Author: Michelle Dryden

Categories
Business Culture

AM Best assigns credit ratings to British Caribbean Insurance Company Limited

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to British Caribbean Insurance Company Limited (BCIC) (Jamaica). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect BCIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

BCIC is a property/casualty insurer domiciled in Jamaica and has been in business for approximately 60 years. The company generates the majority of business in its domicile of Jamaica, while also operating in Turks and Caicos and Barbados. BCIC offers an array of insurance products through its branches and agents, including commercial and residential property as well as automobile coverages.

 

BCIC’s balance sheet strength assessment is supported by its very strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), partially offset by high reinsurance dependence on its property book of business to protect surplus and earnings in the event of a catastrophe. The balance sheet strength assessment also reflects the company’s relatively liquid investment portfolio composed of government of Jamaica short-term repurchase agreements, cash and cash equivalents and fixed income securities. The company has been able to generate organic surplus growth, mainly derived from overall earnings and despite paying regular dividends.

 

BCIC has a proven track record of solid underwriting and overall operating results. Overall earnings have been driven by favorable underwriting performance, as evidenced by the company’s combined ratios over the prior five- and 10-year periods, underpinned by a low expense ratio. Investment income has been a steady contributor to the company’s strong operating results. Return metrics have been solid and ranks BCIC favorably in comparison with its Caribbean peers. The company’s operating performance has benefited from BCIC’s appropriate ERM framework, comprehensive reinsurance program and prudent underwriting guidelines.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Anthony Molinaro
Senior Financial Analyst
+1 908 439 2200, ext. 5608
anthony.molinaro@ambest.com

Ricardo A Longchallon
Senior Financial Analyst
+1 908 439 2200, ext. 5676
ricardo.longchallon@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jeff Mango
Managing Director, Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business News Now!

Prudential Financial 2021 ESG Report details long-term commitment to realize future vision

Prudential Financial, Inc. released its annual environmental, social and governance report, which provides a comprehensive overview of the company’s efforts to drive sustainability and increased value to stakeholders.

 

NEWARK, N.J. — (BUSINESS WIRE) — Prudential Financial, Inc. (NYSE: PRU) today released its annual environmental, social and governance (ESG) report, which provides a comprehensive overview of the company’s efforts to drive sustainability and increased value to the customers, shareholders, employees and communities it serves.

The 2021 ESG Report underscores how Prudential’s ongoing sustainability commitments enable the company to fulfill its purpose of making lives better by solving the financial challenges of our changing world and achieve its recently rolled-out vision: to become a global leader in expanding access to investing, insurance, and retirement security.

 

“In 2021, we reinforced our efforts to drive sustainability with significant enhancements to our ESG practices,” said Charles Lowrey, chairman and CEO of Prudential. “As a global insurer and investment manager, we recognize the urgent need to play our part in addressing issues facing society. Sustainability will remain integral to our ability to fulfill our purpose, achieve our Vision and Strategy, and deliver on our long-term promises to our customers and other stakeholders.”

 

Highlights from the report include:

  • New standards and commitments 

    Prudential announced its intention to achieve net zero emissions across primary domestic and international home office operations by 2050, with an interim goal to become carbon neutral by 2040. Additionally, the report features the Chief Investment Office’s Responsible Investing Policy that advances the General Account’s responsible investing strategy and defines six core principles most important to Prudential. As part of this updated policy, Prudential introduced restrictions on new direct investments in companies that derive a material portion of their revenues from thermal coal.PGIM appointed a global head of ESG, responsible for shaping and coordinating the ESG strategy and approach across its operations.

  • Long-standing work to drive social progress 

    The Prudential Foundation surpassed a historic milestone of $1 billion in total contributions since its inception in 1978, representing the company’s long-standing work to drive social progress.

  • Commitment to transparency and accountability 

    Prudential continued to disclose EEO-1 data on U.S. employee representation and the results of a comprehensive analysis on pay equity conducted across the U.S. workforce.

 

Prudential’s 2021 ESG Report incorporates stakeholder feedback and reflects the company’s ongoing environmental, social and governance initiatives.

 

The ESG Report was prepared in accordance with the Global Reporting Initiative Standards Core option, in support of the Task Force on Climate-related Financial Disclosures (TCFD) and in accordance with the Sustainability Accounting Standards Board’s provisional guidelines for insurance companies.

 

Visit prudentialesg.com to view Prudential’s 2021 ESG Report, along with previous years’ sustainability reports.

 

About Prudential Financial

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of March 31, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century. For more information, please visit news.prudential.com.

