Category: Business

New tea store, Bardo Tea, opens in Portland’s Concordia neighborhood

Post author By Editor
Post date March 12, 2024
No Comments on New tea store, Bardo Tea, opens in Portland’s Concordia neighborhood

Ravi Kroesen and Veronika Vogler have opened Bardo Tea’s first retail location this month.

PORTLAND, Ore. — Bardo Tea today announced it has opened its first retail location in Portland’s Concordia neighborhood.

Bardo Tea’s brick-and-mortar store offers a full line of high-quality single-origin teas and premium blends for retail and wholesale purchase, curated teaware, small batch-produced incense from Asia, and lifestyle products for the fashion- and health-conscious.

Going beyond the classic boutique model, Bardo Tea’s structure boasts three segmented spaces—all designed for a distinct and superb tasting experience that accentuates the nuance and complexity of each tea.

Kroesen explains, “The purpose of Bardo Tea is to change the mold. From the moment you step into the space, you’ll be welcomed by a converted carriage house split into three rooms—each providing a unique tea drinking experience with teas served in high-end teaware to honor each sip. No milk, sweeteners, or additives. Just tea and water.”

Kroesen—who worked as Smith Tea’s Head Teamaker for five years—has spent over two decades in the tea industry, traveling throughout the world to learn from and connect with tea growers, processers and experts.

Veronika Vogler, long-time mindfulness facilitator and co-founder, remarks, “At Bardo, we encourage you to take time and be present with the tea you are drinking,” she shares.

“As the leaves unfold, you go on a journey. You sit with the clay pot, the boiling water, the tea leaves, and you recognize that it all communicates. The flavor of tea deepens with every pour, and over time it unlocks that language.”

Vogler has integrated tea with meditation for the last decade, focusing on tasting teas mindfully over the course of multiple steeps.

About Bardo Tea:

Bardo Tea is a Portland-based retail and wholesale tea supplier. Offering a wide variety of high-quality teas and teaware, Bardo weaves the story that connects the soil to the farmer, the tea, and the cup. Bardo Tea commits to working toward equal representation by supporting women’s roles in tea beyond the picking of the leaf by actively building relationships with female tea farmers and supporting them as tea growers.

Learn more about Bardo Tea

Business Digital - AI & Apps Economics Lifestyle Perspectives Technology

RevenueCat survey nearly 30K mobile subscription apps, finds that only 17.2% of them to reach $1K in monthly revenue and only 3.5% will get to $10K

Investors know that most startups fail, but something that may be less understood is how few mobile apps actually make money.

Sarah Perez / TechCrunch:

— According to a new analysis of the subscription app economy from mobile subscription toolkit provider RevenueCat, the top 5% of apps generate 200 times the revenue of the bottom quartile after their first year, while the median monthly revenue an app generates after 12 months is less than $50 USD.

The “State of Subscription Apps” report offers a bird’s-eye view into the subscription app universe, as RevenueCat has nearly 30,000 apps using its platform’s tools to manage their monetization. Outside of Apple and Google, that makes RevenueCat the largest collection of subscription app developers on one platform.

This report specifically looks at data from over 29,000 apps and over 18,000 developers who collectively generate over $6.7 billion in tracked revenue and have over 290 million subscribers.

After crunching its data, the company found that only 17.2% of apps will reach even $1,000 in monthly revenue, but after they hit that point, the odds of them growing further increase. For instance, 59% of the apps that reach $1,000 will go on to reach $2,500 and 60% of the apps that reach $2,500 will make it to $5,000. But what may be more surprising is that only 3.5% of apps will reach $10,000 in revenue — the figure that an indie developer may need to hit in order to devote themselves full-time to app development or their mobile-first startup.

There are some differences in apps’ success when you narrow things to the category level, however.

Health and fitness apps generate more revenue after a year, performing at least twice as well as all the other categories combined, both at the bottom quartile and in the top 5%. Travel and productivity apps struggle the most, with even the top 5% of apps in the category making less than $1,000 per month after a year’s time on the app stores.

