Financial Performance - For the fiscal 2025 third quarter, Star Group reported a 7.8% decrease in total revenue to $305.6 million compared to $331.6 million in the prior-year period, primarily due to lower product sales [2] - The volume of home heating oil and propane sold decreased by 1.5 million gallons, or 3.8%, to 36.2 million gallons, influenced by warmer weather and net customer attrition [2] - Star's net loss increased by $5.6 million to $16.6 million, attributed to a greater Adjusted EBITDA loss and higher depreciation and interest expenses [3] - The third quarter Adjusted EBITDA loss was $10.6 million, compared to a loss of $4.1 million in fiscal 2024, due to lower margins and decreased volume sold [4] Year-to-Date Performance - For the nine months ended June 30, 2025, total revenue rose modestly by less than 1.0% to $1.5 billion, driven by higher volumes sold despite declining selling prices [6] - The volume of home heating oil and propane sold increased by 27.7 million gallons, or 11.8%, to 262.6 million gallons, reflecting colder temperatures and acquisitions [6] - Star's net income for the first nine months increased by $31.9 million to $102.2 million, mainly due to higher Adjusted EBITDA and favorable changes in derivative instruments [7] Adjusted EBITDA Analysis - Year-to-date Adjusted EBITDA increased by $28.2 million to $169.5 million, reflecting higher margins and volume sold, partially offset by increased expenses related to weather hedge contracts [8] - The increase in Adjusted EBITDA in the base business was driven by improved margins and higher sales volumes due to colder weather [9] Management Commentary - The CEO noted that the third quarter was negatively impacted by lower volume due to warmer temperatures and net attrition, but highlighted improvements in service and installation performance [5] - The company aims to grow its propane and heating oil customer base while enhancing service profitability, positioning itself as a diversified energy provider [5]

