Lafarge Zambia Plc (LACZ.zm) listed on the Lusaka Securities Exchange under the Building & Associated sector has released it’s 2011 annual report.For more information about Lafarge Zambia Plc (LACZ.zm) reports, abridged reports, interim earnings results and earnings presentations, visit the Lafarge Zambia Plc (LACZ.zm) company page on AfricanFinancials.Document: Lafarge Zambia Plc (LACZ.zm) 2011 annual report.Company ProfileLafarge Zambia manufactures and sells cement and aggregate products for the local building and construction industry in Zambia and for international export. Well-known brands in its product portfolio include: Mphamvu, a Portland limestone cement; Powerplus for heavy industrial construction, Supaset for making cement blocks, RoadCem to road construction, Powercrete for applications in the mining industry, and Wallcrete for masonry projects such as bricklaying, plasterwork and floor screeding. Aggregates produced by Lafarge Zambia are used in building projects, heavy construction, road construction, mining, and the production of concrete products. The company also produce a ready-mix concrete product, and supplies products used in rail and road infrastructure. Lafarge Zambia has 2 fully-integrated cement plants based in Ndola and Lusaka, with a total production capacity of 1.4 million tons per annum. Lafarge Zambia exports cement products to Tanzania, Burundi, Democratic Republic of Congo, Malawi, Namibia and Zimbabwe. Lafarge Zambia Plc is listed on the Lusaka Stock Exchange
CopyResidential Architecture•Melbourne, Australia Builder: CopyAbout this officeJustin MalliaOfficeFollowProductsWoodGlassConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureMelbourneAustraliaPublished on December 19, 2016Cite: “Oak Grove / Justin Mallia” 19 Dec 2016. ArchDaily. Accessed 11 Jun 2021.
Concern appoints new chairman In his role as chairman of Concern, Miley said he was keen to see a greater involvement by the business community in overseas aid.”We are trying to engage more business, and not just have them writing cheques, he said.”We have come through the Celtic Tiger and have massive expertise in Ireland.I would like to see us harness some of that expertise for practical use in development aid. People retiring early, for example, are a huge asset. We need to harness that talent.Concern is also looking at shifting its focus into programmes that support local business and local industry. About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Third World charity Concern has appointed a prominent businessman as its new chairman. Myhome.ie chief executive Jim Miley previously worked for Concern in the 1980s in Ethopia.Best known as the chief executive of property website Myhome.ie who led it to a ‚€50 million sale last year, Miley will lead an organisation that has a ‚€122million budget and about 4,000 employees. It is the biggest Irish non-governmental agency, with programmes in 30 countries in Asia, Africa and the Caribbean. Miley’s main job is still running Myhome.ie, which was bought by the Irish Times last year for ‚€50million. Miley himself netted ‚€5 million from his 10 per cent stake in the company. Advertisement Tagged with: Ireland 19 total views, 2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 1 July 2007 | News
BHF launches its annual appeal for charity shop stock AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis The British Heart Foundation (BHF) has launched its annual month-long Bag-athon to encourage people to donate items for its charity shops.The charity describes the Great British Bag-athon as “the UK’s biggest stock donation appeal”. It is aiming to secure one million bags of unwanted items by the end of September. This year’s campaign includes a competitive element whereby BHF encourages office workers to compete to donate the largest number of bags in their organisation. Writing in the July/August issue of Heart Matters Online, Mike Taylor, BHF Director of Retail, said: “we also want people to join in and to try and collect as many bags as possible. People can do it at work and see who can generate the most bags. We did it and it got quite competitive, we wanted to collect more bags than any other department!” Advertisement Howard Lake | 5 September 2013 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. 16 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis The campaign was launched last month and included media partnerships with radio groups Global, Bauer and Real, covering 33 regional stations. As well as a 20 second advert, the stations’ DJs have also been talking to local people who have survived heart attacks.
Madeline Hammhttps://www.tcu360.com/author/madeline-hamm/ ReddIt Linkedin Madeline Hammhttps://www.tcu360.com/author/madeline-hamm/ Linkedin Fort Worth set to elect first new mayor in 10 years Saturday Twitter Madeline Hammhttps://www.tcu360.com/author/madeline-hamm/ IMAGE: From the TCU Diamond to Lupton Stadium Grains to grocery: One bread maker brings together farmers and artisans at locally-sourced store Madeline Hammhttps://www.tcu360.com/author/madeline-hamm/ + posts Facebook Meals on Wheels seeks volunteers Madeline Hamm Twitter Misunderstandings between student religious organizations in past semesters spurred Interfaith Community to bring TCU Coexist to campus today in its first big event of the semester, the organization’s vice president said. Katie Caruso, vice president of Interfaith Community, said TCU Coexist will consist of booths in the Campus Commons from 10 a.m. to 4 p.m., each displaying information about different religious and world views, including Christianity, Judaism, Islam, Hinduism, Buddhism and Secular Humanism. Facebook Community reaches out to homeless printWestcliff Elementary School aimed high with its fifth annual Wrangler Walk.The school hoped to raise $20,000 goal this year for the fifth annual Wrangler Walk to raise funds for technology and improvements to the campus.Having postponed the original walk date due to winter weather, the walk took place early Friday afternoon at Westcliff Elementary. The walk started at 4300 Clay Ave, the corner of Trail Lake and South Streets, and made a circle around the school.This year, donations will go to the purchasing of a new copier for the main office and an outdoor equipment shed. In the past, the fundraiser has paid for school supplies and a shade cover for the school’s playground.