While it’s perhaps not as surprising that many apps don’t make money, given how many are launched as side projects, seeing the actual monetization figures could be a shock to those who think they have what it takes to beat the odds.

— Techmeme

Business Economics Lifestyle Science Technology

inTEST to restate 3rd quarter and first 9 months 2023 financial statements

Post author By Michelle Dryden
Post date March 12, 2024
No Comments on inTEST to restate 3rd quarter and first 9 months 2023 financial statements

MT. LAUREL, N.J. — (BUSINESS WIRE) — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include automotive/EV, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), announced today that it plans to restate its previously issued consolidated financial statements for the third quarter and nine months ended Sept. 30, 2023.

The restatement pertains to deferral of revenue related to purchases on behalf of certain customers associated with “last time buys” of discontinued material/components for potential future orders.

Preliminary indications are that the third quarter 2023 restatement is expected to result in a decrease in revenue of approximately $1.7 million and an increase in deferred revenue on the balance sheet by the same amount. After also deferring associated costs and the tax effect, net income is expected to be approximately $700,000 lower for the third quarter 2023. After giving effect to this change, earnings per diluted share for the third quarter 2023 as previously reported is expected to be reduced from $0.24 to $0.19.

The deferral of revenue is also expected to have a small impact on previously announced preliminary fourth quarter results. Fourth quarter 2023 revenue is now expected to be approximately $27.9 million with net earnings of $1.5 million, or $0.12 per diluted share.

The Company intends to amend and file its third quarter 2023 10-Q/A as soon as practical. Investors should no longer rely upon the Company’s previously released financial statements for the third quarter and nine months ended September 30, 2023. Similarly, prior related press releases, earnings releases, and investor communications describing the Company’s financial statements for those periods and preliminary results reported for the fourth quarter ended December 31, 2023, should no longer be relied upon. The Company also intends to file its 2023 10-K as soon as practical and expects to host a conference call following the filing and release of fourth quarter 2023 financial results. Based on the matters underlying the restatement, the Company expects to report a material weakness in its internal control over financial reporting.

About inTEST Corporation

inTEST Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including automotive/EV, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry. Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit intest.com.

Preliminary, Unaudited Financial Disclosures

The data presented above is preliminary and unaudited, based upon our estimates, and subject to further internal review by management and compilation of actual results. Our closing procedures for the year and quarter ended December 31, 2023, are not yet complete. Our management’s estimates are based upon preliminary information currently available from our business segments and extrapolation from that information. While we expect that our results will be consistent with these preliminary and unaudited estimates, our actual results may differ materially from these preliminary estimates.

This preliminary financial information is not a comprehensive statement of our financial results for this period, and our actual results may differ materially from these estimates due to the completion of our financial closing procedures, final adjustments, and other developments that may arise between now and the time the closing procedures for the fiscal year and quarter are completed.

All the data presented above has been prepared by and is the responsibility of our management. Our independent registered public accounting firm has not completed its audit procedures with respect to our accompanying preliminary financial data. Accordingly, our independent registered public accounting firm does not express an opinion or any other form of assurance with respect to this data.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “expects,” “intends,” “may,” “plan,” “potential,” “preliminary,” “estimate,” “extrapolate,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, achieve high single-digit growth in 2023, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company’s presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

Contacts

inTEST Corporation
Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Investors:
Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com
Tel: (716) 843-3908

Tags Business, New Jersey

Art & Life Business Culture Digital - AI & Apps Lifestyle Programs & Events

Digital Marilyn, an interactive AI avatar of Marilyn Monroe, recently unveils at SXSW

Post author By Editor
Post date March 10, 2024
No Comments on Digital Marilyn, an interactive AI avatar of Marilyn Monroe, recently unveils at SXSW

Digital Marilyn Monroe was created using GPT-3.5 by Soul Machines and Authentic Brands Group

Bruce Haring / Deadline:

— One of Marilyn Monroe’s most famous quotes was, “I don’t mind living in a man’s world as long as I can be a woman in it.”

