Parker Ranch Announces a Nearly 50% Increase in Its Annual Distribution

The Trustees of Parker Ranch Foundation have announced that the Trust is increasing nearly 50% increase in its annual distribution. The total value of the annual distribution goes to $3.6 million as compared to the previous year of 2019.

The company has further added that it has made the decision on a multi-year effort by the Trustees and it also provides assistance from the management team for the same.

Chair of Trustees, Tim Johns said, “This has been a coordinated project across the entire organization and incorporating strategic thinking from our leadership and external advisers, including Northern Trust and Callan.  This distribution is meaningful for two other important reasons.  First, the significant increase comes at a time that our local economy needs support.”

“Our Beneficiaries are charitable organizations focused on health care and education, parts of our economy under severe strain given the broad impact of COVID-19.  Second, this distribution brings the cumulative total distributions to slightly more than $40 million since the creation of the Trust in the early 1990s.  Hopefully, Richard Smart would be pleased with our efforts to support our Beneficiaries, if he were alive today to see its positive contribution to our community,” Tim Johns further added.

Chief Executive Officer of Parker Ranch, Dutch Kuyper said, “Our management team has been working hard supporting the Trust in developing an integrated view of our investment portfolio, real assets and various operating business, including the ranching operation.”

“We worked in close collaboration with our investment advisers to evaluate various distribution policies studying a variety of approaches including the models adopted by Yale and Princeton.  We believe our new approach can withstand the test of time in a variety of market conditions while ensuring the purchasing power of the distribution is maintained,” Dutch Kuyper further concluded.

Oracle Announces Q4 2020 Financial Results

Oracle has announced the Q4 2020 full year financial results. The company has reported the total quarterly revenues of $10.4 billion, which is 4% less as compared to the Q4 of the previous year. The Cloud Services revenues of the company were $6.8 billion. The Q4 GAAP operating income was $4.3 billion and the GAAP operating margin was 41%.

The GAAP net income was $3.1 billion and the non-GAAP net income was $3.8 billion. The GAAP earnings per share of the company increased to 4% and reached $3.08, while the non-GAAP earnings were $3.85 per share.

The board of directors of the company declared the quarterly cash dividend of $0.24 per share. The company has further added that the dividend will be paid to the stockholders at the close of business and payment date of July 28, 2020.

Chief Executive Officer of Oracle. Safra Catz said, “In Q4, non-GAAP earnings per share grew 5% in constant currency driven by strong performances in both our cloud infrastructure and cloud applications businesses.”

“Leading the way was our Fusion Cloud ERP Suite that grew 35% in constant currency, and our Fusion Cloud HCM Suite grew 29% in constant currency. Our overall business did remarkably well considering the pandemic, but our results would have been even better except for customers in the hardest-hit industries that we serve such as hospitality, retail, and transportation postponing some of their purchases. Still, for the third year in a row, we delivered double-digit constant currency earnings per share growth in FY20. Safra Catz said.

CTO and Chairman of Oracle, Larry Ellison said, “In Q4, we launched a vastly improved version of our Exadata [email protected] service,” said Oracle Chairman and CTO, Larry Ellison. “Exadata [email protected] now enables our existing on-premise database customers to run the Oracle Autonomous Database in their own datacenter; previously, the Oracle Autonomous Database was only available in Oracle’s Gen2 Public Cloud.”

Daiwa PI Partners Helps Beta Medai To Secure USD 8 Million Funding

Beta Media has said that the company has successfully secured USD 8 Million funding with the help of the leading Japanese Investment Fund, Daiwa Di Partners. The recent funding helps to reach the enterprise valuation of the company up to VND 1,000 Billion.

The company has previously received funding from the Vietnam Investment Group in 2015 and USD 2.5 Million from Blue HK Financial Group (Hong Kong).

Beta Media operates the low-cost movie theater chain named Beta Cinemas and it includes 60 cinema halls and 12 Cineplexes nationwide. The company has got top of the line cinema halls, but with affordable ticket prices.

Senior Managing Director, Mr. Kenichi Shimomoto said, “Undeterred, Minh Beta and the team have patiently demonstrated to us their impressive business results in the past, a potential future of the film industry in Vietnam, as well as Beta Media’s determination and perseverance in promoting this important industry in the long term.”

