Suominen Corporation Interim Report on October 29, 2025, at 9:30 a.m. (EET) Suominen Corporation’s Interim Report for January 1 - September 30, 2025: Profitability affected by exceptional events, outlook reducedKEY FIGURES Get the latest news delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy  7-9/7-9/1-9/1-9/1-12/ 20252024202520242024Net sales, EUR million99.8111.6317. ...

Group 1 - NVIDIA Corporation continues to show strong performance driven by demand in AI and gaming sectors, with significant revenue growth reported [1] - Progressive Corp has demonstrated resilience in the insurance market, with a focus on expanding its digital capabilities and customer service [1] - American International Group Inc is undergoing restructuring efforts to improve profitability and streamline operations, aiming for a more focused business model [1] Group 2 - Travelers Companies reported solid earnings, benefiting from rate increases and improved underwriting results, indicating a positive outlook for the insurance industry [1]

Core Viewpoint - American Rebel Holdings, Inc. is leveraging the NHRA Brainerd Nationals to enhance brand engagement, launch its American Rebel Light Beer in Minnesota, and strengthen its relationship with motorsports fans [1][2][11]. Brand Activation and Engagement - The company is set to create a high-energy fan experience at the NHRA Brainerd Nationals, featuring performances and product sampling to foster brand loyalty [3][4]. - CEO Andy Ross will perform at the event, aiming to galvanize fans with patriotic music and promote the American Rebel lifestyle [3][10]. Product Launch and Distribution - American Rebel Light Beer is making its debut in Minnesota through a partnership with C&L Distributing, expanding its distribution to 13 states [11][12]. - The beer is marketed as a premium domestic light lager, containing approximately 100 calories and 4.3% ABV per 12 oz serving, brewed without corn, rice, or artificial sweeteners [4][19]. Community Engagement and Philanthropy - The Champion Safe division will showcase American-made safes and conduct a giveaway, with proceeds benefiting Camp Confidence, a nonprofit supporting children with special needs [5][14]. - This initiative reflects the company's commitment to community impact while promoting its secure lifestyle products [14]. Motorsports Strategy - American Rebel is the title sponsor of the "Battle for the Rebel Axe" at the NHRA event, enhancing brand visibility through motorsports [6]. - The partnership with Tony Stewart Racing features branded cars, reinforcing the brand's connection to the racing community and its patriotic values [8][12]. Future Growth and Market Position - The company aims to position American Rebel Light Beer as America's 1 domestic light lager, with plans for further state launches [15]. - The focus on creating authentic experiences and premium products is intended to cultivate lifelong customers among patriotic consumers [16].

AUBURN HILLS, Mich. , Feb. 28, 2025 /PRNewswire/ -- Debuting two eye-catching red-and-blue Direct Connection Dodge//SRT nitro-burning machines, Tony Stewart Racing (TSR) drivers Tony Stewart and Matt Hagan approach the 2025 NHRA Mission Drag Racing season opener, the NHRA Gatornationals on March 7-9, with eagerness and enthusiasm for the 20-race national tour. Tony Stewart and Matt Hagan will debut striking new red-and-blue Tony Stewart Racing (TSR) Direct Connection Dodge//SRT graphics at NHRA Gatorn ...

Core Points - The Dodge brand has announced an extension of its partnership with Tony Stewart Racing (TSR) Nitro to continue competing in the NHRA Mission Drag Racing Series with two nitro-burning entries [1][2][3] Partnership Details - The partnership began in 2022, featuring drivers Leah Pruett (Top Fuel) and Matt Hagan (Funny Car) [2][3] - In 2024, Tony Stewart replaced Leah Pruett as the driver of the TSR Direct Connection Dodge//SRT Top Fuel car [2][3] - Hagan won the 2023 NHRA Mission World Championship, achieving six national event victories [2][4] Performance Achievements - Since the partnership's inception, the Dodge//SRT TSR teams have secured 15 NHRA national event victories and one World Championship [3][4] - Hagan has been competing in a Dodge Funny Car for 16 consecutive seasons and has made significant contributions to the team's success [2][4][9] Driver Insights - Tony Stewart, a NASCAR Hall of Famer, has transitioned to drag racing and is competing full-time in NHRA Top Fuel [5][6] - Stewart's operation has become a leading professional team in NHRA since its entry in 2022 [6][7] Future Outlook - Both Dodge and TSR express excitement about the future of their partnership and the potential for continued success in drag racing [7][11] - The TSR Direct Connection Dodge//SRT machines have participated in eight NHRA Mission events in 2024, with Hagan currently ranked fourth in Funny Car points and Stewart in ninth for Top Fuel [11]