— Soul Machines Unveil Groundbreaking Digital Marilyn Monroe at SXSW 2024Soul Machines

Now, there has to be an amendment to that line. More than 60 years after her death, there’s now a Digital Marilyn, created with artificial intelligence and capable of answering questions in her voice and style. The new version of Monroe debuted Friday at the South by Southwest tech conference in Austin, Texas.

The Digital Marilyn is a partnership between Soul Machines, which creates what it calls Biological AI-powered Digital People, and Authentic Brands Group, a company representing such icons as Monroe, Elvis Presley, Muhammad Ali, Shaquille O’Neal, David Beckham, and many other celebrities and companies.

The Digital Marilyn can interact in real-time using advanced natural language processing, deep learning, and Open AI’s ChatGPT 3.5. What that means is another step forward in extending the ability to monetize celebrities even after their death.

“This collaboration exemplifies the transformative power of AI in connecting brands and consumers,” said Greg Cross, CEO and co-founder of Soul Machines. “Digital Marilyn showcases our Biological AI, bringing an iconic personality to life through engaging dialogues and emotional intelligence. It’s more than nostalgia. It’s a glimpse into the future of immersive interactions.”

The Digital Marilyn mimics human traits in a realistic fashion, and can interact with users on a personal level. The partnership claims the average conversation length with a Soul Machines Digital Person is 20 minutes, with the character allegedly adapting to your questions and interests.

“Marilyn Monroe remains a timeless icon, inspiring generations with her talent, charisma, and enduring legacy,” said Dana Carpenter, EVP Entertainment at Authentic Brands Group.

“We are thrilled to partner with Soul Machines, whose cutting-edge technology is the perfect match to bring Marilyn to life in the AI age. While Marilyn Monroe can never be replaced or duplicated, Digital Marilyn opens exciting possibilities for multiple generations of fans to engage with her in a whole new way, fostering a deeper connection and appreciation for her enduring spirit and the mark she left on the world.”

— Techmeme

Business Digital - AI & Apps Education Lifestyle News Now! Regulations & Security Technology

Google rolls out updates to its Search ranking to counter the spread of AI content in results, which includes down-ranking content that summarizes others’ work

There are always new ways to try to game Google with crappy content — and now the company is fighting back against the worst of it

David Pierce / The Verge:

— Google is rolling out a few new changes to its ranking systems in search, which are designed to help surface good content in your results and hide some of the worst and most cynical stuff on the web.

The company says that it is doing a better job of downranking content that exists only to summarize other content — which can sometimes be normal SEO stuff but is also increasingly a job for generative AI tools— and in combatting some of the tricks people use to trick its ranking systems.

There are always people trying to manipulate their way to the top of Google results. That’s just a fact of the web and a fact of life for Google’s search teams. Google is always making changes to its ranking algorithms, too, in an effort to improve search results. We never hear about most of those changes.

“You only see the ones that sort of slipped by the controls, as it were,” says Pandu Nayak, a VP of search at Google. “Unfortunately, these are not things you can just wave a magic wand and get rid of.”

For Google to announce the changes it’s making signals two things. First, that these are big changes that could meaningfully change your search experience — Nayak says that Google’s measurements show a reduction in “unhelpful content” by up to 40 percent. And second, that Google is sending a message to the web: your spammy, sketchy behavior ends now.

— Google is sending a message to the web: your spammy, sketchy behavior ends now

Nayak lays out three examples of what Google now considers spammy behavior and intends to downrank. The first is content at scale: the sites that create thousands of low-quality articles a day, either through low-paid contractors or AI generators, and target that content at search results. Nayak points to obituary spam — which The Verge’s Mia Sato recently wrote about — as an example of a problem to be solved here.

The second spammy behavior is what Nayak calls “site reputation abuse.” This is when an otherwise respectable website rents out part of its site for spammy nonsense; I won’t name and shame anyone here, but you’ve surely seen the sites that make you wonder why they have coupons or why there’s a whole part of the site that seems irrelevant and AI-generated. The third is “expired domain abuse,” which is when someone buys an abandoned but high-ranking domain and fills it with crummy content that then jumps to the top of search. The current state of The Hairpin is one example of how this can happen, which Wired has covered well in recent weeks.

