INBS' first-of-its-kind fingerprint drug screening technology uses fingerprint sweat to provide a quick, hygienic, and easy-to-use method for drug testing, delivering results in just minutes. This unique approach tests for common drugs of abuse, including cocaine, cannabis, methamphetamine, and opiates. Forward-Looking Statements: NEW YORK, June 18, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, no ...

Company Overview - Park Hotels & Resorts Inc. is one of the largest publicly traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts [2] - The portfolio consists of 43 premium-branded hotels and resorts with over 26,000 rooms located in prime city center and resort locations [2] Financial Reporting - The company plans to report financial results for the second quarter of 2024 after the stock market closes on July 31, 2024 [3] - A conference call will be held on August 1, 2024, at 12:00 p.m. Eastern Time to discuss earnings results, current operational environment, and business outlook [3]

The conference call will be accessible by telephone and through the internet. Interested individuals are invited to participate by following these steps: About Park Hotels & Resorts For additional information or to receive press releases via e-mail, please visit our website at www.pkhotelsandresorts.com TYSONS, Va., June 11, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. ("Park") (NYSE: PK) today announced that it plans to report financial results for the second quarter 2024 after the stock market clos ...

Core Viewpoint - Park Hotels and Resorts Inc. (PK REIT) has shown significant operational improvements and financial metrics, suggesting potential investment opportunities despite the cyclical nature of the hospitality industry [6][16][49]. Financial Performance - PK REIT reported $639 million in first-quarter revenue and 52 cents per share in funds from operations, with a first-quarter occupancy rate of 70.9%, up 350 basis points from the previous year [9][11]. - The REIT's comparable revenue per available room (RevPAR) increased by 7.8% year-over-year, reaching $175.65, while the average daily rate (ADR) rose by 2.5% to $247.91 [36][46]. - The forward dividend yield stands at 6.7%, significantly higher than the sector median of 4.39% [3][52]. Market Position and Growth Potential - Approximately 63% of PK REIT's revenue is derived from room bookings, with additional income from ancillary services and lease agreements [8]. - The company has a robust development pipeline valued at $1.5 billion, with projects expected to yield returns between 15% to 25% [24][41]. - The Hawaiian resort market, which contributes about 35% of PK REIT's revenue, is projected to grow by 5% annually until 2033 [23][41]. Debt and Capital Structure - PK REIT has a net debt of $3.5 billion, with a Net Debt/EBITDA ratio of 5.2x, which is considered high but manageable due to 95% of its debt being fixed [25][26]. - The REIT maintains a solid liquidity position with $378 million in cash and equivalents, resulting in a current ratio of 1.3 [24]. Investment Valuation - The forward price-to-FFO ratio for PK REIT is 6.81x, below the sector median of 14.80x, indicating that the REIT may be undervalued [50]. - The REIT's historical Sharpe Ratio is negative, suggesting potential inefficiencies compared to traditional investments [33]. Operational Insights - The hospitality sector's reliance on short-term bookings introduces seasonality and cyclical growth factors, which differ from traditional REITs that depend on long-term leases [37]. - Despite challenges, the REIT's operational metrics indicate a strong recovery trajectory, particularly in its resort business, which is expected to benefit from seasonal demand [35][49].

Core Viewpoint - Park Hotels & Resorts Inc. is positioned as a strong investment opportunity in the U.S. hotel industry, particularly for dividend-focused investors, given its solid financials and favorable market outlook for 2024 [1][5]. Financial Performance - Revenue has recovered since 2021, surpassing pre-pandemic levels, with FFO per share showing significant growth [4][18]. - In Q3 2023, RevPAR was $178.25, a 4.11% increase year-over-year, while ADR rose by 1.85% to $250.93 [18]. - For 2023, FFO per share increased by 32.5% to $2.04, indicating strong revenue recovery [18]. Dividend and Valuation - The company pays a quarterly dividend of $0.25 per share, yielding 6.55%, with a payout ratio of 47.43% based on the last quarterly AFFO [6][12]. - The stock is trading at a slight discount to tangible book value of $16.36, which is considered unjustified given the company's prospects [13]. Leverage and Liquidity - Following a strategic default on a $725 million loan, the company's leverage improved, leading to an upgrade in credit rating from S&P Global from B to BB- [5]. - Approximately 50% of assets are funded by debt, with a debt/EBITDA ratio of 5.45x and interest coverage of 2.8x [5][11]. - The company has $378 million in liquid assets, representing 4.16% of total assets, and access to a $950 million revolver [5]. Market Position and Outlook - The portfolio consists of 43 hotels with 26,000 rooms, primarily concentrated in Hawaii and Orlando, which contribute nearly half of EBITDA [9][10]. - Room demand in Hawaii increased by 3.7% year-over-year, while Orlando is experiencing a recovery in RevPAR [10]. - The overall outlook for the U.S. hotel industry remains positive despite potential economic headwinds [10]. Management and Governance - Management compensation appears shareholder-friendly, with the CEO's package representing only 1.44% of cash NOI generated in 2023 [20]. - The company has a history of capital gains from property dispositions and has initiated a stock repurchase program of $300 million [20].

