Despite the COVID-19 pandemic still raging throughout the United States, LSU has opted to stop requiring CDC wellness checks for fans to enter Tiger Stadium.
Despite the COVID-19 pandemic still raging throughout the United States, LSU has opted to stop requiring CDC wellness checks for fans to enter Tiger Stadium.
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A teenage Hong Kong democracy activist was charged on Thursday with secession, the first public political figure to be prosecuted under a sweeping new national security law Beijing imposed on the city.
The rail greases market in APAC is expected to reach US$ 176. 93 million by 2027 from US$ 139. 70 million in 2018 and is expected to grow at a CAGR of 2. 8% from 2019 to 2027. Focus on e-commerce industry to increase customer reach is bolstering the growth of the rail greases market.New York, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Rail Greases Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type, Application, and Distribution Channel" - https://www.reportlinker.com/p05978834/?utm_source=GNW The increasing adoption of digital channels across the APAC region has brought about an increased emphasis on online distributions channels. Internet usage and smartphone ownership rates are growing across the world, and consumers are inclined to do everything online from conducting research to making their final purchase.Several benefits, such as convenience, fast delivery, and secure payment options, have attracted B2B buyers to purchase online. Thus, the companies operating in the rail grease market have optimized their distribution strategy over the past few years.To target and reach a large number of customers in the market, the companies are adopting online distributing channels along with their traditional offline distribution channels in response to the emerging influence of digitalization on the business environment. Online distribution channels help companies to easily reach the target consumers without adding additional costs and expenses. Thus, the manufacturers of lubricants and grease are leveraging e-commerce industry to earn revenue by opening online stores and making sales through these channels. The requirement of rail greases for maintenance activities and to enhance the performance of machineries is among the other factors expected to positively influence the growth of the rail greases market. Based on product type, the APAC rail greases market is segmented into lithium grease, calcium grease, and other grease.The lithium grease segment dominated the APAC rail greases and is expected to grow at the fastest rate during the forecast period. Lithium grease is multi-purpose grease with a buttery texture and has a dropping point above 350°F.Moreover, it can also be used with occasional temperatures up to 300°F. Lithium grease has excellent resistance to water and breakdown or softening.Lithium-based greases are the most commonly used in railway applications due to its higher melting point compared to others. Lithium greases are used in various railway parts such as curved tooth coupling, cardan shaft, axle boxes, and brake system due to their high pumpability. Regular maintenance activities of different parts used in railway transportation is expected to drive the demand for lithium grease during the forecast period. The COVID-19 is anticipated to cause a loss of more than 3 billion in the APAC region.The consequence and impact can be even worse and totally depends on the spread of the virus. The governments of APAC are taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market.The Airports Council International (ACI) Asia Pacific warned that the prolonged duration of the COVID-19 outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming days. Till now, China has the highest number of COVID-19 confirmed cases. The overall APAC rail greases market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the APAC rail greases market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC rail greases market. Royal Dutch Shell Plc, Exxon Mobil Corporation, BP Australia Pty Limited, Total SA, Petroliam Nasional Berhad (Petronas), FUCHS, SKF Group, Chevron Corporation, and Klüber Lubrication and Sinopec Corp. are among a few players operating in the APAC rail greases market. Read the full report: https://www.reportlinker.com/p05978834/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001