“Currently, all cinemas of Beta Media have resumed operation, and the investment deal has been completed, so we do believe that our journey to the bright future has already restarted. We are very excited and look forward to enjoying this great journey with the Beta team and our fellow investors, VIG and Blue HK,” Mr. Kenichi Shimomoto concluded.

Chief Executive Officer Bui Quang Minh said, “This investment will equip Beta Media with more resources to grow further in the near future. Beta Media is expected to reach 50 locations in the next few years.”

“With the mission of bringing an affordable cinema experience to all Vietnamese people in all regions of the country, Beta Media will continue to promote the franchise business model in the coming years,” Mr. Bui Quang Minh further added in the statement.

Huazhu Group Limited Releases Financial Results of First Quarter 2020

Huazhu Group Limited has announced the unaudited financial results for the first quarter of 2020.

Huazhu Group Limited reported net revenues of RMB2.0 billion (US$284 million) for the first quarter, a decrease of 15.7% year-over-year. However, the revenue was in line with the guidance in which the company has previously estimated decrease of 15% to 20%. While excluding Deutsche Hospitality (DH) it decreased 46.0% year-over-year.

Being one of the world-leading hotel group, it reported a total of 5,953 operational hotels or 575,488 operational hotel rooms and unopened hotels during the period were 2,375 that are in pipeline as of March 31, 2020. While excluding DH, operational hotels were 5,838 or hotel room as 552,362. Its net revenues collected from leased and owned hotels the quarter remained RMB1.5 billion (US$214 million) with an 11.1% yoy decrease and a decrease of 21.1% compared to previous quarter.

Company’s hotel turnover remained RMB5 billion for the first quarter, a decreased of 32% year-over-year. While excluding DH, it decreased 49%. The company says net revenue of Legacy-Huazhu minified by RMB1.1 billion year-over-year due to the COVID-19 pandemic.

The company took cost mitigation measures for reducing the costs and expenditures however some measures were not proposed to affect first quarter like reducing rental, personnel costs and general and administrative expenses can show results in future quarters. Net revenue decrease directly affected the company’s operating income, EBITDA and net income.

It reported the net loss attributable of RMB2.1 billion (US$301 million) for the first quarter of 2020, compared to net income of RMB106 million attributable to the company during first quarter of 2019 and net income attributable of RMB619 million attributable to the company in the previous quarter.

Huazhu provided the earnings release on the its investor relations website at http://ir.huazhu.com/press-releases. Its management hosted a conference call following the announcement. The company held the audio call instead of visual Conference Call event amid the outbreak of COVID-19. A telephone replay of the call is available until August 7, 2020. Investors in US have to dial +1 855 452 5696, investors in China Mainland have to dial 400 632 2162, investors in Hong Kong have to dial 800 963 117 and investors from other regions have to dial +61 2 8199 0299 in order to listen a replay of the conference call. The reference of the conference ID is 6692286.

Biomerica Inc. signs agreements with the University of Texas Health Science Center at Houston for Clinical Trial

An InFoods diagnostic-guided therapy (DGT) designed by Biomerica Inc. purposed for alleviating the Irritable Bowel Syndrome (IBS) symptoms after removing from diet has gained a new partner. Biomerica Inc. has announced that it has moved into a definitive agreement of a new partnership for its clinical trial of new InFoods DGT with the University of Texas Health Science Center at Houston to be part of its clinical trial for new InFoods DGT. University of Texas is allowed to start enrollment of patients in clinical trial.

University of Texas Health Science Center at Houston is basically a fifth medical center to join the clinical trial of DGT. Other four medical centers working as primary enrollment centers include Mayo Clinic, Houston Methodist, Beth Israel Deaconess Medical Center Inc. and the University of Michigan.

Chief of Gastroenterology, Hepatology, and Nutrition at the University of Texas Health Science Center at the Texas Medical Center, Dr. Brooks D. Cash stated, “We are excited about the potential impact this can make for IBS patients and excited to be part of the clinical trial group for InFoods® IBS. The product is novel in that it is addressing a root cause of IBS with a non-pharmaceutical therapy, yet can be combined with current pharmaceutical therapies to improve outcomes.”

Zackary Irani, Chief Executive Officer of Biomerica, commented: “IBS remains a major burden for up to 45 million people in the United States who desperately seek some form of medical advancement providing relief.  We believe our approach, supported by a Scientific Advisory Board comprised of the leading minds in the IBS medical community, is differentiated by focusing on one possible root cause of IBS compared to simply treating symptoms.”