NEW YORK, May 29, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced the successful recruitment and commencement of screening for subjects in its pharmacokinetic (PK) study, a critical component of the Company's FDA 510(k) regulatory pathway for clearance. Harry Simeonidis, President and CEO at INBS, commented, "As we navigate the FDA 510(k) regulatory pa ...

Core Points - Park Hotels & Resorts Inc. announced the expiration and final results of its cash Tender Offer for its outstanding 7.500% Senior Notes due 2025, which expired on May 13, 2024 [1] - The Issuers purchased $311,473,000 in principal amount of the Notes that were validly tendered [2] - Following the settlement of the Tender Offer, the Issuers issued a notice of redemption for all outstanding Notes at a redemption price of 100.000% of the principal amount plus accrued interest, with the redemption date expected to be June 1, 2024 [3] Company Overview - Park Hotels & Resorts is one of the largest publicly traded lodging REITs, with a portfolio of 43 premium-branded hotels and resorts totaling over 26,000 rooms located in prime city center and resort locations [6]

Core Points - Park Hotels & Resorts Inc. announced the expiration and final results of its cash Tender Offer for its outstanding 7.500% Senior Notes due 2025 [1][2] - The Issuers purchased a total of $311,473,000 in principal amount of the Notes that were validly tendered [2] - Following the settlement of the Tender Offer, a notice of redemption was issued for all outstanding Notes at a redemption price of 100% of the principal amount plus accrued interest, with the redemption date expected on June 1, 2024 [3] Summary by Sections Tender Offer Details - The Tender Offer expired on May 13, 2024, at 5:00 p.m. New York City time [1] - The total principal amount of the Notes outstanding was $650,000,000, with $311,473,000 tendered and accepted for purchase [3] Redemption Information - A notice of redemption was issued for all remaining outstanding Notes at a price of 100% of the principal amount plus accrued interest [3] - The redemption date is anticipated to be June 1, 2024, after which no Notes will be outstanding [3] Company Overview - Park Hotels & Resorts is one of the largest publicly traded lodging REITs, with a portfolio of 43 premium-branded hotels and resorts totaling over 26,000 rooms [6]

Core Viewpoint - Park Hotels & Resorts Inc. successfully completed an offering of $550 million in senior notes, enhancing its liquidity and extending debt maturities [1][3]. Group 1: Offering Details - The offering consisted of $550 million aggregate principal amount of 7.000% senior notes due 2030, which will pay interest semi-annually and mature on February 1, 2030 [1]. - The notes are guaranteed by Park and certain subsidiaries, ensuring the company's credit agreement and existing senior notes due in 2025, 2028, and 2029 are backed [1]. Group 2: Use of Proceeds - The net proceeds from the offering, along with a new $200 million unsecured term loan, will be used to purchase all $650 million of the 7.500% Senior Notes due 2025 that were tendered in a cash tender offer and to redeem any remaining notes [2]. - Remaining proceeds will be allocated for general corporate purposes and to cover related fees and expenses [2]. Group 3: Management Commentary - The CEO expressed satisfaction with the execution of the offering, noting that it increases the company's liquidity position to $1.4 billion and provides flexibility for the balance sheet [3]. - Upon repayment of the 2025 Notes, the company will not face significant maturities until 2026, improving its financial stability [3].

Core Viewpoint - Park Hotels & Resorts Inc. successfully completed an offering of $550 million in senior notes, enhancing its liquidity and extending debt maturities [1][3]. Group 1: Offering Details - The company issued $550 million of 7.000% senior notes due February 1, 2030, with interest paid semi-annually [1]. - The proceeds from the offering will be used to purchase $650 million of 7.500% Senior Notes due 2025 and to cover related fees and expenses [2]. Group 2: Financial Position - The combined liquidity position of the company, after the offering and a new $200 million unsecured term loan, is now $1.4 billion [3]. - Upon repayment of the 2025 Notes, the company will not face significant maturities until 2026 [3]. Group 3: Regulatory Information - The notes and guarantees were not registered under the Securities Act and were offered only to qualified institutional buyers and certain non-U.S. persons [3].