Contacts

Katherine DeBerry, katherine.deberry@prudential.com, 973-568-4195

Categories
Business Healthcare Science

Midol® encourages menstruators to find comfort in speaking up and acknowledging ‘The Real Reason’ behind changing plans when period symptoms strike

‘The Real Reason’ is a social experiment that unveils the power that comes from speaking up and unapologetically seeking relief from period symptoms

 

WHIPPANY, N.J. — (BUSINESS WIRE) — #TheRealReason—Midol®, the #1 Period Relief brand1 by Bayer, is launching The Real Reason: A Social Experiment that reinforces to people with periods and those who support them that period symptoms are not something to push through. In a recent survey, only about half of people with periods feel it is socially acceptable to cancel or reschedule social (54%)2 and academic (50%) obligations because of period symptoms.3 No more.


Midol® wants to create an environment that encourages menstruators to reach for relief and openly recognize their period symptoms as a real reason for taking time to themselves. After putting an end to period apologies with last year’s No Apologies. Period. movement, this social experiment inspires sharing the real reason as the next step to ending period stigmas. There is power in sharing and owning the truth. There is power in finding comfort in that honesty.

 

An extension of the Comfort is Power campaign launched earlier this year, Midol’s The Real Reason, captures reactions from friends, family, school, and work colleagues to real menstruators “calling out” of different social or work commitments due to period symptoms instead of using a fake or more “acceptable” reason. The result was an overwhelming response of understanding and support, empowering the honest individuals to do what’s necessary to take care of their bodies and achieve the comfort they need.

 

“Midol® is working to reinforce that there is no shame in talking about period symptoms and, more importantly, in speaking out when they strike. We want menstruators to feel the power in addressing their needs and the even greater power that comes from knowing their community will support them when they do,” said Kelly Fanning, General Manager & Vice President of Pain and Cardio at Bayer Consumer Health U.S. “Our hope is this campaign helps normalize the conversation around period symptoms and help menstruators realize that speaking and acting on your period truth is powerful.”

 

While the period positivity movement has made strides in normalizing taboo topics, they largely remain sources of individual discomfort. Only 43% of menstruators know how to have a comfortable, open dialogue about their period with peers.2 By highlighting real menstruators speaking their period truth to friends, family and colleagues, Midol® hopes to continue breaking down toxic suppressive cycle and perception that period symptoms are an unacceptable reason to take the time you need.

 

“As menstruators, we feel pressure to hide or make excuses for our periods. For anyone who has experienced the debilitating and annoying period symptoms, they are not something you can just easily push through and ignore,” said Midol® Partner Dr. Charis Chambers, OBGYN. “This social experiment showcases the modern reality menstruators face and society’s reaction to the real reasons for needing a break. I’m honored to support Midol® in creating a world where menstruators aren’t embarrassed of their bodies and feel the need to minimize period symptoms. Together we are celebrating the power in actively and unapologetically owning your period and seeking the relief you need.”

 

Watch The Real Reason: A Social Experiment at www.Midol.com/therealreason and @Midol on Instagram. Follow @Midol on Instagram and share an instance where you gave The Real Reason for putting your comfort first using #TheRealReason.

 

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. For more information, go to www.bayer.com.

 

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

_______________________________________

1 #1 OTC brand based on highest dollar and unit sales in Period Category, IRI L52WK ending 05/29/22 Total US – MULO

2 This poll was conducted by Morning Consult on behalf of Bayer between April 23 – April 25, 2022, among a national sample of 1117 US adults who menstruate. The interviews were conducted online and the data were weighted to approximate a target sample based on age, race/ethnicity, educational attainment, and region. Results from the full survey have a margin of error of +/- 3 percentage points.

3 This poll was conducted by Morning Consult on behalf of Bayer between April 23 – April 25, 2022, among a subset of self-identified students (n=124) of a national sample of 1117 US adults who menstruate. The interviews were conducted online and the data were weighted to approximate a target sample based on age, race/ethnicity, educational attainment, and region. Results from the full survey have a margin of error of +/- 3 percentage points.

Contacts

Christin Miller

Director, Strategic Communications, Brand and External PR Consumer Health

christin.miller@bayer.com

Keri Madonna

Vice President, Media, Lippe Taylor Group

kmadonna@lippetaylor.com

Emma McCormick

Account Supervisor, Media & Engagement, twelvenote

emccormick@twelvenote.com

Categories
Business Science

Velodyne Lidar’s Intelligent Infrastructure Solution deployed in Helsinki traffic safety improvement project

Velodyne’s Solution Delivered Traffic Monitoring with Lidar and Edge AI Computing

 

SAN JOSE, Calif. — (BUSINESS WIRE) — #Lidar—Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced its Intelligent Infrastructure Solution (IIS) was deployed in Helsinki, Finland to collect traffic data and improve roadway safety. The project demonstrated the high accuracy and value of IIS in multimodal traffic counting and classification, and in near miss collision detection and monitoring.


