-tax, for certain tariffs costs paid for products sold before price increases were effective, as mentioned above. Net loss was also impacted by certain non-cash items of $2.6 million, or $0.14 per share, as detailed in Exhibit 1. Net income for the prior year was $1.3 million, including the impact of non-cash expenses and cash expenses as detailed in Exhibit 1.

“We remain focused on continuing to execute and capitalize on our leadership position within the non-discretionary automotive aftermarket business, following a solid fiscal year,” said Selwyn Joffe, chairman, president, and chief executive officer.

He noted that the company is working with its suppliers and customers to address the current geopolitical environment and related challenges — specifically tariffs and pricing. The company’s solid financial position and cash flow generation support its competitive position and anticipated future growth.

Joffe noted that over the last several years, the company proactively has focused on significantly reducing its reliance on Chinese suppliers, which today represents less than 25 percent, and has an established footprint in North America that could be utilized to further reduce this reliance going forward.

Joffe highlighted that the company generated cash of approximately $45.5 million from operating activities during fiscal 2025, reduced net bank debt by $32.6 million for the fiscal year to $81.4 million from $114.0 million and also utilized $4.8 million for share repurchases.

Twelve-Month Results

Net sales for fiscal 2025 increased 5.5 percent to a record $757.4 million from $717.7 million a year ago.

Gross profit for fiscal 2025 increased 16.1 percent to a record $153.8 million from $132.6 million a year earlier. Gross margin for fiscal 2025 was 20.3 percent compared with 18.5 percent a year earlier. Gross margin for fiscal 2025 was impacted by $13.5 million, or 1.8 percent, of non-cash expenses, and $5.9 million, or 0.8 percent, of one-time cash expenses, as detailed in Exhibit 4.

Interest expense decreased by $4.5 million for fiscal 2025 to $55.6 million from $60.0 million a year ago, impacted by lower average outstanding balances under the company’s credit facility and lower interest rates.

Net loss for fiscal 2025 was $19.5 million, or $0.99 per share, including the impact of non-cash expenses of $25.0 million, or $1.27 per share, and one-time cash expenses of $6.9 million, or $0.35 per share, as detailed in Exhibit 2. Net loss for the prior fiscal year was $49.2 million, or $2.51 per share, including the impact of non-cash expenses of $50.3 million, or $2.56 per share, and cash expenses of $7.0 million, or $0.36 per share, as detailed in Exhibit 2.

Share Repurchase

During fiscal 2025 fourth quarter, the company repurchased 274,004 shares for $2.7 million at an average share price of $9.98, and for the full fiscal year, the company repurchased 542,134 shares for $4.8 million at an average share price of $8.91 under its current authorization program, supported by solid cash generation from operating activities. The company anticipates further opportunities to build shareholder value through enhanced profitability and strong cash generation.

Fiscal 2026 Guidance

Motorcar Parts of America expects net sales for the fiscal year ending March 31, 2026 to be between $780 million to $800 million, representing between 3.0 percent and 5.6 percent year-over-year growth. Operating income is expected to be between $86 million and $91 million, representing between 4.3 percent and 10.4 percent year-over-year growth. The company estimates depreciation and amortization will be approximately $11 million. These estimates do not include certain non-cash items and one-time expenses and exclude the impact of tariffs recently enacted due to the uncertainty and continuing changes.

Use of Non-GAAP Measure

This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding this measure.

Earnings Conference Call and Webcast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific time to discuss the company’s financial results and operations. The call will be open to all interested investors either through a live audio webcast at www.motorcarparts.com or live by calling (888) 440-5584 (domestic) or

(646) 960-0457 (international). For those who are not available to listen to the live broadcast, the call will be archived on Motorcar Parts of America’s website www.motorcarparts.com. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on June 9, 2025 through 8:59 p.m. Pacific time on June 16, 2025 by calling (800) 770-2030 (domestic) or (609) 800-9909 (toll) and using access code: 1545314.

About Motorcar Parts of America, Inc.