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Dorman Products, Inc. is re-issuing its earnings press release for the third quarter ended September 26, 2020, issued on October 28, 2020, to correct certain typographical errors contained in its September 26, 2020 consolidated balance sheet. All other numbers and information remain unchanged.The corrected release reads: Dorman Products, Inc. Reports Third Quarter 2020 Results Highlights: * Record quarterly net sales and diluted EPS driven by strong demand and execution throughout the quarter. * Net sales of $300.6 million, up 18.4% compared to $253.8 million in Q3 2019. * Diluted earnings per share (EPS) on a GAAP basis of $1.06 compared to $0.65 in Q3 2019. * Adjusted diluted EPS* of $1.14 compared to $0.67 in Q3 2019. * Share repurchase program increased to $500 million and extended through December 31, 2022. * Dorman remains well-positioned to navigate the ongoing COVID-19 pandemic with a strong balance sheet and ample liquidity.COLMAR, Pa., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the automotive aftermarket industry, today announced its financial results for the third quarter ended September 26, 2020.3rd Quarter Financial Results The Company reported third quarter 2020 net sales of $300.6 million, up 18.4% compared to net sales of $253.8 million in the third quarter of 2019. Sales performance in the quarter, a record high for the Company, was primarily organic and driven by improved customer demand.Gross profit was $107.8 million in the third quarter compared to $86.9 million for the same quarter last year. Gross margin for the third quarter was 35.9% compared to 34.2% in the same quarter last year. Adjusted gross margin* was 36.6% in the third quarter compared to 34.3% in the same quarter last year. Adjusted gross margin expansion was primarily due to improved productivity at our Portland, TN distribution facility bringing costs back to historical levels, as well as lower provisions for excess and obsolete inventory as our efforts to improve our end-to-end supply chain processes began to show results.Selling, general and administrative (“SG&A”) expenses were $63.0 million, or 21.0% of net sales, in the third quarter of 2020 compared to $60.0 million, or 23.6% of net sales, in the same quarter last year. Adjusted SG&A expenses* were $61.9 million, or 20.6% of net sales, in the quarter compared to $59.2 million, or 23.3% of net sales, in the same quarter last year. Approximately 270 basis points of the decrease in SG&A as a percentage of net sales was due to improved leverage from the $47 million increase in net sales compared to the third quarter of 2019. Additionally, the Company drove operating cost savings in the quarter from productivity improvements at our Portland facility, as well as reduced travel expenses.Income tax expense was $10.5 million in the third quarter of 2020, or 23.5% of income before income taxes, compared to $5.7 million, or 21.1% of income before income taxes, recorded in the same quarter last year. The increase in the effective tax rate in the third quarter of 2020 is primarily due to the impact of foreign operations.Net income for the third quarter of 2020 was $34.3 million, or $1.06 per diluted share, compared to $21.3 million, or $0.65 per diluted share, in the prior year quarter. Adjusted net income* in the third quarter was $36.8 million, or $1.14 per diluted share, also a record high for the Company, compared to $22.0 million, or $0.67 per diluted share, in the prior year quarter.*Non-GAAP measures. See Non-GAAP Financial Measures supplemental schedules for further discussion and reconciliation to the most directly comparable GAAP measure.Kevin Olsen, Dorman Products’ President and Chief Executive Officer, stated, “First and foremost, I’d like to thank all of our Contributors whose dedication and commitment to our customers enabled us to deliver record- setting results for Dorman this quarter. We achieved record-high net sales and EPS this quarter, and our operating margin significantly improved, underscoring our ability to execute despite the challenging macroeconomic environment due to the COVID-19 pandemic. As the pandemic is ongoing, our number one priority remains focused on promoting the health and safety of our Contributors across our operations as we deliver for our customers in these unprecedented times. The highlight of the quarter was the robust end customer demand from ‘Do-It-Yourself’ customers as well as meaningful contributions from ‘Do-It-For-Me’ customers that continued throughout the entire quarter. We certainly faced challenges ramping up our supply chain to meet customer demand, but we demonstrated the agility of our business by meeting the significant demand increases while still maintaining the efficiency levels of our operations, and I want to thank our customers for their continued support. In line with our expectations, we achieved significant cost savings this quarter compared to a year ago, primarily due to improved productivity at our Portland facility as operating conditions have returned to more historical levels. Perhaps most importantly, our strategic imperative to bring innovation and solutions to customers and technicians in the aftermarket continues to bear fruit. Heavy Duty net sales were up 19% year-over-year, and