GOOD BIOLOGICAL DEVELOPMENT IN THE FIRST QUARTER OF 2024. PROGRESS IN VAP S&D CONTINUES.

Today, Lerøy Seafood Group ASA reports a consolidated operational EBIT of MNOK 842 for the first quarter of 2024. Of this, Farming accounts for MNOK 576, with seasonally low harvest volumes. CEO Henning Beltestad says; We have had a good quarter in Farming with strong biological development. Considering the very cold sea temperatures, our fish are growing well. It is also very pleasing to note significant improvement in biology and earnings at Scottish Seafarms.

Within Wild Catch, an operational EBIT of MNOK 187 is reported in the quarter, traditionally high season, driven by good catch volumes and high cod prices. This segment will be challenging going forward due to lower quotas, where our quota and basis for operations will be further reduced as a result of the new quota report (“Kvotemelding”), Beltestad continues.

The downstream operations (VAP S&D) generates an operational EBIT of MNOK 176 in the first quarter, driven by operational improvements, high capacity utilization in Norway, and increased product prices. With our fully integrated value chain, we have a favorable position with high processing capacity in Norway, which we have utilized well in the quarter. We have good momentum and have succeeded in reversing the trend in several downstream businesses, Beltestad says.

INVESTMENTS IN FISH WELFARE WILL CONTRIBUTE TO ACHIEVING STRATEGIC GOALS FOR 2025

Looking into the future, Beltestad comments: At Lerøy, we are taking new steps towards achieving ambitious, strategic goals for 2025. Our implementation of shielding technology is showing promising results, with minimal need for sea lice treatments. We are introducing better genetics and have made important process improvements in roe and smolt. The result is a more robust fish that grows better. We are also increasing the share of trout production, which historically has better biological performance, at Lerøy Sjøtroll.

These measures are crucial for fish welfare and are of great importance for our financial development. Due to reduced license capacity at Lerøy Sjøtroll (following the traffic light system), we have chosen to adjust the harvest target for Norway in 2025 to 200,000 GWT. We have confidence in further progress in VAP S&D, in line with increasingly better utilization of our unique value chain, concludes the CEO.

For inquiries, please contact CEO Henning Beltestad or CFO Sjur S. Malm.

ABOUT LERØY SEAFOOD GROUP

Lerøy Seafood Group is a global seafood group headquartered in Bergen. The company’s approximately 6,000 employees annually handle between 350,000 and 400,000 tons of seafood through the company’s value chain, equivalent to about 5 million meals every day. The group has a vertically integrated value chain for redfish and whitefish, as well as significant third-party product activity.

The Group’s values, “open, honest, responsible, and creative,” are the basis for the Group’s total activities, and efforts are made towards the goal of creating the world’s most efficient and sustainable seafood value chain. The target for annual return on capital employed (ROCE) is 18%. The group has set ambitious sustainability goals, including a 46% reduction in greenhouse gas emissions by 2030.

To ensure food safety for the consumer, we actively work in all stages of the value chain. As a fully integrated seafood supplier, we have the opportunity to control and quality-assure our products throughout the entire value chain. This way, we can meet the seafood market’s increasingly stringent requirements for traceability, food safety, product quality, cost-effectiveness, sustainability, and continuous delivery.

Attachments

• LSG Q1 24 presentation
• LSG Q1 24 report

The post Lerøy Seafood Group ASA: Progress in biological performance. Promising shielding technology enhances fish welfare. appeared first on Crypto Insider.

Melville, NY, May 15, 2024 (GLOBE NEWSWIRE) — Canon U.S.A., Inc. today announced that its parent company, Canon Inc. announced today that it is currently developing the EOS R1, a full-frame mirrorless camera, as the first flagship model for the EOS R SYSTEM equipped with an RF mount and is aiming for a 2024 release.

The EOS R1 is a mirrorless camera geared toward professionals that brings together Canon’s cutting-edge technology and combines top-class performance with the strong durability and high reliability sought in a flagship model. This camera will dramatically improve¹ the performance of both still images and video and meet the high requirements of professionals on the frontlines of a wide range of fields including sports, news reporting, and video production.

 This camera employs the newly developed image processor DIGIC Accelerator in addition to the pre-existing processor DIGIC X. The new image processing system, composed of these processors and a new CMOS sensor, enables large volumes of data to be processed at high speeds and delivers never-before-seen advancements in Auto Focus (AF) and other functions.

 By combining the new image processing system and deep learning technology to an advanced degree, Canon has achieved high-speed and high-accuracy subject recognition. For example, subject tracking accuracy has been improved so that in team sporting events where multiple subjects intersect, the target subject can continually be tracked even if another player passes directly in front of them. In addition, the AF “Action Priority” function recognizes subject movement by rapidly analyzing the subject’s status. In moments during a sports game when it is difficult to predict what will happen next, this function automatically determines the player performing a certain action, such as shooting a ball, as the main subject and instantly shifts the AF frame, thereby helping to capture decisive moments of gameplay.

 The combination of the new image processing system and deep learning technology will help to improve image quality. Canon implements the image noise reduction function, which has been previously developed and improved as part of the software for PCs, as a camera function to further improve image quality and contribute to user creativity.

 Canon is working on field tests for this camera and will support capturing definitive and impactful moments at international sporting events to be held in the future.

Going forward, Canon will continue to expand the EOS R SYSTEM lineup of fascinating cameras and RF lenses, thereby continuing to meet the demands of a wide range of users and contribute to the development of photography and video culture.