Revenue Performance - Revenue for the quarter ended February 29, 2024, decreased by approximately $4,554,000 or 18.8% compared to the same quarter in 2023, primarily due to a reduction in clerical and administrative contractors placed with customers[54]. - The average number of consultants on billing decreased from 640 in Q1 2023 to 468 in Q1 2024, with IT contractors averaging 467 in Q1 2023 and 410 in Q1 2024, while clerical and administrative contractors dropped from 173 to 58[54]. Expenses - Selling, general and administrative expenses decreased by approximately $1,267,000 or 11.5% from $11,072,000 in the nine months ended February 28, 2023, to $9,805,000 in the nine months ended February 29, 2024[61]. - Selling, general and administrative expenses as a percentage of revenue increased from 14.5% in the nine months ended February 28, 2023, to 15.4% in the nine months ended February 29, 2024[61]. Cash Flow and Liquidity - Net cash flow from operations was approximately $2,821,000 for the nine months ended February 29, 2024, compared to $2,393,000 in the prior year period[66]. - The Company had no net borrowings outstanding against its Credit Facility as of February 29, 2024, which has a maximum available amount of $2,000,000[65]. - The Company expects its cash and cash equivalents, along with the Credit Facility, to be sufficient to meet liquidity requirements for the next 12 months[65]. Other Income and Tax - Other income for the nine months ended February 29, 2024, included a reversal of approximately $547,000 of advances from customers due to a settlement with the New York State Office of Unclaimed Property[63]. - The effective tax provision decreased to 20.5% for the quarter ended February 29, 2024, from 52.9% for the quarter ended February 28, 2023[57]. Lease Obligations - The net present value of future lease payments was approximately $650,000 as of February 29, 2024[68].

Revenue Performance - Revenue for the quarter ended November 30, 2023, decreased by approximately $4,374,000 or 16.8% compared to the same quarter in 2022, primarily due to a reduction in clerical and administrative contractors placed with customers [69]. - For the six months ended November 30, 2023, revenue decreased by approximately $8,059,000 or 15.4% compared to the same period in 2022 [78]. Consultant Metrics - The average number of consultants on billing decreased from 693 in Q4 2022 to 519 in Q4 2023, with a notable drop in clerical and administrative contractors from 222 to 84 [69]. Cost of Sales - Cost of sales for the quarter ended November 30, 2023, decreased by approximately $3,561,000 or 16.6% to $17,839,000, with cost of sales as a percentage of revenue increasing slightly from 82.2% to 82.4% [70]. - Cost of sales for the six months ended November 30, 2023, decreased by approximately $6,840,000 or 15.8% to $36,326,000, with cost of sales as a percentage of revenue decreasing from 82.6% to 82.2% [79]. Expenses - Selling, general and administrative expenses decreased by approximately $440,000 or 12.1% from $3,625,000 in Q4 2022 to $3,185,000 in Q4 2023, with expenses as a percentage of revenue increasing from 13.9% to 14.7% [71]. - Selling, general and administrative expenses for the six months ended November 30, 2023, decreased by approximately $866,000 or 11.9% to $6,437,000, with expenses as a percentage of revenue increasing from 14.0% to 14.6% [80]. Net Income - Net income attributable to TSR, Inc. was approximately $460,000 in Q4 2023, down from $674,000 in Q4 2022, primarily due to the decrease in clerical and administrative contractors [74]. - Net income attributable to TSR, Inc. for the six months ended November 30, 2023, was approximately $1,007,000 compared to $1,169,000 in the same period in 2022 [84]. - Consolidated net income for the six months ended November 30, 2023, was $1,058,000, compared to $1,195,000 for the same period in 2022 [88]. Cash Flow - Net cash flow from operations for the six months ended November 30, 2023, was approximately $1,707,000, a decrease from $1,884,000 in the prior year period [88]. - Net cash used in investing activities was approximately $10,000 for the six months ended November 30, 2023, significantly lower than $504,000 in the prior year [89]. - There were no cash flows from financing activities during the six months ended November 30, 2023, compared to a net cash outflow of $178,000 in the prior year [90]. Working Capital - As of November 30, 2023, the Company had working capital of approximately $14,815,000, an increase from $13,551,000 at May 31, 2023 [87]. Lease and Financial Condition - The net present value of future lease payments as of November 30, 2023, was approximately $398,000 [91]. - The company reported no off-balance sheet arrangements that could materially affect its financial condition [94]. Accounting and Compliance - There were no changes in significant accounting policies or critical accounting estimates as of November 30, 2023 [97]. - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective as of the end of the reporting period [99]. - The company is not aware of any material updates to the risk factors described in its previously filed Annual Report [104]. - There were no legal proceedings reported during this period [103].

