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P.A.M. Transportation Services, Inc. Announces Results for the Second Quarter Ended June 30, 2023

P.A.M. Transportation Services, Inc. Announces Results for the Second Quarter Ended June 30, 2023

Second Quarter 2023 Summary Results

  • Total revenues of $207.4 million, down 12.6% YoY

  • Operating income of $13.8 million, down 62.4% YoY

  • Operating ratio of 93.4%

  • Diluted EPS of $0.42, down 61.1% YoY

TONTITOWN, Ark.–(BUSINESS WIRE)–
P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42, for the quarter ended June 30, 2023. These results compare to consolidated net income of $24.2 million, or diluted earnings per share of $1.08 ($1.09 basic), for the quarter ended June 30, 2022.

Consolidated operating revenues decreased 12.6% to $207.4 million for the second quarter of 2023 compared to $237.2 million for the second quarter of 2022.

Liquidity, Capitalization, and Cash Flow

As of June 30, 2023, we had an aggregate of $198.8 million of cash, marketable equity securities, and available liquidity under our line of credit and $310.9 million of stockholders’ equity. Outstanding debt was $230.0 million as of June 30, 2023, which represents a $34.3 million decrease from December 31, 2022. During the first half of 2023, we generated $68.5 million in operating cash flow.

About P.A.M. Transportation Services, Inc.

P.A.M. Transportation Services, Inc. is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.

Forward-Looking Statements

Certain information included in this document contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers’ business cycles; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties that may result from any future outbreaks of the COVID-19 pandemic or other public health crises; the resale value of the Company’s used equipment and the price of new equipment; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers’ compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, tariffs, import/export, trade and immigration regulations or policies; a significant reduction in or termination of the Company’s trucking service by a key customer; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

P.A.M. Transportation Services, Inc. and Subsidiaries

Key Financial and Operating Statistics

(unaudited)

 

 

  

Quarter Ended June 30,

 

Six Months Ended June 30,

 

  

2023

 

2022

 

2023

 

2022

 

  

(in thousands, except earnings per share)

 

(in thousands, except earnings per share)

 

  

 

 

 

Revenue, before fuel surcharge

  

$182,082

 

$202,739

 

$375,536

 

$398,828

Fuel surcharge

  

25,330

 

34,429

 

53,600

 

57,788

Operating Revenue

  

207,412

 

237,168

 

429,136

 

456,616

 

  

 

 

 

 

 

 

 

Operating expenses and costs:

  

 

 

 

 

 

 

 

Salaries, wages and benefits

  

47,828

 

42,947

 

96,106

 

82,222

Operating supplies and expenses

  

39,716

 

43,454

 

81,210

 

75,101

Rent and purchased transportation

  

78,329

 

88,643

 

165,425

 

180,020

Depreciation

  

15,757

 

15,481

 

32,254

 

30,358

Insurance and claims

  

5,045

 

7,269

 

20,059

 

14,132

Other

  

7,208

 

3,905

 

12,631

 

8,117

Gain on disposition of equipment

  

(260)

 

(1,214)

 

(836)

 

(1,361)

Total operating expenses and costs

  

193,623

 

200,485

 

406,849

 

388,589

 

  

 

 

 

 

 

 

 

Operating income

  

13,789

 

36,683

 

22,287

 

68,027

 

  

 

 

 

 

 

 

 

Interest expense

  

(2,163)

 

(1,998)

 

(4,519)

 

(3,665)

Non-operating income(expense)

  

1,192

 

(2,872)

 

2,091

 

(943)

 

  

 

 

 

 

 

 

 

Income before income taxes

  

12,818

 

31,813

 

19,859

 

63,419

Income tax expense

  

3,499

 

7,631

 

5,309

 

15,295

 

  

 

 

 

 

 

 

 

Net income

  

$9,319

 

$24,182

 

$14,550

 

$48,124

 

  

 

 

 

 

 

 

 

Diluted earnings per share

  

$0.42

 

$1.08

 

$0.65

 

$2.14

 

  

 

 

 

 

 

 

 

Average shares outstanding – Diluted

  

22,182

 

22,445

 

22,253

 

22,474

 

  

 

 

 

 

 

 

 

  

 

  

Quarter Ended June 30,

 

Six Months Ended June 30,

 

  

2023

 

2022

 

2023

 

2022

Truckload Operations

  

 

 

 

 

 

 

 

Total miles (in thousands)

  

53,391

 

49,652

 

107,124

 

94,908

Operating ratio (1)

  

92.7%

 

79.8%

 

96.1%

 

80.6%

Empty miles factor

  

8.60%

 

8.94%

 

8.78%

 

9.05%

Revenue per total mile, before fuel surcharge

  

$2.25

 

$2.72

 

$2.29

 

$2.74

Total loads

  

109,000

 

94,870

 

211,430

 

186,425

Revenue per truck per workday

  

$774

 

$948

 

$788

 

$947

Revenue per truck per week

  

$3,868

 

$4,738

 

$3,939

 

$4,735

Average company-driver trucks

  

2,061

 

1,847

 

2,056

 

1,761

Average owner operator trucks

  

367

 

381

 

378

 

385

 

  

 

 

 

 

 

 

 

Logistics Operations

  

 

 

 

 

 

 

 

Total revenue (in thousands)

  

$61,856

 

$68,041

 

$130,113

 

$139,152

Operating ratio

  

91.8%

 

86.2%

 

90.2%

 

87.4%

P.A.M. Transportation Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

 

 

  

June 30,

 

December 31,

 

  

2023

 

2022

 

  

(in thousands)

ASSETS

  

 

 

 

Current Assets:

  

 

 

 

Cash and cash equivalents

  

$97,988

 

$74,087

Trade accounts receivable, net

  