About Canon U.S.A. Inc.
Canon U.S.A., Inc., is a leading provider of consumer, business-to-business, and industrial digital imaging solutions to the United States and to Latin America and the Caribbean markets. With approximately $29.4 billion in global revenue, its parent company, Canon Inc. as of 2023 has ranked in the top-five overall in U.S. patents granted for 38 consecutive years†. Canon U.S.A. is dedicated to its Kyosei philosophy of social and environmental responsibility. To learn more about Canon, visit us at www.usa.canon.com and connect with us on LinkedIn at https://www.linkedin.com/company/canonusa.

# # #

1 In comparison to EOS R3 (released in November 2021)

† Based on weekly patent counts issued by United States Patent and Trademark Office.

Specifications and availability are subject to change without notice.

Attachment

• Canon EOS R1 – Under Development

The post CANON DEVELOPS EOS R1 AS FIRST FLAGSHIP MODEL FOR EOS R SYSTEM appeared first on Crypto Insider.

• Harsh winter conditions, extreme weather events and continued jellyfish attacks had adverse effect on SalMar’s farming segments in Norway in the first quarter and impacted the company’s results.
• Operational EBIT for Norway was NOK 1,546 million for the first quarter. Harvest volume was 45,400 tonnes and operational EBIT per kg was NOK 34.1.
• Operational EBIT for the Group was NOK 1,512 million for the first quarter. Harvest volume was 52,900 tonnes and operational EBIT per kg was NOK 28.6.
• The Salmon Living Lab innovation and R&D centre which was launched in the quarter has attracted broad interest from potential partners.

“The first quarter was challenging in many ways, and we were once again reminded of the importance of working with the forces of nature. Our ability to understand biology and the environment is of great importance for our operational and financial performance. That is why we believe so strongly that our many improvement initiatives, including Salmon Living Lab, are important for the continued success of our company and our industry as a whole,” said SalMar’s CEO Frode Arntsen.

Segment update

• Farming segments in Norway, was significantly impacted by the jellyfish attacks and extreme weather events this winter. Low superior share and low average harvest weights, in particular in Northern Norway, impacted both cost and price achievements.
• Sales and Industry continued to show strength in its flexible operational setup, handling volumes affected by biological challenges.  The contract share was 39 per cent, with negative contribution.
• Icelandic Salmon is affected by high cost due to biological challenges.
• SalMar Aker Ocean harvested from both its two semi-offshore projects during the quarter where strong biological performance once again gives confidence for further potential.
• Scottish Sea Farms had a solid quarter, with significantly improved results and good biological status in all regions.

Volume guiding and outlook

• The volume guidance remains unchanged at 237,000 tonnes in Norway ,7,000 tonnes from SalMar Aker Ocean, 15,000 tonnes in Iceland and 37,000 tonnes in Scotland (100% basis).
• SalMar continue to experience strong demand for our products and expect limited global supply growth in 2024.

“In SalMar we have a positive view on the future of the aquaculture industry, and we are committed to grow our business sustainably and create value for society and our various stakeholders. We see significant untapped potential for further growth in the industry and want to lead the development further. Because food does not go out of style, the world needs more healthy and nutritious food,” Arntsen concludes

The complete report and presentation for the first quarter is attached.

SalMar’s CEO Frode Arntsen and CFO Ulrik Steinvik will present the company’s results today at 08:00 CEST at Hotel Continental in Oslo. The presentation will also be available on webcast on www.salmar.no (http://www.salmar.no).

For further information, please contact:

Frode Arntsen, CEO
Tel: +47 482 06 665
Email: frode.arntsen@salmar.no

Ulrik Steinvik, CFO
Tel: +47 900 84 538
Email: ulrik.steinvik@salmar.no

Håkon Husby, Head of Investor Relations
Tlf: +47 936 30 449
Email: hakon.husby@salmar.no

About SalMar

SalMar is one of the world’s largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway and Iceland, as well as substantial harvesting and secondary processing operations. In addition, the company is operating within offshore aquaculture through the company SalMar Aker Ocean and SalMar owns 50% of the shares in Scottish Sea Farms Ltd.

See www.salmar.no for more information about the company.

This information is subject to the disclosure requirements stipulated in section 5-12 of the Norwegian Securities Trading Act.

Attachments

• SalMar Q1 24 – Report
• SalMar Q1 24 – Presentation

The post SalMar – Results in the first quarter characterized by a challenging winter period appeared first on Crypto Insider.

Bíldudalur, 14th of May 2024

Icelandic Salmon is the parent company of Arnarlax, and other subsidiaries involved in salmon farming and processing in Iceland. The companies are collectively referred to as “Icelandic Salmon” or the “Group”.

Operations

In the first quarter 2024, Icelandic Salmon harvested 2,769 tonnes compared to 6,572 tonnes in the same quarter last year. The lower volume follows months of extraordinary harvesting at the end of last year, when biological challenges prompted the company to harvest early for animal welfare reasons.

There was biological challenges in the first quarter this year. Mortality rate in the 2023 generation in the sea and at one of the smolt facilities was unusually high, resulting in one-off costs of EUR 3.6 million in the period.

“During this winter, our team has had to face a series of quite unusual operational challenges. We have been reminded that in our industry, we must be able to adapt and quickly adjust our plans. In order to do so, we need robust companies with highly skilled and resourceful people, which we are fortunate to have,” said Bjørn Hembre, CEO of Icelandic Salmon.