Revenue and Income - Revenue for the quarter ended August 31, 2023, decreased by approximately $3,686,000 or 14.1% compared to the same quarter in 2022, primarily due to a reduction in clerical and administrative contractors placed with customers [67]. - Consolidated net income for Q3 2023 was approximately $572,000, an increase from $508,000 in Q3 2022, primarily due to reduced selling, general and administrative expenses and increased gross margin [72]. Expenses and Margins - Cost of sales decreased by approximately $3,281,000 or 15.1% to $18,486,000, resulting in a gross margin increase from 16.9% in Q3 2022 to 17.9% in Q3 2023 [68]. - Selling, general and administrative expenses decreased by approximately $425,000 or 11.6% to $3,252,000, with these expenses as a percentage of revenue increasing from 14.0% to 14.5% [69]. Operational Metrics - The average number of consultants on billing decreased from 680 in Q3 2022 to 519 in Q3 2023, with IT contractors decreasing from 464 to 438 and clerical contractors from 216 to 81 [67]. - Net cash flow from operations was approximately $567,000 for Q3 2023, down from $1,323,000 in the prior year period [77]. Tax and Working Capital - The income tax provision for Q3 2023 was 26.2%, down from 30.0% in Q3 2022 [71]. - The company had working capital of approximately $14,250,000 as of August 31, 2023, compared to $13,551,000 at May 31, 2023 [76]. Financial Position - The company had no net borrowings against its Credit Facility as of August 31, 2023, which has a maximum availability of $2,000,000 [75]. - There were no off-balance sheet arrangements that could materially affect the company's financial condition [83]. Compliance and Reporting - TSR, Inc. has filed its report in compliance with the Securities Exchange Act of 1934 [100]. - The report was signed by Thomas Salerno, CEO, and John G. Sharkey, CFO, on October 11, 2023 [101].

Customer Concentration - In fiscal 2023, the Company's four largest customers accounted for 65.6% of consolidated revenue, with Consolidated Edison at 21.0%, ADP at 18.4%, Morgan Stanley at 13.7%, and Citigroup at 12.5%[34] - The company had four customers each accounting for over 10% of consolidated revenue, totaling 65.6% of revenue in 2023, slightly down from 67.7% in 2022[131] - The accounts receivable balances for the Company's largest customers were $6,848,000 as of May 31, 2023, down from $8,668,000 in the previous year[38] Revenue and Profitability - Revenue for the fiscal year ended May 31, 2023, increased by approximately $4,121,000 or 4.2% to $101,433,000 compared to $97,312,000 in the prior year[83] - Consolidated net income attributable to TSR, Inc. was approximately $1,742,000 for the fiscal year ended May 31, 2023, down from $6,929,000 in the prior year[89] - Net income attributable to TSR, Inc. for the year ended May 31, 2023, was $1,742,065, a decrease of 75.8% compared to $6,929,220 in 2022[119] Cost and Expenses - Cost of sales rose by approximately $2,633,000 or 3.2% to $83,947,000, with cost of sales as a percentage of revenue decreasing from 83.6% to 82.8%[84] - Selling, general and administrative expenses decreased by approximately $830,000 or 5.3% to $14,789,000, with these expenses as a percentage of revenue dropping from 16.0% to 14.6%[86] - The Company has experienced significant increases in payroll-related costs, which have adversely affected profitability, particularly due to rising state unemployment tax rates and health care reforms[49] Competition and Market Conditions - The staffing industry is highly competitive, with many competitors having greater financial resources, which may challenge the Company's ability to remain competitive[54] - The trend of companies moving technology jobs offshore has negatively impacted domestic IT staffing revenue, with no assurance that this trend will reverse[50] - The Company faces intense competition for qualified technical personnel, which has resulted in increased hiring costs and may adversely affect profit margins[41] Financial Position - The company had working capital of approximately $13,551,000 as of May 31, 2023, an increase from $10,912,000 at the end of the previous fiscal year[92] - Total assets decreased to $23,347,884 as of May 31, 2023, from $24,354,297 in 2022, reflecting a decline of 4.1%[114] - Total liabilities decreased to $7,097,996 in 2023, down from $9,821,732 in 2022, a reduction of 27.6%[117] Cash Flow and Investments - Net cash flow from operations was approximately $1,754,000 for the fiscal year ended May 31, 2023, compared to a net cash outflow of $2,307,000 in the prior year[93] - Net cash used in investing activities was approximately $496,000 for the fiscal year ended May 31, 2023, primarily due to purchases of certificates of deposit[94] - The company reported a net cash outflow from financing activities of $365,618 in 2023, compared to a net inflow of $1,513,523 in 2022[129] Taxation - The effective income tax rate for the fiscal year ended May 31, 2023, was 31.5%, compared to a benefit of less than 1% in the previous year[88] - The company reported a provision for income taxes of $831,000 for 2023, compared to a benefit from income taxes of $(1,000) in 2022[119] Legal and Compliance - The Company incurred a settlement expense of $75,000 related to litigation, which was accrued in the quarter ending February 28, 2023[73] - The Company accrued $75,000 in the quarter ended February 28, 2023, related to a settlement agreement[188] - The report includes certifications by key executives, ensuring compliance with the Securities Exchange Act and Sarbanes-Oxley Act[225] Shareholder and Stock Information - The Company has significant stockholders, Zeff Capital, L.P. and QAR Industries, Inc., owning approximately 45.9% of the Company's Common Stock, which may influence business policies and decisions[61] - The stock repurchase program authorized by the Board of Directors allows for up to $500,000 of the Company's outstanding common stock to be repurchased, with 3,880 shares purchased at an average price of $8.10 in March 2023[79] - The Company has an active shelf registration statement allowing for the offering of up to $5,000,000 in common stock[191] Operational and Lease Information - The Company leases 8,000 square feet of office space in Hauppauge, New York, with annual rents of approximately $110,000, expiring on December 31, 2023[66] - Future minimum lease payments under non-cancelable operating leases total $559,920 as of May 31, 2023, with the weighted average remaining lease term being 3.6 years[167] - The Company’s operating lease expense for the fiscal year ended May 31, 2023, was $282,000, down from $326,000 in the previous year[166] Intellectual Property and Security - The Company relies on trade secrets and contractual agreements to protect its intellectual property, but there is no assurance against misappropriation[59] - The Company is exposed to increased expenses associated with data security and compliance with regulatory requirements, which may impact financial performance[58]