Over 45 million Americans suffer from Irritable Bowel Syndrome IBS with the symptoms associated with consumption of specific foods and a condition of illness which can cause impair physical and mental well-being.

Positive Recovery Centers Launches Positive Recovery MD Podcast

Positive Recovery Centers has announced that the company has launched the Positive Recovery MD (PRC MD). The Positive Recover is hoisted by Dr. Jason ZW Power, Positive Recovery Centers Chief Medical Officer. The company has further added that the podcast will launch on Tuesday and are currently available on Spotify, Google Podcast and Apple Podcasts.

The podcast will discuss the variety of illnesses, including the mental health, addiction recovery and wellness community. The distinguished guests of the Podcasts will have authentic conversation around recovery, growth, addiction and progress. All the listeners can sign up to avail additional benefits in the podcast.

President of Positive Recovery Centers, Julie DeNofa said, “Launching a podcast was a natural evolution for Positive Recovery Centers. The strength and positivity of our curriculum and the impact it has on our client’s lives is a key differentiator to our success as an organization. Especially during today’s ever-changing world, we want to help more people thrive in their life.”

Host of Positive Recovery MD, Dr. Jason ZW Powers said, “Positive Interventions are intentional strategies designed to boost well-being. Benefits of doing these include improved relationships, strengthened recovery, more balanced emotional health and much more.”

“Slow and steady wins the race. A podcast is a perfect platform to guide you through these PI’s, because you can apply yourself during the week, engage with the PRC MD Facebook community, and reconnect with us for a new episode each Tuesday,” Dr. Jason ZW Powers further added in the statement,

The initial episode of the podcast will include:

  • Episode 1: Welcome to Positive Recovery
  • Episode 2: Being Generous, with George Joseph
  • Episode 3: The Most Dangerous a Belief a Parent Can Have, Archway Academy
  • Episode 4: Happiness Isn’t Something You Sort of Do Once, Reanna DeGeorge

Tenneco Recognized by General Motors as a 2019 Supplier of the Year Winner

Tenneco has announced that the company has been named as General Motor Supplier of the Year by General Motors during the company’s 28th Annual Supplier of the year awards on Wednesday June 24, 2020.

During the prestigious event, General Motors recognized 116 of its best suppliers from 15 different countries that have exceeded GM’s expectations by creating outstanding innovations to the company.

The company has further announced that this is the third consecutive year that Tenneco Business Group has earned this reward.

Vice President Global Purchasing and Supply Chain, Shiplan Amin said, “Our suppliers play a key role in delivering the products, services and experiences our customers deserve – and these award-winning suppliers went above and beyond our expectations.”

“We also believe it’s important at this point in time to thank our entire supply base for their efforts the last few months to mitigate the impacts of COVID-19,” Amin further added.

“Not only have we been able to safely restart our manufacturing operations, our suppliers played a key role in assisting our initiatives to increase the supply of ventilators and personal protection equipment (PPE) for frontline health care workers to help save lives and keep communities safe,” Shiplan Amin further added in the statement.

Chief Executive Officer of Tenneco, Brian Kesseler said, “Tenneco is honored to be named a recipient of this prestigious award from one of our most trusted industry partners, General Motors, and it is truly a testament to our 32,000 Powertrain team members around the world, who strive to produce quality powertrain components every day.”

“This award reinforces Tenneco Powertrain’s strong position in the global market for highly engineered engine components and highlights our commitment to global customers to develop innovations that deliver optimal fuel economy, meet and exceed the most stringent emission targets, and enhance vehicle performance,” Brian Kesseler further added in the statement.

Constellation Brands Announces Separate Agreements for Divest Paul Masson Grande Amber Brandy and Nobilo Wine Brands

In order to divest the Paul Masson Grande Amber Brandy brand and related inventory and interests to Transform Company’s Wine & Spirits, Constellation Brands, Inc., a US-based beverage alcohol company, has moved into an agreement with Sazerac Company, Inc., an old American privately held distillers. The deal has to go through a FTC review and clearance, and is expected to close in the second quarter of fiscal 2021. It is viable to purchase price and closing adjustments.

Constellation Brands, Inc., will divest the Paul Masson Grande Amber Brandy brand and inventory and the interests via multiple contracts of worth totaling around $255 million.

