Financial Data and Key Metrics Changes - Revenue for Q1 2025 totaled $2,810,000, representing a 121% increase year over year compared to $1,270,000 in Q1 2024 [4][20] - Gross margins normalized to 42.4%, compared to 37% in Q4 2024 and 43.6% in Q3 2024 [4][21] - EBITDA loss narrowed to negative $540,000 from negative $840,000 in the same period last year [5][22] - Net loss for Q1 2025 was $710,000, down from a net loss of $850,000 in Q1 2024 [22] Business Line Data and Key Metrics Changes - Contract manufacturing revenue increased by 58% year over year, driven by demand from existing customers and new partnerships [4][5] - Consumer branded products revenue surged by 189% year over year, significantly boosted by the addition of Silly George [4] - The entire consumer products portfolio saw strong expansion, with new product launches planned for 2025 [11][12] Market Data and Key Metrics Changes - The company is experiencing increased interest in U.S.-made gels due to potential tariff impacts, which may enhance competitiveness against imported products [17][18] - There is a robust pipeline of new and potential customers for 2025, indicating strong market demand [8][19] Company Strategy and Development Direction - The company aims to expand its product lines, including new offerings for MetaGel and Cancoderm, and is transitioning Silly George into a broader beauty brand [12][13] - Strategic partnerships, such as with Stata, are expected to drive growth, with plans for additional product launches in 2025 and 2026 [14][30] - The company is monitoring tariff situations closely and is prepared to adjust manufacturing strategies if necessary [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product launch with AbbVie, despite delays, and sees it as a substantial opportunity [8][51] - The company does not foresee any weakness in consumer product sales and maintains guidance of $13,000,000 in revenue for 2025 [19][58] - Management is optimistic about achieving cash flow positivity in 2025, supported by ongoing innovation and growth [19][22] Other Important Information - The company has a cash balance of approximately $1,190,000 as of March 31, 2025 [22] - The company is exploring various financing options but prefers to avoid debt until achieving EBITDA positivity [48][64] Q&A Session Summary Question: How much revenue was expected from AbbVie, and does the delay affect guidance? - Management indicated that not much revenue was baked in from AbbVie, so the delay should not impact the projection of $13,000,000 [25] Question: Can you provide details on the product launching with Stata? - The first product is Histosol, a digestive enzyme, with plans for additional digestive enzymes in the future [30] Question: Is there a seasonal decline in Silly George sales? - Management noted a slight decline but emphasized that it was the most profitable quarter despite being smaller than previous quarters [57] Question: Will transitioning manufacturing to Texas impact other business lines? - Management confirmed that there is enough capacity in the new clean room to accommodate potential shifts in manufacturing [35] Question: Will the company survive on current cash reserves until EBITDA positive? - Management believes they can manage with current cash reserves until reaching EBITDA positivity [64]