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts — including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2025 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
		Three Months Ended March 31,								Year Ended March 31,
		2025				2024				2025				2024
		(Unaudited)
Net sales		$	193,105,000			$	189,478,000			$	757,354,000			$	717,684,000
Cost of goods sold			154,610,000				154,685,000				603,526,000				585,133,000
Gross profit			38,495,000				34,793,000				153,828,000				132,551,000
Operating expenses:
General and administrative			16,113,000				15,644,000				64,047,000				57,769,000
Sales and marketing			5,657,000				5,443,000				22,561,000				22,481,000
Research and development			3,521,000				2,643,000				11,405,000				9,995,000
Foreign exchange impact of lease liabilities and forward contracts			(3,074,000	)			(1,155,000	)			15,892,000				(3,814,000	)
Total operating expenses			22,217,000				22,575,000				113,905,000				86,431,000
Operating income			16,278,000				12,218,000				39,923,000				46,120,000
Other expenses:
Interest expense, net			12,546,000				14,640,000				55,550,000				60,040,000
Change in fair value of compound net derivative liability			2,520,000				(2,710,000	)			60,000				(1,020,000	)
Loss on extinguishment of debt			–				–				–				168,000
Total other expenses			15,066,000				11,930,000				55,610,000				59,188,000
Income (loss) before income tax expense (benefit)			1,212,000				288,000				(15,687,000	)			(13,068,000	)
Income tax expense (benefit)			1,934,000				(1,050,000	)			3,783,000				36,176,000
Net (loss) income		$	(722,000	)		$	1,338,000			$	(19,470,000	)		$	(49,244,000	)
Basic net (loss) income per share		$	(0.04	)		$	0.07			$	(0.99	)		$	(2.51	)
Diluted net loss per share		$	(0.04	)		$	(0.03	)		$	(0.99	)		$	(2.51	)
Weighted average number of shares outstanding:
Basic			19,519,836				19,662,380				19,685,322				19,601,204
Diluted			19,519,836				22,085,292				19,685,322				19,601,204

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
		March 31, 2025			March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	9,429,000		$	13,974,000
Short-term investments			1,881,000			1,837,000
Accounts receivable — net			91,064,000			96,296,000
Inventory — net			341,209,000			377,040,000
Inventory unreturned			18,460,000			20,288,000
Contract assets			29,606,000			27,139,000
Income tax receivable			4,208,000			5,683,000
Prepaid expenses and other current assets			15,614,000			18,202,000
Total current assets			511,471,000			560,459,000
Plant and equipment — net			31,990,000			38,338,000
Operating lease assets			66,603,000			83,973,000
Deferred income taxes			4,569,000			2,976,000
Long-term contract assets			336,268,000			320,282,000
Goodwill			3,205,000			3,205,000
Intangible assets — net			552,000			1,069,000
Other assets			2,978,000			1,700,000
TOTAL ASSETS		$	957,636,000		$	1,012,002,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	141,906,000		$	154,977,000
Accrued liabilities			30,211,000			30,205,000
Customer finished goods returns accrual			34,411,000			38,312,000
Contract liabilities			38,158,000			37,591,000
Revolving loan			90,787,000			128,000,000
Other current liabilities			5,570,000			7,021,000
Operating lease liabilities			9,982,000			8,319,000
Total current liabilities			351,025,000			404,425,000
Convertible notes, related party			35,207,000			30,776,000
Contract liabilities, less current portion			241,404,000			212,068,000
Deferred income taxes			362,000			511,000
Operating lease liabilities, less current portion			65,308,000			72,240,000
Other liabilities			6,631,000			6,872,000
Total liabilities			699,937,000			726,892,000
Commitments and contingencies
Shareholders’ equity:
Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued			–			–
Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued			–			–
Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,435,706 and 19,662,380 shares issued and outstanding at March 31, 2025 and 2024, respectively			194,000			197,000
Additional paid-in capital			234,413,000			236,255,000
Retained earnings			20,033,000			39,503,000
Accumulated other comprehensive income			3,059,000			9,155,000
Total shareholders’ equity			257,699,000			285,110,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	957,636,000		$	1,012,002,000

Additional Information and Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the company has included the following additional information and non-GAAP financial measures for the three and twelve months ended March 31, 2025 and 2024. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition to and together with corresponding GAAP measures to help analyze the performance of its business.

The company believes this information helps provide a more complete understanding of the company’s results of operations and the factors and trends affecting the company’s business. However, this information should be considered as a supplement to, and not as a substitute for, or superior to, information contained in the company’s financial statements prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies.

The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. A reconciliation of EBITDA to net income is provided below along with information regarding such items.

Items Impacting Net Income for the Three Months Ended March 31, 2025 and 2024		Exhibit 1

		Three Months Ended March 31,
		2025								2024
		$				Per Diluted Share				$				Per Diluted Share
GAAP net (loss) income		$	(722,000	)		$	(0.04	)		$	1,338,000			$	(0.03	)
Non-cash items impacting net income
Core and finished goods premium amortization		$	2,725,000			$	0.14			$	2,761,000			$	0.13
Revaluation – cores on customers’ shelves			489,000				0.03				973,000				0.04
Share-based compensation expenses			868,000				0.04				432,000				0.02
Foreign exchange impact of lease liabilities and forward contracts			(3,074,000	)			(0.16	)			(1,155,000	)			(0.05	)
Change in fair value of compound net derivative liability			2,520,000				0.13				(2,710,000	)			(0.12	)
Tax effect (a)			(882,000	)			(0.05	)			(75,000	)			(0.00	)
Tax valuation allowance			–				–				548,000				0.02
Total non-cash items impacting net income		$	2,646,000			$	0.14			$	774,000			$	0.04
Cash items impacting net income
Supply chain disruptions and related costs (b)		$	–			$	–			$	734,000			$	0.03
New product line start-up costs and transition expenses, and severance and other (c)			160,000				0.01				840,000				0.04
Tariff costs paid for products sold before price increases were effective			4,607,000				0.24				–				–
Tax effect (a)			(1,192,000	)			(0.06	)			(394,000	)			(0.02	)
Total cash items impacting net income		$	3,575,000			$	0.18			$	1,180,000			$	0.05
(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period’s actual income tax rate.
(b) For the three months ended March 31, 2024, consists of $734,000 impacting gross profit.
(c) For the three months ended March 31, 2025, consists of $160,000 included in operating expenses.
For the three months ended March 31, 2024, consists of $840,000 included in operating expenses.