our innovation teams launched several new-to-the-aftermarket products in the quarter, highlighted by steering shafts, electronic power steering racks, and pre-pressed axles.”COVID-19: Business Update The safety and health of our Contributors, business partners and customers continues to remain our top priority. We continue to monitor updates from local, state and federal authorities, and will adjust our operations as necessary. Dorman’s balance sheet remains healthy and strong enabling us to take the following actions in the third quarter: * Decreased the levels of receivables collected under our factoring program by $104 million, returning to historical levels, with total factoring costs down $3 million from the same quarter last year; and * Repaid early in the quarter the $99 million outstanding under our revolving line of credit that had been drawn down in March 2020 to enhance our liquidity.As a result of these actions and the Company’s strong performance despite the COVID-19 pandemic, Dorman generated $146 million in cash from operating activities in the first nine months of 2020 and had approximately $170 million in cash and cash equivalents as of September 26, 2020.During the third quarter, we estimate a negative impact of $0.03 to diluted EPS for out-of-pocket costs related to the COVID-19 pandemic.Mr. Olsen continued, “Our liquidity remains strong, which, when combined with our asset-light model, allows us to operate in a variety of business environments. We remain confident in Dorman’s capacity to execute and look forward to continuing to deliver long-term value to our shareholders.”2020 Guidance Looking ahead, the COVID-19 situation remains uncertain and continues to evolve, and it is difficult to determine the full impact that the pandemic will have on overall demand and Dorman’s operations. Therefore, Dorman is not providing guidance for the remainder of fiscal 2020.Share Repurchases Dorman resumed its share repurchase program in the third quarter and repurchased 126.9 thousand shares of its common stock for $10.7 million at an average price paid per share of $84.55 during the quarter ended September 26, 2020.In addition, the Company announced that its Board of Directors authorized an expansion and extension of its share repurchase program, which previously would have expired on December 31, 2020 and permitted share repurchases up to $400 million. The expanded program authorizes share repurchases up to $500 million through December 31, 2022. Following the expansion, the Company has $227.7 million left under the program for share repurchases.About Dorman Products At Dorman, we give repair professionals and vehicle owners greater freedom to fix cars and trucks by focusing on solutions first. For over 100 years, we have been one of the automotive aftermarket’s pioneering problem solvers, releasing tens of thousands of replacement products engineered to save time and money and increase convenience and reliability.Founded and headquartered in the United States, we are a global organization offering more than 80,000 parts, covering both light duty and heavy duty vehicles, from chassis to body, from underhood to undercar, and from hardware to complex electronics. See our full offering and learn more at DormanProducts.com.Non-GAAP Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains Non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures are included in the supplemental schedules attached.Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the COVID-19 pandemic, net sales, diluted and adjusted diluted earnings per share, gross profit, gross margin, adjusted gross margin, SG&A, adjusted SG&A, income tax expense, income before income taxes, net income, cash and cash equivalents, indebtedness, liquidity, the Company’s share repurchase program, the Company’s outlook and distribution facility costs and productivity initiatives. Words such as “believe,” “demonstrate,” “expect,” “estimate,” “forecast,” “anticipate,” “should,” “will” and “likely” and similar expressions identify forward-looking statements. However, the absence of these words does not mean the statements are not forward-looking. