Financial Performance - Net sales for Q3 2024 were $220.9 million, an increase of $1.2 million or 0.6% compared to Q3 2023[4] - Gross profit for Q3 2024 was $37.1 million, up from $35.1 million in Q3 2023, despite including $0.5 million of non-cash mark-to-market losses[4] - The net loss for Q3 2024 was $14.3 million, compared to a net income of $16.6 million in Q3 2023[5] - Consolidated Adjusted EBITDA for Q3 2024 was $10.3 million, down from $11.6 million in Q3 2023, including $4.0 million of scale-up costs related to the Conway Facility[6] - Total operating expenses increased to $49,827 for the three months ended September 30, 2024, from $40,435 in the prior year, representing a rise of 23.5%[21] - The company reported a net loss of $14,259 for the three months ended September 30, 2024, compared to a net income of $16,621 in the same period last year[21] - Consolidated Adjusted EBITDA for the nine months ended September 30, 2024, was $33,845 thousand, an increase from $31,358 thousand for the same period in 2023[24] Segment Performance - The Beverage Solutions segment generated $164.0 million in net sales with Segment Adjusted EBITDA of $11.8 million for Q3 2024, compared to $176.8 million and $9.9 million, respectively, in Q3 2023[7] - Beverage Solutions segment net sales for the three months ended September 30, 2024, were $164,010, down from $176,818 in the same period of 2023, a decrease of 7.2%[23] - The Sustainable Sourcing & Traceability segment reported net sales of $56.9 million and Segment Adjusted EBITDA of $2.5 million for Q3 2024, up from $42.8 million and $1.7 million in Q3 2023[8] - Sustainable Sourcing & Traceability segment net sales increased to $56,850 for the three months ended September 30, 2024, from $42,794 in the prior year, marking a growth of 32.8%[23] - The company reported an Adjusted EBITDA of $11,752 for the Beverage Solutions segment for the three months ended September 30, 2024, compared to $9,884 in the same period last year, an increase of 18.8%[23] Future Expectations - The company expects to report $50.0 million of Consolidated Adjusted EBITDA for fiscal year 2024, including $10.0 million of scale-up costs associated with the Conway Facility[11] - For fiscal year 2025, the company anticipates Consolidated Adjusted EBITDA between $80.0 million and $100.0 million, driven by volume growth and new customer commitments[12] - The Conway Facility is expected to onboard over a dozen new customers in Q1 2025, projected to generate more annual Consolidated Adjusted EBITDA than the current base business[3] Cash Flow and Expenses - Cash used in operating activities for the nine months ended September 30, 2024, was $16,023, a significant improvement from $75,131 used in the same period of 2023[22] - Net cash provided by financing activities for the nine months ended September 30, 2024, was $151,364, compared to $223,147 in the prior year[22] - The company incurred $30,115 thousand in pre-production costs for the Conway extract and ready-to-drink facility during the nine months ended September 30, 2024[24] - Transaction, restructuring, and integration expenses totaled $9,901 thousand for the nine months ended September 30, 2024, down from $12,682 thousand in the same period of 2023[24] - Interest expense for the three months ended September 30, 2024, was $6,889 thousand, slightly down from $7,803 thousand in the prior year[24] - Depreciation and amortization increased to $7,680 thousand for the three months ended September 30, 2024, compared to $6,364 thousand in the same period last year[24] - Equity-based compensation for the three months ended September 30, 2024, was $3,028 thousand, compared to $2,439 thousand in the same period last year[24] Governance - Ken Parent has been appointed to the Board of Directors, bringing extensive experience from Pilot Flying J[10] Other Financial Metrics - The total liabilities, convertible preferred shares, and shareholders' equity amounted to $1,077,114 as of September 30, 2024, compared to $971,514 at the end of 2023[20] - The company reported a change in the fair value of warrant liabilities of $(5,481) thousand for the three months ended September 30, 2024[24] - Consolidated Adjusted EBITDA for the three months ended June 30, 2024, was revised to $12,434 thousand after excluding scale-up costs[25] - The company emphasizes that EBITDA and Consolidated Adjusted EBITDA are important non-GAAP measures for evaluating operating performance and profitability[26]

Deliveries of Bollinger B4 continue, with electric trucks to TEC Equipment OAK PARK, Mich., Oct. 30, 2024 /PRNewswire/ -- Bollinger Motors today announced it has made its first customer delivery on the West Coast, sending three 2025 Bollinger B4 Chassis Cabs to TEC Equipment's dealerships in Lacey, Washington; Fontana, California; and Oakland, California. The vehicles' total retail value equals nearly $500,000. Bollinger B4 Bollinger B4 The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commer ...