The group reported revenues of EUR 27.5 million in the first quarter 2024, compared to 68.9 million in the first quarter 2023. The EBIT for the quarter was negative EUR 0.5 million, which includes the one-off cost mentioned above. Operational EBIT/kg was negative EUR 0.20. Adjusted for one-offs EBIT/kg was EUR 1.1.

Market and strategic milestones

Icelandic Salmon continues to see strong interest for its products. The company benefitted from high average weight on fish sold.

Icelandic Salmon holds licenses for 23,700 tonnes maximum allowed biomass (MAB) in the Icelandic Westfjords. The company expects to be awarded another 10,000 tonnes MAB license shortly, for sterile salmon at three more sites in Ísafjörður.

Outlook

For the year 2024 as a whole, Icelandic Salmon maintains that it expects to harvest 15,000 tonnes. The spring 2022 generation is performing well and shows significant improvements on key parameters.

“For the longer-term, we see a potential for growth up to 26,000 tonnes on existing licenses, and based on the results we see of quality on smolt and the performance of our spring 2022 generation, we expect to get there soon. We are a committed team with strong company culture, and with a value chain which is well prepared to handle higher volumes,” said Bjørn Hembre, before concluding:

“As a leading producer of salmon, we are concerned that the uncertainty of the process with implementing new aquaculture law has introduced could be making it more difficult for Iceland to build further on this new pillar of our economy where competitiveness is of key importance in the global markets. We remain committed, however, to work with policy makers and other stakeholders to establish a balanced, competitive and predictable legal and fiscal framework going forward.”

Presentation details

Attached is the presentation for the first quarter 2024.

The company’s CEO Bjørn Hembre and CFO Jónas Heiðar Birgisson will be presenting the company’s results at 9:00 Icelandic time (11:00 CEST). The presentation will be held in English via webcast, please copy and paste the following link into your browser: www.arnarlax.webcast.is.

There will be a Q&A session after the presentations so you can send in questions during the presentation to questions@arnarlax.is

A recording of the presentation will be made available on the company’s website.

After the presentation there is an opportunity to book one-on-one meeting either at our office in Reykjavík (Borgartún 18) or on Teams between 10:15 – 15:00 Icelandic time, if interested, please send an email to hjortur@arnarlax.is

For further information, please contact:

CEO Bjørn Hembre
Tel: +354 620 1936
Email: bjorn@arnarlax.is

CFO Jónas Heiðar Birgisson
Tel: +354 855 7760
Email: jonas@arnarlax.is

About Icelandic Salmon:

Icelandic Salmon is listed at the Euronext Growth and Nasdaq First North. The company is the 100% owner of Arnarlax ehf, the leading farming company in Iceland with their head office in Bildudalur. The company is fully integrated, from egg to the fish is delivered to customers in the market, with control over all parts of the value chain.

See https://www.arnarlax.is for more information about the company.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

• Q1_2024 – Icelandic Salmon Presentation – Final Version

The post Icelandic Salmon Q1 2024: Volume guiding for 2024 unchanged despite challenging first quarter appeared first on Crypto Insider.

BRISBANE, Australia, May 13, 2024 (GLOBE NEWSWIRE) —

• New drilling at North American Lithium (NAL) operation with results from 91 drillholes and wedges totalling 26,605m has identified high-grade lithium mineralisation to the north-west, north-east, south-east and below the Mineral Resource Estimate (MRE) pit shell
• North-West Extension – New Pegmatites
  • 32.88m @ 1.72% Li₂O from 269.62m in drillhole LAN-23-094
  • 19.35m @ 1.63% Li₂O from 346.72m in drillhole LAN-23-095
  • 20.05m @ 1.60% Li₂O from 350.75m in drillhole LAN-23-139-W1

• Resources Area – Potential Resources Upgrade or Conversion
  • 47.50m @ 1.29% Li₂O from 402.85m in drillhole LAN-23-034
  • 25.65m @ 1.56% Li₂O from 320.75m in drillhole LAN-23-044
  • 43.25m @ 1.48% Li₂O from 377.75m in drillhole LAN-23-053A
  • 17.95m @ 1.81% Li₂O from 168.80m in drillhole LAN-23-062
  • 21.40m @ 1.43% Li₂O from 46.95m in drillhole LAN-23-075
  • 57.65m @ 1.54% Li₂O from 334.85m in drillhole LAN-23-080
  • 21.90m @ 1.46% Li₂O from 138.50m in drillhole LAN-23-085
  • 22.80m @ 1.36% Li₂O from 106.30m in drillhole LAN-23-118

• Additional, new pegmatites discovered to the south-east and north-east of the existing MRE

• Assay results pending for additional 24 drillholes (4,592m) of the 2023 drilling campaign.

North American lithium producer Sayona Mining Limited (Sayona) (ASX:SYA; OTCQB:SYAXF), announces the discovery and expansion of new mineralised zones at the Company’s North American Lithium (NAL) operation (SYA 75%; Piedmont Lithium 25%) in Québec, Canada.

The newly discovered zones are poised to become a focal point for NAL’s assessment of future mining options. Initial assessments indicate the presence of high-grade lithium mineralisation outside the MRE pit shell which may represent a substantial addition to NAL’s resource portfolio and may contribute to extending NAL’s life of mine.