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors (many of which are outside of our control) which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: (i) competition in the automotive aftermarket industry; (ii) unfavorable economic conditions; (iii) the loss or decrease in sales among one of our top customers; (iv) customer consolidation in the automotive aftermarket industry; (v) foreign currency fluctuations and our dependence on foreign suppliers; (vi) extending credit to customers; (vii) the loss of a key supplier; (viii) limited customer shelf space; (ix) reliance on new product development; (x) changes in automotive technology and improvements in the quality of new vehicle parts; (xi) inability to protect our intellectual property and claims of intellectual property infringement; (xii) quality problems with products after their production and sale to customers; (xiii) loss of third party transportation providers on whom we depend; (xiv) unfavorable results of legal proceedings; (xv) our executive chairman and his family owning a significant portion of the Company; (xvi) operations may be subject to quarterly fluctuations and disruptions from events beyond our control; (xvii) cyber-attacks; (xviii) imposition of taxes, duties or tariffs; (xix) the level of our indebtedness; (xx) exposure to risks related to accounts receivable; (xxi) the phaseout of LIBOR or the impact of the imposition of a new reference rate; (xxii) volatility in the market price of our common stock and potential securities class action litigation; (xxiii) losing the services of our executive officers or other highly qualified and experienced contributors; (xxiv) the inability to identify suitable acquisition candidates, complete acquisitions or integrate acquisitions successfully; (xxv) the effects of widespread public health epidemics, including COVID-19; and (xxvi) failure to maintain sufficient inventory to meet customer demand or failure to anticipate future changes in customer demands. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. For additional information concerning factors that could cause actual results to differ materially from the information contained in this press release, reference is made to the information in Part I, “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019, as amended, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 27, 2020. The Company is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release, including but not limited to any situation where any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.Investor Relations Contact David Hession, SVP and Chief Financial Officer email@example.com (215) 997-1800Visit our website at www.dormanproducts.com. The Investor Relations section of the website contains a significant amount of information about Dorman, including financial and other information for investors. Dorman encourages investors to visit its website periodically to view new and updated information. DORMAN PRODUCTS, INC. AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per-share amounts) Three Months Ended Three Months Ended (unaudited)09/26/20 Pct.* 09/28/19 Pct. * Net sales$300,620 100.0 $253,796 100.0 Cost of goods sold 192,819 64.1 166,872 65.8 Gross profit 107,801 35.9 86,924 34.2 Selling, general and administrative expenses 63,028 21.0 59,961 23.6 Income from operations 44,773 14.9 26,963 10.6 Other (expense) income, net (17) - 33 - Income before income taxes 44,756 14.9 26,996 10.6 Provision for income taxes 10,497 3.5 5,688 2.2 Net income$34,259 11.4 $21,308 8.4 Diluted earnings per share$1.06 $0.65 Weighted average diluted shares outstanding 32,371 32,594 Nine Months Ended Nine Months Ended (unaudited)09/26/20 Pct.* 09/28/19 Pct. * Net sales$791,532 100.0 $751,762 100.0 Cost of goods sold 519,786 65.7 490,199 65.2 Gross profit 271,746 34.3 261,563 34.8 Selling, general and administrative expenses 184,288 23.3 177,637 23.6 Income from operations 87,458 11.0 83,926 11.2 Other income, net 2,317 0.3 90 - Income before income taxes 89,775 11.3 84,016 11.2 Provision for income taxes 18,856 2.4 17,803 2.4 Net income$70,919 9.0 $66,213 8.8 Diluted earnings per share$2.19 $2.02 Weighted average diluted shares outstanding 32,394 32,738 * Percentage of sales. Data may not add due to rounding. DORMAN PRODUCTS, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in thousands) 09/26/20 12/28/19 Assets: Cash and cash equivalents$170,502 $68,353 Accounts receivable 405,312 391,810 Inventories 283,292 280,813 Prepaids and other current assets 11,769 13,614 Total current assets 870,875 754,590 Property, plant & equipment, net 94,217 101,837 Operating lease right-of-use assets 35,925 32,198 Goodwill and other intangible assets, net 117,202 95,763 Deferred tax asset, net 4,281 4,336 Other assets 36,333 52,348 Total assets$1,158,833 $1,041,072 Liabilities & shareholders’ equity: Accounts payable$112,757 $90,437 Accrued customer rebates and returns 130,592 105,903 Accrued expenses and other 36,051 24,162 Total current liabilities 279,400 220,502 Long-term operating lease liabilities 34,433 29,730 Other long-term liabilities 13,635 17,256 Shareholders’ equity 831,365 773,584 Total liabilities and equity$1,158,833 $1,041,072 Selected Cash Flow Information (unaudited): Three Months Ended Nine Months Ended (in thousands)09/26/20 09/28/19 09/26/20 09/28/19 Cash provided by operating activities$(73,682) $23,102 $145,719 $59,650 Depreciation, amortization and accretion$7,509 $6,914 $22,544 $21,011 Capital expenditures$4,918 $7,321 $12,061 $24,656 DORMAN