VANCOUVER, BC, Oct. 21, 2024 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) ("Nevada King" or the "Company") is pleased to announce commencement of its Phase III drill program with the mobilization of a reverse-circulation ("RC") drill to conduct drilling across the recently discovered Wild West Target ("WWT") (August 19, 2024 release) at its 5,166 hectares (51.6km2), 100%-owned Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.Wild West ...

Westrock Coffee Company (WEST) shares ended the last trading session 10.8% higher at $6.36. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% loss over the past four weeks. Westrock's stock rally is an extension of its innovative beverage solutions that have impressed investors. The company provides a comprehensive range of services, from coffee bean sourcing to final product distribution, demonstrating a stron ...

Westrock Coffee Company (WEST) shares ended the last trading session 5.7% higher at $7.09. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.6% loss over the past four weeks. The Westrock stock surge followed Craig-Hallum's initiation of coverage on the coffee industry supplier with a Buy rating. The analyst referred to Westrock as a leading brand-behind-the-brand beverage solutions provider, serving blue-chip cli ...

Westrock Coffee Company (WEST) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to loss of $0.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 75%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.13, delivering a surprise of -550%. Over the last four quarters, the company has su ...

Part I. Financial Information [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents Westrock Coffee Company's unaudited condensed consolidated financial statements, covering balance sheets, operations, and cash flows, with detailed notes Condensed Consolidated Balance Sheet Highlights (Unaudited) | (In Thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $332,525 | $313,050 | | **Total Assets** | $1,056,373 | $971,514 | | **Total Current Liabilities** | $253,867 | $239,635 | | **Total Liabilities** | $700,803 | $583,558 | | **Total Shareholders' Equity** | $81,528 | $113,740 | Condensed Consolidated Statements of Operations Highlights (Unaudited) | (In Thousands, except per share data) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $208,389 | $224,694 | $400,889 | $430,136 | | **Gross Profit** | $41,403 | $35,676 | $78,677 | $69,974 | | **Loss from Operations** | $(16,408) | $(1,395) | $(26,540) | $(8,759) | | **Net Loss** | $(17,759) | $(26,811) | $(41,432) | $(31,137) | | **Loss per Common Share (Basic & Diluted)** | $(0.20) | $(0.35) | $(0.47) | $(0.42) | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | (In Thousands) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(15,691) | $(35,668) | | **Net cash used in investing activities** | $(104,760) | $(58,175) | | **Net cash provided by financing activities** | $108,409 | $96,385 | | **Net (decrease) increase in cash** | $(11,813) | $2,377 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business segments, accounting policies, and key financial items, including restructuring, revenue shifts, debt financing, and segment performance - The company operates in two segments: Beverage Solutions (coffee, tea, flavors, extracts) and Sustainable Sourcing & Traceability (green coffee trading)[20](index=20&type=chunk)[21](index=21&type=chunk) - In Q2 2024, the company initiated a restructuring plan to consolidate manufacturing operations, including closing facilities in Concord, NC, and Richmond, CA, resulting in **$4.1 million** of severance costs recognized in the quarter[36](index=36&type=chunk)[38](index=38&type=chunk) Disaggregated Revenue by Product Type (Six Months Ended June 30) | (In Thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Coffee & tea | $233,845 | $291,753 | | Flavors, extracts & ingredients | $85,782 | $77,682 | | Green coffee | $79,577 | $59,208 | | **Total Net Sales** | **$400,889** | **$430,136** | - In February 2024, the company issued **$72.0 million** of **5.00%** convertible senior notes due 2029 in a private placement, with **$50.0 million** purchased by related parties[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2024 financial results, covering net sales, gross profit, Adjusted EBITDA, restructuring, segment performance, and liquidity [Key Business Metrics](index=38&type=section&id=Key%20Business%20Metrics) Adjusted EBITDA, a key non-GAAP metric, increased to **$13.7 million** in Q2 2024, driven by improved performance in both Beverage Solutions and Sustainable Sourcing & Traceability segments Adjusted EBITDA Reconciliation (Unaudited) | (In Thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net loss** | $(17,759) | $(26,811) | $(41,432) | $(31,137) | | **Adjustments** | ... | ... | ... | ... | | **Adjusted EBITDA** | **$13,664** | **$11,310** | **$24,806** | **$19,763** | Adjusted EBITDA by Segment (Three Months Ended June 30) | (In Thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Beverage Solutions | $13,245 | $11,660 | | Sustainable Sourcing & Traceability | $419 | $(350) | | **Total** | **$13,664** | **$11,310** | [Significant Developments](index=40&type=section&id=Significant%20Developments) Significant restructuring activities in Q2 2024, including facility consolidation and workforce reduction, are expected to generate **$10.0 million** in annualized savings by Q1 