CytoSorbents: Q1 Earnings Snapshot
PRINCETON, N.J. (AP) — PRINCETON, N.J. (AP) — CytoSorbents Corp. (CTSO) on Wednesday reported a loss of $1.5 million in its first quarter.
The Princeton, New Jersey-based company said it had a loss of 2 cents per share. Losses, adjusted for non-recurring gains, came to 6 cents per share.
The blood purification therapy company posted revenue of $8.7 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTSO at https://www.zacks.com/ap/CTSO
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San Francisco Chronicle
31 minutes ago
- San Francisco Chronicle
How the Vatican manages money and where Pope Leo XIV might find more
VATICAN CITY (AP) — The world's smallest country has a big budget problem. The Vatican doesn't tax its residents or issue bonds. It primarily finances the Catholic Church's central government through donations that have been plunging, ticket sales for the Vatican Museums, as well as income from investments and an underperforming real estate portfolio. The last year the Holy See published a consolidated budget, in 2022, it projected 770 million euros ($878 million), with the bulk paying for embassies around the world and Vatican media operations. In recent years, it hasn't been able to cover costs. That leaves Pope Leo XIV facing challenges to drum up the funds needed to pull his city-state out of the red. Withering donations Anyone can donate money to the Vatican, but the regular sources come in two main forms. Canon law requires bishops around the world to pay an annual fee, with amounts varying and at bishops' discretion 'according to the resources of their dioceses.' U.S. bishops contributed over one-third of the $22 million (19.3 million euros) collected annually under the provision from 2021-2023, according to Vatican data. The other main source of annual donations is more well-known to ordinary Catholics: Peter's Pence, a special collection usually taken on the last Sunday of June. From 2021-2023, individual Catholics in the U.S. gave an average $27 million (23.7 million euros) to Peter's Pence, more than half the global total. American generosity hasn't prevented overall Peter's Pence contributions from cratering. After hitting a high of $101 million (88.6 million euros) in 2006, contributions hovered around $75 million (66.8 million euros) during the 2010's then tanked to $47 million (41.2 million euros) during the first year of the COVID-19 pandemic, when many churches were closed. Donations remained low in the following years, amid revelations of the Vatican's bungled investment in a London property, a former Harrod's warehouse that it hoped to develop into luxury apartments. The scandal and ensuing trial confirmed that the vast majority of Peter's Pence contributions had funded the Holy See's budgetary shortfalls, not papal charity initiatives as many parishioners had been led to believe. Peter's Pence donations rose slightly in 2023 and Vatican officials expect more growth going forward, in part because there has traditionally been a bump immediately after papal elections. New donors The Vatican bank and the city state's governorate, which controls the museums, also make annual contributions to the pope. As recently as a decade ago, the bank gave the pope around 55 million euros ($62.7 million) a year to help with the budget. But the amounts have dwindled; the bank gave nothing specifically to the pope in 2023, despite registering a net profit of 30 million euros ($34.2 million), according to its financial statements. The governorate's giving has likewise dropped off. Some Vatican officials ask how the Holy See can credibly ask donors to be more generous when its own institutions are holding back. Leo will need to attract donations from outside the U.S., no small task given the different culture of philanthropy, said the Rev. Robert Gahl, director of the Church Management Program at Catholic University of America's business school. He noted that in Europe there is much less of a tradition (and tax advantage) of individual philanthropy, with corporations and government entities doing most of the donating or allocating designated tax dollars. Even more important is leaving behind the 'mendicant mentality' of fundraising to address a particular problem, and instead encouraging Catholics to invest in the church as a project, he said. Speaking right after Leo's installation ceremony in St. Peter's Square, which drew around 200,000 people, Gahl asked: 'Don't you think there were a lot of people there that would have loved to contribute to that and to the pontificate?' In the U.S., donation baskets are passed around at every Sunday Mass. Not so at the Vatican. Untapped real estate The Vatican has 4,249 properties in Italy and 1,200 more in London, Paris, Geneva and Lausanne, Switzerland. Only about one-fifth are rented at fair market value, according to the annual report from the APSA patrimony office, which manages them. Some 70% generate no income because they house Vatican or other church offices; the remaining 10% are rented at reduced rents to Vatican employees. In 2023, these properties only generated 35 million euros ($39.9 million) in profit. Financial analysts have long identified such undervalued real estate as a source of potential revenue. But Ward Fitzgerald, the president of the U.S.