Items Impacting Net Income for the Twelve Months Ended March 31, 2025 and 2024

Exhibit 2

		Twelve Months Ended March 31,
		2025								2024
		$				Per Diluted Share				$				Per Diluted Share
GAAP net loss		$	(19,470,000	)		$	(0.99	)		$	(49,244,000	)		$	(2.51	)
Non-cash items impacting net income
Core and finished goods premium amortization		$	10,738,000			$	0.55			$	10,963,000			$	0.56
Revaluation – cores on customers’ shelves			2,805,000				0.14				5,353,000				0.27
Share-based compensation expenses			3,877,000				0.20				4,700,000				0.24
Foreign exchange impact of lease liabilities and forward contracts			15,892,000				0.81				(3,814,000	)			(0.19	)
Change in fair value of compound net derivative liability and loss on extinguishment of debt			60,000				0.00				(852,000	)			(0.04	)
Tax effect (a)			(8,343,000	)			(0.42	)			(4,088,000	)			(0.21	)
Tax valuation allowance			–				–				38,009,000				1.94
Total non-cash items impacting net income		$	25,029,000			$	1.27			$	50,271,000			$	2.56
Cash items impacting net income
Supply chain disruptions and related costs (b)		$	–			$	–			$	7,472,000			$	0.38
New product line start-up costs and transition expenses, and severance and other (c)			4,598,000				0.23				1,820,000				0.09
Tariff costs paid for products sold before price increases were effective			4,607,000				0.23				–				–
Tax effect (a)			(2,301,000	)			(0.12	)			(2,323,000	)			(0.12	)
Total cash items impacting net income		$	6,904,000			$	0.35			$	6,969,000			$	0.36
(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period’s actual income tax rate.
(b) For the twelve months ended March 31, 2024, consists of $7,472,000 impacting gross profit.
(c) For the twelve months ended March 31, 2025, consists of $1,298,000 impacting gross profit and $3,300,000 included in operating expenses.
For the twelve months ended March 31, 2024, consists of $1,820,000 included in operating expenses.

Items Impacting Gross Profit for the Three Months Ended March 31, 2025 and 2024

Exhibit 3

		Three Months Ended March 31,
		2025					2024
		$			Gross Margin		$			Gross Margin
GAAP gross profit		$	38,495,000		19.9%		$	34,793,000		18.4%
Non-cash items impacting gross profit
Core and finished goods premium amortization		$	2,725,000		1.4%		$	2,761,000		1.5%
Revaluation – cores on customers’ shelves			489,000		0.3%			973,000		0.5%
Total non-cash items impacting gross profit		$	3,214,000		1.7%		$	3,734,000		2.0%
Cash items impacting gross profit
Supply chain disruptions and related costs		$	–		–		$	734,000		0.4%
Tariff costs paid for products sold before price increases were effective			4,607,000		2.4%			–		–
Total cash items impacting gross profit		$	4,607,000		2.4%		$	734,000		0.4%

Items Impacting Gross Profit for the Twelve Months Ended March 31, 2025 and 2024

Exhibit 4

		Twelve Months Ended March 31,
		2025					2024
		$			Gross Margin		$			Gross Margin
GAAP gross profit		$	153,828,000		20.3%		$	132,551,000		18.5%
Non-cash items impacting gross profit
Core and finished goods premium amortization		$	10,738,000		1.4%		$	10,963,000		1.5%
Revaluation – cores on customers’ shelves			2,805,000		0.4%			5,353,000		0.7%
Total non-cash items impacting gross profit		$	13,543,000		1.8%		$	16,316,000		2.3%
Cash items impacting gross profit
Supply chain disruptions and related costs		$	–		–		$	7,472,000		1.0%
New product line start-up costs and transition expenses			1,298,000		0.2%			–		–
Tariff costs paid for products sold before price increases were effective			4,607,000		0.6%			–		–
Total cash items impacting gross profit		$	5,905,000		0.8%		$	7,472,000		1.0%

Items Impacting EBITDA for the Three and Twelve Months Ended March 31, 2025 and 2024