100,812

 

134,739

Other receivables

  

6,992

 

6,263

Inventories

  

2,585

 

2,570

Prepaid expenses and deposits

  

11,901

 

15,729

Marketable equity securities

  

41,274

 

41,728

Income taxes refundable

  

2,997

 

5,650

Total current assets

  

264,549

 

280,766

 

  

 

 

 

Property and equipment

  

690,012

 

705,919

Less: accumulated depreciation

  

253,299

 

242,324

Total property and equipment, net

  

436,713

 

463,595

 

  

 

 

 

Other non-current assets

  

4,147

 

4,801

Total Assets

  

$705,409

 

$749,162

 

  

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

  

 

 

 

Current liabilities:

  

 

 

 

Accounts payable

  

$41,011

 

$48,917

Accrued expenses and other liabilities

  

20,775

 

34,233

Current portion of long-term debt

  

53,006

 

58,815

Total current liabilities

  

114,792

 

141,965

 

  

 

 

 

Long-term debt, net of current portion

  

176,963

 

205,466

Deferred income taxes

  

102,774

 

101,445

Other long-term liabilities

  

0

 

103

Total liabilities

  

394,529

 

448,979

 

  

 

 

 

STOCKHOLDERS’ EQUITY

  

 

 

 

Common stock

  

223

 

223

Additional paid-in capital

  

40,714

 

40,472

Treasury stock, at cost

  

(8,095)

 

(4,000)

Retained earnings

  

278,038

 

263,488

Total stockholders’ equity

  

310,880

 

300,183

Total liabilities and stockholders’ equity

  

$705,409

 

$749,162

 

  

 

 

 

 

  

 

 

 

_______________________________________

  1. The Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We used revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.

 

P.A.M. TRANSPORTATION SERVICES, INC.

Lance K. Stewart

(479) 361-9111

KEYWORDS: United States North America Arkansas

INDUSTRY KEYWORDS: Trucking Transport Logistics/Supply Chain Management

MEDIA:

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Franchise Group, Inc. Announces Redemption of 7.50% Series A Cumulative Perpetual Preferred Stock

DELAWARE, Ohio, July 19, 2023 (GLOBE NEWSWIRE) — Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) today announced that it has issued a notice of redemption (the “Redemption”) for all outstanding shares of its 7.50% Series A Cumulative Perpetual Preferred Stock (CUSIP: 35180X204) (the “Preferred Stock”). The Company is redeeming the Preferred Stock in connection with the Company’s previously announced merger (the “Merger”) and pursuant to Parent’s (as defined below) request in accordance with the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 10, 2023, entered into by and among the Company, Freedom VCM, Inc., a Delaware corporation (“Parent”), and Freedom VCM Subco, Inc., a Delaware corporation and wholly owned subsidiary of Parent. The Redemption is contingent upon the Company’s successful completion the Merger and, in the event the Merger does not occur and the Merger Agreement is terminated in accordance with its terms, the notice of redemption will be deemed rescinded and the Redemption will not occur.

The Preferred Stock will be redeemed in cash at a redemption price equal to $25.00 per share plus any accrued and unpaid dividends from the last dividend payment date, if any, up to but not including the Redemption Date (the “Redemption Price”). The Redemption Price is expected to be paid on August 18, 2023 or such later date as the parties to the Merger may agree but in no event later than one business day following the effective time of the Merger (the “Redemption Date”). From and after the Redemption Date, dividends shall cease to accrue on the Preferred Stock and the Preferred Stock will no longer be deemed outstanding and all rights of the holders of the Preferred Stock, other than the right to receive the Redemption Price upon Redemption, will cease and terminate. Upon Redemption, the shares the Preferred Stock will be delisted from trading on the NASDAQ Global Market.

The Preferred Stock is held through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Preferred Stock will be made by Equiniti Trust Company, LLC, the Company’s redemption agent for the Preferred Stock. Questions about the conditional notice of redemption and related materials should be directed to Equiniti Trust Company, LLC by mail at EQ Shareowner Services, Corporate Actions Dept., P.O. Box 64858, St. Paul, MN 55164-0858, or by telephone at 1-800-468-9716.

This press release does not constitution a notice of redemption under the certificate of designation governing the Preferred Stock and is qualified in its entirety by reference to the notice of redemption issued by Franchise Group.

About Franchise Group

Franchise Group is an owner and operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its stockholders. Franchise Group’s business lines include Pet Supplies Plus, Wag N’ Wash, American Freight, The Vitamin Shoppe, Badcock Home Furniture & More, Buddy’s Home Furnishings and Sylvan Learning. On a combined basis, Franchise Group currently operates over 3,000 locations predominantly located in the U.S. that are either Company-run or operated pursuant to franchising and dealer agreements.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. Such statements may include statements regarding the completion of the Merger and the expected timing of the completion of the Merger. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” or words of similar meaning or other statements concerning opinions or judgment of the Company or its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company or matters pertaining to the proposed merger will not differ materially from any projected future results, performance, achievements or other matters expressed or implied by such forward-looking statements. Actual future results, performance, achievements or other matters may differ materially from historical results or those anticipated depending on a variety of factors, many of which are beyond the control of the Company. The Company refers you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Form 10-K for the fiscal year ended December 31, 2022, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Readers are cautioned not to rely on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In connection with the Merger, the Company filed relevant materials with the Securities and Exchange Commission (the “SEC”), including a proxy statement on Schedule 14A (the “Proxy Statement”), and the Company, affiliates of Vintage Capital Management, LLC and other relevant parties jointly filed a transaction statement on Schedule 13E-3 (the “Schedule 13E-3”). This communication is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC or send to its stockholders in connection with the Merger. STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE PROXY STATEMENT, THE SCHEDULE 13E-3 AND ANY OTHER DOCUMENTS FILED BY THE COMPANY WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE BUSINESS TO BE CONDUCTED AT THE SPECIAL MEETING. All such documents may be obtained free of charge at the SEC’s website (http://www.sec.gov). These documents and the Company’s other filings with the SEC also will be available free of charge on the Company’s website at www.franchisegrp.com.