The 2023 drill program has successfully highlighted the potential of the NAL mine located in Québec’s highly prospective Abitibi-Temiscamingue region and confirm the possible conversion of Inferred resources to Measured and Indicated categories within the MRE pit shell. The program aimed to increase and secure the resource base of the operation while targeting a high reserve conversion rate. A selection of assays results are displayed in Table 1 and Figure 1.

Sayona’s Interim CEO, James Brown commented, “We are very excited by these new discoveries at North American Lithium which highlights the potential of this asset with high-grade mineralisation defined to the north-west, north-east, south-east and below the existing MRE. The team at NAL will now be working to update the Mineral Resource incorporating these significant results. We look forward to continue testing the mineralisation at NAL with further drilling underway.”

For the full release please visit: https://clients3.weblink.com.au/pdf/SYA/02806020.pdf

About Sayona Mining

Sayona Mining Limited is a North American lithium producer (ASX:SYA; OTCQB:SYAXF), with projects in Québec, Canada and Western Australia.

In Québec, Sayona’s assets comprise North American Lithium, together with the Authier Lithium Project, and Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. Sayona also holds a 60% stake in the significant Moblan Lithium Project in northern Québec.

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region, prospective for gold and lithium. Sayona is exploring for Hemi‐style gold targets in the world‐class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation.

For more information, please visit us at: www.sayonamining.com.au

The post New high-grade zones discovered at North American Lithium appeared first on Crypto Insider.

Press release
New Zealand’s 2degrees chooses Nokia 5G core software solutions running on Red Hat OpenShift

• Nokia Registers and Shared Data Layer swap out incumbent.
• Deal underlines communication service provider (CSP) aim of utilizing more open cloud architectures.

13 May 2024
Espoo, Finland – New Zealand communication service provider 2degrees has chosen Nokia’s 5G core Registers and Shared Data Layer (SDL) software, which will be deployed on Red Hat OpenShift, the industry’s leading hybrid cloud application platform powered by Kubernetes, to more cost-effectively manage data with increased reliability and serviceability for 2degrees’ approximately 1.6 million subscribers.

An existing customer that uses Nokia 5G-based fixed wireless access services, 2degrees offers broadband and mobile services over 3G, 4G and 5G networks covering 98.5% of places New Zealanders live and work, with a nationwide fibre network and modern technology platforms.

Red Hat is Nokia’s primary reference platform for developing, testing and delivering Nokia’s core network applications. By integrating Red Hat OpenShift into the Nokia Cloud Platform, CSPs and enterprises are able to deploy multiple vendors’ applications on the same cloud infrastructure, leading to improvements in operations, faster time-to-market, security and scaling with reduced risk.

As CSPs explore network modernization opportunities with 5G, including core network, open RAN, multi-access edge computing, private 5G and application modernization, they require greater flexibility and options to deploy applications and services on the cloud of their choice This means integration and interoperability are increasingly critical for optimizing network operations.

By capitalizing on the collaboration between Red Hat and Nokia, 2degrees is able to benefit from the latest technology innovation and capabilities provided by an open source platform with Nokia’s core network applications for more choice and flexibility than ever before.

Nokia is also providing 2degrees with its MantaRay Network Management solution for a consolidated and automated network view for improved network monitoring and management.

Nokia leads the world in 5G standalone core, with a total of 107 CSP customers. Nokia 5G Core was recently rated as an industry leader by data and analytics company GlobalData.

Nokia Registers is composed of multiple software functions, such as Authentication Server Function, Unified Data Management, and Home Subscriber Server; while SDL, where data is stored, is composed of multiple software functions, like Unified Data Repository and Unstructured Data Storage Function.

Stephen Kurzeja, Chief Technology Information Officer at 2degrees, said: “As we continue our journey of network modernization we are pleased to be taking another meaningful step with Nokia Registers and SDL, rolled out on Red Hat’s OpenShift. That combination provides us the flexibility and reliability that we require to meet the evolving needs of our customers.”

Honoré LaBourdette, Acting Senior Vice President, Global Telco, and vice president, Telco, Media and Entertainment Partner Ecosystem at Red Hat, said: “Red Hat is thrilled to see how our efforts with Nokia are empowering customers with enhanced flexibility in their 5G core deployments. We’ve reached a pivotal point where the network landscape is becoming increasingly distributed, emphasizing the importance of forging unified architectures. With this shift, the cloud platform is a critical element helping seamlessly bridge geographical disparities and hardware variations, propelling us towards a future of unparalleled connectivity and innovation.”

Henrique Vale, APAC Leader, Cloud and Network Services at Nokia, said: “We are very pleased to support 2degrees as it strengthens its network operations and looks for greater network openness in the 5G era. This reflects what Nokia and Red Hat continue to see as customers move toward more open, less siloed decisions in their infrastructure, strategy and portfolio, and toward open cloud architectures.”

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Nokia Communications, Corporate
Email: Press.Services@nokia.com

Connect with Nokia on social media
LinkedIn X Instagram Facebook YouTube

Red Hat, the Red Hat logo and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries.

The post New Zealand’s 2degrees chooses Nokia 5G core software solutions running on Red Hat OpenShift appeared first on Crypto Insider.