The project was directed by the Forum Virium Helsinki and City of Helsinki in collaboration with Nodeon Finland and Commsignia. Intelligent Infrastructure Solution, which combines Velodyne’s award-winning lidar sensors and Bluecity’s AI software, was used to monitor traffic flow at three intersections in the vibrant Jätkäsaari section of Helsinki. In addition, one of the intersections was equipped with a cooperative intelligent transport system (C-ITS) roadside unit to enable experiments that sent warning messages to drivers on vulnerable road users at the intersection.

 

In the project, IIS delivered an average counting accuracy of 97 percent for vehicle traffic as well as bicycle and pedestrian traffic. The solution also demonstrated its efficacy in detecting near miss collision situations, such as running red lights and jaywalking, which provides valuable information for developing traffic management improvements that enhance safety. Next steps for the project include further developing vehicle classification capabilities, building a solution for mobile use for short-term traffic measurement and creating an interface between IIS and traffic signal controllers.

 

“Velodyne Lidar has shown it can reliably and accurately generate traffic information about intersection traffic involving vehicles, pedestrians and bicycles, including volume and classification data, directions, trajectories and speed,” said Janne Rinne, project manager in Forum Virium Helsinki. “The solution provides accurate real-time detection data to support C-ITS safety solutions like vulnerable road user warnings that can help improve road safety.”

 

“Our Intelligent Infrastructure Solution provides the data that transportation planners need to understand traffic network problems and take a proactive approach on safety for vehicles and vulnerable road users,” said Laura Wrisley, Senior Vice President of Worldwide Sales, Velodyne Lidar. “Our solution is leading the way in transforming infrastructure to make communities smarter and safer.”

 

About Intelligent Infrastructure Solution

Intelligent Infrastructure Solution delivers traffic monitoring and analytics to improve road safety, efficiency and air quality, and help cities plan for smarter, safer transportation systems. The full stack solution is deployed across three continents, including systems rolled out in Texas, Florida, Nevada, California, New Jersey, Missouri and Canada.

 

Velodyne’s lidar sensors do not identify individuals’ facial characteristics, an important concern for civic applications. Lidar has an advantage in privacy over camera-only systems because lidar does not record details like hair and skin color. Velodyne’s lidar sensors reliably collect data in any lighting or weather condition, supporting 24/7, 365 days a year operation.

 

By improving traffic flow and reducing congestion, Intelligent Infrastructure Solution advances energy efficiency and reduces greenhouse gas emissions for a more sustainable future. Recently, the solution won the 2022 SXSW Innovation Awards by the South by Southwest Conference and Festivals.

 

For more information on the Intelligent Infrastructure Solution, contact Velodyne Sales: 669.275.2526, sales@velodyne.com.

 

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including robotics, industrial, intelligent infrastructure, autonomous vehicles and advanced driver assistance systems (ADAS). Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all.

 

Forward Looking Statements

This press release contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, and competition. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “can,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include uncertainties regarding government regulation and adoption of lidar, the uncertain impact of the COVID-19 pandemic on Velodyne’s and its customers’ businesses; Velodyne’s ability to manage growth; Velodyne’s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne’s current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne’s intellectual property; and general economic and market conditions impacting demand for Velodyne’s products and services. For more information about risks and uncertainties associated with Velodyne’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Velodyne’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Velodyne Investor Relations

InvestorRelations@velodyne.com

Media

Codeword

Liv Allen

velodyne@codewordagency.com

Categories
Business Education Healthcare

Cinematic Health Education closes $4.1 million funding round with investments from Education Technology Leaders Rethink Education and Juvo Ventures

New funding will help company add staff, expand digital training content for Home Health Aides

 

GREEN BROOK, N.J. — (BUSINESS WIRE) — Cinematic Health Education, a national leader in preparing allied health professionals for rewarding health care careers, today announced that it has closed a $4.1 million funding round with investments from Education Technology leaders Rethink Education and Juvo Ventures.

This Series A round will enable Cinematic Health Education to scale its management and sales teams and build additional courses following the principle that compassion is essential for caregivers and caregiving in the Home Health market. The company will replicate its highly differentiated and successful approach to training Certified Nursing Assistant (CNA) candidates, which features a Hollywood-quality movie embedded in a 40-hour Federal and State approved curriculum. ReadyCNA teaches Certified Nursing Assistant (CNA) candidates how to navigate various real-life situations in residential healthcare facilities. Cinematic Health Education’s curriculum has been used to train 7,500 CNAs and other allied health professionals in 30 states.

 

“Cinematic Health Education’s flexible online-content is truly unique for how it prepares students for the social and emotional challenges of caregiver roles,” said Rick Segal, Executive Director, Rethink Capital Partners. “While some digital training programs merely transfer content from the classroom to the digital world, Cinematic Health Education has the high-quality content needed to deliver both technical and soft-skills training to its students.”

 

“The need for more Certified Nurse Assistants and skilled allied professionals is only growing so it’s a priority for Juvo to identify and support innovative, scalable solutions to grow this critical workforce,” said Sean Brown, Managing Director at Juvo Ventures. “We are very pleased to fund Cinematic Health Education in order to expand its reach to more CNA candidates in more parts of the country while building the courseware for the Home Health market.”