PRODUCTS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures (in thousands, except per-share amounts) Our financial results include certain financial measures not derived in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures should not be used as a substitute for GAAP measures, or considered in isolation, for the purpose of analyzing our operating performance, financial position or cash flows. Additionally, these non-GAAP measures may not be comparable to similarly titled measures reported by other companies. However, we have presented these non-GAAP financial measures because we believe this presentation, when reconciled to the corresponding GAAP measure, provides useful information to investors by offering additional ways of viewing our results, profitability trends, and underlying growth relative to prior and future periods and to our peers. Management uses these Non-GAAP financial measures in making financial, operating, and planning decisions and in evaluating our performance. Non-GAAP financial measures may reflect adjustments for charges such as fair value adjustments, amortization, transaction costs, severance, accelerated depreciation, and other similar expenses related to acquisitions as well as other items that we believe are not related to our ongoing performance. Adjusted Net Income: Three Months Ended Nine Months Ended (unaudited)9/26/20* 9/28/19* 9/26/20* 9/28/19* Net income (GAAP)$34,259 $21,308 $70,919 $66,213 Pretax acquisition-related inventory fair value adjustment  - - 219 129 Pretax acquisition-related intangible assets amortization  801 633 2,403 1,868 Pretax acquisition-related transaction and other costs  387 245 1,945 3,011 Pretax gain on equity method investment  - - (2,498) - Noncash impairment related to equity method investment  2,080 - 2,080 - Tax adjustment (related to above items)  (756) (222) (994) (1,244) Tax benefit for reversal of deferred tax liability for equity method investment  - - (813) - Adjusted net income (Non-GAAP)$36,771 $21,964 $73,261 $69,977 Diluted earnings per share (GAAP)$1.06 $0.65 $2.19 $2.02 Pretax acquisition-related inventory fair value adjustment  - - 0.01 0.00 Pretax acquisition-related intangible assets amortization  0.02 0.02 0.07 0.06 Pretax acquisition-related transaction and other costs  0.01 0.01 0.06 0.09 Pretax gain on equity method investment  - - (0.08) - Noncash impairment related to equity method investment  0.06 - 0.06 - Tax adjustment (related to above items)  (0.02) (0.01) (0.03) (0.04) Tax benefit for reversal of deferred tax liability for equity method investment  - - (0.03) - Adjusted diluted earnings per share (Non-GAAP)$1.14 $0.67 $2.26 $2.14 Weighted average diluted shares outstanding 32,371 32,594 32,394 32,738 * Amounts may not add due to rounding. See accompanying notes at the end of this supplemental schedule. DORMAN PRODUCTS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures (in thousands, except per-share amounts)Adjusted Gross Profit: Three Months Ended Three Months Ended (unaudited)09/26/20 Pct.** 09/28/19 Pct.** Gross profit (GAAP)$107,801 35.9 $86,924 34.2 Pretax acquisition-related transaction and other costs  102 0.0 106 0.0 Noncash impairment related to equity method investment  2,080 0.7 - - Adjusted gross profit (Non-GAAP)$109,983 36.6 $87,030 34.3 Net sales$300,620 $253,796 Nine Months Ended Nine Months Ended (unaudited)09/26/20 Pct.** 09/28/19 Pct.** Gross profit (GAAP)$271,746 34.3 $261,563 34.8 Pretax acquisition-related inventory fair value adjustment  219 0.0 129 0.0 Pretax acquisition-related transaction and other costs  679 0.1 239 0.0 Noncash impairment related to equity method investment  2,080 0.3 - - Adjusted gross profit (Non-GAAP)$274,724 34.7 $261,931 34.8 Net sales$791,532 $751,762 Adjusted SG&A Expenses: Three Months Ended Three Months Ended (unaudited)09/26/20 Pct.** 09/28/19 Pct.** SG&A expenses (GAAP)$63,028 21.0 $59,961 23.6 Pretax acquisition-related intangible assets amortization  (801) (0.3) (633) (0.2) Pretax acquisition-related transaction and other costs  (285) (0.1) (139) (0.1) Adjusted SG&A expenses (Non-GAAP)$61,942 20.6 $59,189 23.3 Net sales$300,620 $253,796 Nine Months Ended Nine Months Ended (unaudited)09/26/20 Pct.** 09/28/19 Pct.** SG&A expenses (GAAP)$184,288 23.3 $177,637 23.6 Pretax acquisition-related intangible assets amortization  (2,403) (0.3) (1,868) (0.2) Pretax acquisition-related transaction and other costs  (1,266) (0.2) (2,772) (0.4) Adjusted SG&A expenses (Non-GAAP)$180,619 22.8 $172,997 23.0 Net sales$791,532 $751,762 Adjusted Other Income: Three Months Ended Three Months Ended (unaudited)09/26/20 Pct.** 09/28/19 Pct.** Other (expense) income (GAAP)$(17) (0.0) $33 0.0 Gain on equity method investment  - - - - Adjusted other income (Non-GAAP)$(17) (0.0) $33 0.0 Net sales$300,620 $253,796 Nine Months Ended Nine Months Ended (unaudited)09/26/20 Pct.** 09/28/19 Pct.