For those engaging in site reputation abuse, Nayak says Google is giving the sites 60 days to cut it out before it makes the ranking changes. The others go into effect now. Google has a spam problem, it knows it, and it’s trying to shut it down. “The healthy, high-quality ecosystem is exactly the one that gets affected when spammers and low-quality purveyors of information get control of ranking,” Nayak says.

The job is not done, of course. The reckoning over AI-generated content — what it means, who wants it, how it should rank — is only just beginning and will cause Google plenty of internal headaches as it both tries to bring AI to everyone and tries to save the web from being overrun by it. (Even Google’s own search engine is increasingly an AI machine.) And there will always be new, sneakier ways to game your way to the top of search results. This is a headache of Google’s own making: most of the chum on the web exists entirely to game Google, and so Google will always be one step behind.

— Techmeme

Business Healthcare International & World Lifestyle Regulations & Security Technology

A BlackCat ransomware gang website shows takedown notice; the UK NCA denies involvement, experts suggest an exit scam after an alleged UnitedHealth payment

— A website used by hackers responsible for a breach at UnitedHealth Group (UNH.N) has been replaced by a notice saying it has been seized by international law enforcement.

Reuters:

WASHINGTON, (Reuters) — The hackers responsible for the breach at UnitedHealth Group (UNH.N), opens new tab appear to have pulled a disappearing act on Tuesday, leaving their cybercriminal associates in the lurch and replacing their old website with a bogus statement from law enforcement.

The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California, U.S., April 13, 2020. REUTERS/Mike Blake/File Photo Purchase Licensing Rights

The U.S. insurer disclosed on Feb. 21 that Blackcat hacking gang – also known as ALPHV – had perpetrated a cyberattack on its technology unit Change Healthcare, causing disruptions across the U.S. healthcare system.

A message posted to Blackcat’s website said it had been impounded “as part of a coordinated law enforcement action” by U.S. authorities and other law enforcement agencies. Among the logos of non-American agencies involved were those of Europol and Britain’s National Crime Agency.

The FBI declined comment and Europol did not return messages, but a National Crime Agency spokesperson said: “I can confirm any recent disruption to ALPHV infrastructure is not a result of NCA activity.”

Blackcat has not responded to Reuters requests for comment in several days.

Security experts said the law enforcement denial and other clues made it look like the hackers had simply decided to shut up shop.

“This appears to be a classic exit scam,” said researcher Will Thomas. In an exit scam, hackers pretend to be knocked out of commission only to quietly pocket their partners’ money and start over under a new name.

— Techmeme

Business Economics Lifestyle Regulations & Security Technology

Insider cybersecurity risk startup Dtex Systems raises $50M Series E from CapitalG at $400M post-money valuation

Post author By Editor
Post date March 5, 2024
No Comments on Insider cybersecurity risk startup Dtex Systems raises $50M Series E from CapitalG at $400M post-money valuation

Sam Sabin / Axios:

CapitalG, Alphabet’s venture capital fund, is investing $50 million in Series E funding in insider risk company Dtex Systems, the companies first tell Axios.

Why it matters: The tech giant’s investment gives a vote of confidence to Dtex’s bet that insider risk will become the next big cybersecurity market.

CapitalG has invested in major cybersecurity companies like CrowdStrike and ZScaler.

Zoom in: Dtex is now valued at more than $400 million after this new funding, a company spokesperson told Axios.

The company — which has now raised a total of $138 million —plans to use the funds to expand its U.S.-based engineering teams and marketing operations around the world.
Dtex CEO Marshall Heilman told Axios the company is working to expand its client base to more U.S. government customers and Fortune 500 companies.
James Luo, a partner at CapitalG, will join Dtex’s board of directors.

How it works: Dtex uses machine learning to analyze network activity and company endpoints to flag potential insider risks, such as disgruntled employees stealing data or hacked employee accounts.