 

This is the second round of funding by Rethink Education since its initial investment in 2018.

 

“It’s really gratifying to bolster our relationship with Rethink, which recognized our potential early on and has helped us grow to where we are today,” said Cinematic Health Education CEO Tim Murray. “But for a younger company like ours, it’s also critical to bring in new partners. This is why we are so excited about the investment from Juvo, which, like Rethink, is one of the top mission-driven education investors in the industry.”

 

About Cinematic Health Education

Cinematic Health Education is dedicated to improving the training of Allied Health Professionals by helping students to learn the content needed for the position they will hold and to teach the soft skills they will need to be successful. With programs like ReadyCNA and ReadyHHA, Cinematic Health Education provides a unique approach that combines Hollywood-quality drama with best in class learning design to engage students on their path to certification and prepare them for the emotional demands and rewards of their allied health professions. The story-based pedagogy ensures learner engagement to aid knowledge acquisition and retention. It delivers a realistic, day-to-day depiction of the challenges and rewards of the job. Clients have found the storytelling approach highly successful for trainees with a wide range of educational backgrounds. CNA training programs using the ReadyCNA curriculum have been approved by regulators in 30 states to date.

 

About Rethink Education and Rethink Capital Partners

Rethink Education invests in early and growth-stage education technology companies that are developing innovative solutions for 21st century learning. With deep industry experience, the team has invested in over 65+ companies to help transform and improve the way people learn and work. Launched in 2012, Rethink Education invests across the learner lifecycle from early childhood to workforce training and supports startups that are focused on learning outcomes by pursuing business models that are scalable, efficient, and unique. Rethink Education is a strategy within Rethink Capital Partners, an impact investment platform that oversees and facilitates the development of a suite of impact investment strategies. To learn more, please visit Rethink.vc/Education.

 

About Juvo Ventures

Juvo Ventures is a double bottom line venture capital firm focused on early-stage technology-enabled education companies across the education-to-work lifecycle. Juvo’s portfolio companies improve quality, access, and outcomes. More information is available at juvovc.com.

Contacts

Cort Boulanger

Cinematic Health Education

339-222-2442

Categories
Business Culture

AM Best upgrades credit ratings of Wright National Flood Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Wright National Flood Insurance Company (WNFIC) (San Antonio, TX). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect WNFIC’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

 

The rating upgrades reflect a revision in the company’s business profile assessment, which has benefitted from its strong market presence as the leading U.S. writer of federal flood insurance, which is supported by the largest Write Your Own sales and support staff, in addition to WNFIC’s excellent management with a successful history of executing its strategy. Despite its mono-line orientation, WNFIC’s unique business profile with an exclusive flood focus has proven to benefit the organization as a proponent of the Federal Emergency Management Agency’s new pricing methodology for the National Flood Insurance Program (NFIP), Risk Rating 2.0, by providing early opt-in quotes, education and resources to consumers and agents.

 

WNFIC’s balance sheet strength continues to be supported by its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), excellent quality of capital, and conservative investment portfolio. The company’s solid operating performance is primarily driven by profits produced from service fees and ceding commissions from the NFIP, resulting in the company’s ability to generate surplus growth through operations.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Anthony Molinaro
Senior Financial Analyst
+1 908 439 2200, ext. 5608
anthony.molinaro@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Vicky Riggs
Associate Director
+1 908 439 2200, ext. 5039
vicky.riggs@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Lifestyle

LL Flooring opens six new stores during the second quarter of 2022, offering design expertise and a wide assortment of beautiful floor styles

The Company’s newest stores in Georgia, Michigan, New Jersey, North Carolina, Virginia and Wisconsin feature Design Centers to guide customers and Pros on their flooring journey

 

RICHMOND, Va. — (BUSINESS WIRE) — LL Flooring, (NYSE:LL), one of the nation’s largest specialty retailers of high-quality, hard-surface flooring that is dedicated to providing the best customer experience from inspiration to installation, announced the opening of six new stores from April through June, bringing the Company’s total retail store count to 437 across the country. To-date in 2022, LL Flooring has opened 13 new stores.


The new stores opened in Cumming, Georgia; Battle Creek, Michigan; Eau Claire, Wisconsin; Mount Holly, New Jersey; Mooresville, North Carolina; and Winchester, Virginia.

 

“It’s always exciting to open new stores to expand our reach and conveniently deliver to new customers an excellent shopping experience led by knowledgeable, design-focused flooring professionals,” said Charles Tyson, President and CEO of LL Flooring. “We are pleased to join and/or strengthen our presence within these communities to help homeowners and Pros alike select the perfect flooring.”