[Part I Financial Information](index=4&type=section&id=Part%20I%20Financial%20Information) [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201%20-%20Condensed%20Consolidated%20Financial%20Statements) This section presents Star Group, L.P.'s unaudited condensed consolidated financial statements for the three and nine months ended June 30, 2025, with comparative data for 2024, including balance sheets, statements of operations, comprehensive income, partners' capital, and cash flows, along with detailed notes Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | September 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $28,082 | $117,335 | | Total current assets | $233,495 | $281,469 | | Goodwill | $293,350 | $275,829 | | Total assets | $963,799 | $939,611 | | Total current liabilities | $331,470 | $373,796 | | Long-term debt | $172,297 | $187,811 | | Total partners' capital | $337,568 | $263,893 | | Total liabilities and partners' capital | $963,799 | $939,611 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per unit data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total sales | $305,618 | $331,640 | $1,536,726 | $1,525,768 | | Operating income (loss) | $(19,177) | $(12,291) | $155,414 | $109,661 | | Net income (loss) | $(16,629) | $(11,044) | $102,166 | $70,309 | | Basic and diluted income (loss) per Limited Partner Unit | $(0.48) | $(0.31) | $2.45 | $1.66 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $56,543 | $72,367 | | Net cash used in investing activities | $(99,507) | $(31,201) | | Net cash used in financing activities | $(46,289) | $(40,656) | | Net (decrease) increase in cash | $(89,253) | $510 | [Note 1 & 2: Organization and Significant Accounting Policies](index=10&type=section&id=Note%201%20%26%202%20-%20Organization%20and%20Significant%20Accounting%20Policies) Star Group, L.P. is the nation's largest retail distributor of home heating oil, providing full-service home heating and air conditioning products, with interim financial statements prepared under U.S. GAAP - The company specializes in selling home heating and air conditioning products and services to residential and commercial customers, and believes it is the **largest retail distributor of home heating oil in the U.S.** based on sales volume[26](index=26&type=chunk) - As of June 30, 2025, the company served approximately **413,600 full-service residential and commercial accounts** and **66,500 delivery-only accounts** for home heating oil and propane[31](index=31&type=chunk) - The company utilizes weather hedge contracts to mitigate adverse effects of warm weather on cash flows, with a potential maximum receipt of **$15.0 million** for fiscal 2025 and an obligation to make payments up to **$5.0 million** if weather was colder than the threshold[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 3: Revenue Recognition](index=14&type=section&id=Note%203%20-%20Revenue%20Recognition) This note disaggregates company revenue by major sources, showing a slight increase in total sales for the nine-month period ended June 30, 2025, driven by growth in installations and services, which offset a slight decline in petroleum product sales Disaggregated Revenue by Source (in thousands) | Revenue Source | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Petroleum Products** | | | | | | Home heating oil and propane | $136,146 | $155,161 | $1,046,864 | $1,014,530 | | Other petroleum products | $80,012 | $93,840 | $233,858 | $278,319 | | **Installations and Services** | | | | | | Equipment installations | $33,317 | $30,143 | $100,082 | $90,682 | | Equipment maintenance | $36,888 | $35,164 | $98,863 | $93,466 | | Billable call services | $19,255 | $17,332 | $57,059 | $48,771 | | **Total Sales** | **$305,618** | **$331,640** | **$1,536,726** | **$1,525,768** | [Note 4: Common Unit Repurchase and Retirement](index=16&type=section&id=Note%204%20-%20Common%20Unit%20Repurchase%20and%20Retirement) The company continued its Common Unit Repurchase Plan, repurchasing 817,000 units at an average price of $12.01 per unit during the third quarter of fiscal 2025, with approximately 1.3 million units remaining available for repurchase as of July 2025 Common Unit Repurchases (Q3 FY2025) | Period | Total Units Purchased (thousands) | Average Price Paid per Unit | | :--- | :--- | :--- | | April 2025 | 1 | $12.03 | | May 2025 | 708 | $12.04 | | June 2025 | 108 | $11.83 | | **Q3 2025 Total** | **817** | **$12.01** | [Note 9: Business Combinations and Divestitures](index=21&type=section&id=Note%209%20-%20Business%20Combinations%20and%20Divestitures) During the first nine months of fiscal 2025, the company significantly increased its acquisition activity, purchasing one heating oil and three propane businesses for approximately $80.5 million in cash, compared to $22.6 million in the same period of fiscal 2024 - In the nine months ended June 30, 2025, the company acquired four businesses for approximately **$80.5 million in cash**, allocating **$38.7 million to intangible assets** and **$17.7 million to goodwill**[73](index=73&type=chunk) - For comparison, in the nine months ended June 30, 2024, the company acquired four businesses for an aggregate price of approximately **$22.6 million**[75](index=75&type=chunk) [Note 11: Long-Term Debt and Bank Facility Borrowings](index=22&type=section&id=Note%2011%20-%20Long-Term%20Debt%20and%20Bank%20Facility%20Borrowings) The company's debt primarily consists of a Senior Secured Term Loan with a carrying amount of $193.3 million as of June 30, 2025, following a September 2024 refinancing that secured a $210 million term loan and a revolving credit facility of up to $475 million, with $167.6 million available under the revolver as of June 30, 2025 Total Debt (in thousands) | Debt Component | June 30, 2025 (Carrying Amount) | September 30, 2024 (Carrying Amount) | | :--- | :--- | :--- | | Revolving Credit Facility Borrowings | $0 | $5 | | Senior Secured Term Loan | $193,297 | $208,811 | | **Total debt** | **$193,297** | **$208,816** | - On September 27, 2024, the company executed a new credit agreement providing a **$210 million five-year term loan** and a revolving credit facility of up to **$400 million ($475 million seasonally)**, maturing September 27, 2029[80](index=80&type=chunk) - As of June 30, 2025, the company had **$167.6 million of availability** under its credit facility and was in compliance with all financial covenants[88](index=88&type=chunk) [Note 16: Subsequent Events](index=25&type=section&id=Note%2016%20-%20Subsequent%20Events) In July 2025, subsequent to the quarter end, the company declared a quarterly distribution of $0.1850 per unit, repurchased approximately 0.1 million Common Units, and completed the sale of a New Jersey property for $4.9 million in cash - In July 2025, a quarterly distribution of **$0.1850 per unit** was declared, paid on August 6, 2025[97](index=97&type=chunk) - In July 2025, the company sold land and a building in New Jersey for cash proceeds of **$4.9 million**, which had a carrying value of **$1.0 million**[99](index=99&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202%20-%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides a detailed analysis of the company's financial performance, highlighting the impact of commodity price volatility, weather, customer attrition, and acquisitions, comparing operating results for the three and nine-month periods ended June 30, 2025, and 2024, and covering liquidity, capital resources, and critical accounting policies [Key Business Factors and Trends](index=26&type=section&id=Key%20Business%20Factors%20and%20Trends) This section