Flagged activity could include employees logging into their accounts from an unusual location, exfiltrating a large amount of corporate files and resetting an account password too many times.

The big picture: CapitalG’s investment comes as cybersecurity startup funding hits a five-year low, as total funding dropped 50% between 2022 and 2023, according to Crunchbase News.

Dtex last raised funding four years ago in a $17.5 million Series D round led by Northgate Capital.
Heilman joined the company as CEO in December after nearly 20 years at Google Cloud’s Mandiant.

What they’re saying: “I had always known that CapitalG was my white whale, they were the ones I wanted to land if it was possible,” Heilman said.

“I wanted someone who is going to be in the business and helping us while not trying to take over the business,” he added. “CapitalG was the perfect medium to do that.”

Between the lines: Insider risk has become a growing area of interest for companies.

46% of organizations plan to increase their spending on insider threats in 2024, according to a recent report from Dtex and the Ponemon Institute.

What’s next: Heilman added that while Dtex is focused on insider threat, he is eyeing product areas where the company could grow in using the data it’s collected from its insider risk monitoring tools.

— Techmeme

Art & Life Business Digital - AI & Apps Education Lifestyle

Barnes & Noble Education announces fiscal year 2024 3rd quarter earnings release date and conference call webcast

Post author By Michelle Dryden
Post date March 4, 2024
No Comments on Barnes & Noble Education announces fiscal year 2024 3rd quarter earnings release date and conference call webcast

BASKING RIDGE, N.J. — (BUSINESS WIRE) — Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, on Friday announced that the Company expects to report fiscal year 2024 third quarter earnings results on Thursday, March 7, 2024, after market close.

The Company will host an investor conference call at 4:30 p.m. ET on Thursday, March 7, 2024, to review the Company’s financial results and operations.

This call is being webcast and can be accessed at Barnes & Noble Education’s corporate website at www.bned.com. The webcast of this call will be archived and available for three months on Barnes & Noble Education’s corporate website.

About Barnes & Noble Education, Inc.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student learning ecosystem, unparalleled best-in-class assortment of school apparel through a strategic alliance with Fanatics and Lids, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. For more information, visit www.bned.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: the amount of our indebtedness and ability to comply with covenants applicable to current and /or any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; our ability to attract and retain employees; the pace of equitable access adoption in the marketplace is slower than anticipated and our ability to successfully convert the majority of our institutions to our BNC First Day® equitable and inclusive access course material models or successfully compete with third parties that provide similar equitable and inclusive access solutions; the United States Department of Education has recently proposed regulatory changes that, if adopted as proposed, could impact equitable and inclusive access models across the higher education industry; the strategic objectives, successful integration, anticipated synergies, and/or other expected potential benefits of various strategic and restructuring initiatives, may not be fully realized or may take longer than expected; dependency on strategic partnerships, such as with VitalSource Technologies, Inc. and the Fanatics Retail Group Fulfillment, LLC, Inc. (“Fanatics”) and Fanatics Lids College, Inc. D/B/A “Lids” (“Lids”) (collectively referred to herein as the “F/L Relationship”), and the potential for adverse operational and financial changes to these partnerships, may adversely impact our business; non-renewal of managed bookstore, physical and/or online store contracts and higher-than-anticipated store closings; decisions by colleges and universities to outsource their physical and/or online bookstore operations or change the operation of their bookstores; general competitive conditions, including actions our competitors and content providers may take to grow their businesses; the risk of changes in price or in formats of course materials by publishers, which could negatively impact revenues and margin; changes to purchase or rental terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; product shortages, including decreases in the used textbook inventory supply associated with the implementation of publishers’ digital offerings and direct to student textbook consignment rental programs; work stoppages or increases in labor costs; possible increases in shipping rates or interruptions in shipping services; a decline in college enrollment or decreased funding available for students; decreased consumer demand for our products, low growth or declining sales; the general economic environment and consumer spending patterns; trends and challenges to our business and in the locations in which we have stores; risks associated with operation or performance of MBS Textbook Exchange, LLC’s point-of-sales systems that are sold to college bookstore customers; technological changes, including the adoption of artificial intelligence technologies for educational content; risks associated with counterfeit and piracy of digital and print materials; risks associated with data privacy, information security and intellectual property; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks, resulting in harm to our business and results of operations; disruption of or interference with third party web service providers and our own proprietary technology; risks associated with the impact that public health crises, epidemics, and pandemics, such as the COVID-19 pandemic, have on the overall demand for BNED products and services, our operations, the operations of our suppliers and other business partners, and the effectiveness of our response to these risks; lingering impacts that public health crises may have on the ability of our suppliers to manufacture or source products, particularly from outside of the United States; changes in domestic and international laws or regulations, including U.S. tax reform, changes in tax rates, laws and regulations, as well as related guidance; enactment of laws or changes in enforcement practices which may restrict or prohibit our use of texts, emails, interest based online advertising, or similar marketing and sales activities; adverse results from litigation, governmental investigations, tax-related proceedings, or audits; changes in accounting standards; and the other risks and uncertainties detailed in the section titled “Risk Factors” in Part I – Item 1A in our Form 10-K for the year-ended April 29, 2023. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