Financial Data and Key Metrics Changes - Ampco Pittsburgh Corporation reported earnings per common share of $0.06 for Q1 2025, an improvement of $0.20 compared to the prior year quarter [4] - Adjusted EBITDA for the quarter was $8,800,000, up from $5,100,000 in Q1 2024, indicating significant EBITDA improvements across both segments [4] - Consolidated net sales for Q1 2025 were $104,300,000, a decline of approximately 5% compared to Q1 2024, but a 3% increase sequentially versus Q4 2024 [24] - Net income attributable to Ampco Pittsburgh for Q1 2025 was $1,100,000, compared to a net loss of $2,700,000 in the prior year [26] Business Segment Data and Key Metrics Changes - The Forged and Cast Engineered Products segment reported net sales of $72,300,000 for Q1 2025, down from $77,720,000 in Q1 2024, but segment EBITDA improved to $8,270,000 from $6,000,000 [7][8] - The Air and Liquid Systems segment had record order intake driven by the nuclear market, with adjusted EBITDA increasing to $3,800,000 from $2,200,000 in the prior year [15][21] Market Data and Key Metrics Changes - Global steel demand remains soft but stable in North America and Europe, with U.S. tariffs on rolls currently at 10% [9] - The company expects to benefit from the reduction of tariffs on imports from the U.S. to China, which will relieve pressure on shipments [10] - The total backlog as of March 31, 2025, was $368,500,000, a 6% increase compared to the previous year [26] Company Strategy and Development Direction - The company aims to protect margins by passing through negative effects of tariffs to customers [5] - There is a focus on enhancing profitability through pricing, operational efficiency, and disciplined management of external risks, including tariffs and geopolitical uncertainties [12] - The company is positioned to benefit from growth opportunities in the distribution of bar and block products as imports face new costs [12] Management's Comments on Operating Environment and Future Outlook - Management expects some near-term impacts in Q2 due to market and supply chain reactions to recent tariffs but remains optimistic about margin protection [5] - The nuclear market is seen as a preferred power option, with expectations for record levels of orders and shipments in the coming year [17] - Management acknowledges potential short-term supply chain issues due to tariffs but believes they could lead to increased demand for products in the long term [21] Other Important Information - The company implemented a change in non-GAAP measures reporting, now focusing on adjusted EBITDA instead of consolidated adjusted operating income [23] - Total selling and administrative expenses increased by 5% year-over-year due to inflationary pressures [25] - The company made a pension contribution of $800,000 during the quarter [28] Q&A Session Summary Question: No questions were registered during the Q&A session - The session concluded without any questions being asked [30][32]

Financial Data and Key Metrics Changes - In Q1 2025, total sales increased to $150 million, representing a 12% increase compared to the prior year period [15] - Net organic sales increased by 11.1% over the prior period [17] - Gross profit margin for Q1 2025 increased by 370 basis points compared to the prior year period [17] - Adjusted EBITDA was up $10 million in Q1 2025 versus Q1 2024, with adjusted EBIT margins at 37.6% [18][22] Business Line Data and Key Metrics Changes - Commercial aftermarket sales increased by 13% in Q1 2025 versus Q1 2024 and were up 15% sequentially from Q4 2024 [16] - Total commercial OEM sales increased by 8% in Q1 2025 compared to the prior year period [16] - Defense sales increased by 30% due to strong demand across multiple platforms and an increase in market share from new product launches [17] Market Data and Key Metrics Changes - The company expects commercial OEM to grow in high single digits and commercial aftermarket to grow in double digits for 2025 [20] - Defense end markets are expected to grow in high double digits, between 17% to 20% [20] Company Strategy and Development Direction - The company aims to achieve above-market growth rates by providing an entrepreneurial and collaborative environment for its business units [6] - Focus on launching new products to drive organic top-line growth of 1% to 3% annually [13] - Continuous improvement in margins through strategic initiatives and price increases above inflation [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of demand across all end markets, with no degradation observed [20] - The company is ahead of its plan on value pricing and productivity initiatives, expecting to meet or exceed guidance for 2025 [20] - Management noted that the current tariff environment has had an insignificant impact on results [22] Other Important Information - The company plans to close the acquisition of L and B Fans and Motors in Q3 2025, which is not included in the current guidance [22] - Capital expenditures for the year are expected to be approximately $14 million, with an effective tax rate of around 30% [22] Q&A Session Summary Question: Are you seeing any incremental pushback on pricing from airlines in your commercial aftermarket channel? - Management noted no pushback on pricing and indicated they are actually receiving more price this year than last year [28][30] Question: What drove the robust growth in defense sales, and what is expected for the remainder of the year? - Management indicated that defense sales are typically lumpy and the strong Q1 growth is not necessarily indicative of the entire year [41] Question: Can you discuss the impact of potential procurement reforms on your business? - Management stated they would assess any changes once finalized but emphasized their current efficiency in working with government procurement [60]