Investor Relations & Media Contact:

Andrew F. Kaminsky
EVP & Chief Administrative Officer
Franchise Group, Inc.
[email protected]
(914) 939-5161

Source: Franchise Group, Inc.



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Pfizer Announces New England Journal of Medicine Publication on Group B Streptococcus (GBS)Maternal Vaccine Candidate

Pfizer Announces New England Journal of Medicine Publication on Group B Streptococcus (GBS)Maternal Vaccine Candidate

  • Results from an ongoing Phase 2 study in pregnant individuals showed the investigational vaccine, GBS6, was generally well-tolerated and generated robust maternal antibody responses that were efficiently transferred to infants
  • The safety profile between the vaccine and placebo groups was similar in both the mothers and infants
  • GBS6 maternal vaccination may offer meaningful protection against invasive GBS disease in newborns and young infants, based on a natural history study conducted in parallel to the Phase 2 study

NEW YORK–(BUSINESS WIRE)–Pfizer Inc. (NYSE: PFE) today announced data from a Phase 2 study investigating its hexavalent capsular polysaccharide (CPS) conjugate Group B Streptococcus (GBS) vaccine candidate, GBS6, being developed for maternal administration to protect infants against invasive GBS disease. In stage two of the three-part study, which enrolled 360 healthy pregnant individuals, GBS6 generated robust maternal antibody responses against the six GBS CPS serotypes included in the vaccine, and these antibodies were efficiently transferred to infants at ratios of ~0.4-1.3 depending on GBS6 group. Based on a parallel natural history study conducted in South Africa, the Phase 2 study immunogenicity data suggest that GBS6 may offer meaningful protection against invasive GBS disease in newborns and young infants. The results were published in The New England Journal of Medicine(NEJM) and will inform a planned Phase 3 clinical development program.

In both the mothers and infants, the safety profile was similar between the vaccine and placebo groups. Local reactions were generally mild or moderate and of short duration with pain at the injection site being the most frequently reported event. Solicited systemic events were similar among the GBS6 groups and the placebo group, with most events being mild or moderate. Overall, 2 to 8% of participants in the GBS6 groups, depending on dose, and 5% of those in the placebo group reported fever. Among pregnant individuals, adverse events (AEs) occurred in 45 to 70% of the participants in the GBS6 groups, depending on dose, and in 61% of those in the placebo group. The most common AEs and serious adverse events (SAEs) were conditions that are related to pregnancy. Among the infants, AEs occurred in 62 to 75% of the participants in the GBS6 groups, depending on dose, and in 74% of those in the placebo group. None of the SAEs were deemed related to the vaccine candidate.

“Group B Streptococcus can cause potentially devastating diseases in infants, including sepsis, pneumonia and meningitis. Annually, there are nearly 400,000 cases of infant disease and approximately 138,000 stillbirths and infant deaths worldwide due to GBS,” said Annaliesa Anderson, Ph.D., Senior Vice President and Chief Scientific Officer, Vaccine Research and Development, Pfizer. “The findings published in NEJM provide hope that maternal vaccination with GBS6 may protect infants against GBS, potentially helping to prevent thousands of cases of illness annually, if it is successfully developed and approved. Building on decades of expertise and knowledge in vaccines, we are committed to helping protect newborns and young infants through maternal immunization.”

The Phase 2 placebo-controlled study was divided into three stages.

  • Stage 1: Evaluated safety and immunogenicity in 66 healthy, nonpregnant individuals in South Africa.
  • Stage 2: The focus of the NEJM publication, is evaluating safety and immunogenicity in 360 healthy pregnant individuals aged 18 to 40 years and their infants in South Africa. Participants were randomly assigned to receive a single dose of GBS6 formulated at 5, 10 or 20 µg/serotype, with or without an AlPO4 adjuvantor placebo, given from late second trimester. The highest antibody responses were generally observed with the GBS6 20 µg dose, formulated without an aluminum phosphate (AlPO4) adjuvant.
  • Stage 3: A final formulation is being evaluated in 216 healthy pregnant individuals and their infants in South Africa, the U.S. and U.K.

A parallel natural history study conducted in South Africa is also reported in the same issue of NEJM. This study enrolled approximately 18,000 mother-infant pairs to estimate anti-CPS immunoglobulin (IgG) antibody concentrations in infant sera associated with risk of invasive disease through 89 days of age after delivery. Antibody concentrations associated with protective natural immunity obtained from this second study were compared to maternally transferred GBS6 vaccine-induced antibody levels in infants in the Phase 2 study to determine the percentage of infants that have antibody levels exceeding those associated with protection. Naturally acquired anti-CPS IgG concentrations correlated with reduced risk of disease in the natural history study with similar results for serotypes Ia, III, and an aggregate of all GBS6 serotypes that indicated 75-95% protective titers of 0.184-0.827 µg/mL anti-CPS IgG. The proportion of infants born to immunized mothers in stage two of the Phase 2 study with anti-CPS IgG antibody concentrations >0.184 ug/mL varied by serotype and formulation, with 57% to 97% seroresponder rates achieved for the most immunogenic formulation.

About GBS6

Hexavalent anti capsular polysaccharide (CPS) / genetically detoxified diphtheria toxin cross reactive material (CRM) 197 glycoconjugate (GBS6) is being developed as an investigational maternal vaccine to help prevent invasive Group B Streptococcus (GBS) in newborns. Polysaccharides conjugated to CRM have been successfully used by Pfizer in its pneumococcal vaccines, which have a proven track record of safety and effectiveness in millions of infants globally.