CHANGSHA, Trung Quốc, May 12, 2024 (GLOBE NEWSWIRE) — “Đạp Gió 2024”, một chương trình ca múa nhạc tạp kỹ hoành tráng của Trung Quốc do Mango TV sản xuất, chào đón sự hiện diện của 36 nữ nghệ sĩ tài năng ở mọi lứa tuổi từ khắp nơi trên thế giới cùng tham gia. Những màn trình diễn sân khấu rực rỡ thể hiện nhiều phong cách độc đáo, biến chương trình thành nơi giao lưu văn hóa quốc tế.

Nữ ca sĩ Việt Nam Suni, thành viên siêu nhóm nhạc nữ Kara của Hàn Quốc Nicole Jung, và nữ diễn viên Thái Lan Mai Davika đều góp mặt trong đêm công diễn hoành tráng.

Trong màn biểu diễn chào sân, Suni đã trổ tài múa lụa đu dây khiến khán giả phải trầm trồ kinh ngạc khi cô thực hiện những động tác nhào lộn điêu luyện. Khả năng hát bằng tiếng Trung xuất sắc của cô cũng gây ấn tượng với các tỷ tỷ khác. Nicole Jung cũng tạo điểm nhấn khi vừa hát “Mr” vừa biểu diễn vũ điệu lắc mông đặc trưng. Mai Davika xuất hiện lộng lẫy trong bộ váy đỏ rực rỡ khi trình diễn ca khúc nổi tiếng nhất của cô “Can I Call You Mine” bằng tiếng Thái.

Suni tham gia chương trình “Đạp Gió 2024”
[Ảnh: Được sự cho phép của Mango TV]

Trong màn thi nhóm chính thức, Suni, Nicole Jung và Mai Davika đã phối hợp với các thí sinh khác để thực hiện thử thách hát không chỉ các bài hát Trung Quốc mà còn theo nhiều phong cách khác nhau. Suni và Nicole Jung đã phối hợp cùng nhau để mang đến màn trình diễn sân khấu đầy thử thách và thú vị mang tên “The Mist”. Mai Davika rõ ràng đã rất chăm chỉ học tiếng Trung để thể hiện ca khúc “Magical”.

Cho dù kết quả cuối cùng có thế nào, các thí sinh đã xây dựng được tình bạn sâu sắc qua tinh thần đồng đội trong thử thách khó khăn này.

Trong “Đạp Gió 2024”, các thí sinh đến từ các quốc gia khác nhau, với những kỹ năng và nền tảng văn hóa khác nhau, đã thể hiện những màn trình diễn sân khấu ấn tượng của mình. Chương trình không chỉ mang lại một bữa tiệc thị giác ngoạn mục mà còn là cơ hội để gây ấn tượng cho khán giả bằng sự đa dạng văn hóa và hội nhập văn hóa toàn cầu.

Liên hệ truyền thông:
Liu Shiyi
shiyi@mgtv.com

Ảnh đi kèm với thông báo này có tại https://www.globenewswire.com/NewsRoom/AttachmentNg/65aef5ba-54c3-456f-92bb-ae8adfed6a69

The post Ca sĩ Việt Suni gây ấn tượng với khán giả trong chương trình “Đạp Gió 2024” của Trung Quốc appeared first on Crypto Insider.

NEW YORK, May 11, 2024 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of SSR Mining Inc. (NASDAQ: SSRM) between February 23, 2022 and February 27, 2024, both dates inclusive (the “Class Period”), of the important May 17, 2024 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased SSR Mining securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the SSR Mining class action, go to https://rosenlegal.com/submit-form/?case_id=23047 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 17, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) defendants materially overstated SSR Mining’s commitment to safety and the efficacy of its safety measures; (2) SSR Mining engaged in unsafe mining practices which were reasonably likely to result in a mining disaster; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the SSR Mining class action, go to https://rosenlegal.com/submit-form/?case_id=23047 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

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ATLANTA, May 10, 2024 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (Atlanticus, the Company, we, our or us), a financial technology company which enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced its financial results for the first quarter ended March 31, 2024. An accompanying earnings presentation is available in the Investors section of the Company’s website at www.atlanticus.com or by clicking here.

Financial and Operating Highlights

First Quarter 2024 Highlights (all comparisons to the First Quarter 2023)

• Managed receivables² increased 12.8% to $2.3 billion
• Total operating revenue increased 11.2% to $290.2 million.
• Return on average shareholders’ equity of 19.6%³
• Purchase volume of $594.9 million.
• Over 250,000 new accounts served during the quarter, 3.5 million total accounts served¹
• Net income attributable to common shareholders of $19.9 million, or $1.09 per diluted common share

^{1 ) In our calculation of total accounts served, we include all accounts with account activity and accounts that have open lines of credit at the end of the referenced period.
2) Managed receivables is a non-GAAP financial measure and excludes the results of our Auto Finance receivables. See calculation of Non-GAAP Financial Measures for important additional information.
3) Return on average shareholders’ equity is calculated using Net Income attributable to common shareholders as the numerator and the average of Total shareholders’ equity as of March 31, 2024 and December 31, 2023 as the denominator, annualized.}

Management Commentary

Jeff Howard, President and Chief Executive Officer at Atlanticus stated, “We are pleased with our results this quarter as we continue to produce both good profitability and reasonable growth. Our focus, as always, is on achieving target returns on assets, which leads to an adequate return for our shareholders. Although the consumers we serve seem to have found greater financial stability, it is at a somewhat higher rate of delinquency than existed prior to the pandemic. As such, we have maintained a more conservative credit posture which has led to slower, but respectable, double-digit growth in both managed receivables and revenue. We are also seeing increased opportunities for our credit as a service platform in the retail credit channel, largely driven by the pullback from “prime”, or “first-look” providers.