Financial Data and Key Metrics Changes - Consolidated net revenue is approximately $92.2 million, down 11.7% year over year [10] - Adjusted EBITDA reached approximately $12.9 million, down 42.2% [15] - Net loss was approximately $11.7 million or $0.26 per share compared to net income of $7.5 million or $0.15 per share for the same quarter last year [17] Business Line Data and Key Metrics Changes - Radio Broadcasting segment net revenue was $32.6 million, a decrease of 10.3% year over year [10] - Digital segment net revenue was down 16.2% in Q1 at $10.2 million, with audio streaming revenue down by $2.1 million [12] - Cable Television segment recognized approximately $44.2 million in revenue, a decrease of 7.9% [13] Market Data and Key Metrics Changes - Local ad sales were down 12.8% against markets that were down 13.2% [10] - National ad sales were down 14.6% against markets being down 11.6% [10] - TV One delivery declined 18% in total day persons, partially offset by a 29% increase in Clio TV [13] Company Strategy and Development Direction - The company is focused on cost controls, managing leverage, and maintaining a strong liquidity position [6] - Plans to continue deleveraging and maintaining liquidity in a difficult environment [7] - The company is exploring new distribution opportunities in the FAST and AVOD environment to monetize content [78] Management's Comments on Operating Environment and Future Outlook - Management indicated that radio pacing has weakened, down about 9% [5] - The majority of EBITDA is expected to come in the second half of 2025 [26] - Management does not foresee a positive ad rebound this year, citing uncertainty in the advertising market [45] Other Important Information - The company repurchased $28.2 million of its 2028 notes at an average price of 58% of par [16] - Total gross debt was approximately $556.3 million, with unrestricted cash of $115.1 million, resulting in a net debt of approximately $441.3 million [19] Q&A Session Summary Question: What other levers can the company pull to control costs? - Management mentioned ongoing cost-cutting measures and plans to identify further opportunities by mid-year [22][24] Question: Is the majority of EBITDA expected in the second half of 2025? - Management confirmed that more than half of EBITDA is expected in the second half of the year [26] Question: Should further debt repurchases be expected? - Management indicated that they will continue to be opportunistic with debt repurchases [29][31] Question: How is the advertising environment on the radio side? - Management noted that national advertising is currently weak, while local SMBs are not down as dramatically [50][52] Question: Can the company break out cable TV revenue between carriage fees and advertising? - Management directed the caller to the press release for detailed information [62] Question: What is the renewal schedule with large cable and other MVPDs? - Management provided details on upcoming renewals with Charter, Verizon, and NCTC [65][66] Question: What is the status of TV One ratings? - Management stated that ratings have stabilized and are exceeding budgeted numbers year to date [69] Question: Is programming spend steady or growing? - Management indicated that programming spend is down about 10% [72]

Core Viewpoint - Sotherly Hotels Inc. reported strong financial results for Q1 2025, with significant increases in net income and total revenues compared to the same period in 2024, despite some challenges in the hotel industry. Financial Performance - Total revenues for Q1 2025 were approximately $48.3 million, up from approximately $46.5 million in Q1 2024, representing a growth of 3.8% [2][3] - Net income attributable to common stockholders increased from a loss of approximately $0.7 million in Q1 2024 to income of approximately $2.7 million in Q1 2025, a change of about $3.4 million [2][3] - EBITDA for Q1 2025 was approximately $15.0 million, compared to approximately $10.8 million in Q1 2024, marking a significant increase [2][3] Key Operating Metrics - RevPAR for the composite portfolio increased by 5.0% to $129.74 in Q1 2025 from $123.59 in Q1 2024, driven by a 3.9% increase in occupancy to 68.8% [2][3] - Hotel EBITDA rose to approximately $12.9 million in Q1 2025, up from approximately $12.4 million in Q1 2024, reflecting a 4.5% increase [2][3] Balance Sheet and Liquidity - As of March 31, 2025, the company had approximately $32.8 million in available cash, with $21.3 million reserved for various expenses [5] - The company had outstanding debt of approximately $317.6 million at a weighted average interest rate of 5.88% [5] 2025 Outlook - The company provided guidance for 2025, projecting total revenues between $183.4 million and $188.2 million, with a net loss attributable to common stockholders ranging from $8.7 million to $7.8 million [6] - The guidance reflects macroeconomic uncertainties and potential volatility in hotel demand [6] Preferred Dividends - The company announced quarterly cash dividends for its preferred stock series, with payments scheduled for June 16, 2025 [3]