2025 - The company committed to a restructuring plan involving the closure of its West Winds facility in Concord, NC, and its Richmond, CA facility, consolidating production into other sites[150](index=150&type=chunk) - These initiatives, including workforce reductions, are projected to result in annualized savings of approximately **$10.0 million**, expected to be fully realized on a run-rate basis in Q1 2025[150](index=150&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2024 saw net sales decrease by **7.3%** to **$208.4 million**, while gross profit increased **16.0%** to **$41.4 million**, with a wider operating loss due to increased SG&A expenses - **Q2 2024 vs Q2 2023 Performance:** - **Net Sales:** Decreased by **$16.3 million** (**7.3%**) to **$208.4 million** - **Gross Profit:** Increased by **$5.7 million** (**16.0%**) to **$41.4 million**, with gross margin improving from **15.9%** to **19.9%** - **Loss from Operations:** Widened to **$(16.4) million** from **$(1.4) million**, primarily due to a **$17.4 million** increase in SG&A expenses[151](index=151&type=chunk) - The Beverage Solutions segment's Q2 net sales fell **14.0%** to **$163.3 million**, driven by a **22.1%** decrease in roast and ground coffee volumes and a **14.8%** decrease in single serve cup volumes[154](index=154&type=chunk) - The SS&T segment's Q2 net sales grew **29.1%** to **$45.1 million**, driven by a **39.9%** increase in sales volume[155](index=155&type=chunk) - SG&A expenses in the Beverage Solutions segment increased by **$17.3 million**, primarily due to an **$11.9 million** increase in start-up costs for the Conway, Arkansas facility[157](index=157&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity sources are cash, operating cash flow, and credit facilities. In February 2024, the company amended its Credit Agreement and issued **$72.0 million** in convertible notes to enhance liquidity, with capital primarily deployed for the new Conway facility - Primary sources of liquidity are cash, operating activities, and the Credit Agreement, which includes a **$175.0 million** Revolving Credit Facility, a **$175.0 million** Term Loan, and a **$50.0 million** Delayed Draw Term Loan[177](index=177&type=chunk)[179](index=179&type=chunk) - In February 2024, the company amended its credit agreement and issued **$72.0 million** in **5.00%** convertible senior notes due 2029 to bolster its capital structure[182](index=182&type=chunk)[186](index=186&type=chunk) - An at-the-market (ATM) common stock offering program was established to sell up to **5,000,000** shares, with net proceeds of **$0.6 million** raised in H1 2024[196](index=196&type=chunk) Capital Expenditures (Six Months Ended June 30) | (In Thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Growth | $102,742 | $50,512 | | Maintenance | $1,043 | $1,757 | | Customer Beverage Equipment | $538 | $1,151 | | Other | $782 | $2,325 | | **Total** | **$105,105** | **$55,745** | [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes have occurred in the market risks faced by the company since the disclosures in its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes in market risks from those disclosed in the company's 2023 Annual Report on Form 10-K[209](index=209&type=chunk) [Controls and Procedures](index=52&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2024, due to material weaknesses in internal control over financial reporting - Management concluded that disclosure controls and procedures were not effective as of June 30, 2024, due to ongoing material weaknesses in internal control over financial reporting[211](index=211&type=chunk) - The identified material weaknesses relate to: - Ineffective design and maintenance of controls in response to risks of material misstatement - Deficiencies in the period-end financial reporting process - Lack of effective controls ensuring appropriate segregation of duties[213](index=213&type=chunk)[214](index=214&type=chunk) - Remediation activities are underway, including hiring additional accounting and IT personnel, formalizing a risk assessment process, engaging third-party assistance, and implementing new controls over financial reporting and segregation of duties[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) Part II. Other Information [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and legal proceedings in the ordinary course of business, not expected to materially affect its financial position or results - The company states that ongoing legal proceedings from the normal course of business are not expected to have a material adverse effect on its financial condition or results[220](index=220&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors affecting the company's business since those disclosed in its Annual Report on Form 10-K filed on March 15, 2024 - No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K filed on March 15, 2024[221](index=221&type=chunk)

VANCOUVER, B.C., July 30, 2024 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. ("Trillion" or the "Company") (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on perforations of the West Akcakoca-1 well at the SASB gas field located in the southwestern Black Sea and production progress to date. The West Akcakoca-1 well has now had the remaining three perforation intervals totaling 4 metres perforated for a total of five zones. Prior delays involving weather conditions and wai ...