“A major focus of this quarter has been planning for the late fee safe-harbor rule change. While an injunction has been granted which stays the implementation, and litigation may ultimately reverse the rule, we, along with our bank partners, have been planning for the potential change for months. These plans include increasing APR’s, increasing certain fees including annual and monthly fees, shifting offers, introducing paper statement fees, and offering new features for the customers we serve. We believe our plans provide for the complete recovery over time of the estimated impact from the new rule, if implemented.

“As we look ahead, we are excited about the long-term opportunities for our platform. Our ongoing investments in technology, growing breadth of product offerings, data driven decision making, and extensive experience position us well to expand our capabilities and provide a truly best in class experience to the consumers we serve.”

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Managed Receivables

Managed receivables increased 12.8% to $2.3 billion with over $262.4 million in net receivables growth from March 31, 2023, largely driven by growth both in the private label credit and general purpose credit card products offered by our bank partners. Total accounts served increased 10.2% to 3.5 million. While some of our merchant partners continue to face year-over-year growth challenges, others are still benefiting from continued consumer spending and a growing economy. Our general purpose credit card portfolio continues to grow in terms of total customers served and therefore we continue to experience growth in total managed receivables. We expect continued growth in our managed receivables when compared to prior periods in 2023 which were restricted due to tightened underwriting standards adopted during the second quarter 2022 (and continued in subsequent quarters).

Total Operating Revenue

Total operating revenue consists of: 1) interest income, finance charges and late fees on consumer loans, 2) other fees on credit products including annual and merchant fees and 3) ancillary, interchange and servicing income on loan portfolios. 

We are currently experiencing continued period-over-period growth in private label credit and general purpose credit card receivables and to a lesser extent in our CAR receivables—growth that we expect to result in net period-over-period growth in our total interest income and related fees for these operations for 2024. Future periods’ growth is also dependent on the addition of new retail partners to expand the reach of private label credit operations as well as growth within existing partnerships and the level of marketing investment for the general purpose credit card operations.

During the quarter ended March 31, 2024, total operating revenue increased 11.2% to $290.2 million. We experienced higher growth in our acquisitions of general purpose credit card receivables (which tend to have higher yields and corresponding charge-offs) than in our acquisitions of private label credit receivables. This relative mix of receivables led to an increase in our corresponding yield.

Recent rules enacted by the Consumer Financial Protection Bureau (“CFPB”), which, if implemented, will limit the late fees charged to consumers in most instances, is expected to significantly impact the revenue recognized on our receivables. In order to mitigate these changes, our bank partners have taken a number of steps, from modifying products and policies (such as further tightening the criteria used to evaluate new loans) to changing prices (including increasing interest rates and fees charged to consumers). While we believe these product, policy and pricing changes will offset the negative impact of a reduced late fee, the changes will take time to be fully incorporated into our existing portfolios of receivables.

Interest Expense

Interest expense was $35.1 million for the quarter ended March 31, 2024, compared to $24.2 million for the quarter ended March 31, 2023. The higher expenses were primarily driven by the planned increases in outstanding debt in proportion to growth in our receivables coupled with increases in the cost of borrowing.

Outstanding notes payable, net of unamortized debt issuance costs and discounts, associated with our private label credit and general purpose credit card platform increased to $1,795.4 million as of March 31, 2024 from $1,543.8 million as of March 31, 2023. The majority of this increase in outstanding debt relates to the addition of multiple revolving credit facilities during 2023. Recent increases in the effective interest rates on debt have started to increase our interest expense as we have raised additional capital (or replaced existing facilities) over the last two years. We anticipate additional debt financing over the next few quarters as we continue to grow coupled with increased effective interest rates. As such, we expect our quarterly interest expense for these operations to increase compared to prior periods. However, we do not expect our interest expense to increase significantly in the short term (absent raising additional capital) because over 90% of interest rates on our outstanding debt are fixed. Adding to interest expense in 2024, in January and February, 2024, we sold a combined $57.2 million aggregate principal amount of 9.25% Senior Notes due 2029.
  
Changes in Fair Value of Loans

Changes in fair value of loans, interest and fees receivable recorded at fair value increased to $159.2 million for the quarter ended March 31, 2024, respectively, compared to $149.8 million for the quarter ended March 31, 2023, respectively. This increase was largely driven by growth in underlying receivables as well as changes in assumptions due to recent rules enacted by the CFPB, which will limit the late fee charged to consumers in most instances.

We include asset performance degradation in our forecasts to reflect the possibility of delinquency rates increasing in the near term (and the corresponding increase in charge-offs and decrease in payments) above the level that current trends would suggest. Based on observed asset performance and improvement in U.S. economic expectations, some expected degradation has been removed in recent periods. Additionally, as receivables associated with both 1) assets acquired prior to our tightened underwriting standards (mentioned above) and 2) those assets negatively impacted by inflation, gradually become a smaller percentage of the portfolio, we expect to see overall improvements in the measured fair value of our portfolios of acquired receivables.

Total Operating Expenses

Total operating expenses increased 16.3% in the quarter when compared to the same period in 2023.