Exhibit 5

		Three Months Ended March 31,								Twelve Months Ended March 31,
		2025				2024				2025				2024
GAAP net (loss) income		$	(722,000	)		$	1,338,000			$	(19,470,000	)		$	(49,244,000	)
Interest expense, net			12,546,000				14,640,000				55,550,000				60,040,000
Income tax expense (benefit)			1,934,000				(1,050,000	)			3,783,000				36,176,000
Depreciation and amortization			2,538,000				2,775,000				10,400,000				11,619,000
EBITDA		$	16,296,000			$	17,703,000			$	50,263,000			$	58,591,000
Non-cash items impacting EBITDA
Core and finished goods premium amortization		$	2,725,000			$	2,761,000			$	10,738,000			$	10,963,000
Revaluation – cores on customers’ shelves			489,000				973,000				2,805,000				5,353,000
Share-based compensation expenses			868,000				432,000				3,877,000				4,700,000
Foreign exchange impact of lease liabilities and forward contracts			(3,074,000	)			(1,155,000	)			15,892,000				(3,814,000	)
Change in fair value of compound net derivative liability and loss on extinguishment of debt			2,520,000				(2,710,000	)			60,000				(852,000	)
Total non-cash items impacting EBITDA		$	3,528,000			$	301,000			$	33,372,000			$	16,350,000
Cash items impacting EBITDA
Supply chain disruptions and related costs		$	–			$	734,000			$	–			$	7,472,000
New product line start-up costs and transition expenses, and severance and other			160,000				840,000				4,598,000				1,820,000
Tariff costs paid for products sold before price increases were effective			4,607,000				–				4,607,000				–
Total cash items impacting EBITDA		$	4,767,000			$	1,574,000			$	9,205,000			$	9,292,000

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609118643/en/

Gary S. Maier

Vice President, Corporate Communications & IR

(310) 972-5124

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Aftermarket Automotive General Automotive Automotive Manufacturing EV/Electric Vehicles Manufacturing

MEDIA:

Posted on June 9, 2025 8:04 am

Eagle Point Income Company Inc. Announces Common Stock Repurchase Program

Eagle Point Income Company Inc. Announces Common Stock Repurchase Program

GREENWICH, Conn.–(BUSINESS WIRE)–
Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC, EICA, EICB, EICC) today announced that its board of directors has authorized a program to repurchase up to $50 million of the Company’s common stock in the open market.

The repurchase program will remain in effect until June 9, 2026, unless otherwise extended or earlier discontinued. The timing, manner, price and amount of any repurchases will depend on the Company’s stock price, market conditions, applicable legal requirements and other factors. The repurchase program does not require the Company to repurchase any common stock, and the program may be suspended, extended, modified or discontinued at any time.

ABOUT EAGLE POINT INCOME COMPANY

The Company is a diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company seeks to achieve its investment objectives by investing primarily in junior debt tranches of CLOs. In addition, the Company may invest up to 35% of its total assets (at the time of investment) in CLO equity securities. The Company is externally managed and advised by Eagle Point Income Management LLC.

The Company makes certain unaudited portfolio information available each month on its website in addition to making certain other unaudited financial information available on its website (www.eaglepointincome.com). This information includes (1) an estimated range of the Company’s net investment income and realized capital gains or losses per share of common stock for each calendar quarter end, generally made available within the first fifteen days after the applicable calendar month end, (2) an estimated range of the Company’s NAV per share of common stock for the prior month end and certain additional portfolio-level information, generally made available within the first fifteen days after the applicable calendar month end and (3) during the latter part of each month, an updated estimate of NAV, if applicable, and, with respect to each calendar quarter end, an updated estimate of the Company’s net investment income and realized capital gains or losses per share for the applicable quarter.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company’s other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250607530506/en/

Investor and Media Relations:

Prosek Partners

203-340-8510

[email protected]

www.eaglepointincomecompany.com

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

MEDIA:

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Logistic Properties of the Americas Signs 121,600 Square Foot Lease with Regional 3PL in Costa Rica

SAN JOSE, Costa Rica–(BUSINESS WIRE)–
Logistic Properties of the Americas (NYSE American: LPA) (“LPA” or the “Company”) announced the execution of a new five-year U.S. dollar- denominated lease for 121,600 square feet of logistic space with a regional third-party logistics provider (3PL) at LPA Coyol 4 Logistic Park in San Jose, Costa Rica. This new agreement reflects approximately a 20% increase in the net effective rental rate, including common area maintenance fees, compared to the previous lease for the same space, which underscores the high demand and increasing value of institutional-grade logistics properties in Costa Rica.

LPA believes that this new lease agreement demonstrates its ongoing success in attracting premium logistics and supply chain tenants across its portfolio. “We are pleased to see a reputable operator expanding into LPA Coyol 4 Logistic Park,” said Esteban Saldarriaga, CEO of LPA. “The rental increase reflects strong market fundamentals and demonstrates our team’s ability to generate value through strategic execution.”