GBS6 is designed to offer protection against the six most prominent GBS serotypes, which account for 98% of GBS disease worldwide.1 GBS6 safety and immunogenicity is being evaluated in an ongoing Phase 2, placebo-controlled study in pregnant women and their infants in South Africa, the U.S. and U.K. following a single intramuscular injection during the second or early third trimester of pregnancy. Pfizer is pursuing a clinical development strategy in high-, middle- and low-income countries with the intent to make a successfully developed vaccine available globally as quickly as possible.

In 2016, Pfizer received a grant from the Bill & Melinda Gates Foundation, which supported the ongoing Phase 2 clinical trial of GBS6 as well as the parallel natural history study conducted in South Africa.2 In May 2022, the Foundation gave Pfizer an additional grant to help support the continued development of GBS6. With these grants from the Bill & Melinda Gates Foundation, Pfizer has committed to support greater access to the vaccine, if approved, in Gavi-supported countries. For more information about the Phase 2 study (NCT03765073), please visit https://www.clinicaltrials.gov.

In April 2022, GBS6 was granted PRIME designation by the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP). This designation provides enhanced support for the development of medicines that target an unmet medical need.3 In August 2022, GBS6 received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA) for the prevention of invasive GBS disease due to the vaccine serotypes in newborns and young infants by active immunization of their mothers during pregnancy. The FDA’s Breakthrough Therapy Designation is designed to expedite the development and review of drugs and vaccines that are intended to treat or prevent serious conditions, and preliminary clinical evidence indicates that the drug or vaccine may demonstrate substantial improvement over available therapy on clinically significant endpoints.4

About Group B Streptococcus (GBS)

Group B Streptococcus (GBS) is a common bacterium that can cause potentially devastating disease in infants, including sepsis, pneumonia and meningitis, primarily during the first three months of life. Up to one in four pregnant individuals carry GBS bacteria in their body and may pass it along to their baby during or prior to birth.5 Annually, there are an estimated 394,000 GBS cases worldwide, which cause at least 138,000 stillbirths and infant deaths each year. Invasive GBS disease can also lead to long-term neurodevelopmental impairment in infants who recover, with significant impact on patients, their families and society. Low- and middle-income countries are most heavily affected by GBS: >40% of infant invasive GBS cases and >50% of GBS-related stillbirths and infants deaths occur in sub-Saharan Africa, and another ~35% of cases and deaths arise in Central, South and East/Southeast Asia, regions where access to screening and intrapartum antibiotic prophylaxis as well as delivery by a skilled birth attendant are limited. 6

About Maternal Immunization

During pregnancy, antibodies – special disease-fighting proteins – are actively transferred from the mother’s blood, across the placenta and to the fetus. This natural process is known as transplacental antibody transfer. Vaccines given to pregnant women (maternal immunization) that are intended to prevent illness in young infants rely on this process of transplacental antibody transfer. When a pregnant woman is vaccinated, her immune response produces vaccine-specific antibodies, which can then be transferred to the fetus.7 This protection from the mother is called “maternal immunity” and is critical for helping infants fight off potential infections during the most vulnerable first months of life when their immune system is still developing.

About Pfizer: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world’s premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

DISCLOSURE NOTICE:

The information contained in this release is as of July 19, 2023. Pfizer assumes no obligation to update forward‐looking statements contained in this release as the result of new information or future events or developments.

This release contains forward-looking information about Pfizer’s Group B Streptococcus (GBS) vaccine candidate, GBS6, including its potential benefits, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when biologic license applications may be filed in any jurisdictions for GBS6 for any potential indications; whether and when any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether GBS6 will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of GBS6; uncertainties regarding the ability to obtain recommendations from vaccine advisory or technical committees and other public health authorities regarding GBS6 and uncertainties regarding the commercial impact of any such recommendations; uncertainties regarding the impact of COVID-19 on our business, operations and financial results; and competitive developments.

A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.

______________________

1 Buurman et al. “A Novel Hexavalent Capsular Polysaccharide Conjugate Vaccine (GBS6) for the Prevention of Neonatal Group B Streptococcal Infections by Maternal Immunization.” The Journal of Infectious Diseases 2019. 220(1):105-115. https://academic.oup.com/jid/article/220/1/105/5336091

2 Pfizer Inc. “Pfizer Begins Phase 1 Clinical Trial to Evaluate Investigational Group B Streptococcus Vaccine.” June 19, 2017. https://www.pfizer.com/news/press-release/press-release-detail/pfizer_begins_phase_1_clinical_trial_to_evaluate_investigational_group_b_streptococcus_vaccine.

3 European Medicines Agency. “PRIME: priority medicines.” Accessed 2 May 2022. Page last reviewed 5 April 2022. Available at https://www.ema.europa.eu/en/human-regulatory/research-development/prime-priority-medicines.

4 U.S. Food and Drug Administration (FDA). Breakthrough Therapy. https://www.fda.gov/forpatients/approvals/fast/ucm405397.htm. Updated January 4, 2018. Accessed February 10, 2022.

5 Centers for Disease Control and Prevention. “Group B Strep (GBS): Fast Facts.” Accessed 31 January 2022. Page last reviewed 11 June 2020. Available at https://www.cdc.gov/groupbstrep/about/fast-facts.html.

6 Goncalves, et al. “Group B streptococcus infection during pregnancy and infancy: estimates of regional and global burden.” Lancet Glob Health 2022. 10: e807–19. https://doi.org/10.1016/S2214-109X(22)00093-6.