Revenue and Income - Revenue for the quarter ended February 28, 2023 was $24,257,000, a decrease of approximately $126,000 or 0.5% from $24,383,000 in the same quarter of 2022[70] - Revenue for the nine months ended February 28, 2023 increased by approximately $5,374,000 or 7.6% to $76,487,000 from $71,113,000 in the prior year[80] - Net income attributable to TSR, Inc. for the quarter ended February 28, 2023 was $80,000, compared to a net loss of $47,000 in the same quarter of 2022[77] - Net income attributable to TSR for the nine months ended February 28, 2023 was $1,248,000, a significant decrease from $6,598,000 in the same period of 2022, primarily due to the prior year's PPP Loan forgiveness[87] - The company reported consolidated net income of $1,292,000 for the nine months ended February 28, 2023, a decrease from $6,670,000 in the same period the previous year[91] Costs and Expenses - Cost of sales for the quarter ended February 28, 2023 decreased to $20,267,000, a reduction of approximately $323,000 or 1.6% from $20,590,000 in the prior year[73] - Selling, general and administrative expenses for the quarter ended February 28, 2023 decreased to $3,769,000, down approximately $61,000 or 1.6% from $3,830,000 in the same quarter of 2022[74] - Cost of sales as a percentage of revenue improved from 84.4% in the quarter ended February 28, 2022 to 83.6% in the quarter ended February 28, 2023[73] Cash Flow and Working Capital - Net cash flow from operations for the nine months ended February 28, 2023 was approximately $2,393,000, compared to a net cash outflow of $2,472,000 in the prior year[91] - As of February 28, 2023, the company had working capital of approximately $12,848,000, an increase from $10,912,000 at May 31, 2022[90] Shareholder Activities - The company repurchased a total of 22,834 shares of common stock at an average price of $7.90 per share under its stock repurchase program[112] - The stock repurchase program authorized up to $500,000 of the company's outstanding common stock, which commenced on September 15, 2022[112] Legal and Financial Obligations - The company has accrued $75,000 to selling, general and administrative expenses as an estimate for a possible settlement payment related to ongoing legal proceedings[107] - The company's future lease payment obligations had a net present value of approximately $538,000 as of February 28, 2023[95] - The company has no off-balance sheet arrangements that could materially affect its financial condition[96] Contractor Information - The average number of IT contractors increased from 443 to 467 from February 28, 2022 to February 28, 2023, while clerical and administrative contractors decreased from 278 to 173[72] Debt and Credit Facilities - The Company had no net borrowings outstanding against its Credit Facility as of February 28, 2023, with a maximum available amount of $2,000,000[89]