“We are asking for community and business sponsors, to help us continue to provide these kids in your neighborhood with the supplies they need,” said Principal Sara Gillaspie.Students were also asked to help raise funds for the event as part of a classroom competition.“The PTA has really raised the competition level by giving away prizes for the class that raises the most money,” said Kristen Barg, a first grade teacher. “My students love to win so that has really pushed them to go out into their community and raise money for the school.”The top class with the most donations will win a class party at Foster Park.Madeline Hamm is an education reporter for The 109. Email her at [email protected] ReddIt Previous articleRangers’ Gallardo recognized for impact on cityNext articleTarrant County is moving forward with jail reform grant Madeline Hamm RELATED ARTICLESMORE FROM AUTHOR Officers encourage proactive measures during holiday season Abortion access threatened as restrictive bills make their way through Texas Legislature TAGSVolunteer Work
September 17, 2013 – Updated on January 20, 2016 Authorities restrict visits to imprisoned journalist Alemu News February 10, 2021 Find out more Organisation RSF condemns NYT reporter’s unprecedented expulsion from Ethiopia Follow the news on Ethiopia EthiopiaAfrica Journalist attacked, threatened in her Addis Ababa home Related documents ethiopia_upr_2013_english_version_-2.pdfPDF – 209.46 KB News May 21, 2021 Find out more May 18, 2021 Find out more News News Help by sharing this information to go further “The denial of visitors to Reyot Alemu is endangering her mental health,” Reporters Without Borders said. “This further deterioration in her situation compounds the already deplorable conditions that she has endured for more than two years. We call for her immediate and unconditional release.” Alemu was arrested in 2011 with her colleague Woubeshet Taye, deputy editor of the Amharic-language weekly Awramba Times. Like Alemu, Woubeshet Taye, who was transferred on 19 April to a detention centre in Ziway, 130 km southeast of Addis Abba, has been deliberately kept far from his family, who live in the capital.In a press release issued on 26 April, Reporters Without Borders reported that the journalist was being held in deplorable conditions, which had led to a deterioration in her physical health.As the UN Human Rights Council prepares for the 19th session of the Universal Periodic Review (UPR) in April and May next year, the press freedom organization has submitted recommendations aimed at improving press freedom in Ethiopia. The main point of the Reporters Without Borders contribution concerns the urgent need to reform the 2009 anti-terrorism law. Since the adoption of this repressive legislation, which defines acts of terrorism in the vaguest terms, it has been used to justify the arrests of journalists who are critical of the government, such as Alemu and Taye. Ethiopia is ranked 137th of 179 countries in the 2013 World Press Freedom Index compiled by Reporters Without Borders. Read the contribution by Reporters Without Borders to the 19th session of the UPR. Photo: Ethiopian journalist, Reyot Alemu. Reporters Without Borders strongly condemns the decision by the authorities of Kality prison, located outside Addis Abba, to restrict family visits to jailed journalist Reyot Alemu, a columnist for the national weekly Fitih. She has been held since June 2011 after being found guilty of participating in the promotion and communication of terrorist activities.Alemu, awarded the 2013 UNESCO-Guillermo Cano World Press Freedom Prize, is serving an arbitrary sentence of five years.Her original 14-year sentence was reduced by the federal supreme court on 3 August this year. Receive email alerts Ethiopia arbitrarily suspends New York Times reporter’s accreditation EthiopiaAfrica RSF_en
Previous articleThe life and vexed feline times of SkippyNext articleAward winning poet is University of Limerick writer in residence Editor WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads TAGSDailHIQAkerrylimerickNorth CorkreviewTJ O’ConnorTraleeUniversity Hospital KerryWest Limerick Print Limerick Ladies National Football League opener to be streamed live University Hospital KerryScans and files of an unspecified number patients from West Limerick are among the 46,000 medical records being independently reviewed by University Hospital Kerry following the discovery of three serious errors.The Tralee hospital has placed a consultant on administrative leave and referred her case to the Medical Council for potential investigation. She denies any wrongdoing and says she will contest the case.X-rays, MRIs and ultrasound scans of 26,700 patients by hospital staff and six external radiologists are under review since late October. Independent experts are also examining the handling of tens of thousands of files from March 2016 to July 2017, involving patients in Kerry, North Cork and West Limerick.Sign up for the weekly Limerick Post newsletter Sign Up 21 patients have been contacted for follow-up medical examinations, and no major missed cases have been identified.The review also detected some diagnostic errors that have led to delays for patients in obtaining the correct treatment.The South West Hospital Group said that a clinical co-ordinator is liaising with clients and arranging follow-up care and patients needing urgent intervention will be immediately contacted before the full review is complete.University Hospital Kerry, which has 300 beds, is the third largest hospital in the southern region and has a catchment area throughout Kerry, north Cork and part of west Limerick.A problem with the handling of MRI scans is an embarrassment for the hospital, which commissioned a state-of-the-art new MRI scanner last year. The manager of University Hospital Kerry, TJ O’Connor, said last May that the scanner was owned and fully operated by an external company and