7 Faucette et al. “Immunization of pregnant women: Future of early infant protection.” Human Vaccines & Immunotherapeutics 2015. 11(11):2549-2555. Available at https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4685701/.

 

Media Contact:

Media Relations

+1 (212) 733-1226

[email protected]

Investor Contact:

Investor Relations

+1 (212) 733-4848

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Biotechnology Infectious Diseases Health Pharmaceutical Clinical Trials

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Doma Holdings, Inc. Sells Texas and Midwest Local Retail Title Operations

Doma Holdings, Inc. Sells Texas and Midwest Local Retail Title Operations

Transaction helps drive Doma’s new singular strategy and refined focus on its core technology and underwriting business

SAN FRANCISCO–(BUSINESS WIRE)–
Doma Holdings, Inc. (NYSE: DOMA) (“Doma”), a leading force for disruptive change in the real estate industry, has announced the sale of its Texas and Midwest Local Retail Title Operations to Capital Title of Texas, LLC (a member of the Shaddock Title Companies) and Near North Title Group, respectively. The completed sales include multiple retail title locations and operations centers in the Texas, Illinois, Indiana, Minnesota and Wisconsin regions.

“These strategic transactions are aligned with our mission-driven go-forward strategy and refined focus on our core underwriting and technology business,” said Max Simkoff, Founder and CEO of Doma. “Our Texas and Midwest operations have a track record of providing excellent customer service. We believe we have found optimal homes for our Local team members in the branches we have sold. I want to thank these teams for their hard work and dedication to Doma and our vision over the years.”

This transaction follows Doma’s announcement on its first quarter 2023 earnings call that it had been conducting a comprehensive review of the business over the last several months to evaluate the optimal organization structure to successfully deliver on its mission to make homebuying more affordable and to maximize shareholder value. Doma’s go-forward strategy is centered around harnessing the power and benefits of its instant underwriting technology via the efficient and profitable distribution of its core technology by external partners with the end goal of bringing down refinance specific costs for homeowners. In connection with the transactions, Houlihan Lokey is acting as a financial advisor to Doma and Mayer Brown LLP is acting as legal counsel to Doma.

About Doma Holdings, Inc.

Doma is a real estate technology company that is disrupting a century-old industry by building an instant and frictionless home closing experience for buyers and sellers. Doma uses proprietary machine intelligence technology and deep human expertise to create a vastly more simple and affordable experience for everyone involved in a residential real estate transaction, including current and prospective homeowners, mortgage lenders, title agents, and real estate professionals. With Doma, what used to take days can now be done in minutes, replacing an arcane and cumbersome process with a digital experience designed for today’s world. To learn more visit doma.com.

About The Shaddock Title Companies:

The Shaddock Title Companies are a leading national provider of title, escrow and title insurance services. With a commitment to excellence, innovation, and customer satisfaction, The Shaddock Title Companies have built a strong reputation in the industry. Members of The Shaddock Title Companies include Capital Title of Texas, First National Title Insurance Company, Landmark Title – Arizona, Landmark Title – Nevada, US Title – Utah, Southwest Title – Arkansas, Homestead Title – Colorado, Santa Fe Title – New Mexico and Continental Title – Missouri and Kansas.

About Near North Title Group

Near North Title Group is a fully integrated title, escrow, construction escrow and 1031 exchange company that for over 30 years has provided clients with a comprehensive portfolio of commercial and residential services nationwide. Near North’s national commercial operations and residential Midwest and Florida offices facilitate over $10 billion in yearly transaction volume throughout nearly 60 locations, making it one of the strongest commercial title agents in the country and one of the largest residential agents in the Midwest. Near North is continuously expanding its market presence through acquisitions and organic growth as it provides customized solutions to its clientele, leveraging years of industry expertise and underwriter relationships that allow for maximum flexibility in facilitating even the most complex real estate transactions.

Forward-Looking Statements Legend

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The absence of these words does not mean that a statement is not forward-looking. Such statements are based on the beliefs of, as well as assumptions made by information currently available to Doma management. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, such as statements relating to Doma’s ability to achieve Adjusted EBITDA profitability by the end of 2023, statements regarding management plans, such as statements relating to Doma’s go-forward strategy and ability to finalize and enter into partnerships with certain participants in the national mortgage origination market. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectation of Doma’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, will differ from assumptions and are beyond the control of Doma.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial information with respect to Doma; future global, regional or local economic, political, market and social conditions, including due to the COVID-19 pandemic; the development, effects and enforcement of laws and regulations, including with respect to the title insurance industry; Doma’s ability to manage its future growth or to develop, acquire enhancements to its platform or execute its go-forward strategy discussed in this press release; the effects of competition on Doma’s future business; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those other factors described in Part I, Item 1A – “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022 and any subsequent reports filed by Doma from time to time with the U.S. Securities and Exchange Commission (the “SEC”).

If any of these risks materialize or Doma’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Doma does not presently know or that Doma currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Doma’s expectations, plans or forecasts of future events and views as of the date of this press release. Doma anticipates that subsequent events and developments will cause Doma’s assessments to change. However, while Doma may elect to update these forward-looking statements at some point in the future, Doma specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Doma’s assessment as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Investor Contact: Carlee Herzog, Investor Relations for Doma | [email protected]

KEYWORDS: California Indiana Illinois Minnesota Texas Wisconsin United States North America

INDUSTRY KEYWORDS: Technology Construction & Property Finance Fintech Banking Professional Services Software Artificial Intelligence Residential Building & Real Estate

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Largo Reports Improvements to Production in Q2 2023 and Begins Commissioning of its Ilmenite Concentration Plant; Francesco D’Alessio Appointed as President of Largo Clean Energy