 

The new stores offer more than 500 varieties of floors in the latest styles including waterproof hybrid-resilient, waterproof vinyl, solid and engineered hardwood, laminate, bamboo, porcelain tile and cork, and accessories to complement, all available to view in-store and online at LLFlooring.com.

 

Among the hundreds of flooring options, there are some notable recent additions to LL Flooring’s line of quality floors including Duravana, a waterproof hybrid resilient flooring, and the engineered hardwood of the Destinations Collection.

 

Each of these new LL Flooring stores feature Design Centers, which provide video capability where store associates can collaborate with customers and Pros to find the best floor for any vision or project and visualize how it will look using the Picture It floor visualizer. This online tool allows customers to upload a photo of any room and select from hundreds of LL floors to preview how floors will look in their space.

 

LL Flooring’s team of experts are ready to take care of customers who want a full-service solution by arranging for professional installation by independent contractors. Installation services include a comprehensive assessment and measurement for customers and full installation with LL’s molding and matching stair treads.

 

The new stores are located at the following addresses:

  • Battle Creek Michigan: 5700 Beckley Road Ste E0-14C
  • Cumming, Georgia: 580 Atlanta Highway Suite 203B
  • Eau Claire, Wisconsin: 4069 Commonwealth Avenue
  • Mooresville, North Carolina: 510 River Highway
  • Mt. Holly, New Jersey: 531 High Street
  • Winchester, Virginia: 2540 Suite #100 South Pleasant Valley Road

 

About LL Flooring

LL Flooring is one of the country’s leading specialty retailers of hard-surface flooring with more than 430 stores nationwide. The Company seeks to offer the best customer experience online and in stores, with more than 500 varieties of hard-surface floors featuring a range of quality styles and on-trend designs. LL Flooring’s online tools also help empower customers to find the right solution for the space they’ve envisioned. LL Flooring’s extensive selection includes waterproof hybrid resilient, waterproof vinyl plank, solid and engineered hardwood, laminate, bamboo, porcelain tile, and cork, with a wide range of flooring enhancements and accessories to complement. LL Flooring stores are staffed with flooring experts who provide advice, Pro partnership services and installation options for all of LL Flooring’s products, the majority of which is in stock and ready for delivery.

 

Learn More about LL Flooring

Contacts

LL Flooring Media Relations

Lauren Sauer

lauren.sauer@onesimpleplan.com
Tel: 651-285-5224

LL Flooring Investor Relations

Julie MacMedan

jmacmedan@llflooring.com
Tel: 804-338-1195

Categories
Perks Special/Sponsored Content

Tel-Instrument Electronics Corp. reports net income of $1.3 million for FY 2022

EAST RUTHERFORD, N.J. — (BUSINESS WIRE) — Tel-Instrument Electronics Corp. (“Tel-Instrument,” “TIC,” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported net income of $1,309,738 or $0.30 per basic share and $0.26 per diluted share on revenues of $12.9 million for the 2022 fiscal year ended March 31, 2022.

Highlights include:

  • Revenues for the fiscal year ended March 31, 2022, increased $1.4 million, or 12%, versus the prior fiscal year.
  • Gross margins for the 2022 fiscal year were 44.6%, or a 3.3 percentage point improvement over the prior fiscal year.
  • Operating expenses increased by $120K year-over-year, with the increase primarily due to profit sharing accruals.
  • Operating income increased to $937K as compared to 73K in the prior fiscal year.
  • Net Income improved to $1.3 million ($0.30 per basic share), compared to $600K in the prior fiscal year.
  • Cash balances improved to $7 million, compared to $5.5 million at the start of the fiscal year.
  • Working capital at fiscal year-end improved to $3.7 million versus $3.2 million in the prior fiscal year.
  • Net worth improved to $6.2 million compared to $5.2 million at the start of the fiscal year.

 

Mr. Jeffrey O’Hara, Tel-Instrument’s President and CEO commented, “Despite ongoing supply chain interruptions, TIC was able to improve revenues and profitably and substantially strengthen its balance sheet in the last fiscal year. The fourth quarter was adversely impacted by parts shortages due to vendor lead times doubling and tripling in some cases. This disruption has continued in the first quarter of fiscal year 2023. We have been ordering additional components from our vendors to mitigate the impact of extended lead times and we expect the supply disruptions to lessen in the second quarter of the current fiscal year. The positive news is that we are in a strong financial position to weather these supply chain issues. We are also excited by the positive initial reception we have seen from customers on the SDR/OMNI test set. We have scheduled product demonstrations with both Boeing and Airbus and our international distributors are starting to place orders for demo units. Initial SDR/OMNI production deliveries are expected to commence in the second quarter of this fiscal year. We believe that this will be a strong competitor in both commercial and military avionic and communication test set markets. The Lockheed Martin F-35 MADL development program had a successful Test Readiness Review (“TRR”) in May and the product is now in environmental and EMI/EMC qualification testing. This contract will generate non-recurring engineering (“NRE”) revenues over the next few quarters and is expected to generate ongoing production revenues in the $600K range. We are in final negotiations with the U.S. Navy on a “mid-life” update of our CRAFT test sets. This should entail NRE revenue over the next two years and significant production revenues starting 24 months after contract award.