would be operational in a few weeks.In response to a Dáil question to the Department of Health, he said that there were no staff shortages in operating the new scanner or handling the scans. The scanning problem is the second major controversy for the hospital in three months.In September, a Health Information and Quality Authority (HIQA) report found that infection-control failures were putting the hospital’s patients at risk.The hospital has set up a patient information line 1800 742 900 that will operate from 9am to 5pm, Monday to Friday.See more health news here WhatsApp Advertisement Email RELATED ARTICLESMORE FROM AUTHOR NewsHealthLimerick patients included in Kerry hospital reviewBy Editor – December 18, 2017 3375 Predictions on the future of learning discussed at Limerick Lifelong Learning Festival Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash Limerick’s National Camogie League double header to be streamed live Facebook Linkedin Twitter Limerick Artist ‘Willzee’ releases new Music Video – “A Dream of Peace”
3,681 0.04 Depreciation and amortization 95,773 Twitter 13,941 21,661 12,741 —————————————————————————————— 0.02 — HOSTESS BRANDS, INC. — $ December 31, — Interest expense Adjusted EBITDA ASSETS ) Diluted EPS Acquisition and development of software assets (1,110 256,051 150 Three Months Ended December 31, 2020 39,775 Other December 31,2020 Long-term debt and lease obligations payable within one year 216,666 Class ANetIncome $ (455 Total current assets 285,087 0.52 Earnings per Class A share: 303,959 242,384 2,082 ) 1,853,315 Goodwill ) HOSTESS BRANDS, INC. — Diluted 68,356 Current assets: $ $ ) — Gross Profit 42,826 (7,128 — (455 0.51 December 31,2020 86,848 11,800 ) $ — 135,310 185 Snacking 45,715 2,073 70,776 Net income Results of Operations by Segment 28,702 Loss on debt refinancing 1 690 Adjusted Non-GAAP results 125,550 0.06 55,715 Deferred tax liability ) 0.61 — 1,560 160,270 Facility transition costs (2) $ Prepaids and other current assets 132,402,533 150 $ 0.10 WhatsApp — 1,563 256,043 — Effect of exchange rate changes on cash and cash equivalents (10,407 Treasury stock Pinterest 3,009 Retained earnings ) 32,756 (0.01 (6,000 ) — Stockholders’ equity $ 1,485,792 10,002 — 1,908 309 Cash and cash equivalents at end of period (1,089 3,009 OperatingIncome — $ 23,377 Three Months Ended 23,555 12 $ 1,900 December 31,2019 11,392 ) Non-cash loss on debt modification In-Store Bakery Proceeds from the exercise of warrants — — 256,043 907,675 Cost of goods sold $ $ 660,970 (3,918 ) 95,773 — 33 0.17 (4,397 ) 216,666 Facebook — Additional paid in capital Less: Net income attributable to the non-controlling interest 216,666 127,723,488 0.01 General and administrative Net increase (decrease) in cash and cash equivalents 21,599 — COVID-19 costs (3) 95,773 — 135,310 299 159,243 $ — — December 31,2019 1,681 1,914 ) Pinterest 68,356 NetRevenue Share-based compensation ) $ — (7,128 ) ) $ 1,840 (47 (2) Facility transition operating costs are included in general and administrative expenses on the consolidated statement of operations. ) — Interest expense Total operating costs and expenses — 31,242 220,329 5,628 $ Gross Profit 94,457 Acquisition, disposal and integration related costs (1) 136,096 1,967,903 Accounts receivable Income tax 9,519 December 31, (6,721 Other expense 1,220 (4,564 3,723 $ — 0.22 Amortization of customer relationships Other Customer trade allowances 144,744 Non-GAAP adjustments: 29,532 2 The Company provides guidance only on a non-generally accepted accounting principles (non-GAAP) basis and does not provide a reconciliation of the Company’s forward-looking financial expectations to the most directly comparable GAAP financial measure because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation; including adjustments that could be made for deferred taxes; remeasurement of the Tax Receivable Agreement, transformation expenses and other non-operating gains or losses reflected in the Company’s reconciliation of historic non-GAAP financial measures, the amount of which could be material. Please refer to the Reconciliation of Non-GAAP Financial Measures included in this press release for further information about the use of these measures. Hostess Brands, Inc. Announces Strong Fourth Quarter and Full Year 2020 Financial Results Unrealized loss (gain) on foreign currency 88,761 GAAP Results WhatsApp (747 1,863 126,108,531 355,639 (1) Adjustments to net revenue represent initial slotting fees paid to customers to obtain space in customer warehouses for the Voortman transition. Adjustments to operating costs included $8.0 million of selling expense, $8.9 million of general and administrative expenses and $4.3 million of business combination transaction costs on the consolidated statement of operations. 29,166 ) 204,657 1,834 24,373 December 31,2019 Facility transition costs (1) 531 70,776 ) — 64,735 Year Ended 54,940 ) 77,565 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Investing activities 0.18 — Total assets — 453,156 View source version on businesswire.com:https://www.businesswire.com/news/home/20210224006067/en/ CONTACT: Investors, please contact: Chris Mandeville and Anna Kate Heller ICR 203-682-8304 [email protected]@icrinc.comMedia, please contact: The LAKPR Group Hannah Arnold [email protected] or Marie Espinel [email protected] KEYWORD: UNITED STATES NORTH AMERICA KANSAS INDUSTRY KEYWORD: SUPERMARKET RETAIL CONVENIENCE STORE FOOD/BEVERAGE SOURCE: Hostess Brands, Inc. Copyright Business Wire 2021. PUB: 02/24/2021 04:05 PM/DISC: 02/24/2021 04:05 PM http://www.businesswire.com/news/home/20210224006067/en 150 Diluted 16,892 2,909 Supplemental disclosure of non-cash investing: $ Income tax expense — 2,088 ) Weighted-average shares outstanding: Basic — $ — 20,899 1,914 5,484 (44 $ 114,699,447 760 Three Months Ended — Foreign currency impacts GAAP Results Tax receivable agreement liability remeasurement December 31,2020 0.02 3,464 61,428 $ Class A common stock, $0.0001 par value, 200,000,000 shares authorized, 130,347,464 and 122,108,086 issued and outstanding at December 31, 2020 and 2019, respectively 1,621,586 (316,013 Facebook 1,016,609 $ $ — 472 77,565 — 