For the quarter, operating expenses increased, driven primarily by increases in variable servicing costs associated with growth in our receivables as well as growth in both the number of employees and inflationary compensation pressure. Certain other nonrecurring accounting and legal expenditures also contributed to increases for the quarter.

We expect increased levels of expenditures associated with anticipated growth in private label credit and general purpose credit card operations. These expenses will primarily relate to the variable costs of marketing efforts and card and loan servicing expenses associated with new receivable acquisitions.

In addition, as we continue to adjust our underwriting standards to reflect changes in fee and finance assumptions on new receivables, we expect period over period marketing costs for 2024 to increase relative to those experienced in 2023, particularly towards the third and fourth quarters of 2024 , although the frequency and timing of increased marketing efforts could vary and are dependent on macroeconomic factors such as national unemployment rates and federal funds rates.

Net Income Attributable to Common Shareholders

Net income attributable to common shareholders decreased 0.5% to $19.9 million, or $1.09 per diluted share for the quarter ended March 31, 2024.

Share Repurchases

We repurchased and retired 18,033 shares of our common stock at an aggregate cost of $0.5 million, in the quarter ended March 31, 2024.

We will continue to evaluate the best use of our capital to increase shareholder value over time.

About Atlanticus Holdings Corporation

Empowering Better Financial Outcomes for Everyday Americans

Atlanticus technology enables bank, retail, and healthcare partners to offer more inclusive financial services to everyday Americans through the use of proprietary analytics. We apply the experience gained and infrastructure built from servicing over 20 million customers and over $39 billion in consumer loans over more than 25 years of operating history to support lenders that originate a range of consumer loan products. These products include retail and healthcare private label credit and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and partnerships with third parties. Additionally, through our Auto Finance subsidiary, Atlanticus serves the individual needs of automotive dealers and automotive non-prime financial organizations with multiple financing and service programs.

Forward-Looking Statements

This press release contains forward-looking statements that reflect the Company’s current views with respect to, among other things, its business, long-term growth plans and opportunities, operations, financial performance, revenue, amount and pace of growth of managed receivables, underwriting approach, total interest income and related fees and charges, the new CFPB late fee rules and our response thereto, debt financing, liquidity, interest rates, interest expense, operating expense, fair value of receivables, credit conditions, consumer spending, and the economy. You generally can identify these statements by the use of words such as outlook, potential, continue, may, seek, approximately, predict, believe, expect, plan, intend, estimate or anticipate and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as will, should, would, likely and could. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in the Company’s filings with the Securities and Exchange Commission and include, but are not limited to, risks related to COVID-19 and its impact on the Company, bank partners, merchant partners, consumers, loan demand, the capital markets, labor availability, supply chains and the economy in general; the Company’s ability to retain existing, and attract new, merchant partners and funding sources; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company’s ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Contact:
Investor Relations
(770) 828-2000
investors@atlanticus.com

Additional Information

Additional trends and data with respect to our private label credit and general purpose credit card receivables can be found in our latest Form 10-K filing with the Securities and Exchange Commission under Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Calculation of Non-GAAP Financial Measures

This press release presents information about managed receivables, which is a non-GAAP financial measure provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (GAAP). In addition to financial measures presented in accordance with GAAP, we present managed receivables, total managed yield, combined principal net charge-offs, and fair value to face value ratio, all of which are non-GAAP financial measures. These non-GAAP financial measures aid in the evaluation of the performance of our credit portfolios, including our risk management, servicing and collection activities and our valuation of purchased receivables. The credit performance of our managed receivables provides information concerning the quality of loan originations and the related credit risks inherent with the portfolios. Management relies heavily upon financial data and results prepared on the managed basis in order to manage our business, make planning decisions, evaluate our performance and allocate resources.

These non-GAAP financial measures are presented for supplemental informational purposes only. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, GAAP financial measures. These non-GAAP financial measures may differ from the non-GAAP financial measures used by other companies. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures or the calculation of the non-GAAP financial measures are provided below for each of the fiscal periods indicated.

These non-GAAP financial measures include only the performance of those receivables underlying consolidated subsidiaries (for receivables carried at amortized cost basis and fair value) and exclude the performance of receivables held by our former equity method investee. As the receivables underlying our former equity method investee reflect a small and diminishing portion of our overall receivables base, we do not believe their inclusion or exclusion in the overall results is material. Additionally, we calculate average managed receivables based on the quarter-end balances.

The comparison of non-GAAP managed receivables to our GAAP financial statements requires an understanding that managed receivables reflect the face value of loans, interest and fees receivable without any consideration for potential loan losses or other adjustments to reflect fair value.

A reconciliation of Loans at fair value to Total managed receivables is as follows:

A reconciliation of our operating revenues, net of finance and fee charge-offs, to comparable amounts used in our calculation of Total managed yield is as follows:

The calculation of Combined principal net charge-offs is as follows:

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Newark, May 10, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 4 billion in 2023 global knitted underwear market will reach USD 6.51 billion in 2033. Knitting is the method used to create knitted pants. Knitted undergarments include bras, briefs, and panties, among other types of undergarments. Materials like cotton, modal, nylon, polyester, and elastane are used to make them. Comfy knit undergarments are available. Its comfortable and flexible fabric structure guarantees a tight fit while facilitating maximum mobility. Furthermore, fabrics with breathable qualities, such as cotton and modal, guarantee moisture-wicking capabilities that keep the wearer dry and cool. Because knitted materials are renowned for their resistance, knitted pants are a dependable option for daily use.