In addition to the new satellite Helen M. Simpson hospital through the UPMC joint venture partnership, Select Medical also operates two inpatient rehabilitation and three critical illness recovery hospitals in Central Pennsylvania. About Select Medical MECHANICSBURG, Pa., July 10, 2024 /PRNewswire/ -- Joint venture partners Select Medical and UPMC announced plans to open Helen M. Simpson Rehabilitation Hospital - West Shore in Q2 2025. A satellite of its namesake, the acute inpatient rehabilitation hospital ...

Financial Data and Key Metrics Changes - The first quarter adjusted EBITDA increased by 32% year-over-year, driven by double-digit growth in most product segments, except for roasted ground coffee, which remained weak [8][25] - Consolidated net sales for the quarter were $192.5 million, down 6.3% from the first quarter of 2023, primarily due to volume declines in the roasting ground coffee business [26][30] - Despite the drop in sales, consolidated gross profit increased by 8.7%, leading to an adjusted EBITDA of $11.1 million, which is a 32% increase year-over-year [27][36] Business Line Data and Key Metrics Changes - Beverage solutions segment contributed $158.1 million in net sales, a decrease of approximately 13% compared to the prior year, largely due to softness in the roasting ground coffee business [28][30] - The sustainable sourcing and traceability segment saw net sales of $34.4 million, a 42% increase compared to the first quarter of 2023, primarily due to increased volumes [32] - Adjusted EBITDA in the beverage solutions segment was $10.8 million, a 28% increase year-over-year, with an adjusted EBITDA margin up 217 basis points [31] Market Data and Key Metrics Changes - Lower and middle-income consumers are becoming more budget-conscious, leading to fewer trips to restaurants and convenience stores, which has impacted beverage sales [29] - U.S. grocery sales are experiencing volume declines as consumers face significantly higher food and beverage prices, contributing to the overall volume drop [30] Company Strategy and Development Direction - The company is focused on transitioning from hot coffee to cold-based and single-serve ready-to-drink coffee offerings, leveraging the new Conway facility [17][20] - The Conway facility is expected to run at approximately 75% of installed capacity utilization in 2025 based on the current order book [9] - The company is committed to long-term customer success, even if it means short-term operational challenges [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that food and fuel inflation continues to impact consumer spending, particularly affecting the roasting ground coffee volumes [15][16] - The company reaffirmed its adjusted EBITDA guidance for 2024 to be between $60 million and $80 million, while introducing preliminary guidance for 2025 adjusted EBITDA of approximately $115 million [13][14][36] Other Important Information - The Conway extract and ready-to-drink facility commenced operations on April 16, 2024, as planned, and is now in the product commercialization phase [9][12] - The company has spent over $200 million of the anticipated $315 million on the Conway facility, with expectations to be free cash flow positive in the second half of 2025 [33][34] Q&A Session Summary Question: What gave confidence for the 2025 guidance? - Management indicated that the guidance reflects what has already been sold and the ramp-up of the Conway facility, with 25% of capacity yet to be filled [39][40] Question: How should the second half of 2024 be viewed in terms of EBITDA? - Management expects a gradual ramp-up in the second half of 2024, with significant growth anticipated in 2025 as production increases [41][42] Question: What is the status of customer acceptance for new lines? - Management stated that they are ahead of schedule in the acceptance process for new lines, although future timelines remain uncertain [46][47] Question: Why is the remaining 25% capacity not sold out going into 2025? - Management explained that some customers need to see product produced before signing contracts, which is why that capacity is not yet filled [48][49] Question: What types of contract wins have been achieved? - Management noted a mix of new customers and contracts across various product categories, including both large retailers and emerging brands in the ready-to-drink space [51][52] Question: How does the margin profile of the Conway business compare to traditional businesses? - Management indicated that the Conway plant has a higher margin than most traditional businesses, particularly in the extract segment [58][60] Question: What areas are being targeted for cost reductions? - Management is looking to maximize the manufacturing footprint and consolidate operations to improve profitability and reduce costs [63]