1,976 44,232 (51,983 104,892 5,172 0.51 ) $ 0.55 Cash paid during the period for: 11,476 $ 1,517,477 399,215 — Gross profit ) Foreign currency impacts $ In-Store Bakery — 5,710 — 5,396 — (7,127 — 23,612 2020 ) Impairment of property and equipment (423 5,472 (756 Intangible assets, net Year Ended December 31,2020 ) Operating activities $ 907,675 68,356 256,043 Non-GAAP adjustments: Depreciation and amortization Net Revenue 285,087 $ 46,779 9,381 $ Cash and cash equivalents Debt refinancing costs 293,648 — 9,589 (7,127 NetRevenue 159,925 Tax impact of adjustments 2,061 Taxes paid ) Debt discount (premium) amortization $ $ 907,675 Acquisition, disposal and integration related costs Share-based compensation $ Property and equipment, net $ 95,773 — ) (1) Special employee incentive compensation is included in general and administrative expenses on the consolidated statement of operations. — 1,238,765 (6,658 — (2) Facility transition operating costs are included in general and administrative expenses on the consolidated statement of operations. 28,739 Payments on tax receivable agreement (12,477 $ Prepaids and other current assets (5,301 16,806 265 173,034 Remeasurement of tax liabilities 8,671 41,776 103,221 Tax receivable agreement obligations payable within one year Adjusted EBITDA — 369,365 1,769 $ (1,110 Class ANetIncome 0.02 649 77,565 (0.09 Impairment of property and equipment, intangible assets and goodwill — — $ 94,432 $ 0.18 HOSTESS BRANDS, INC. Non-GAAP adjustments: 10,256 Net Income 1,976 (374,265 ) Gain on foreign currency contract ) (112,053 Year Ended — 3,009 Other 334,480 136,888 $ 0.02 1,023,430 (7,433 ) 5,580 $ 9,231 (0.01 TAGS — Change in operating assets and liabilities, net of acquisitions and dispositions: Total current liabilities 13 Repurchase of common stock (2,000 26,510 — 907,675 $ 29,166 $ 138,710 — (10,961 10,657 $ ) $ GrossProfit Inventories Repayments of long-term debt and financing lease obligations 49,348 (28,125 Advertising and marketing 0.05 (252 64,735 Cash and cash equivalents at beginning of period 43,334 0.16 45,724 Impairment and loss on sale of assets Tax Receivable Agreement remeasurement 285,087 (1,089 (7,128 (0.07 Facility transition costs (2) (3) COVID-19 operating costs are included in general and administrative expenses on the consolidated statement of operations. Total COVID-19 non-GAAP adjustments primarily consist of costs of incremental cleaning and sanitation, personal protective equipment and employee bonuses in the first half of 2020. (Unaudited, amounts in thousands, except per share data) Supplemental Disclosures of Cash Flow Information: 9,231 1,016,609 163,738 1,152,055 $ 43,986 $ — 2019 Impairment of property and equipment Net Income 145,890 — ) 27,569 $ 2,910 HOSTESS BRANDS, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted net revenue, adjusted gross profit, adjusted operating income, adjusted net income, adjusted Class A net income, adjusted EBITDA and adjusted EPS collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net revenue, gross profit, operating income, net income, net income attributed to Class A stockholders or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to measure the Company’s performance, estimate the Company’s value and evaluate the Company’s ability to service debt. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. The Company defines adjusted EBITDA as net income adjusted to exclude (i) interest expense, net, (ii) depreciation and amortization (iii) income taxes and (iv) share-based compensation, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing operating performance. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of the Company’s results as reported under GAAP. For example, adjusted EBITDA:does not reflect the Company’s capital expenditures, future requirements for capital expenditures or contractual commitments;does not reflect changes in, or cash requirements for, the Company’s working capital needs;does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s debt; anddoes not reflect payments related to income taxes, the Tax Receivable Agreement or distributions to the non-controlling interest to reimburse its tax liability. HOSTESS BRANDS, INC. 14,940 6,897 Current liabilities: NetRevenue (1,110 ) ) Remeasurement of tax liabilities 20,405 Foreign currency impacts 216,666 43,334 $ 95,773 Adjusted Non-GAAP results Net Income Total liabilities — — 23,612 $ 2,065 6,177 $ (Unaudited, amounts in thousands, except shares and per share data) Operating costs and expenses: 71,397 500 92,860 — (1,110 Operating income 23,555 $ $ 0.02 — (5,609 — 0.18 607,841 3,009 0.18 760 Tax Receivable Agreement remeasurement ) $ — 4,202 Depreciation and amortization — 3,097,701 LIABILITIES AND STOCKHOLDERS’ EQUITY Net Income Tax Receivable Agreement remeasurement $ 5,977 760 13,811 Share-based compensation — ) 0.21 767 Special employee incentive compensation (1) Tax impact of adjustments $ 146,377 1 This press release contains certain non-GAAP financial measures, including adjusted revenue, adjusted gross profit, adjusted gross margin, adjusted EBITDA, adjusted operating income, adjusted net income attributed to Class A stockholders and adjusted earnings per share (“EPS”). Please refer to the schedules in the press release for reconciliations of non-GAAP financial measures to the comparable GAAP measure. Unless otherwise stated, all comparisons of financial measures in this press release are to the fourth quarter or full year of 2019, as applicable. All measures of market performance contained in this press release, including point of sale and market share, include all Company branded products within the SBG category as reported by Nielsen but do not include other products sold outside of the SBG category. All market data in this press release refer to the 13-week period ended December 26, 2020 and the prior-year comparable period. The Company’s leverage ratio is net debt (total long-term debt less cash) divided by adjusted EBITDA. Interest 3,097,701 $ 6,821 39,870 ) 760 ) $ $ — 1,487 — 54,940 44,232 ) 10,256 Accounts receivable, net — 11,883 ) 2,023 Depreciation and amortization Non-controlling interest — $ Adjusted