outlines primary business drivers, including significant impacts from liquid product price volatility and weather, with a net weather hedge expense of $3.1 million in fiscal 2025 versus a $7.5 million benefit in fiscal 2024, a net customer attrition of 3.1% for the nine-month period, and robust acquisition activity totaling $80.5 million - The company's weather hedge contracts resulted in a **$3.1 million expense** for the fiscal 2025 hedge period due to colder-than-strike temperatures, compared to a **$7.5 million benefit** in the prior year from warmer weather[107](index=107&type=chunk) Net Customer Attrition (Home Heating Oil and Propane Customers) | Period | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | | Gross Customer Gains | 29,800 | 31,100 | | Gross Customer Losses | 42,800 | 43,200 | | **Net Attrition** | **(13,000)** | **(12,100)** | | **Net Attrition %** | **(3.1%)** | **(3.1%)** | - During the nine months ended June 30, 2025, the company acquired four businesses for approximately **$80.5 million**, compared to acquisitions totaling **$49.4 million** for the full fiscal year 2024[122](index=122&type=chunk) [Results of Operations - Three Months Ended June 30, 2025 vs 2024](index=34&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For the third quarter of fiscal 2025, the company reported a net loss of $16.6 million, an increase from the $11.0 million loss in the prior-year period, driven by lower product sales due to decreased volumes and selling prices, higher operating expenses from recent acquisitions, and increased interest expense, with Adjusted EBITDA loss also increasing to $10.6 million from $4.1 million - Retail volume of home heating oil and propane decreased by **3.8% to 36.2 million gallons**, influenced by **2.0% warmer weather** compared to the prior year[132](index=132&type=chunk) - Total product sales decreased **13.2% to $216.2 million**, primarily due to a **14.3% decrease in wholesale product costs** and lower volumes[133](index=133&type=chunk) Q3 Performance Summary (in millions) | Metric | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | Net Loss | $(16.6) | $(11.0) | $(5.6) | | Adjusted EBITDA Loss | $(10.6) | $(4.1) | $(6.5) | [Results of Operations - Nine Months Ended June 30, 2025 vs 2024](index=43&type=section&id=Results%20of%20Operations%20-%20Nine%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For the nine months ended June 30, 2025, net income significantly increased to $102.2 million from $70.3 million in the prior year, driven by a 12.8% increase in total product gross profit resulting from higher volumes due to colder weather (8.2% colder than prior year) and improved per-gallon margins, with Adjusted EBITDA rising to $169.5 million from $141.3 million - Retail volume of home heating oil and propane increased by **11.8% to 262.6 million gallons**, largely due to temperatures being **8.2% colder** than the prior-year period and contributions from acquisitions[157](index=157&type=chunk) - Total product gross profit increased by **$54.7 million (12.8%) to $480.5 million**, driven by higher volumes and a **1.6% increase in home heating oil and propane margins per gallon**[161](index=161&type=chunk)[162](index=162&type=chunk) Nine-Month Performance Summary (in millions) | Metric | Nine Months 2025 | Nine Months 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income | $102.2 | $70.3 | $31.9 | | Adjusted EBITDA | $169.5 | $141.3 | $28.2 | [Discussion of Cash Flows](index=51&type=section&id=Discussion%20of%20Cash%20Flows) For the nine months ended June 30, 2025, cash provided by operating activities decreased to $56.5 million from $72.4 million, mainly due to increased accounts receivable and inventory purchases, while cash used in investing activities significantly rose to $99.5 million from $31.2 million, driven by $80.5 million in business acquisitions, and financing activities used $46.3 million for debt repayments, unit repurchases, and distributions - Cash from operating activities decreased by **$15.9 million** year-over-year, primarily due to an **$18.5 million increase in accounts receivable** and a **$16.5 million greater use of cash for inventory**[182](index=182&type=chunk) - Investing activities were dominated by the acquisition of four businesses for approximately **$80.5 million in cash**[183](index=183&type=chunk) - Financing activities included **$15.8 million in term loan repayments**, **$10.0 million in common unit repurchases**, and **$19.5 million in distributions to unitholders**[188](index=188&type=chunk) [Financing and Sources of Liquidity](index=53&type=section&id=Financing%20and%20Sources%20of%20Liquidity) The company's primary liquidity sources are cash from operations and its revolving credit facility, with $28.1 million in cash and $167.6 million available under the credit facility as of June 30, 2025, which management believes are sufficient for near-term and long-term capital requirements including working capital, capital expenditures, distributions, acquisitions, and unit repurchases - As of June 30, 2025, the company had **$28.1 million in cash and cash equivalents** and was in compliance with all financial covenants[190](index=190&type=chunk) - Availability under the revolving credit facility was **$167.6 million** as of June 30, 2025[191](index=191&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to interest rate and commodity price risks, utilizing interest rate swaps and derivative instruments to mitigate these exposures, and provides sensitivity analyses on hypothetical changes in rates and prices - A hypothetical **100 basis point increase in interest rates** would decrease annual after-tax cash flows by **$0.8 million**[204](index=204&type=chunk) - A hypothetical **10% increase in product costs** at June 30, 2025, would increase the fair market value of outstanding derivatives by **$7.0 million**, while a **10% decrease** would lower their value by **$5.5 million**[205](index=205&type=chunk) [Item 4. Controls and Procedures](index=55&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025, with no material changes to internal control over financial reporting during the most recent fiscal quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[208](index=208&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[209](index=209&type=chunk) [Part II Other Information](index=57&type=section&id=Part%20II%20Other%20Information) [Items 1-5. Other Disclosures](index=57&type=section&id=Item%201%2C%201A%2C%202%2C%203%2C%204%2C%205%20-%20Other%20Disclosures) This section covers other required information, stating that the company is not a party to any litigation expected to have a material adverse effect, refers to the Fiscal 2024 Form 10-K for risk factors, and incorporates information regarding equity security repurchases by reference from Note 4 - Management believes the company is not a party to any litigation that could reasonably be expected to have a **material adverse effect** on its financial position or liquidity[212](index=212&type=chunk) - The report refers investors to the Risk Factors section of the **Fiscal 2024 Form 10-K** for a comprehensive discussion of potential risks[214](index=214&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206%20-%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, amendments to credit agreements, a Unit Purchase Agreement, and the required CEO and CFO certifications under the Sarbanes-Oxley Act - Key exhibits filed include an **amendment to the credit agreement**, a **Unit Purchase Agreement with Bandera Master Fund, L.P.**, and **CEO/CFO certifications**[226](index=226&type=chunk)