Located in the heart of the country’s leading logistics corridor, LPA Coyol 4 Logistic Park provides exceptional connectivity to key transportation routes, state-of-the-art Class-A warehouse facilities designed to accommodate high-volume distribution requirements. “Coyol continues to attract top-tier logistics providers,” said Luis Conejo, Country Manager for Costa Rica at LPA. “This agreement highlights the strategic importance of our assets’ location and our role in strengthening regional supply chain capabilities.”

This lease further extends LPA’s expanding presence in Latin America and aligns with its mission to offer high-quality logistics spaces that adapt to the evolving requirements of both global and regional operators.

About Logistic Properties of the Americas

Logistic Properties of the Americas is a leading developer, owner, and manager of institutional quality industrial and logistics real estate in high-growth and high-barrier-to-entry markets in Central and South America. LPA’s customers are multinational and regional e-commerce retailers, third-party logistic operators, business-to-business distributors, and retail distribution companies among others. LPA expects to continue its future growth with strong client relationships, and insight into and through the acquisition and development of high-quality, strategically located facilities in its target markets. As of March 31, 2025, LPA’s operating and development portfolio comprises 33 logistics facilities in Costa Rica, Colombia and Peru, totaling approximately 536,000 square meters (or approximately 5.8 million sq. ft.) of gross leasable area. For more information visit https://ir.lpamericas.com

Forward-Looking Statements

This press release contains certain forward-looking information, which may not be included in future public filings or investor guidance. The inclusion of forward-looking information in this press release should not be construed as a commitment by LPA to provide guidance on such information in the future. Certain statements in this press release may be considered forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements about future events or LPA’s future financial or operating performance. These forward-looking statements regarding future events and the future results of LPA are based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond LPA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, LPA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and LPA therefore caution against relying on any of these forward-looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are inherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates; (ii) LPA’s ability to manage growth; (iii) LPA’s ability to continue to comply with applicable listing standards of NYSE American; (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) LPA’s estimates of expenses and profitability; (vii) the outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings by LPA with the U.S. Securities and Exchange Commission. There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not place undue reliance on forward-looking statements due to their inherent uncertainty.

Nothing within this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609534571/en/

Investor Relations Contacts


Camilo Ulloa

Logistic Properties of the Americas

+506 6293 9083

[email protected]

Barbara Cano / Ivan Peill

InspIR Group

[email protected] / [email protected]

KEYWORDS: Costa Rica Latin America Central America

INDUSTRY KEYWORDS: Supply Chain Management Retail Transport Logistics/Supply Chain Management Commercial Building & Real Estate Construction & Property

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NCR Atleos Research Reveals Security and Complexity Management as Top Drivers for Network Infrastructure Investments

ATLANTA–(BUSINESS WIRE)–NCR Atleos Corporation (NYSE: NATL) (“Atleos”) Telecom & Technology (T&T) Division today announced results from its recent survey that explored the factors IT leaders consider when making investment decisions about enterprise networking, including domains like LAN, WAN and network security.

Data was obtained by Technology Business Research from an enterprise networking survey conducted in Q4 2024. For more on the survey, its findings and industry implications, download the whitepaper here.

The study surveyed IT leaders and a broad cross-section of senior IT professionals from 120 U.S.-based organizations across industries such as manufacturing, retail, banking and energy. Key findings from the survey include:

• The top challenges with enterprise networking are security concerns (48%) and the complexity of network management (46%).

• Security and compliance, technology innovation and flexibility of network solutions are the main drivers influencing the surveyed enterprises’ decisions to address network challenges.

• 63% of the companies surveyed use a mix of internal resources and third-party service providers. The more complex tasks tend to be outsourced with 66% of the activities performed by third-party service providers, including network testing and optimization.

• For most industries, a common challenge is bridging Operational Technology and IT domains to drive transformation.

• Security is a persistent need and a top priority for enterprise IT departments, with half of those surveyed (55%) planning to invest in it in the next 12 months.

Enterprises continue to face mounting complexities with the convergence of cloud, on-premises, and legacy infrastructure, along with new technologies like AI, edge computing, private 5G and IoT. In such complex environments, to overcome key challenges it is imperative for businesses to have the expertise to prioritize network and security investments.

“Enterprise leaders need a better understanding of how their investment decisions affect users who rely on their network,” said Sophia Williams, EVP, Customer Service Management & GM, Telecom & Technology, NCR Atleos. “The findings of this research further underscore why we’re laser focused on enhancing customer experience and dealing with complex requirements. With automation, efficiency, optimized cost and simplifying network management we give customers the best value for their investment.”

The T&T business of NCR Atleos is a global provider of managed network services, supporting telecom companies, network technology OEMs, and enterprises in over 160 countries. T&T offers comprehensive services, including field services, remote services, professional services, and managed network security services across various domains, such as LAN/WAN, wireless, SD-WAN/SASE, optical networking, and data centers. T&T supports more than 100 OEM brands and delivers exceptional services to over 200 clients globally. For more information visit the T&T web site: Telecom & Technology | NCR Atleos

About Atleos

Atleos (NYSE: NATL) is a leader in expanding self-service financial access, with industry-leading ATM expertise and experience, unrivalled operational scale including the largest independently-owned ATM network, always-on global services and constant innovation. Atleos improves operational efficiency for financial institutions, drives footfall for retailers and enables digital-first financial self-service experiences for consumers. Atleos is headquartered in Atlanta, Georgia, with approximately 20,000 employees globally.