 

With respect to the Aeroflex litigation, the status of the appeal has not changed even though employees have returned to the Kansas Judicial Center. Aeroflex filed a motion earlier this year with the Appeals Court to substantially increase the bond amount from the $2 million existing amount. We have filed a strong counter to this motion and expect it to be denied. Despite requests for a scheduling conference, no information has been received back from the court. The accrued interest on the judgment amount continues to be a drag on our financial results but we continue to believe that we have a strong case that justifies continuing the appeal process.”

 

About Tel-Instrument Electronics Corp.

Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.

 

This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

 

TEL-INSTRUMENT ELECTRONICS CORP.

Consolidated Balance Sheets

ASSETS

March 31,

2022

March 31,

2021

Current assets:

Cash

$

4,949,690

$

3,485,275

Accounts receivable, net of allowance for doubtful accounts of $7,425 and $7,500, respectively

1,049,040

1,933,321

Inventories, net

2,820,497

3,437,989

Restricted cash to support appeal bond

2,011,050

2,011,050

Prepaid expenses and other current assets

244,040

263,067

Total current assets

11,074,317

11,130,702

Equipment and leasehold improvements, net

115,338

200,769

Operating lease right-of-use assets

1,720,921

1,922,805

Deferred tax asset, net

2,499,587

2,675,040

Other assets

35,109

35,110

Total assets

$

15,445,272

$

15,964,426

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Operating lease liabilities – current portion

$

194,370

$

201,883

Accounts payable

406,489

906,149

Deferred revenues – current portion

119,835

150,709

Accrued expenses – vacation pay, payroll and payroll withholdings

410,538

457,232

Accrued legal damages

6,097,273

5,889,023

Accrued expenses – other

174,145

365,975

Total current liabilities

7,402,650

7,970,971

Operating lease liabilities – long-term

1,526,551

1,720,921

Long term debt-PPP

–

722,577

Deferred revenues – long-term

289,071

332,428

Total liabilities

9,218,272

10,746,897

Commitments and contingencies

Stockholders’ equity

Preferred stock, 1,000,000 shares authorized, par value $0.10 per share

Preferred stock, 500,000 shares 8% Cumulative Series A Convertible Preferred

issued and outstanding, par value $0.10 per share

3,695,998

3,695,998

Preferred stock, 166,667 shares 8% Cumulative Series B Convertible Preferred

issued and outstanding, par value $0.10 per share

1,147,367

1,147,367

Common stock, 7,000,000 shares authorized, par value $.10 per share,

3,255,887 and 3,255,887 shares issued and outstanding, respectively

325,586

325,586

Additional paid-in capital

7,018,353

7,318,620

Accumulated deficit

(5,960,304

)

(7,270,042

)

Total stockholders’ equity

6,227,000

5,217,529

Total liabilities and stockholders’ equity

$

15,445,272

$

15,964,426

TEL-INSTRUMENT ELECTRONICS CORP.

Consolidated Statements of Operations

For the years ended March 31,

2022

2021

Net sales

$

12,932,790

$

11,582,520

Cost of sales

7,167,450

6,800,021

Gross margin

5,765,340

4,782,499

Operating expenses:

Selling, general and administrative

2,250,576

2,165,190

Litigation expenses

29,479

248,004

Engineering, research, and development

2,548,626

2,295,901

Total operating expenses

4,828,681

4,709,095

Income from operations

936,659

73,404

Other income (expense):

Interest income

3,951

7,483

Forgiveness of PPP loan

722,577

722,577

Interest expense

–

(29,779

)

Interest expense – judgment

(208,250

)

(231,474

)

Other income, net

30,254

30,819

Total other income

548,532

499,626

Income before income taxes

1,485,191

573,030

Provision (benefit) for income taxes

175,453

(27,027

)

Net income

1,309,738

600,057

Preferred dividends

(320,000

)

(320,000

)

Net income attributable to common shareholders

$

989,738

$

280,057

Basic income per common share

$

0.30

$

0.09

Diluted income per common share

$

0.26

$

0.12

Weighted average number of shares outstanding

Basic

3,255,887

3,255,887

Diluted

5,095,665

5,073,165

 

Contacts

Pauline Romeo

Tel-Instrument Electronics Corp.

(201) 933-1600 (Ext 309)

Categories
Business Culture Lifestyle

Cherry Hill Mortgage Investment Corporation announces common and preferred dividends for the second quarter 2022

FARMINGDALE, N.J. — (BUSINESS WIRE) — Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) today announced that its Board of Directors has declared a dividend of $0.27 per share on the Company’s common stock for the second quarter of 2022. The dividend will be payable in cash on July 26, 2022 to holders of the common stock of record as of the close of business on June 30, 2022.