National Reach of 18 Distribution Centers and 31,000+ Retail & Online Outlets Miami, FL, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Blue Star Foods Corp. (OTCQB: BSFC), an integrated ESG focused- sustainable seafood company built on Recirculatory Aquaculture Systems (RAS), today announced two major developments in its growth strategy: The alliance with KeHE — a top natural, organic, specialty, and fresh products distributor with over 7,900 employee owners-, 18 distribution centers, and service to 31,000+ retail and ...

Core Insights - Hulu will replace the Star tile on Disney+ internationally, marking its first major international expansion following Disney's acquisition of Comcast's stake in Hulu [1][4] - Disney's streaming business showed strong performance in its latest earnings quarter, with Hulu set to become a "global general entertainment brand" [1] - A unified Disney+ and Hulu streaming app experience is expected to be available to consumers next year, enhancing technology and personalization features [2] Group 1 - Hulu has been targeted as an international brand since at least 2009, but remained U.S.-only until now [2] - The Star brand was previously used as the general entertainment tile across Latin America and Asia [3] - Disney completed the buyout of Comcast's stake in Hulu, which was part of a larger acquisition of 21st Century Fox for $71.3 billion [4] Group 2 - Hulu programming has been integrated into Disney+ in the U.S., with speculation about Hulu's future as a standalone app [5] - Disney executives described the integration of Hulu into Disney+ as a "major step forward" for creating a comprehensive entertainment package [5]

Company Overview - Star Group, L.P. is a leading home energy distributor and services provider specializing in the sale of home heating products and services to residential and commercial customers [3] - The company is recognized as the nation's largest retail distributor of home heating oil based on sales volume, serving customers primarily in the Northeast and Mid-Atlantic U.S. regions [3] Upcoming Financial Results - Star Group will release its fiscal 2025 third quarter results after the close of trading on August 6, 2025 [1] - A webcast and conference call will be hosted by the management team on August 7, 2025, at 11:00 a.m. Eastern Time to review the financial results for the three and nine months ended June 30, 2025 [1][2] Services Offered - The company provides a range of services including the sale and servicing of heating and air conditioning equipment, as well as delivery of diesel, gasoline, and home heating oil [3] - Star Group also offers its services to customers outside of its primary home heating oil and propane customer base [3]

Even the company renamed itself from IGT to Brightstar Lottery (NYSE: BRSL ) which, to be honest, made me a little confused finding it in the early days. It happens! Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US in ...