Largo Reports Improvements to Production in Q2 2023 and Begins Commissioning of its Ilmenite Concentration Plant; Francesco D’Alessio Appointed as President of Largo Clean Energy

Q2 2023 and Other Highlights

  • V2O5 production of 2,639 tonnes (5.8 million lbs1) in Q2 2023 vs. 3,084 tonnes produced in Q2 2022 and 25% above production in Q1 2023
  • V2O5 production of 676 tonnes in April, 945 tonnes in May and 1,018 tonnes in June
  • The Company achieved normalized production levels in June after completing the following actions in Q2 2023: the completion of its infill drilling campaign for 2023 resulting in a further refinement of the Company’s short-term mining model, the completion of upgrades to its crushing process as well as an improvement in its mining performance over levels seen in Q1 2023
  • The Company completed all planned upgrades to its crushing process in Q2 2023, including the installation of a new dry magnetic separator and updates to its crushing circuit, which is expected to reduce operational maintenance costs and provide more flexibility in the blending of different ores to stabilize V2O5 production going forward
  • Global V2O5 recovery rate3 of 81.0% in Q2 2023 vs. 81.8% in Q2 2022
  • The Company completed construction of its ilmenite concentration plant in June and subsequently began commissioning of the facility shortly thereafter; The Company expects to complete the commissioning phase in Q3 2023 and start a gradual ramp-up of ilmenite production in Q4 2023
  • V2O5 equivalent sales of 2,557 tonnes in Q2 2023 vs. 3,291 tonnes sold in Q2 2022 due to lower available inventory
  • During Q2 2023, the average benchmark price per lb of V2O5 in Europe was $8.46, a 24% decrease from the average of $11.08 seen in Q2 2022 following softer spot market demand during the quarter, primarily due to adverse conditions in the Chinese and European steel sectors
  • Francesco D’Alessio was appointed as President of Largo Clean Energy (“LCE”)
  • Cold commissioning of LCE’s Enel Green Power España (“EGPE”) vanadium redox flow battery (“VRFB”) was completed in Q2 2023; Hot commissioning and provisional acceptance by EGPE is expected in Q3 2023
  • 2023 production, sales, cost and capital expenditures guidance remain unchanged

TORONTO–(BUSINESS WIRE)–
Largo Inc. (“Largo” or the “Company“) (TSX: LGO) (NASDAQ: LGO) today announces quarterly production of 2,639 tonnes (5.8 million lbs1) and sales of 2,557 tonnes of vanadium pentoxide (“V2O5”) equivalent, respectively, in Q2 2023.

Daniel Tellechea, Interim CEO and Director of Largo, stated: “We are pleased to report that key operational actions taken in Q2 2023 have resulted in improved production rates exiting the quarter, particularly in June with over 1,000 tonnes of V2O5 produced. He continued: “In Q2 2023, construction of the Company’s ilmenite concentration plant was completed, followed by the start of commissioning, marking a significant milestone for the Company. As we look forward to completing commissioning and ramp-up processes in the following quarters, we anticipate having sufficient stocks of produced ilmenite concentrate for sale by the start of 2024.”

Francesco D‘Alessio, President of LCE commented: “With this new role, I am fully committed to leading LCE with the immediate objective of evaluating all strategic options for this business in order to fully maximize its unique value proposition in the energy storage sector. This includes but is not limited to the potential strengthening and formalization of existing industry relationships, developing additional collaborative partnerships, evaluating alternative deployment strategies, and performing a comprehensive review of cost reduction measures. Going forward, I anticipate providing updates as this process continues to evolve.”

Maracás Menchen Mine Operational and Sales Results

Q2 2023

Q1 2023

Q2 2022

 

 

 

 

Total Ore Mined (tonnes)

489,892

341,967

378,273

Ore Grade Mined – Effective Grade (%)2

0.86

0.81

1.18

Total Mined – Dry Basis (tonnes)

3,671,842

3,523,656

2,503,696

 

 

 

 

Concentrate Produced (tonnes)

99,083

78,695

124,317

Grade of Concentrate (%)

3.34

2.99

3.28

Global Recovery (%)3

81.0

83.0

81.8

 

 

 

 

V2O5 produced (Flake + Powder) (tonnes)

2,639

2,111

3,084

High purity V2O5 equivalent produced (%)

35.8

47.8

18.7

V2O5 produced (equivalent pounds) 1

5,817,992

4,653,953

6,799,048

Total V2O5 equivalent sold (tonnes)

2,557

2,849

3,291

Produced V2O5 equivalent sold (tonnes)

2,268

2,604

2,783

Purchased V2O5 equivalent sold (tonnes)

289

245

508

 

 

 

 

 