-based Papal Foundation, which finances papal charities, said the Vatican should also be willing to sell properties, especially those too expensive to maintain. Many bishops are wrestling with similar downsizing questions as the number of church-going Catholics in parts of the U.S. and Europe shrinks and once-full churches stand empty. Toward that end, the Vatican recently sold the property housing its embassy in Tokyo's high-end Sanbancho neighborhood, near the Imperial Palace, to a developer building a 13-story apartment complex, according to the Kensetsu News trade journal. Yet there has long been institutional reluctance to part with even money-losing properties. Witness the Vatican announcement in 2021 that the cash-strapped Fatebenefratelli Catholic hospital in Rome, run by a religious order, would not be sold. Pope Francis simultaneously created a Vatican fundraising foundation to keep it and other Catholic hospitals afloat. 'They have to come to grips with the fact that they own so much real estate that is not serving the mission of the church,' said Fitzgerald, who built a career in real estate private equity. ___ AP reporter Mari Yamaguchi in Tokyo contributed. ___
The Hill
an hour ago
- The Hill
How the Vatican manages money and where Pope Leo XIV might find more
VATICAN CITY (AP) — The world's smallest country has a big budget problem. The Vatican doesn't tax its residents or issue bonds. It primarily finances the Catholic Church's central government through donations that have been plunging, ticket sales for the Vatican Museums, as well as income from investments and an underperforming real estate portfolio. The last year the Holy See published a consolidated budget, in 2022, it projected 770 million euros ($878 million), with the bulk paying for embassies around the world and Vatican media operations. In recent years, it hasn't been able to cover costs. That leaves Pope Leo XIV facing challenges to drum up the funds needed to pull his city-state out of the red. Anyone can donate money to the Vatican, but the regular sources come in two main forms. Canon law requires bishops around the world to pay an annual fee, with amounts varying and at bishops' discretion 'according to the resources of their dioceses.' U.S. bishops contributed over one-third of the $22 million (19.3 million euros) collected annually under the provision from 2021-2023, according to Vatican data. The other main source of annual donations is more well-known to ordinary Catholics: Peter's Pence, a special collection usually taken on the last Sunday of June. From 2021-2023, individual Catholics in the U.S. gave an average $27 million (23.7 million euros) to Peter's Pence, more than half the global total. American generosity hasn't prevented overall Peter's Pence contributions from cratering. After hitting a high of $101 million (88.6 million euros) in 2006, contributions hovered around $75 million (66.8 million euros) during the 2010's then tanked to $47 million (41.2 million euros) during the first year of the COVID-19 pandemic, when many churches were closed. Donations remained low in the following years, amid revelations of the Vatican's bungled investment in a London property, a former Harrod's warehouse that it hoped to develop into luxury apartments. The scandal and ensuing trial confirmed that the vast majority of Peter's Pence contributions had funded the Holy See's budgetary shortfalls, not papal charity initiatives as many parishioners had been led to believe. Peter's Pence donations rose slightly in 2023 and Vatican officials expect more growth going forward, in part because there has traditionally been a bump immediately after papal elections. The Vatican bank and the city state's governorate, which controls the museums, also make annual contributions to the pope. As recently as a decade ago, the bank gave the pope around 55 million euros ($62.7 million) a year to help with the budget. But the amounts have dwindled; the bank gave nothing specifically to the pope in 2023, despite registering a net profit of 30 million euros ($34.2 million), according to its financial statements. The governorate's giving has likewise dropped off. Some Vatican officials ask how the Holy See can credibly ask donors to be more generous when its own institutions are holding back. Leo will need to attract donations from outside the U.S., no small task given the different culture of philanthropy, said the Rev. Robert Gahl, director of the Church Management Program at Catholic University of America's business school. He noted that in Europe there is much less of a tradition (and tax advantage) of individual philanthropy, with corporations and government entities doing most of the donating or allocating designated tax dollars. Even more important is leaving behind the 'mendicant mentality' of fundraising to address a particular problem, and instead encouraging Catholics to invest in the church as a project, he said. Speaking right after Leo's installation ceremony in St. Peter's Square, which drew around 200,000 people, Gahl asked: 'Don't you think there were a lot of people there that would have loved to contribute to that and to the pontificate?' In the U.S., donation baskets are passed around at every Sunday Mass. Not so at the Vatican. The Vatican has 4,249 properties in Italy and 1,200 more in London, Paris, Geneva and Lausanne, Switzerland. Only about one-fifth are rented at fair market value, according to the annual report from the APSA patrimony office, which manages them. Some 70% generate no income because they house Vatican or other church offices; the remaining 10% are rented at reduced rents to Vatican employees. In 2023, these properties only generated 35 million euros ($39.9 million) in profit. Financial analysts have long identified such undervalued real estate as a source of potential revenue. But Ward Fitzgerald, the president of the U.S.