EBITDA Share-based compensation — 68,566 — Snacking 531 512 Accrued capital expenditures Net cash provided by (used in) financing activities (6,269 $ $ 127,958,039 483 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 25,374 Impairment of property and equipment, intangible assets and goodwill $ 41,639 Net income CONSOLIDATED STATEMENTS OF CASH FLOWS Income before income taxes 5,917 46,729 299,834 3,329 0.17 Other 0.75 (7,127 — 126,096 — NetRevenue Customer trade allowances Non-cash lease expense — — 310,811 1,926 Distributions to non-controlling interest (11,168 706,615 Business combination transaction costs 173,034 Purchases of property and equipment — 0.02 500 Diluted EPS Tax impact of adjustments 186 $ ) 23 — 1,016,609 ) (6,000 — ) $ (0.07 355,639 121,219,637 OperatingIncome Net income attributable to Class A shareholders Remeasurement of tax liabilities Net cash provided by operating activities $ — (892 ) (892 ) Proceeds from long-term debt origination, net of fees paid 5,825 HOSTESS BRANDS, INC. 17,446 — $ 500 $ Other expense: Tax receivable agreement obligations — — (6,721 Gross Profit Class ANetIncome ) Non-cash fees on sale of business ) December 31,2020 CONSOLIDATED BALANCE SHEETS 70,776 — 70,776 Other long-term liabilities (423 0.02 256,043 (Unaudited, amounts in thousands, except per share data) Three Months Ended December 31, 2019 ) ) $ (2,732 39,640 295,009 (0.01 — $ (In thousands) HOSTESS BRANDS, INC. 7,292 Interest expense $ Income tax 240,062 1,163 (1) Facility transition operating costs are included in general and administrative expenses on the consolidated statement of operations. ) Accrued expenses and other current liabilities 52,370 Income tax Repurchase of warrants RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, amounts in thousands, except per share data) Year Ended December 31, 2020 39,870 $ Tax receivable agreement remeasurement and gain on buyout 12,100 1,016,609 9,519 14,121 Non-GAAP adjustments: ) $ 27,828 143,974 95,857 $ $ $ Acquisition, disposal and integration related costs (1) — $ CONSOLIDATED STATEMENTS OF OPERATIONS 39,534 150 — (9,894 Total other expense 136,096 — ) 21,614 (4,564 Net cash provided by (used in) investing activities 4,718 Long-term debt and lease obligations 760 $ Diluted EPS 5,824 216,666 ) 39,534 Depreciation and amortization Class ANetIncome 1,743,883 7,556 4,282 2,909 December 31,2019 3,365,469 — 0.01 309 — (34,875 761 767 — (Unaudited, amounts in thousands) 24,373 2,388 $ — Adjusted Non-GAAP results 12,080 355,639 Deferred taxes — 8,383 0.01 Net revenue 100 1,113,037 — $ Inventories — 299,834 0.01 — Basic $ Total liabilities, stockholders’ equity and non-controlling interest 31,821 671 5,710 63,115 4,434 ) 51,541 $ 124,927,535 ) December 31,2019 $ 176,443 101,804 3,318 — Tax Receivable Agreement remeasurement $ $ (10,327 OperatingIncome 549 (3,422 ) Share-based compensation 14,072 Accounts payable and accrued expenses 355,639 $ 12,993 — $ ) — — Year Ended December 31, 2019 22,861 — $ Accumulated other comprehensive loss Financing activities Other assets, net — Local NewsBusiness 63,729 $ (1,440 — 1,966 (0.04 299,834 — 5,484 $ 0.55 Accounts payable GAAP Results 1,289 1,766 63,115 (1) Acquisition, disposal and integration operating costs are included in other operating expenses on the consolidated statement of operations. — ) $ 30,719 (1,431 42,826 $ 1,976 Foreign currency impacts Diluted EPS 22,829 ) 21,721 7,963 46,549 75,341 1,910 256,043 0.57 0.02 Class B common stock, $0.0001 par value, 50,000,000 shares authorized, none issued or outstanding at December 31, 2020, 8,409,834 issued and outstanding at December 31, 2019 ) 1,926 ) 63,345 530 4,565 (Unaudited, amounts in thousands, except shares and per share data) — — 186 — 186 ) LENEXA, Kan.–(BUSINESS WIRE)–Feb 24, 2021– Hostess Brands, Inc. (NASDAQ: TWNK, TWNKW) (“Hostess” or the “Company”), today reported its financial results for the fourth quarter and year ended December 31, 2020. “I am proud of the many accomplishments our team achieved during this unprecedented year. Hostess achieved our 12th consecutive quarter of net revenue growth with double-digit revenue and EBITDA growth in the fourth quarter. We remain informed, nimble and focused on our commitment to keeping our employees and communities safe and healthy as we continue to service our customers and consumers,” commented Andy Callahan, Hostess Brands, Inc. President and Chief Executive Officer. “As we turn to fiscal year 2021, we are confident we will continue our profitable growth momentum and shareholder value creation over the long term behind our strong execution, high penetration in growing consumer segments, expansion of Voortman and ability to deleverage with our strong cash flow.” Fourth Quarter 2020 Financial Highlights as Compared to the Prior Year Period 1:Net revenue was $256.0 million, an increase of 18.1%, driven primarily by strong performance of Voortman Cookies Limited (“Voortman”) and Hostess® branded sales, partially offset by other non-Hostess® branded sales.Gross profit was $95.8 million, an increase of 35.3%. On an adjusted basis, gross profit increased 27.2%, primarily due to improved price and mix, the accretive margin expansion generated from Voortman and operational efficiencies.Net income was $24.4 million, or $0.18 per diluted share compared to $23.6 million, or $0.17 per diluted share. Adjusted net income increased $5.9 million, or 25.9%, to $28.7 million, resulting in $0.21 adjusted EPS compared to $0.16 adjusted EPS. The increases in adjusted net income and adjusted EPS were primarily due to the accretion from Voortman and an increase in Hostess® branded sales.Adjusted EBITDA was $63.7 million, or 24.9% of net revenue, an increase of 21.6%. The increase was primarily driven by Voortman’s adjusted EBITDA contribution and higher Hostess® branded sales.Cash and cash equivalents were $173.0 million as of December 31, 2020 resulting in a leverage ratio of 3.9x. Other Quarter Highlights:Executed initial sell-in of 2021 innovation slate which establishes platforms for incremental future growth in both the sweet baked goods and specialty better-for-you cookie categories.Continued strong profit