Q2 2023 Additional Highlights

  • Normalized Production Levels in June: V2O5 production from the Maracás Menchen Mine was 676 tonnes in April, 945 tonnes in May and 1,018 tonnes in June for a total of 2,639 tonnes produced in Q2 2023. In addition to certain mining performance and crushing process improvements made during the quarter, the Company also completed its 2023 infill drilling campaign in Q2 2023, resulting in a further refinement of the Company’s short-term mining model. In Q2 2023, global recoveries3 averaged 81.0%, largely in line with 81.8% averaged in Q2 2022. The Company mined 489,892 tonnes of ore with an effective V2O5 grade2 of 0.86% in Q2 2023 compared to 378,273 tonnes with an effective V2O5 grade2 of 1.18% in Q2 2022 and 341,967 tonnes with an effective V2O5 grade2 of 0.81% in Q1 2023, demonstrating a significant improvement in total ore mined over the prior quarter and prior comparative quarter. The increase in total ore mined as well as increased crushed and milled ore is a direct result of the Company’s strategy to successfully recover delays caused by the previously announced mine contractor transition in September 2022 and heavy rains experienced in December 2022.
  • Mine Site Cost Reduction Measures: The Company continues to focus on identifying and implementing various cost reduction measures at its Maracás Menchen Mine during the current period of sustained inflationary pressures. In addition to upgrading its crushing process to reduce operational maintenance costs, the Company has identified several other areas for cost reduction and is in the process of implementing the following initiatives: a reduction in sodium carbonate and other raw materials expenditures, a reduction of mining costs, with a primary focus on reducing rehandling activities and implementing an optimization of haulage distance and a reduction of equipment rental expenditures. The Company expects to begin realizing the benefits of these cost reduction measures in Q3 2023.
  • 2023 and 2024 Infill Drilling Campaigns: The Company has completed its 2023 infill drilling campaign and has completed approximately 90% of its 2024 infill drilling campaign. Data generated from infill drilling is expected to create greater accuracy and reliability of the short-and mid-term mining plan for the Maracás Menchen Mine. Going forward, the Company plans to conduct infill drilling on a bi-annual basis to create greater certainty and efficiency in its planning process. Largo expects that a consistent infill drilling campaign should assist the Company in improving the reliability and accuracy of its production guidance on a go forward basis.
  • Q2 2023 Sales In Line with Quarterly Target – Focus on High Purity Vanadium Demand: In Q2 2023, V2O5 equivalent sales of 2,557 tonnes (which includes 289 tonnes of purchase material sold) were in line with expectations for the quarter but represented a 22% decrease in tonnes sold over Q2 2022. In Q2 2023, the Company continued to experience strong aerospace demand for its products and focused on selling its high purity vanadium units to this market. The Company produced approximately 36% of its quarterly production as high purity in Q2 2023.
  • Cold Commissioning of Enel Green Power España VRFB Completed: During Q2 2023, LCE finalized the pumping of electrolyte for EGPE’s VCHARGE VRFB deployment and completed cold commissioning of the system in June. The battery system was also successfully interconnected with the grid and the system inverter was successfully utilized to form the chemistry in Q2 2023. The battery is currently performing charge-discharge cycles as part of the ongoing hot commissioning phase, which is anticipated to be completed in Q3 2023, along with provisional acceptance of the system by EGPE.
  • Appointment of Francesco D’Alessio as President of LCE: Mr. D’Alessio has over 15 years of experience in metals sales and trading, including overseeing sales and shipment of vanadium, as well as more recent experience in clean energy storage sales. Over the last three years, he has been actively involved in the overall sales strategy at Largo, contributing to the Company’s ongoing initiatives in the energy storage sector. Mr. D’Alessio began his tenure at Largo in 2019 as Head of Sales, Americas, and was subsequently promoted to the position of Commercial Director in 2022.

About Largo

Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURETM and VPURE+TM products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a ilmenite concentrate plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) leading vanadium supplier with an outlined growth plan and 2.) U.S.-based energy storage business to support a low carbon future.

Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol “LGO”. For more information on the Company, please visit www.largoinc.com.

Cautionary Statement Regarding Forward-looking Information:

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities, ; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the timing and success of the commissioning and ramp up of the ilmenite plant,; the ability to sell ilmenite on a profitable basis, the successful vertical integration of the Company; the effect of unforeseen equipment maintenance or repairs on production; the ability to sufficiently reduce the cost of production through cost reduction measures;; the extent to which infill drilling data will create greater accuracy and reliability in the short-term mining plan and production guidance, the extent of capital and operating expenditures; the impact of globalprice increases on the Company’s global supply chain and future sales of vanadium products. Forward‐looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business, our ability to protect and develop our technology, our ability to maintain our IP, the competitiveness of our product in an evolving market, our ability to market, sell and deliver our VCHARGE batteries on specification and at a competitive price, our ability to secure the required production resources to build and deploy our VCHARGE batteries, our ability to attract partners, collaborators and/or investors to build the VRFB business on terms attractive to the Company, and the adoption of VRFB technology generally in the market. Forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&As which also apply.

Trademarks are owned by Largo Inc.

1 Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.

2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate.

3 Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery.

 

For further information:

Investor Relations

Alex Guthrie

Senior Manager, External Relations

+1.416.861.9778

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

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Deluxe Adds Two to Executive Leadership Team

Deluxe Adds Two to Executive Leadership Team

Moves elevate leaders of Merchant Services, Data Solutions

MINNEAPOLIS–(BUSINESS WIRE)–
Deluxe (NYSE: DLX), a Trusted Payments and Data company, has announced two additions to its Executive Leadership Team, effective July 1, 2023. These additions form a realigned leadership team designed to better reflect the company’s portfolio mix and offerings.

Debra Bradford has been named President of Merchant Services. Debra joined First American Payment Systems by Deluxe in 2001 and has served as President and Chief Financial Officer of First American since 2008. Deluxe acquired First American in 2021, the largest acquisition in the company’s history. The successful integration of these organizations has nearly doubled the size of the Deluxe Payments business, resulting in an expanded portfolio of offerings and opening up synergistic opportunities for Deluxe customers.

“Debra is an unquestioned leader in the world of merchant services,” said Barry McCarthy, President and Chief Executive Officer of Deluxe. “She drove First American’s success prior to our acquisition and has been key to its continued growth post-integration. Having her experience and expertise by my side is an invaluable asset to both our company and our customers.”

Kristopher Lazzaretti has been named President of Data Solutions. Kris joined First Manhattan Consulting Group (FMCG) in 2006, where he co-founded FMCG Direct. Deluxe acquired FMCG in 2017, with Kris most recently serving as head of Data-Driven Marketing (DDM) for Deluxe. DDM has become a core offering for Deluxe, having grown consistently since the acquisition and representing the company’s stronghold in the data analytics space.