 

 

Additionally, Cherry Hill announced that its Board of Directors has declared a dividend of $0.5125 per share on the Company’s 8.20% Series A Cumulative Redeemable Preferred Stock and a dividend of $0.515625 per share on the Company’s 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the second quarter of 2022. The dividends will be payable in cash on July 15, 2022 to holders of the applicable Series of Preferred Stock of record as of the close of business on June 30, 2022.

 

About Cherry Hill Mortgage Investment Corporation

Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. For additional information, visit www.chmireit.com.

 

Forward-Looking Statements

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, among others, statements relating to the Company’s long-term growth opportunities and strategies, expand its market opportunities and create its own Excess MSRs and its ability to generate sustainable and attractive risk-adjusted returns for stockholders. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other documents filed by the Company with the Securities and Exchange Commission.

 

Contacts

Investor Relations

(877) 870 – 7005

InvestorRelations@CHMIreit.com

Categories
Business Culture Healthcare

Bayer and Luke Bryan continue partnership to celebrate America’s Farmers and fight hunger with #HeresToTheFarmer campaign

Kroger Joins Campaign; Teams up with Bayer to Launch First-Ever Farm Tour 2022 Sweepstakes, In-Store Displays and More


Bayer Returns to Five-Time Entertainer of the Year’s Annual Farm Tour as Presenting Sponsor; Together with Kroger Asks Fans to Share #HeresToTheFarmer Hashtag on Social Media to Support Feeding America®, the Nation’s Largest Domestic Hunger-Relief Organization

 

WHIPPANY, N.J. — (BUSINESS WIRE) — Bayer today announced it is renewing its multi-year partnership with five-time entertainer of the year Luke Bryan, joining his 2022 Farm Tour as presenting sponsor and continuing their Here’s to the Farmer campaign celebrating America’s farmers and fighting hunger. New this year, Kroger, America’s largest grocer, joins the campaign offering the first-ever Farm Tour 2022 sweepstakes, giving fans across the country the chance to win a Luke Bryan VIP experience, tickets, swag and more. Together Bayer, Kroger and Luke Bryan are encouraging fans to share the hashtag #HeresToTheFarmer on their social media channels. Now through October 31, 2022, for every share, Bayer will help provide one meal* through the Feeding America network, up to 1 million meals to communities in need.*

 

The son of a peanut farmer from Georgia, Bryan launched his Farm Tour in 2009 to highlight and celebrate the contributions of America’s farmers. The Georgia native will set up stages in the fields of local farmers across six states this September 15-24, with tickets now on sale at LukeBryan.com.

 

“I grew up around farming and know the tough work, passion, and grit you need to be an American farmer,” said Luke Bryan. “They play an incredibly important role in all our lives. That’s why I’m excited to again team up with my friends at Bayer to say ‘Here’s to the Farmer’ and give thanks for the work they do to make sure we all have food on the table, and give back to communities around the country.”

 

In 2015, Bayer partnered with Luke Bryan and launched its campaign to thank farmers and help fight hunger throughout the country.

 

“We are excited to continue our commitment to this important campaign and partnership with Luke Bryan and recognize the hard work and dedication from U.S. farmers to feed America and the world,” said Beth Roden, Senior Vice President and Head of U.S. Communications for Bayer U.S. “#HerestotheFarmer reinforces the vital role that farmers and food banks play in addressing food insecurity by feeding people in need in the U.S. – especially in rural communities. Through Bayer’s vision of Health for All, Hunger for None, and together, with Kroger, we’re striving to raise even more awareness of the critical issue of food insecurity and ensure more Americans have access to healthy food, all while thanking the ones who work so hard to provide for us.”

 

As one of the founding members of Feeding America, the Kroger Family of Companies are proud to collaborate with Bayer and Luke Bryan as they help provide meals to families across the U.S. As part of the #HerestotheFarmer campaign, Kroger will feature in-store signage and the first-ever Farm Tour Sweepstakes. The contest gives fans the chance to win one Grand Prize Luke Bryan VIP experience that includes two VIP tickets to a select Luke Bryan Farm Tour concert, a 3-day/2-night hotel stay, round-trip flights and more. In addition, 100 lucky secondary prize winners will receive Luke Bryan Farm Tour items including branded t-shirts, swag, autographed hats, photos and more.

 

“At Kroger, we believe Fresh starts with farmers. Farmers play a key role in keeping the freshest products on our shelves,” said Dan De La Rosa, Group Vice President, Fresh Merchandising, for Kroger. “That’s why we work with farmers who grow only the best to source locally and bring customers better, fresher options time and again. We’re honored to share our appreciation for farmers during the Luke Bryan Farm Tour, and we applaud Bayer’s support for the Feeding America network of food banks, who help people facing hunger every day. Aligned with Kroger’s commitment to creating a world with Zero Hunger | Zero Waste, we are excited to see Bayer and Luke Bryan shining a light on equitable food access during their #HerestotheFarmer tour.”