accretion from Voortman following the completion of key integration activities.Simplified capital structure with the final exchange of Class B units and removal of the non-controlling interest.Increased total Hostess manufacturer point of sale by 4.9%, ahead of the Sweet Baked Goods category, driven by Hostess® branded growth. Full Year 2020 Financial Highlights as Compared to the Prior Year Period 1:Net revenue increased 15.7%*, and adjusted net revenue increased 16.4%*, driven by Voortman and Hostess® branded growth.Gross profit increased 21.1%*, and adjusted gross profit increased 21.2%*.Net income was $68.4 million and adjusted EBITDA was $240.1 million. Adjusted EBITDA increased 20.1%*.Cash from operations for the year ended December 31, 2020 was $159.2 million compared to $144.0 million. *Excludes the In-Store Bakery business sold in 2019 2021 Outlook Assuming there are no significant disruptions due to the COVID-19 pandemic, the Company expects the following consolidated financial results for the full year 2021 2:Adjusted net revenue growth of 3.0% to 4.5%;Adjusted EBITDA of $255 million to $265 million, an increase of 6.3% to 10.4% from 2020;Adjusted EPS of $0.80 to $0.85, an increase of 6.7% to 13.3% from 2020**;Leverage ratio of approximately 3x at the end of 2021 compared to 3.9x at December 31, 2020**;Capital expenditures of approximately $60 million to $65 million, which includes a $25 million investment to increase the Company’s cake production capacity to support continued growth;Income tax rate of approximately 27%, reflecting the elimination of the non-controlling interest in the fourth quarter of 2020 and higher state taxes. ** Outlook assumes an effective net share settlement of outstanding warrants which expire in November 2021 and no other strategic uses of cash. The Company reaffirms its long-term financial objectives of organic revenue growth, adjusted EBITDA margins and free cash flow conversion in the top-quartile of its peers. Fourth Quarter 2020 Compared to Fourth Quarter 2019 Net revenue was $256.0 million, an increase of 18.1%, or $39.3 million, compared to $216.7 million. Growth was driven by the acquisition of Voortman which contributed $28.7 million. Sweet baked goods net revenue increased $10.6 million, or 4.9% driven by higher volume of core products partially offset by lower sales of private label and non-Hostess® branded products. Gross profit was $95.8 million, or 37.4% of net revenue, compared to $70.8 million, or 32.7% of net revenue. Adjusted gross profit was $95.8 million, or 37.4% of net revenue, compared to $75.3 million, or 34.7% of net revenue. Gross margin benefited from product mix, lower promotional activity, the accretion of Voortman, and operating efficiencies. Operating costs and expenses were $51.5 million, or 20.1% of net revenue, compared to $31.2 million, or 14.4% of net revenue. The increase was attributed to lapping the prior-year benefits from remeasurements of a foreign currency contract and the tax receivable agreement as well as the 2020 addition of Voortman operating costs, higher employee incentive costs due to timing of accruals and an impairment of property and equipment. The Company’s effective tax rate was 25.6%, compared to 20.2%. The increase in the effective tax rate is due to the Class A for Class B share exchanges during 2020. Net income was $24.4 million compared to $23.6 million and dilutive EPS was $0.18 compared to $0.17. Adjusted net income was $28.7 million, compared to $22.8 million and adjusted EPS was $0.21, compared to $0.16. Adjusted net income increased as a result of the higher volume and increase in gross profit noted above, partially offset by higher operating costs and depreciation and amortization as a result of the Voortman acquisition. Adjusted EBITDA was $63.7 million, or 24.9% of net revenue, compared to $52.4 million, or 24.2% of net revenue. The increase was driven by $8.6 million of adjusted EBITDA from Voortman and higher volume of Hostess® branded products. During the fourth quarter, all remaining shares of Class B common stock were exchanged for Class A common stock. This exchange eliminated the non-controlling interest reported on the Company’s consolidated statement of operations simplifying the Company’s organizational structure. As part of this exchange, and under the securities repurchase authorization announced in the third quarter, the Company repurchased 0.4 million of its Class A shares for $6.0 million in cash and 2 million private placement warrants for $2.0 million in cash. The Company has $92.0 million remaining under its securities repurchase program. Conference Call and Webcast The Company will host a conference call and webcast with an accompanying presentation today, February 24, 2021 at 4:30 p.m. EST to discuss the results for the fourth quarter. Investors interested in participating in the live call can dial (877) 451-6152 from the U.S. and (201) 389-0879 internationally. A telephone replay will be available approximately two hours after the call concludes through March 10, 2021, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations, and entering confirmation code 13714974. The simultaneous, live webcast and presentation will be available on the Investor Relations section of the Company’s website at www.hostessbrands.com. The webcast will be archived for 30 days. About Hostess Brands, Inc. Hostess Brands, Inc. is a leading packaged food company focused on developing, manufacturing, marketing, selling and distributing snacks in North America. The Hostess® brand’s history dates back to 1919, when the Hostess® CupCake was introduced to the public, followed by Twinkies® in 1930. Today, the Company produces a variety of new and classic treats in addition to Twinkies® and CupCakes, including Donettes®, Ding Dongs®, Zingers®, Danishes, Honey Buns and Coffee Cakes. In January 2020, the Company acquired Voortman Cookies Limited which produces a variety of cookies and wafers products, including sugar-free products under the Voortman® brand. For more information about Hostess® products and Hostess Brands, please visit hostesscakes.com. Follow Hostess on Twitter: @Hostess—Snacks; on