Core Insights - EfTEN Real Estate Fund AS reported strong financial results in April, with consolidated rental income reaching 2,611 thousand euros, a month-over-month increase of 55 thousand euros driven by new rental payments from the ICONFIT logistics centre and the Hiiu elderly care home [1] - The Fund's EBITDA for April was 2,183 thousand euros, reflecting a month-over-month increase of 193 thousand euros due to higher rental income and lower expenses [2] - The Fund paid a record dividend of 12.7 million euros in April, or 1.11 euros per share, partially financed by refinancing bank loans totaling 6.3 million euros [3] - The weighted average interest rate decreased to 4.21% in April from 4.37% in March, with a year-over-year decrease in consolidated interest expense of 586 thousand euros [4] - For the first four months of 2025, consolidated rental income was 10.3 million euros, a 1% year-over-year increase, while consolidated EBITDA was 8.4 million euros, down from 8.6 million euros in the same period last year [5] - The Fund's net asset value (NAV) per share was 19.64 euros at the end of April, with an EPRA NRV of 20.50 euros; the NAV decreased by 5.3% due to the dividend distribution [6]

Financial Data and Key Metrics Changes - Revenues for Q1 were $130.4 million, with EBITDAR at $20.2 million, maintaining operating margins consistent with Q1 of the previous year despite challenges [4][5] - The impact of weather, leap year, and reduced sports betting revenue in Colorado was estimated to be around $2 million compared to Q1 last year [5] - Carded gaming revenue increased by 1%, while uncarded gaming revenue decreased by 2.5% across all U.S. properties [5] Business Line Data and Key Metrics Changes - In Missouri, the new Carratus property saw carded gaming revenue grow by 12% and uncarded revenue increase by 23%, leading to a total gaming revenue increase of 17% or $2.1 million compared to Q1 last year [6][7] - The Century Casino and Hotel in Cape Girardeau experienced a 5% increase in patrons and a 2% increase in trips, although gaming win was flat due to lower hold [12] - In Colorado, carded revenue grew by 7% in Central City, while uncarded revenue decreased by 36% [13][14] Market Data and Key Metrics Changes - Total visitor volume decreased by 3%, with a notable reduction in visits from the 50 age group, partially offset by a 1% increase from younger guests [6] - The number of patrons living more than 75 miles from the Carratus property increased by 34%, contributing to a 23% increase in total visitors [9] - In the East segment, high-end customers outperformed low to mid-tier customers, with gaming revenue from the upper segment increasing by 10% [16] Company Strategy and Development Direction - The company is focusing on expanding its market presence, particularly in Missouri, with plans for sports betting to go live towards the end of the year [13] - There is a commitment to operational discipline and efficiency improvements, with expectations for higher EBITDA and cash flow moving forward [24] - The company plans to balance a conservative CapEx program with returning capital to shareholders, including stock buybacks [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving consumer behavior and spending patterns since mid-March, with April showing an estimated 5% increase in EBITDA compared to last year [25][26] - Despite economic uncertainties, management is more confident in the long-term prospects of the company than in the previous year [26] - The company does not anticipate significant competitive supply impacting its operations this year or next [27] Other Important Information - The company's cash and cash equivalents at the end of the quarter were $85 million, with a total principal amount of debt outstanding at €340 million [23] - The company expects to spend $4 million on growth projects and $14 million on maintenance CapEx this year [24] - The company is in discussions regarding the potential sale of its Polish operations, with two interested parties emerging [22] Q&A Session Summary Question: Have you noticed any softening in consumer behavior for your Canadian assets? - Management indicated that lower revenue is not significant and attributed it to weather and one less gaming day, expressing no concerns [33] Question: Can you provide an update on initiatives at Rocky Gap? - Management mentioned completed renovations and marketing initiatives targeting the Baltimore and Washington DC areas to attract higher net worth guests [36] Question: What has changed regarding year-end leverage targets? - Management noted a positive trend since mid-March but remained cautious about projecting this trend for the full year [44] Question: Are you looking to monetize your casino database in Alberta? - Management mentioned potential partnerships with the Alberta Gaming Commission for database sharing but did not see other opportunities at this time [48] Question: What is the strategy for revenue growth in Missouri? - Management confirmed a proactive approach to push revenue up while maintaining cost discipline, particularly targeting the 75+ mile customer base [55] Question: What is the timeline for the sale of Polish assets? - Management believes the sale could happen in 2025 but acknowledged previous misestimations regarding the timeline [57] Question: What is the capacity for stock buybacks? - Management indicated plans to start stock buybacks with a single-digit million dollar volume between now and the next earnings release [59]