** Other income (GAAP)$2,317 0.3 $90 0.0 Gain on equity method investment  (2,498) (0.3) - - Adjusted other income (Non-GAAP)$(181) (0.0) $90 0.0 Net sales$791,532 $751,762 * *Percentage of sales. Data may not add due to rounding.  – Pretax acquisition-related inventory fair value adjustments result from adjusting the value of acquired inventory from historical cost to fair value. Such costs were $0.2 million pretax (or $0.2 million after tax) during the nine months ended September 26, 2020 and were included in Cost of goods sold. Such costs were $0.1 million pretax (or $0.1 million after tax) during the nine months ended September 28, 2019 and were included in Cost of goods sold. – Pretax acquisition-related intangible asset amortization results from allocating the purchase price of acquisitions to the acquired tangible and intangible assets of the acquired business and recognizing the cost of the intangible asset over the period of benefit. Such costs were $0.8 million pretax (or $0.6 million after tax) during the three months ended September 26, 2020 and $2.4 million pretax (or $1.8 million after tax) during the nine months ended September 26, 2020 and were included in Selling, general and administrative expenses. Such costs were $0.6 million pretax (or $0.5 million after tax) during the three months ended September 28, 2019, and $1.9 million pretax (or $1.4 million after tax) during the nine months ended September 28, 2019 and were included in Selling, general and administrative expenses. – Pretax acquisition-related transaction and other costs include costs incurred to complete and integrate acquisitions, adjustments to contingent consideration obligations, and facility consolidation expenses. During the three months ended and nine months ended September 26, 2020, we incurred charges for integration costs, severance, other facility consolidation expenses and inventory transfer costs of $0.1 million pretax (or $0.1 million after tax) and $0.7 million pretax (or $0.5 million after tax), respectively, which were included in Cost of goods sold. During the three months ended and nine months ended September 26, 2020, we incurred charges to complete and integrate acquisitions as well as accretion expenses related to contingent consideration obligations of $0.3 million pretax (or $0.2 million after tax) and $1.3 million pretax (or $1.0 million after tax), respectively, which were included in Selling, general and administrative expenses.During the three months ended September 28, 2019, we incurred charges for integration costs, severance, and other facility consolidation expenses of $0.1 million pretax (or $0.1 million after tax). Additionally, we recorded inventory transfer costs of $0.1 million pretax ($0.1 million after tax) during the three months ended September 28, 2019 which were included in Cost of goods sold. During the nine months ended September 28, 2019, we incurred charges for integration costs, severance, and other facility consolidation expenses of $2.0 million pretax (and $1.5 million after tax) and accelerated depreciation of $0.8 million pretax (or $0.6 million after tax). Each of these were included in Selling, general and administrative expenses. Additionally, we recorded inventory transfer costs of $0.2 million pretax ($0.2 million after tax) during the nine months ended September 28, 2019 which were included in Cost of goods sold. – Pretax gain on equity method investment results from the acquisition of the remaining outstanding shares of a previously unconsolidated entity. The estimated fair value of the net assets acquired was more than the carry value of our prior investment in the entity. Such gain was $2.5 million pretax (or $1.9 million after tax) during the nine months ended September 26, 2020 and was included in Other income, net. – Noncash impairment related to equity method investment represents our share of an impairment recognized by an equity investment investee. The adjustment was $2.1 million (or $1.6 million after tax) during both the three months and nine months ended September 26, 2020. – Tax adjustments represent the aggregate tax effect of all Non-GAAP adjustments reflected in the table above of $0.8 million during the three months ended September 26, 2020, $1.0 million during the nine months ended September 26, 2020, $0.2 million during the three months ended September 28, 2019, and $1.2 million during the nine months ended September 28, 2019. Such items are estimated by applying our overall estimated tax rate to the pretax amount, or, by applying a specific tax rate if one is appropriate. – Tax benefit represents a reversal of a deferred tax liability related to an equity method investment which was converted to a consolidated subsidiary upon acquisition of the controlling interest. The benefit was $0.8 million during the nine months ended September 26, 2020.