Contacts

Investor Contact:
Hunter Blankenbaker

Vice President

Corporate Communications and Investor Relations

Barnes & Noble Education, Inc.

(908) 991-2776

hblankenbaker@bned.com

Tags Business, New Jersey

Business Culture Entertainment News Foodies/Tastylicious Lifestyle

‘Veselka: The Rainbow on the Corner at the Center of the World’ review: Come for pierogis and goulash, stay for freedom

Post author By Editor
Post date March 3, 2024
No Comments on ‘Veselka: The Rainbow on the Corner at the Center of the World’ review: Come for pierogis and goulash, stay for freedom

A documentary about the fabled Ukrainian restaurant becomes a portrait of wartime valor. I wish the film had drawn a deeper connection between the taste of freedom and the taste of Veselka.

— It’s not every day I get to review a documentary about a subject I feel personally close to, so let me put my bias right out there.

“Veselka: The Rainbow on the Corner at the Center of the World” is a movie about one of my favorite New York restaurants — and, in fact, countless New Yorkers feel the same way. When you walk into Veselka, the legendary Ukrainian restaurant/diner on the corner of 2nd Ave. and E. 9th St., a vibe of warmth envelops you.

I’ve spent endless hours hanging out there, nursing a cup of coffee or a glass of wine, writing on my laptop, chowing down on the magically tasty dishes that the purveyors call Ukrainian soul food: the pierogis that melt in your mouth, the potato pancakes that are crisp salty heaven, the succulent meatballs and rolled cabbage, the high-octane borscht, not to mention all the sublime American fare, including a burger I’d put up against any burger in New York.

As Veselka devotees will tell you, the welcoming aura of the place — the lack of pretense, the gorgeous murals and knickknacks, the extraordinary friendliness of the staff, many of whom are Ukrainian — feeds right into the savoriness of the cuisine. Veselka is a place of love where the food is made from love; you can’t separate the two.

For years, the restaurant stayed open 24 hours a day, mostly to cater to the world of East Village night crawlers (it had to cut back on hours starting in the pandemic). One of the most memorable images I have of Veselka is when I sat down at around midnight to have a late dinner and write a piece at one of the back tables. I got immersed in what I was doing and didn’t leave, or even look up, until around 4 a.m. When I walked out, every table in the place was full; it felt not like a scraggly after-hours crowd but like a 7 p.m. Friday-night dinner crowd. At Veselka (the name is Ukrainian for “rainbow),” the deliciousness, the casual joy, and the love all go around the clock.

“Veselka: The Rainbow on the Corner at the Center of the World” pays enthusiastic tribute to Veselka’s place in the city, and to its 70-year history as a family restaurant. On some level, it’s a tale of ego, money, and real estate, and the details of how the restaurant runs are fascinating. Yet this was a documentary shot, for the most part, after the start of the war in Ukraine, and the way Veselka has confronted the war — raising hundreds of thousands of dollars in charity by donating all its borscht sales, acting as a sponsor for Ukrainian citizens to come to the United States — is more than just part of the story the movie is telling. It becomes the central story.