 

From now through July 2022, fans can go to www.herestothefarmersweepstakes.com and complete the online entry form by providing their email address. Once registered, they will automatically receive one entry in the sweepstakes. The grand prize winner and secondary prize winners will be selected in July 2022.

 

Since the inception of the #HerestotheFarmer campaign and partnership, nearly 5 million meals have been provided to Feeding America and more than $180,000 has been donated to Feeding America member food banks and local farmers at each of the tour cities.

 

“No one should have to worry about where they will find their next meal, but more than 38 million people, including 12 million children, face hunger in America. We are thankful to Luke Bryan, Bayer and Kroger for raising awareness of this issue and for their commitment to helping neighbors in need,” said Lauren Biedron, vice president of corporate partnerships at Feeding America. “Through the Here’s to the Farmer campaign, we hope people across the country will join together, contribute and help fight hunger in their communities.”

 

To learn more about Bayer’s Here’s To The Farmer campaign visit go.bayer.com/herestothefarmer.

 

Dates and locations for the tour include:

FARM TOUR 2022

9/15 Monroeville, IN – Highland Farms

9/16 Mechanicsburg, OH – SpringFork Farms

9/17 Fowlerville, MI – Kubiak Family Farms

9/22 Murdock, NE – Stock Hay & Grain Farm

9/23 Boone, IA – Ziel Farm

9/24 Eyota, MN – Gar-Lin Dairy

 

For details on show locations and tickets, visit http://www.lukebryan.com/farm-tour.

 

*$1 helps provide at least 10 meals secured by Feeding America® on behalf of local member food banks. From 06/15/2022 to 10/31/2022, Bayer guarantees the financial equivalent of up to 1,000,000 meals ($100,000) in conjunction with the promotion.

 

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2021, the Group employed around 100,000 people and had sales of 44.1 billion euros. R&D expenses before special items amounted to 5.3 billion euros. For more information, go to www.bayer.us or visit us on Facebook, Twitter and Instagram.

 

About Luke Bryan

Since his debut, Bryan has garnered 29 No. 1 hits and has more RIAA certified digital singles than any other Country artist with 68.5 million. His worldwide global streams are 17.2 billion and he has sold nearly 13 million albums. His headline concert tours have played sold-out shows for 12 million fans inclusive of 36 stadium concerts, Farm Tours, Spring Break shows, and seven sold-out ‘Crash My Playa’ destination concert events. He launched his “Raised Up Right Tour” last week. Bryan has won over 50 major music awards including five wins as Entertainer of the Year. His third and most recent Entertainer win was awarded by the Academy of Country Music in 2021. Additional awards include six recognitions as a CMT Artist of the Year, NSAI Artist/Songwriter of the Year, the first-ever recipient of the ACM Album of the Decade Award for Crash My Party, seven CMT Music Awards, five Billboard Music Awards, and four American Music Awards—as well as being named Billboard’s Top Country Artist of the 2010s, the Most Heard Artist of the Decade by Country Aircheck, and the Artist Humanitarian Recipient by the Country Radio Broadcasters last year. Luke, Katy Perry and Lionel Richie just wrapped their fifth season as celebrity judges on ABC’s American Idol.

 

On June 9, Luke kicked off his “Raised Up Right Tour” scheduled to run through October with opening guests Riley Green, Mitchell Tenpenny and DJ Rock. Visit LukeBryan.com, and connect with him on his social channels including Facebook, Twitter, Instagram and YouTube.

 

About Feeding America

Feeding America® is the largest hunger-relief organization in the United States. Through a network of more than 200 food banks, 21 statewide food bank associations, and over 60,000 partner agencies, food pantries and meal programs, we helped provide 6.6 billion meals to tens of millions of people in need last year. Feeding America also supports programs that prevent food waste and improve food security among the people we serve; brings attention to the social and systemic barriers that contribute to food insecurity in our nation; and advocates for legislation that protects people from going hungry. Visit www.feedingamerica.org, find us on Facebook or follow us on Twitter.

 

About Kroger

At The Kroger Co. (NYSE: KR), we are Fresh for Everyone™ and dedicated to our Purpose: To Feed the Human Spirit®. We are, across our family of companies, nearly half a million associates who serve over 11 million customers daily through a seamless shopping experience under a variety of banner names. We are committed to creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site. Visit Kroger on Facebook or follow us on Twitter or Instagram.

Contacts

Nicole Hayes

Bayer U.S.

nicole.hayes@bayer.com
201-421-5268

Brian Leake

Bayer U.S. Crop Science

brian.leake@bayer.com
314-370-3285