Core Points - Princess Cruises is hosting a special "Love Boat" themed cruise featuring original cast members and exclusive performances, scheduled for November 16-23, 2025 [1][2][4] - The cruise will include meet-and-greets with cast members, themed activities, and live performances by Charo, enhancing the nostalgic experience for fans [3][4] - An exclusive "Captain Package" is available, offering unique experiences such as a cocktail hour with the cast and commemorative merchandise [4] Company Overview - Princess Cruises is recognized as "The Love Boat," a brand that has become synonymous with cruising, offering vacations to millions in sought-after destinations [7] - The cruise line operates a fleet of 16 ships, providing personalized experiences and a range of activities, from world-class dining to entertainment [7] - The company is part of Carnival Corporation & plc, indicating its significant presence in the cruise industry [7]

CONTACT INFORMATION For more information, please visit our website at starroyalties.com or contact: | Alex Pernin, P.Geo. | Dmitry Kushnir, CFA | | --- | --- | | Chief Executive Officer and Director | VP, Investor Relations and Strategy | | apernin@starroyalties.com | dkushnir@starroyalties.com | | +1 647 494 5001 | +1 647 494 5088 | About Star Royalties Ltd. July 28, 2025 – TheNewswire - TORONTO, ON – Star Royalties Ltd. ("Star Royalties", or the "Company") (TSXV: STRR, OTCQX: STRFF), through its joint ven ...

Core Insights - Five Star Bancorp reported a net income of $14.5 million for Q2 2025, an increase from $13.1 million in Q1 2025 and $10.8 million in Q2 2024 [1][8][9] Financial Performance - Return on average assets (ROAA) improved to 1.37% in Q2 2025 from 1.30% in Q1 2025 and 1.23% in Q2 2024 [2][12] - Return on average equity (ROAE) increased to 14.17% in Q2 2025 from 13.28% in Q1 2025 and 11.72% in Q2 2024 [2][12] - Pre-tax income rose to $20.1 million in Q2 2025, up from $18.4 million in Q1 2025 and $15.2 million in Q2 2024 [2][12] - Basic and diluted earnings per share were both $0.68 in Q2 2025, compared to $0.62 in Q1 2025 and $0.51 in Q2 2024 [2][12] Loan and Deposit Growth - Total loans held for investment increased by $136.2 million, or 3.76% (15.04% annualized), from Q1 2025 to Q2 2025 [3][7] - Total deposits rose by $158.3 million, or 4.24% (16.94% annualized), during the same period [3][7] - Non-wholesale deposits increased by $191.6 million, or 6.29%, while wholesale deposits decreased by $33.4 million, or 4.84% [6][7] Interest Income and Margin - Net interest income for Q2 2025 was $36.5 million, an increase of $2.5 million, or 7.47%, from Q1 2025 [2][21] - Net interest margin improved to 3.53% in Q2 2025 from 3.45% in Q1 2025 [2][12] Expense Management - Non-interest expense increased by $0.7 million in Q2 2025 compared to Q1 2025, primarily due to higher business travel and promotional expenses [8][9] - The efficiency ratio improved to 41.03% in Q2 2025 from 42.58% in Q1 2025 [10][12] Asset Quality - The ratio of nonperforming loans to loans held for investment increased slightly from 0.05% at the end of Q1 2025 to 0.06% at the end of Q2 2025 [11][27] - The allowance for credit losses was $40.2 million as of June 30, 2025, up from $37.8 million at the end of 2024 [26][28] Market Expansion - The company plans to open a new office in Walnut Creek in Q3 2025, expanding its presence in the San Francisco Bay Area [5][6] - The team in the Bay Area has grown to 34 employees, with deposits totaling $456.9 million as of June 30, 2025 [5][6]

Live Broadcast: Award-Winning Actor & ALS Advocate Aaron Lazar hosts NeuroSense CEO Alon Ben- Noon to Unveil New Insights into NeuroSense's Breakthrough Science, Canadian Regulatory Milestones & Go-to-Market Options in a Must-Watch Event CAMBRIDGE, Mass., July 22, 2025 /PRNewswire/ -- NeuroSense Therapeutics Ltd. (Nasdaq: NRSN) ("NeuroSense"), a late-clinical stage biotechnology company developing novel treatments for severe neurodegenerative diseases, updates today that in a live broadcast, NeuroSense CEO ...