Some of this is noble and stirring. The neighborhood in which Veselka is located was once known as Little Ukraine, and though there are fewer Ukrainians living there than there were decades ago, the area retains its identity. Veselka, during the two years the war has gone on, has become a kind of beacon for the pride and fighting spirit of Ukraine.

Yet as moving as parts of the documentary are, I’ll be honest and say that I couldn’t escape the feeling that Michael Fiore, who wrote, produced, directed, and edited it, should have cut back on some of this stuff and done a more complete job of telling the inside story of the restaurant itself. Veselka is a place that would anchor a great segment of “Diners, Drive-ins and Dives.”

There’s a 12-minute video on YouTube that goes into the restaurant’s kitchen and shows you, with a Guy Fieri-like eagerness, how the sausage gets made. I found it a little odd that I learned five times as much about the food at Veselka from that video than I did from a 106-minute documentary about the place. I’m not saying that a pierogi recipe is more important, in the grand human scheme of things, than Ukraine’s — and in many ways, by extension, the Western world’s — fight for freedom in this terrible and heroic war. But “Veselka” is a documentary about a restaurant. The movie should have given us a more detailed sense of why, exactly, people come there.

— Variety

Business Digital - AI & Apps Economics Lifestyle Regulations & Security Science Technology

inTEST delays fourth quarter and full year 2023 earnings release and investor conference call; provides preliminary fourth quarter results and 2024 guidance

MT. LAUREL, N.J. — (BUSINESS WIRE) — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include automotive/EV, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), announced on Friday that it will reschedule its fourth quarter and full year 2023 earnings release and investor conference call, which was previously scheduled for March 1, 2024.

The Company requires additional time to complete the year-end audit and review process. The Company expects to report its results coincident with, or prior to, the filing of its Annual Report on Form 10-K for the year ended Dec. 31, 2023.

Preliminary, Unaudited Fourth Quarter 2023 Results

Fourth quarter 2023 revenue was approximately $28.4 million with net earnings of approximately $1.7 million, or $0.14 per diluted share. Cash generated from operations in the fourth quarter was $4.7 million. Orders in the fourth quarter were $27.5 million.

First Quarter and Full Year 2024 Guidance

Revenue for the first quarter of 2024 is expected to be in the range of $28 million to $30 million with gross margin of approximately 46%. First quarter 2024 earnings per diluted share is expected to be in the range of $0.08 to $0.13.

Revenue for full year 2024 is expected to be in the range of $125 million to $130 million.

The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. It also assumes macroeconomic conditions remain unchanged through the end of the year and does not consider any extraordinary non-operating expenses that may occur from time to time. Actual results may differ materially from what is provided here today because of, among other things, the factors described under “Forward-Looking Statements” below.

About inTEST Corporation

Key Performance Indicators

Management uses orders as a key performance metric to analyze and measure the Company’s financial performance and results of operations. Management uses orders as a measure of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Management believes tracking orders is useful as it often is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

Given that orders is an operational measure and that the Company’s methodology for calculating orders does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for it is not required or provided.

Preliminary, Unaudited Financial Disclosures

The data presented above is preliminary and unaudited, based upon our estimates, and subject to further internal review by management and compilation of actual results. Our closing procedures for the year and quarter ended December 31, 2023 are not yet complete. Our management’s estimates are based upon preliminary information currently available from our business segments and extrapolation from that information. While we expect that our results will be consistent with these preliminary and unaudited estimates, our actual results may differ materially from these preliminary estimates.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “assume,” “believe,” “estimate,’ “expects,” “may,” “will,” “plan,” “potential,” “forecasts,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, achieve high single-digit growth in 2023, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company’s presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

Contacts

inTEST Corporation
Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Investors:
Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com
Tel: (716) 843-3908

Tags Business, New Jersey