Web site: https://www.ncratleos.com

X (Twitter): https://twitter.com/ncratleos

Facebook: https://www.facebook.com/Atleos.NCR/

LinkedIn: https://www.linkedin.com/company/ncratleos

YouTube: https://www.youtube.com/@ncratleos

Instagram: https://www.instagram.com/ncratleos/

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609787932/en/

Media Contact

Scott Sykes

NCR Atleos

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Hardware IOT (Internet of Things) Security Technology Finance Fintech Banking Business Professional Services Online Privacy 5G Telecommunications Software Networks Internet

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State Employees’ Credit Union Transforms Member Experiences, Surpassing CSAT Goals in Just 6 Months with NiCE CXone Mpower

With NiCE’s AI-driven platform, SECU also streamlined operations, enhanced collaboration and achieved breakthrough efficiency

HOBOKEN, N.J.–(BUSINESS WIRE)–NiCE (Nasdaq: NICE) today announced that State Employees’ Credit Union (SECU), one of the largest credit unions in the U.S., serving over 2.8 million members, has transformed its member contact center experience and operational efficiency with NiCE CXone Mpower. By adopting an AI-driven, cloud-native platform, SECU has streamlined operations, enhanced workforce management, and leveraged automation to drive efficiency and improve service levels.

Facing limitations with legacy infrastructure, SECU turned to NiCE’s all-in-one platform to unify, automate, and optimize its contact center operations. The move enabled SECU to centralize service channels, enhance employee performance management, and implement real-time tracking for better decision-making and service delivery.

With CXone Mpower’s omnichannel capabilities and AI-driven automation, SECU has revolutionized its member service operations. The platform’s user-friendly interface has empowered agents with seamless access to critical information, improving productivity and responsiveness while reducing call volumes and wait times. Having AI-powered intelligence at their fingertips has been instrumental in helping SECU improve training, identify performance opportunities, and enhance the overall member experience. Moreover, the platform’s scalability ensures that SECU can integrate new AI and automation capabilities without disrupting existing infrastructure, enabling future growth.

Key Outcomes from SECU’s Transformation with CXone Mpower:

• Achieved 94%-member satisfaction and a net positive sentiment score since launch

• AI-driven call routing reduced wait times from 300 seconds to under 60 seconds

• 90% agent participation rate in AI-assisted workforce self-service tools

• Reduced manual administrative effort by 20%

NiCE’s Value Realization Services (VRS), played a key role in SECU’s transformation by providing expert guidance to tailor CXone Mpower to the credit union’s needs, ensuring seamless implementation and continuous optimization.

“The transformation with NiCE has been a game-changer for us,” said Jared Benesh, EVP of Member Experience at SECU. “We didn’t piecemeal solutions; we chose a single, complete platform and now we’re reaping the rewards. Since implementing CXone Mpower, we have achieved outstanding improvements and are ready to deliver even more exceptional experiences for members and agents with new capabilities and expanded AI-driven automation.”

“SECU’s success highlights the power of taking a platform approach to enhance experiences and drive business transformation,” said Barry Cooper, President, CX Division, NiCE. “Too many organizations fall victim to the ‘Frankenstack’—disparate solutions stacked together without cohesion. When AI and automation are layered onto fragmented systems, friction isn’t eliminated – in fact, it often amplifies it. SECU exemplifies how to do it right—by adopting a unified AI-powered platform, they have seen rapid results and are now well positioned to expand AI and automation for even greater impact.”

Looking ahead, SECU plans to expand its adoption of NiCE’s advanced AI and automation capabilities, including Autopilot and Voice Authentication, to further elevate member and employee experiences.

About SECU

A not-for-profit financial cooperative owned by its members and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $53 billion in assets. It serves more than 2.8 million members through 275 branch offices, 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App.

About NiCE

NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE’s platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes.

Trademark Note: NiCE and the NiCE logo are trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Cooper, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in general economic and business conditions; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; rapid changes in technology and market requirements; the implementation of AI capabilities in certain products and services, decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties in making additional acquisitions ordifficulties or effectively integrating acquired operations; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners; cyber security attacks or other security incidents; privacy concerns; changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy; our ability to recruit and retain qualified personnel; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609078778/en/

Corporate Media Contact

Christopher Irwin-Dudek, +1 201 561 4442, [email protected], ET

Investors

Marty Cohen, +1 551 256 5354, [email protected], ET

Omri Arens, +972 3 763 0127, [email protected], CET

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Professional Services Business Technology Software Artificial Intelligence Internet

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TriMas Appoints Thomas Snyder President and Chief Executive Officer

Experienced Packaging Industry Leader with a Track Record of Enhancing Shareholder Value

BLOOMFIELD HILLS, Mich.–(BUSINESS WIRE)–
TriMas (NASDAQ: TRS) today announced that Thomas J. Snyder has been appointed President and Chief Executive Officer, and to the TriMas Board of Directors, effective June 23, 2025. Mr. Snyder is succeeding Thomas Amato, the current President and Chief Executive Officer of the Company.