While to divest its Nobilo Wine brand and certain related assets and liabilities, Constellation has announced a separate agreement with E. & J. Gallo Winery. The process of divesting is comprised of $130 million under the purchase price and closing adjustments. The Nobilo transaction is purposed to close before the ending of second quarter of fiscal 2021.

Constellation sees the agreements as a step forward in the efforts to transform its wine and spirits business. This agreement was announced first time in December 2019. The deal was amended and revised while contingent announcement happened in May 2020. After revisions Constellation was agreed to divest a portion of its wine and spirits portfolio. It was principally priced at $11 retail and below, and related facilities to E. & J. Gallo Winery for around $1.03 billion. $250 million is an earnout based on divested brand performance during the two-year period after the closing of deal. The Constellation divesting amended revised deal is expected to close in the 2nd quarter of fiscal 2021. Although the deal requires governmental approvals, and FTC review and clearance.

President and chief executive officer of Constellation Brands Bill Newlands said, “Thanks to the continued hard work of our Constellation team members, together with our distributor and retailer partners, our strategy continues to gain momentum. We look forward to closing these transactions in the coming months.”

 

Lincoln Educational Services Re-Opens Campuses in New Jersey

Lincoln Educational Services Corporation has announced that the education company will re-open its educational campuses in New Jersey’s different locations, including South Plainfield, Moorestown, Iselin, Mahwah. Union and Paramus.

The company has recently enrolled 3,195 students at its new 6 New Jersey Campuses. The company has further added that about 99% of the total enrolled students are getting careers that the U.S Department of Homeland Security considers essential and critical.

Chief Executive Officer and President of Lincoln, Scott Shaw said, “On March 17th, in accordance with local and federal guidelines, we transitioned our campus’ classroom instruction to remote, distance learning due to the impact of the COVID-19 pandemic.”

“We have worked closely with our regulators and local authorities to develop a re-opening plan with our primary objective being the health and safety of our students and staff.  Initially we will be bringing back students in select programs and those nearing graduation who need the hands-on skills training to complete their education. We will gradually transition to full scale operations as is practical and allowed.” Scott Shaw added.

President of the South Plainfield Campus, Jim Kuntz said, “We’re excited to move into summer ready to welcome our students back. New Jersey will need workers with the skill sets students are developing at Lincoln Tech, and it’s inspiring to be a big part of the region’s recovery from the COVID-19 crisis.”

President of the Paramus Campus, Laurie Pringle said, “Student safety, along with the health and safety of their families, our faculty and staff, is of utmost importance during this time.”

“It is a proud moment for all of us at Lincoln Tech to be able to keep that safety front-of-mind while also beginning training programs that will help bolster our state’s workforce in the near future,” Laurie Pringle further added.

LightInTheBox Announces Q1 2020 Financial Results

LightInTheBox has announced the Q1 2020 financial results of the company. According to the details shared by the company, the company has generated the total revenue up to $51.5 million in the first quarter of 2020. The gross margin of the company expanded from 40.4% to 46.4% in the Q1 2020 as compared to the 34.8% of the previous quarter of 2019.

The company has reported adjusted EBITDA of $1.4 million in the Q1 2020 as compared to the loss of $7.9 million in the previous quarter of 2019. The GAAP profitability of the company significantly affects due to the recent Covid-19 pandemic and reaches $0.7 million in the Q1 2020 as compared to the previous quarter of 2019.

Chief Executive Officer of LightInTheBox, Mr. Jian He said, “We responded quickly and decisively to the outbreak of COVID-19 by implementing a number of strategic initiatives to provide us with the flexibility needed to adapt to a challenging global economic environment. Seasonally, the first quarter is generally the slowest quarter of the year, so the COVID-19 induced economic disruption made the operating environment even more difficult.”

“We took advantage of the temporary slowdown to deepen relationships with high-quality suppliers, optimize our product portfolio and category mix, and improve order fulfillment speed. We also prioritized the health and safety of our employees to ensure business continuity and adequately prepare for the resumption of normal operations while demonstrating our commitment to corporate social responsibility by including free medical face masks in numerous orders shipped to markets that were being impacted heavily by the pandemic,” Mr. Jian He further added.

“Despite the challenging operational environment, our financial results this quarter are a reflection of our ability to adapt and is highlighted by our third and consecutive quarter of GAAP profitability which I believe demonstrates the long-term growth trajectory we are on. We remain focused on executing our strategy and are very encouraged by our improvements to date,” Mr. Jian concluded.