-based Papal Foundation, which finances papal charities, said the Vatican should also be willing to sell properties, especially those too expensive to maintain. Many bishops are wrestling with similar downsizing questions as the number of church-going Catholics in parts of the U.S. and Europe shrinks and once-full churches stand empty. Toward that end, the Vatican recently sold the property housing its embassy in Tokyo's high-end Sanbancho neighborhood, near the Imperial Palace, to a developer building a 13-story apartment complex, according to the Kensetsu News trade journal. Yet there has long been institutional reluctance to part with even money-losing properties. Witness the Vatican announcement in 2021 that the cash-strapped Fatebenefratelli Catholic hospital in Rome, run by a religious order, would not be sold. Pope Francis simultaneously created a Vatican fundraising foundation to keep it and other Catholic hospitals afloat. 'They have to come to grips with the fact that they own so much real estate that is not serving the mission of the church,' said Fitzgerald, who built a career in real estate private equity. ___ AP reporter Mari Yamaguchi in Tokyo contributed. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
Business Upturn
an hour ago
- Business Upturn
Populous Acquires Fentress Architects, Expanding Global Aviation Portfolio
Kansas City, Mo., United States: Populous, the world-renowned design firm specializing in sport and entertainment venues, today announced the acquisition of Denver-based Fentress Architects, a global leader in iconic aviation projects and prominent public buildings, including convention centers, museums and government facilities. This press release features multimedia. View the full release here: Los Angeles International Airport. Designed by Fentress Architects. This strategic acquisition unites two of the most respected names in architecture, combining Populous' unparalleled expertise in designing memorable experiences with Fentress' award-winning portfolio of aviation, civic and cultural landmarks. The acquisition significantly broadens the scope and scale of services that Populous can offer clients across the globe. Bruce Miller, Populous Global Chair and CEO, commented: 'We are committed to expanding the breadth of our practice. Fentress Architects has long been known for its visionary aviation and public architecture, exceptional design quality and commitment to innovation. Uniting our aviation team with Fentress to form Fentress Studios, a Populous Company, symbolizes our dedication to design quality. Adding Fentress' expertise and client base to the Populous global aviation and transportation portfolio, as well as synergies across convention center design, will enable us to transform the future of people-centric design and supercharge our global impact in those sectors.' Founded in 1980, Fentress Architects has designed more than $52 billion of architectural landmarks worldwide, including Denver International Airport, Incheon International Airport, Miami Beach Convention Center and the National Museum of the Marine Corps. The firm is known for creating architecture that is sustainable, contextual and deeply connected to the communities it serves. Curt Fentress, Founder and Principal in Charge of Design at Fentress Architects, commented: 'Populous shares our values of design excellence and people-centric thinking. Together, we will continue to redefine great architecture and its capacity to ignite social and economic change through inspired design for people.' Fentress Architects will rebrand as Fentress Studios, a Populous Company, with the studios continuing to be based in Denver and Washington D.C. The acquisition further propels Populous' capabilities in aviation, transportation and public sector design. About Populous Populous is a global design firm that began with a singular focus — to draw people together around the things they love, through experiences that capture all the senses and amplify the pure emotion shared in human moments. Over the last 40+ years, the firm has designed more than 3,500 projects worth over $60 billion across emerging and established markets. Populous' comprehensive services include architecture, interior design, event planning and overlay, branded environments, wayfinding, and graphics, planning and urban design, landscape architecture, aviation and transport design, hospitality and sustainable design consulting. Populous has over 1,500 employees in 32 global offices on four continents with regional centers in Kansas City, London and Brisbane. For more information, visit About Fentress Architects Fentress Architects is an international design firm that passionately pursues the creation of innovative, sustainable, and iconic architecture. The firm's work includes landmarks such as the Tom Bradley International Terminal at LAX, the Ralph L. Carr Colorado Supreme Courts, and the Royal Norwegian Embassy. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