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS down to $0.35 from $0.43 in Q1 2024, primarily due to the decrease in adjusted EBITDA [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North America experienced good volume growth in bananas, while European markets showed stable performance with volume growth in bananas and improved pineapple performance [8][9] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][25] - Capital allocation will be influenced by the outcome of the fresh vegetable division's strategic review, with ongoing projects in automation technology and facility expansions [40][44] - The company aims to maintain a baseline capital expenditure of approximately $100 million while anticipating increased spending related to reinvestments in Honduras [25][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][52] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [24] - Management acknowledged potential short-term disruptions but emphasized the resilience of the business model [25] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, primarily due to seasonal working capital trends [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management indicated that the EBITDA guidance reflects better-than-expected Q1 performance and considers current tariffs [28][29] Question: Fresh vegetables business exit strategy - Management is actively working on a strategic exit for the fresh vegetables business, emphasizing the complexity of the process [31][33] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [39][41] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][48] Question: Incremental CapEx for reinvestment in Honduras - Management estimated additional CapEx for reinvestment in Honduras to be around $10 million to $12 million, aimed at improving yields and flood protections [49]

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS at $0.35 per share, down from $0.43 in Q1 2024 [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North American operations showed good volume growth in bananas, with stable performance in Europe despite challenging pricing conditions [6][8] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9][10] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][42] - There is an ongoing evaluation of the fresh vegetables business, with a commitment to finding a strategic outcome that benefits all stakeholders [32][34] - The company aims to maintain a capital expenditure level in line with depreciation expenses, while also planning for increased CapEx related to reinvestments in Honduras [26][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][50] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [25][26] - Management highlighted the importance of a resilient and diverse business model in facing current economic volatility [24][50] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, expected to unwind as the year progresses [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management acknowledged the complexity of forecasting in the current environment, attributing the guidance raise to better-than-expected Q1 performance and favorable foreign exchange translation [30][31] Question: Fresh vegetables business exit strategy - Management confirmed ongoing efforts to find a strategic exit for the fresh vegetables business, emphasizing the complexity of the process and the importance of stakeholder interests [32][34] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [40][42] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][47] Question: Incremental CapEx for Honduras reinvestment - Management indicated that additional CapEx for reinvestment in Honduras would be in the range of $10 million to $12 million, aimed at improving yields and flood protections [48]

| (unaudited, in millions of dollars, except share and exchange rate | Q1 | Q4 | Q1 | | --- | --- | --- | --- | | information) | 2025 | 2024 | 2024 | | Revenue | | | | | Lumber – Conifex produced | 31.3 | 21.2 | 29.5 | | Lumber – wholesale | 0.0 | 0.0 | 0.0 | | By-products and other | 6.3 | 2.3 | 3.0 | | Bioenergy | 7.0 | 7.6 | 8.2 | | | 44.6 | 31.0 | 40.7 | | Operating income (loss) | 2.3 | (3.0) | (7.1) | | EBITDA | 4.9 | (2.1) | (0.5) | | Net income (loss) | 0.6 | (7.8) | (4.5) | | Basic earnings (loss) ...