Facebook: facebook.com/Hostess; on Instagram: Hostess—Snacks; and on Pinterest: pinterest.com/hostesscakes. The Company has one reportable segment: Snacking (formerly referred to as Sweet Baked Goods, or “SBG”). The Snacking segment consists of sweet baked goods, cookies, bread and buns and frozen retail products that are sold under the Hostess®, Dolly Madison®, Cloverhill®, Big Texas®, and Voortman® brands. Through August 30, 2019, we operated in two reportable segments: SBG and In-Store Bakery (“ISB”). The In-Store Bakery segment consisted of Superior on Main® and private label products sold through the in-store bakery section of grocery and club stores. The Company divested its In-Store Bakery segment’s operations on August 30, 2019. Forward-Looking Statements This press release contains statements reflecting the Company’s views about its future performance that constitute “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, that involve substantial risks and uncertainties. Forward-looking statements are generally identified through the inclusion of words such as “believes,” “expects,” “intends,” “estimates,” “projects,” “anticipates,” “will,” “plan,” “may,” “should,” or similar language. Statements addressing the Company’s future operating performance and statements addressing events and developments that the Company expects or anticipates will occur are also considered as forward-looking statements. All forward-looking statements included herein are made only as of the date hereof. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include, but are not limited to, maintaining, extending and expanding the Company’s reputation and brand image; protecting intellectual property rights; leveraging the Company’s brand value to compete against lower-priced alternative brands; correctly predicting, identifying and interpreting changes in consumer preferences and demand and offering new products to meet those changes; operating in a highly competitive industry; the ability to pass cost increases on to our customers; the ability to maintain or add additional shelf or retail space for the Company’s products; the continued ability to produce and successfully market products with extended shelf life; our ability to successfully integrate, achieve expected synergies and manage our acquired businesses and brands; the ability to drive revenue growth in key products or add products that are faster-growing and more profitable; adverse impact or disruption to our business caused by COVID-19 or future outbreaks of highly infectious or contagious diseases; volatility in commodity, energy, and other input prices and the ability to adjust pricing to cover increased costs; dependence on major customers; significant changes in the availability and pricing of transportation; geographic focus could make the Company particularly vulnerable to economic and other events and trends in North America; increased costs in order to comply with governmental regulation; general political, social and economic conditions; a portion of the workforce belongs to unions and strikes or work stoppages could cause the business to suffer; product liability claims, product recalls, or regulatory enforcement actions; unanticipated business disruptions; dependence on third parties for significant services; insurance may not provide adequate levels of coverage against claims; failures, unavailability, or disruptions of the Company’s information technology systems; dependence on key personnel or a highly skilled and diverse workforce; and the Company’s ability to finance indebtedness on terms favorable to the Company; and other risks as set forth from time to time in the Company’s Securities and Exchange Commission filings. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Risks and uncertainties are identified and discussed in Item 1A-Risk Factors in the Company’s Annual Report on Form 10-K for 2020 to be filed today. All subsequent written or oral forward-looking statements attributable to us or persons acting on the Company’s behalf are expressly qualified in their entirety by these risk factors. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. — 3,365,469 186 (10,961 By Digital AIM Web Support – April 6, 2021 878,973 Loss on debt refinancing 535,853 1,910 2,257 OperatingIncome 3,621 1,816 Remeasurement of tax liabilities Adjusted EBITDA $ (2,570 $ ) ) 14,450 (0.05 ) 369,546 6,186 12,080 — 1,233 $ — Interest expense, net 5,917 8,671 Payment of taxes related to the net issuance of employee stock awards 571 GrossProfit (3,918 15,569 Selling expense ) Tax impact of adjustments — 2,388 1,414 Acquisition, disposal and integration related costs 975,405 152,092 — $ 1,801 $ Adjusted Non-GAAP results Income tax Acquisition of business, net of cash Interest expense 8,705 — 189,533 (7,127 Other operating expenses $ 47,608 GAAP Results 69,423 $ 47,700 Proceeds from sale of business, net of cash 21,721 Twitter — 110,540,264 Previous articleSES Government Solutions Provides High-throughput Loopback Services to U.S. Department of DefenseNext articleEJF Acquisition Corp. Announces Pricing of $250 Million Initial Public Offering Digital AIM Web Support
News UpdatesP&H Bar Council Extends Its Support To Farmers Protest; Decides To Abstain From Work On Dec 8 To Support Bharat Bandh Sparsh Upadhyay6 Dec 2020 5:14 AMShare This – xThe P&H Bar Council has requested the Union Govt. to immediately withdraw the 3 Farmers’ Acts.The Bar Council of Punjab and Haryana on Sunday issued a press noted announcing its support to the ‘Bharat Bandh’ called on 8 December by farmers in various parts of the country. Stating that the Council stands with the farmers in their agitation against new laws, the Council has informed that the Advocates of Punjab and Haryana have been actively participating in the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Bar Council of Punjab and Haryana on Sunday issued a press noted announcing its support to the ‘Bharat Bandh’ called on 8 December by farmers in various parts of the country. Stating that the Council stands with the farmers in their agitation against new laws, the Council has informed that the Advocates of Punjab and