Mr. Snyder brings nearly 35 years of experience in the packaging industry, having served in several leadership positions at Silgan Holdings Inc., a global manufacturer of packaging solutions for consumer goods products. Most recently, he served as President of Silgan Containers LLC, from October 2007, managing close to $3 billion in sales, while driving significant sales, earnings and cash flow growth during his tenure. Prior to that, Mr. Snyder was Executive Vice President of Silgan Containers from July 2006 to October 2007 and Vice President – Sales and Marketing of Silgan Containers from July 2002 to July 2006. Earlier in his career, Mr. Snyder served in the roles of Director of Sales, National Account Manager, Materials Application Engineer and various operations management positions for Silgan Containers. Mr. Snyder obtained an M.B.A. from Pepperdine University and a B.S. in Packaging from Michigan State University.

“After a comprehensive search process, we are pleased to recruit someone of Thomas’ stature and experience to lead TriMas’ Packaging, Aerospace and Specialty Products groups,” commented Herbert K. Parker, TriMas Chairman of the Board. “Thomas is an engaging and highly accomplished packaging executive with a strong track record of driving performance. We believe TriMas will benefit from Thomas’ effective leadership style, operational management expertise and customer-centric approach. We are confident that under his leadership, TriMas will be well-positioned to enhance shareholder value and further elevate the quality of solutions and service we provide to our customers.”

“TriMas has a portfolio of market-leading products, great manufacturing capabilities and solid customer relationships to build upon for the future,” said Mr. Snyder. “I am excited to join the team. Based on my initial evaluation, I am confident we can identify and pursue significant opportunities to enhance future performance of the company, and I look forward to working together with our talented global team to achieve TriMas’ untapped potential.”

“The TriMas Board of Directors would like to thank Thomas Amato for his extended service while we conducted a comprehensive search to find a best-in-class CEO that was the right fit for TriMas,” concluded Mr. Parker.

About TriMas

TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,900 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

Notice Regarding Forward-Looking Statements

Any “forward-looking” statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability goals and achieve our sustainability goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609341947/en/

Sherry Lauderback

VP, Investor Relations, Communications & Sustainability

(248) 631-5506

[email protected]

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: Packaging Engineering Chemicals/Plastics Aerospace Manufacturing Other Manufacturing

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Addus HomeCare Comments on Budget Approval for In-Home Care Rate Increases in Illinois and Texas Markets

FRISCO, Texas–(BUSINESS WIRE)–
Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, today provided an update on recent state legislature budget approvals for in-home care rate increases in the States of Illinois and Texas, and the expected impact on the Company’s operations in these markets.

On May 31, 2025, the State of Illinois finalized its fiscal 2026 budget with the inclusion of a 3.9% increase in the base hourly reimbursement rate to $30.80 per hour to sustain a minimum wage of $18.75 per hour for direct in-home care service workers. The state programs affected by this increase include the Illinois Department on Aging, Community Care Program (CCP); Illinois Department of Human Services, Home Services Program (HSP); and Illinois Department of HealthCare and Family Services, Managed Long-Term Service and Supports Program (MLTSS). The Company expects this rate increase will add approximately $17.5 million in annualized revenue for Addus, with margins consistent with its existing Illinois personal care business in the low 20%s and within the State of Illinois’s 77.0% requirement for caregiver wages and benefits. The Illinois rate increase will be effective January 1, 2026, subject to federal approval.

On June 3, 2025, the State of Texas finalized its fiscal 2026 budget with the inclusion of a 9.9% increase in the base hourly reimbursement rate to $17.13 per hour. The state programs affected by this increase include the Texas Health and Human Services Commission (HHSC), Community Attendant Services Program (CASP) and related programs. The Company expects to generate approximately $17.7 million in additional annualized revenue assuming implementation consistent with historical precedent of HHSC and the Texas Managed Health Plans, with margins expected to be largely consistent with its existing Texas personal care business just over 20% after caregiver wages are adjusted. The Texas rate increase will be effective September 1, 2025, subject to federal approval.

Commenting on the announcement, Dirk Allison, Chairman and Chief Executive Officer of Addus HomeCare, stated, “We are extremely pleased with the commitment to our services by both Illinois and Texas state leadership and the favorable results from their respective budget processes. In our personal care business, our services have continued to receive reimbursement support from many states where we operate. Illinois is our largest state market for personal care services, and, with the recent acquisition of Gentiva’s personal care operations, Texas now represents our second largest state market. We believe our services deliver real value to state Medicaid programs, and there is growing recognition of the benefits of home-based care as a preferred cost-effective care setting. We appreciate the support of the leadership of Illinois and Texas, and the commitment to provide this added funding, which will further enhance our ability to provide quality care.”