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This comfort also extends to its durability. Additionally, they have a seamless structure that reduces friction and irritation, making them especially good for tight clothing. The range of styles available in knitted knickers, from bikinis to thongs, demonstrates its adaptability. Knitted knickers are very versatile; they come in a wide range of styles to fit different body shapes and tastes, from bikinis to thongs to boxer briefs. They emphasize their utility with easy care. Knitted pants keep one modest and hygienic. Globally, knitted pants are available from various brands and producers to individuals of all ages and genders.

Key Insight of the Global Knitted Underwear Market

North America will dominate the market during the forecast period.

Leading textile manufacturing companies in the region are always innovating new materials and techniques to manufacture high-quality products, fostering innovation and technological improvements. Furthermore, North America establishes global fashion trends that impact tastes and styles, increasing demand for chic and fashionable knit knickers. Due to the region’s sizable and varied consumer base, which includes a range of demographics and tastes, companies can meet a broad spectrum of needs. The robust retail infrastructure in North America, encompassing physical stores and virtual marketplaces, enables the seamless delivery of knitted undergarments to customers throughout the continent.

In 2023, the shapewear segment dominated the market, with a 40% market share and revenue of 1.60 billion.

The type segment is divided into shapewear, thermal clothes, and others. In 2023, the shapewear segment dominated the market, with a 40% market share and revenue of 1.60 billion.

In 2023, the online sales segment dominated the market with the largest market share of 42% and revenue of 1.68 billion.

The distribution channel segment is divided into specialty stores, supermarkets, and online sales. In 2023, the online sales segment dominated the market, with a 42% market share and revenue of 1.68 billion.

Get additional highlights on the growth strategies adopted by vendors and their product offerings: https://www.thebrainyinsights.com/report/knitted-underwear-market-14267

Advancement in market

PT Ricky Putra Globalindo (RPG), the business that owns GT Man, the top men’s knickers brand in Indonesia, revealed new seamless knickers for men made with Indonesia’s first cutting-edge seamless knitting machine. The company can now make its hallmark Seamless technology items for GT Man Customers thanks to high-tech seamless equipment imported from Italy. These products revolutionize how they are made and raise the bar for comfort and design. The business can reduce the production process by up to 50% thanks to the new technology seamless equipment, which benefits customers by offering a higher quality product at a more affordable price.

Market Dynamics

Driver: The growing market for environmentally friendly goods.

Growing consumer awareness of social and environmental issues is reflected in the demand for knitted pants, which is rising in response to the fashion industry’s push for sustainable and ethical methods. Customers look for companies that value ethics and sustainability, which helps explain why knit pants made of recycled or organic materials are becoming increasingly popular. The global knitted pants market is growing due to customers making purchases consistent with global sustainable ideals. This helps to positively impact the fashion industry and move it toward a more equitable and sustainable future.

Restraints: The financial aspects of knitted undergarments.

The price is heavily influenced by the quality of the materials, with premium or organic fabrics commanding higher prices because of their improved comfort, sustainability, and durability. Knitted pants from well-known manufacturers with a track record for quality and innovation are frequently more expensive. A factor in price increases is manufacturing processes, where specific methods like seamless construction or sophisticated textile technology raise production costs. Sustainable knitting techniques, such as environmentally friendly production methods or moral labour standards, typically produce more expensive undergarments. Furthermore, features and designs that provide value and support higher costs can be found in odour resistance, compression support, and moisture-wicking textiles. Consequently, the emergence of less expensive competitors and cost considerations may hinder the market’s growth.

Opportunities: Textile technology advancements.

The performance and comfort of knitted pants have been improved by advances in textile technology to satisfy the needs of customers leading active lifestyles. Traditional seams are no longer uncomfortable thanks to seamless construction, which provides a perfect fit for daily wear and exercise. Moisture-wicking clothing wicks away perspiration from the skin to control body temperature and avoid dampness. This is especially useful for people who exercise vigorously or live in humid locations. Furthermore, knitted pants retain their freshness for extended periods between washes thanks to odour-resistant qualities obtained through antimicrobial treatments or natural fibres like bamboo charcoal, increasing user convenience. Thus, during the projected period, the market’s growth and expansion have been facilitated by textile developments, which have also improved the quality and functionality of knitted underwear.

Challenges: Presence of cheaper and better alternatives.

Knitted underwear may not always provide the level of support some individuals require. Unlike structured or reinforced undergarments, knitted underwear often lacks rigid support elements like underwires or boning. This limited support can be a drawback for individuals who prefer or require extra support for specific activities or body types. Moreover, knitted underwear may not provide the same level of shaping or contouring as structured undergarments. Therefore, the drawbacks or disadvantages of knitted underwear and the presence of cheaper and better alternatives will challenge the market’s growth.

Get a comprehensive report summary describing the market size and forecast: https://www.thebrainyinsights.com/enquiry/buying-inquiry/14267

Some of the major players operating in the global knitted underwear market are:

• Adidas
• Calvin Klein
• EAST INTELLIGENT TECHNOLOGY
• Fukuhara
• Hanesbrands Inc
• RIFA
• Santoni Spa
• Shaoxing Jinhao Machinery
• WELLKNIT
• YAMATO

Key Segments covered in the market:

By Type

• Shapewear
• Thermal Clothes
• Others

By Distribution Channel

• Specialty Stores
• Supermarkets
• Online Sales

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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