Haryana have been actively participating in the farmers agitation (for the last two months). Regarding the Farmers’ Acts Further, the Bar Council has also requested the Union Government to immediately withdraw the 3 Farmers’ Acts passed by the Parliament recently. The press note states, “The Bar Council of Punjab and Haryana opposes the new Agriculture Acts passed by the Central government. These new enactments are not only detrimental to the interests of farmers but are also detrimental to the interest of lawyers. The Bar of civil court jurisdiction in these new Acts is serious challenge to the independence of judiciary.” It further states, “The separation of judiciary and executive is a salient feature of our constitution. Under the new Acts the disputes will be heard by SDM/ADMs who are not trained to hear the litigation involving civil consequences and moreover, they are administrative organ of the Government and would be unable to protect the rights of farmers. The disputes arising out of new enactments will involve commercial matters, contract act agreement and partnership matters which is under the preview of civil courts and therefore, baring the civil court jurisdiction is detrimental to the interest of lawyers and is an effort to undermine the judiciary.” The Bar Council has also appreciated the active participation of advocates of Punjab, Haryana and Chandigarh in the farmers’ agitation. Support for Bharat Bandh While announcing its supports for the call of Bharat Bandh the Council has also requested the Advocates of Punjab, Haryana and Chandigarh including Punjab & Haryana High Court to abstain from work on 8th December 2020. Significantly, the Bar Council has also requested the Chairman BCI and to the Chairman’s of all the State Bar Councils throughout India to support the call of Bharat Bandh given by farmers on 8th December 2020 by abstaining from the work. Additionally, the Bar Council has also decided to send 1000 blankets and dry ration to the agitating farmers at Sindhu boarder “in order to help and support the farmers”. It may be noted that the Bar Council of Punjab and Haryana is a statutory body under the Advocates Act 1961 which is the Apex Body of the Lawyers of Punjab, Haryana and Chandigarh. There are around One Lakh Ten Thousand Advocates enrolled with the Bar Council of Punjab and Haryana.Related News Stating that the “Bar of Civil Court Jurisdiction” will be detrimental to the interest of legal professionals, the Bar Council of Delhi, on Wednesday (02nd December), wrote a letter to PM Narendra Modi requesting for the immediate withdrawal of the three legislations (Farm Acts) pertaining to farmers and to give an audience to the leaders of the farmers in order for an amicable solution to be reached. It may be noted that on Sunday (27th September 2020) the Ministry of Law and Justice (Legislative Department) notified the presidential assent to the following 4 Acts:- 1. The Farmers’ Produce Trade And Commerce (Promotion And Facilitation) Act, 2020; (Presidential assent received on 24th September) 2. The Farmers (Empowerment And Protection) Agreement On Price Assurance And Farm Services Act, 2020; (Presidential assent received on 24th September) 3. The Essential Commodities (Amendment) Act, 2020; and (Presidential assent received on 26th September) 4. The Jammu And Kashmir Official Languages Act, 2020 (Presidential assent received on 26th September) Congress MP in Lok Sabha, TN Prathapan has moved the Supreme Court challenging the constitutional validity of the Farmers’ (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act, 2020. Also, Tiruchi Siva, Member of Parliament (DMK) has also moved the Supreme Court challenging three controversial enactments. The Supreme Court In October 2020 issued notice to the Central Government on three writ petitions challenging the three farm laws passed by the Parliament recently, which have attracted opposition from several farmers groups across the country. The bench was considering three writ petitions filed by Manohar Lal Sharma, office bearers of Chattisgarh Kisan Congress (Rakesh Vaishnav and others) and DMP MP Tiruchi Siva.[Image Courtesy: Times Now]Click Here to Download Letter [Read Letter]Next Story
Homepage BannerNews Google+ DL Debate – 24/05/21 Facebook Previous articleNew North West Cup competition starting soonNext articlePolice appeal over Derry crash News Highland Google+ Loganair’s new Derry – Liverpool air service takes off from CODA Facebook Twitter Pinterest Harps come back to win in Waterford WhatsApp Arranmore progress and potential flagged as population grows Important message for people attending LUH’s INR clinic Donegal County Council is working towards providing facilities for leisure craft at the Boat Yard at Mevagh, but says there are a number of steps which must be taken before a project can begin.The issue was addressed in a response to Cllr Liam Blaney, who asked what progress is being made in securing a new pontoon at the facility.The Boat Yard at Mevagh is managed by Udaras na Gaeltachta, with the main activity involving the maintenance and refurbishment of marine vessels, including ferries, fishing vessels, aquaculture and leisure craft.There is good natural shelter, but no suitable berthing area, apart from some makeshift floating facilities which are not constructed to any standards.The council says it has recognised for some time the requirement to provide some facilities at this location to facilitate demand, particularly from the leisure sector.A foreshore licence has been applied for, and a Hydrodynamic Assessment Report is currently being planned.Consultants have been conducting a survey ahead of the production of designs.A funding application will be made this year for €150,000 from the Department of Agriculture, Food & the Marine, with the possibility of funding from Bord Iascaigh Mhara’s FLAG programme.The council is stressing the project remains a high priority on its programme of marine works. RELATED ARTICLESMORE FROM AUTHOR News, Sport and Obituaries on Monday May 24th By News Highland – February 6, 2020 Council working to provide facilities at popular boating spot WhatsApp Twitter Pinterest