(Bloomberg) -- Standard Chartered Plc posted better-than-estimated earnings as loan losses eased and key Asian markets rebounded, saying it has ample room to fund growth and dividends next year.Adjusted pretax profit slid 40% in the third quarter to $745 million, topping a $502 million estimate from analysts, the bank said in a statement. Credit impairments eased for a second quarter and were $353 million in the period, almost half as low as estimated.Earnings from the firm’s investment banking operations tracked the volatility-driven surge that has buoyed Wall Street and its profits in Asia were steady from a year earlier. It’s the third straight quarter where the London-based, emerging-market focused bank has surpassed analysts’ estimates.“Our transformation is allowing us to weather the macroeconomic storm in good shape,” Chief Executive Officer Bill Winters said in the statement. “Our Wealth Management and Financial Markets businesses have good momentum, we are controlling costs to fund innovation, and we believe we are well provided against credit impairment.”Like its bigger rival HSBC Holdings Plc, StanChart signaled it would seek to resume paying money back to shareholders pending approval from U.K. regulators. The lender also said credit costs will likely be lower in the second half of this year than in the first six months of 2020.“We have ample capital headroom to fund both growth and dividends in 2021,” it said in an investor presentation.The bank’s financial markets unit reported a 4% gain in operating income in the quarter. Its businesses in China and the rest of Asia held steady, while profits plunged for its units in Africa, Europe, the Middle East and the Americas.Asian economies’ success in containing the virus has enabled daily life and business activity to return toward normal at a pace that may be months away in Western countries.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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(Bloomberg) -- Yum China Holdings Inc. reported its third straight quarter of negative same-store sales, but an effort to cut costs and improve productivity helped boost margins, sending shares higher.The chain -- which has the rights to KFC, Pizza Hut and Taco Bell in China -- reported comparable sales that fell 6% in the third quarter ended Sept. 30, better than the projection for a 7.9% drop by Consensus Metrix. A slowdown at tourist hubs and a shortened school holiday were behind the continued lag.The fast-food company resumed its regular quarterly cash dividend at 12 cents per share, equal to the previous paid dividend before it was suspended on April 28, in line with forecast from Jefferies analysts including Anne LingKey InsightsThe restaurant company warned in July that the recovery was “non-linear and uneven,” and it used the same exact language again in this report. Still, “third quarter operations overall improved sequentially,” Andy Yeung, finance chief, said in the statement.With tensions elevated between the U.S. and China, there’s some concern American brands are losing some luster in the important Chinese market. Yum China in September recorded the worst stock debut in more than a year among billion-dollar listings in Hong Kong with its $2.2 billion secondary offering. Still, the company said the listing was the right choice. “This listing enables us to broaden our investor base and provide an additional access point for our stakeholders,” CEO Joey Wat said.Pandemic or not, Yum China continues to grow. The company now plans to open 900 new stores in fiscal 2020, up from the earlier target of 800 to 850.Delivery has grown rapidly in importance for restaurants amid the pandemic. Digital ordering made up more than three quarters of sales for Pizza Hut and KFC in the latest quarter, with delivery accounting for 28%.Market ReactionYum China rises as much as 2.7% in Hong Kong Thursday to the highest since its September listingShares rose 2.5% at 4:38 p.m. after the close of regular trading in New York. The stock had risen 8.8% year to date.(Adds dividend resumption in second bullet and Hong Kong stock performance at bottom)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Former South Korean president Lee Myung-bak was ordered back to prison Thursday as the country's Supreme Court upheld a 17-year jail term for bribery and embezzlement offences.
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