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “preliminary,” “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025, which are available at www.sec.gov. The financial information described herein and the periods to which they relate are preliminary estimates that are subject to change and finalization. There is no assurance that the final amounts and adjustments will not differ materially from the amounts described above, or that additional adjustments will not be identified, the impact of which may be material. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties, and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized.

About Addus HomeCare

Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare’s consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare’s payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals. Addus HomeCare currently provides home care services to approximately 62,000 consumers through 260 locations across 23 states. For more information, please visit www.addus.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609868045/en/

Brian W. Poff

Executive Vice President,

Chief Financial Officer

Addus HomeCare Corporation

(469) 535-8200

[email protected]

Dru Anderson

FINN Partners

(615) 324-7346

[email protected]

KEYWORDS: United States North America Illinois Texas

INDUSTRY KEYWORDS: Nursing Seniors Public Policy/Government Managed Care Health State/Local Consumer General Health Other Policy Issues

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Butterfly Network’s RoHS Lead Exemption Revocation Request Progresses to Stakeholder and Consultant Assessment

Oeko-Institut appointed for third-party evaluation; stakeholder consultation will run June 6, 2025 – August 1, 2025

BURLINGTON, Mass. & NEW YORK–(BUSINESS WIRE)–
Butterfly Network, Inc. (“Butterfly”, “the Company”) (NYSE: BFLY), a digital health company transforming care with handheld, whole-body ultrasound, today announced that the European Commission has officially initiated the review and stakeholder consultation period for the Company’s request to revoke Annex IV n. 14 of the European Commission’s Restriction of Hazardous Substances (RoHS) Directive – a temporary exemption historically granted for lead in single crystal piezoelectric materials for ultrasonic transducers.

Following Butterfly’s revocation submission in October 2024, the Commission has now appointed the Oeko-Institut as consultant to lead the technical assessment of the request, including a third-party evaluation. The stakeholder consultation questionnaire is open and will run from June 6, 2025 to August 1, 2025, allowing interested parties to submit feedback. A recommendation by the Oeko-Institut to the European Commission on the request is expected by Q2 of 2026. If favorable and after final adoption of the Delegated Act indicating the change of scope in the exemption, it will take 12 to 18 months for it to enter into legal force.

“We’re encouraged to see that the formal review of our revocation request is underway and grateful to the Commission and the Oeko-Institut for their attention to this matter,” said Joseph DeVivo, President, CEO & Chairman of Butterfly. “We remain optimistic about the opportunity to align ultrasound manufacturing with the EU’s broader circular economy and sustainability goals and modernize standards that better reflect today’s innovations in medical imaging.”

Input from relevant stakeholders is welcomed as part of the consultation process. Registration to receive updates or to get involved can be accessed here: https://rohs.exemptions.oeko.info/index.php?id=4

About Butterfly Network

Butterfly Network, Inc. (NYSE: BFLY) is a healthcare company driving a digital revolution in medical imaging with its proprietary Ultrasound-on-Chip™ semiconductor technology and ultrasound software solutions. In 2018, Butterfly launched the world’s first handheld, single-probe, whole-body ultrasound system, Butterfly iQ. The iQ+ followed in 2020, and the iQ3 in 2024, each with improved processing power and performance by leveraging Moore’s Law. The iQ3 earned Best Medical Technology at the 2024 Prix Galien USA Awards, a prestigious honor and one of the highest accolades in healthcare. Butterfly’s innovations have also been recognized by Fierce 50, TIME’s Best Inventions and Fast Company’s World Changing Ideas, among other achievements.

Butterfly combines advanced hardware, intelligent software, AI, services, and education to drive adoption of affordable, accessible imaging. Clinical publications demonstrate that its handheld ultrasound probes paired with Compass™ enterprise workflow software, can help hospital systems improve care workflows, reduce costs, and enhance provider economics. With a cloud-based solution that enables care anywhere through next-generation mobility, Butterfly aims to democratize healthcare by addressing critical global healthcare challenges. Butterfly devices are commercially available to trained healthcare practitioners in areas including, but not limited to, parts of Africa, Asia, Australia, Europe, the Middle East, North America and South America; to learn more about available countries, visit: https://www.butterflynetwork.com/choose-your-country.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609884142/en/

Media:

Liz Learned

Head of Communications, Butterfly

[email protected]

Butterfly Investors:

Heather Getz

Chief Financial and Operations Officers, Butterfly

[email protected]

KEYWORDS: United States North America New York Massachusetts

INDUSTRY KEYWORDS: Technology Medical Devices Semiconductor Health Technology Software Biotechnology Hardware Radiology Health Artificial Intelligence

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