“Kris has been instrumental to our growth in data analytics,” said McCarthy. “He built the industry’s deepest, most advanced offering from the ground up and has continued to evolve, providing our customers a competitive advantage in the marketplace. Bringing this entrepreneurial spirit and experience to our leadership table will drive continued advancements to our portfolio and our business.”

More background on Deluxe’s full leadership team can be found at deluxe.com/about/deluxe-leadership/.

About Deluxe Corporation

Deluxe, a Trusted Payments and Data company, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions, and hundreds of the world’s largest consumer brands while processing approximately $3 trillion in annual payment volume. Our reach, scale, and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com.

Brian Anderson, VP, Strategy and Investor Relations

651-447-4197

[email protected]

Keith Negrin, VP, Communications

612-669-1459

[email protected]

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: Professional Services Payments Data Management Technology Data Analytics Software

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Transocean Ltd. Provides Quarterly Fleet Status Report

STEINHAUSEN, Switzerland, July 19, 2023 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

This quarter’s report includes the following updates:

  • Seventh Generation Ultra-Deepwater Drillship (Deepwater Invictus, Deepwater Thalassa, or Deepwater Proteus) – Awarded a 1,080-day contract in Mexico at a rate of $480,000.
  • Transocean Equinox – Awarded a five-well contract, plus a one-well option in Australia at a rate of $455,000.
  • Transocean Equinox – Awarded a sixteen-well contract in Australia at a rate of $485,000, plus 21 one-well options at rates between $485,000 and $540,000.
  • Transocean Endurance – Awarded a two-well contract in Norway at a rate of $385,000.
  • Transocean Barents – Awarded a one-well contract in Lebanon at a rate of $365,000, plus 3 one-well options at rates that may vary between $350,000 and $390,000.
  • Transocean Encourage – Customer exercised six one-well options in Norway at a current rate of $464,000.
  • Transocean Norge – Customer exercised a one-well option in Norway at a current rate of $365,000 and 3 one-well options at a current rate of $420,000.
  • Transocean Barents – Customer exercised a one-well option in the East Mediterranean Sea at a rate of $370,000.

The aggregate incremental backlog associated with these fixtures is approximately $1.2 billion. As of July 19, 2023, the company’s total backlog is approximately $9.2 billion. Assuming all contract options are exercised, the potential incremental backlog associated with the contract options is approximately $480 million to $500 million.

The report can be accessed on the company’s website: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. In addition, Transocean holds a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, such as COVID-19, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2022, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Analyst Contact:

Alison Johnson
+1 713-232-7214

Media Contact:

Pam Easton
+1 713-232-7647



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Sturm, Ruger & Company, Inc. to Report Second Quarter 2023 Financial Results on Wednesday, August 2

Sturm, Ruger & Company, Inc. to Report Second Quarter 2023 Financial Results on Wednesday, August 2

SOUTHPORT, Conn.–(BUSINESS WIRE)–
Sturm, Ruger & Company, Inc. (NYSE-RGR) will announce its financial results for the second quarter 2023 and file its Quarterly Report on Form 10-Q on Wednesday, August 2, 2023, after the close of the stock market.

On Thursday, August 3, 2023, Sturm, Ruger will host a webcast at 9:00 a.m. ET to discuss the second quarter operating results. Interested parties can listen to the webcast via this link or by visiting Ruger.com/corporate. Those who wish to ask questions during the webcast will need to pre-register prior to the meeting.

About Sturm, Ruger

Sturm, Ruger & Co., Inc. is one of the nation’s leading manufacturers of rugged, reliable firearms for the commercial sporting market. With products made in America, Ruger offers consumers almost 800 variations of more than 40 product lines, across both the Ruger and Marlin brands. For almost 75 years, Ruger has been a model of corporate and community responsibility. Our motto, “Arms Makers for Responsible Citizens®,” echoes our commitment to these principles as we work hard to deliver quality and innovative firearms.

The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.

Sturm, Ruger & Company, Inc.

One Lacey Place

Southport, CT 06890

www.ruger.com

203-259-7843

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Retail Sports Manufacturing Specialty Other Manufacturing Hunting

MEDIA:

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Webster Financial Corporation Declares Common and Preferred Dividends

Webster Financial Corporation Declares Common and Preferred Dividends

STAMFORD, Conn.–(BUSINESS WIRE)–
Webster Financial Corporation (NYSE:WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, announced that its Board of Directors declared a quarterly cash dividend of $0.40 per share on its common stock.

The dividend on common shares will be payable August 16, 2023, to shareholders of record as of August 2, 2023.

On its Series F Preferred Stock, Webster declared a quarterly cash dividend of $328.125 per share ($0.328125 per each depositary share, 1,000 of which represent one share of Series F Preferred Stock), payable September 15, 2023, to shareholders of record on September 1, 2023.

On its Series G Preferred Stock, Webster declared a quarterly cash dividend of $16.25 per share ($0.40625 per each depositary share, 40 of which represents one share of Series G Preferred Stock), payable October 15, 2023, to shareholders of record on September 30, 2023.

About Webster

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $75 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Media Contact:

Alice Ferreira, 203-578-2610

[email protected]

Investor Contact:

Emlen Harmon, 212-309-7646

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

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Brown & Brown, Inc. Announces Quarterly Cash Dividend

DAYTONA BEACH, Fla., July 19, 2023 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE: BRO) announces that the board of directors has declared a regular quarterly cash dividend of $0.1150 per share. The dividend is payable on August 16, 2023, to shareholders of record on August 9, 2023.

About Brown & Brown, Inc.

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With 15,000+ teammates in 500+ locations worldwide, we are committed to providing innovative solutions to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.

For more information:

R. Andrew Watts
Chief Financial Officer
(386) 239-5770