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Air Canada, flight attendants resume talks as days-old strike continues

Air Canada, flight attendants resume talks as days-old strike continues

CBS Newsa day ago
Toronto — Air Canada and the union representing 10,000 flight attendants resumed talks late Monday for the first time since a strike by the flight attendants began over the weekend. The walkout affecting about 130,000 travelers a day at the peak of the summer travel season.
It was the first time the two sides talked since early Saturday or late Friday. In an update to its members, the union said the airline reached out and the meeting occurred with the assistance of a mediator in Toronto.
It followed the union's declaration that the flight attendants won't return to work even though the strike, now in its third day, has been declared illegal.
Earlier, Air Canada said rolling cancellations would now extend to Tuesday afternoon after the union defied a second return-to-work order. The country's biggest airline had said earlier that operations would resume Monday evening but the union president said that won't happen.
"We will not be returning to the skies," said Mark Hancock, national president for Canadian Union of Public Employees, or CUPE, which also represents some non-public sectors.
The Canada Industrial Relations Board had declared the strike illegal Monday and ordered the flight attendants back on the job. But the union said it would defy the directive. Union leaders also ignored a weekend order to submit to binding arbitration and end the strike by Sunday afternoon.
The board, an independent administrative tribunal that interprets and applies Canada's labor laws, had said the union needed to provide written notice to all of its members by noon Monday that they must resume their duties.
Asked on Monday what repercussions the union was willing to face for its defiance of the labor board's return to works orders, Hancock said, "There's no limit. We're going to stay strong."
"If it means folks like me going to jail, then so be it. If it means our union being fined, then so be it," Hancock said. "We're looking for a solution here. Our members want a solution here, but solution has to be found at the bargaining table."
It wasn't immediately clear what recourse the board or the government have if the union continues to refuse.
Labor leaders are objecting to the Canadian government's repeated use of a law that cuts off workers' right to strike and forces them into arbitration, a step the government took in recent years with workers at ports, railways and elsewhere.
"We are in a situation where literally hundreds of thousands of Canadians and visitors to our country are being disrupted by this action," Prime Minister Mark Carney said. "I urge both parties to resolve this as quickly as possible."
Carney stressed it was important that flight attendants were compensated fairly at all times.
Jobs Minister Patty Hajdu said the federal government is launching a probe into the unions' allegations that flight attendants are not paid for work they do while airplanes are on the ground, and is considering introducing legislation to address the issue.
Air Canada operates around 700 flights per day. The airline estimated Monday that 500,000 customers would be affected by flight cancellations.
Aviation analytics firm Cirium said that as of Monday afternoon, Air Canada had called off at least 1,219 domestic flights and 1,339 international flights since last Thursday, when the carrier began gradually suspending its operations ahead of the strike and lockout.
Air Canada chief executive Michael Rousseau said he still was looking for a quick resolution.
"We're obviously hoping we can go tomorrow, but we'll make that decision later today," Rousseau said on BNN Bloomberg shortly after the union announced it would continue with the strike.
Montreal resident Robert Brzymowski has been stranded in Prague along with his wife and their two children since Saturday, when Air Canada canceled their flight home from what was meant to be a two-week vacation visiting relatives.
Brzymowski, who consults businesses on energy-efficient practices, said he was set to start a new job Monday but lost out on the contract because he wasn't back in Montreal in time.
"I wasn't planning on losing my job over vacation," he said.
Frustrated by what he described as a lack of communication from the airline, Brzymowski said he went to the airport in Prague on Monday morning and was able to get the airline to book them a new flight on Aug. 25 - more than a week after their original flight.
He said his children will also miss the first day of the new school year, and his wife won't get paid for the week because she used the last of her paid time off for the year for this trip.
"I, for one, will never fly Air Canada again," Brzymowski said. "I'll take a boat if I have to."
Flight attendants walked off the job early Saturday after turning down the airline's request to enter into government-directed arbitration, which allows a third-party mediator to decide the terms of a new contract.
Air Canada and CUPE have been in contract talks for about eight months but remain far apart on the issue of pay and the unpaid work that flight attendants do when planes aren't in the air.
The airline's latest offer included a 38% increase in total compensation, including benefits and pensions, over four years that it said "would have made our flight attendants the best compensated in Canada."
But the union pushed back, saying the proposed 8% raise in the first year didn't go far enough because of inflation.
Passengers whose flights are impacted will be eligible to request a full refund on the airline's website or mobile app, according to Air Canada.
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Forward-Looking Statements This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; impacts related to tariffs and other trade restrictions; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; and other future events. 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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) ‌Three Months EndedNine Months EndedAug. 2, 2025Aug. 3, 2024Aug. 2, 2025Aug. 3, 2024 Revenue $ 2,880,348$ 2,312,209$ 7,943,590$ 6,983,952 Cost of sales 1,090,6001,000,9703,111,9293,018,737 Gross margin 1,789,7481,311,2394,831,6613,965,215 Operating expenses: Research and development 454,251362,6711,298,9801,108,960 Selling, marketing, general and administrative 325,706257,213913,171791,420 Amortization of intangibles 187,415187,754562,245567,030 Special charges, net 4,34812,28269,98034,399 Total operating expenses 971,720819,9202,844,3762,501,809 Operating income 818,028491,3191,987,2851,463,406 Nonoperating expense (income): Interest expense 79,59285,179229,559239,423 Interest income (27,083)(26,432)(72,295)(50,870) Other, net 2,1109,5815,10813,841 Total nonoperating expense (income) 54,61968,328162,372202,394 Income before income taxes 763,409422,9911,824,9131,261,012 Provision for income taxes 244,89130,759345,309103,811 Net income $ 518,518$ 392,232$ 1,479,604$ 1,157,201 ‌Shares used to compute earnings per common share - basic 494,390496,338495,560496,077 Shares used to compute earnings per common share - diluted 496,726498,794497,865498,689 ‌Basic earnings per common share $ 1.05$ 0.79$ 2.99$ 2.33 Diluted earnings per common share $ 1.04$ 0.79$ 2.97$ 2.32 ANALOG DEVICES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) ‌Aug. 2, 2025Nov. 2, 2024 ASSETSCurrent AssetsCash and cash equivalents $ 2,321,191$ 1,991,342 Short-term investments 1,148,096371,822 Accounts receivable 1,553,2591,336,331 Inventories 1,596,8531,447,687 Prepaid expenses and other current assets 305,170337,472 Total current assets 6,924,5695,484,654 Non-current AssetsNet property, plant and equipment 3,299,2783,415,550 Goodwill 26,945,18026,909,775 Intangible assets, net 8,402,6309,585,464 Deferred tax assets 1,925,4422,083,752 Other assets 695,502749,082 Total non-current assets 41,268,03242,743,623 TOTAL ASSETS $ 48,192,601$ 48,228,277 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent LiabilitiesAccounts payable $ 490,723$ 487,457 Income taxes payable 475,033447,379 Debt, current —399,636 Commercial paper notes 548,665547,738 Accrued liabilities 1,464,6171,106,070 Total current liabilities 2,979,0382,988,280 Non-current LiabilitiesLong-term debt 8,139,9386,634,313 Deferred income taxes 2,371,5362,624,392 Income taxes payable 99,880260,486 Other non-current liabilities 516,367544,489 Total non-current liabilities 11,127,72110,063,680 Shareholders' EquityPreferred stock, $1.00 par value, 471,934 shares authorized, none outstanding —— Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 491,955,436 shares outstanding (496,296,854 on November 2, 2024) 81,99482,718 Capital in excess of par value 23,938,23825,082,243 Retained earnings 10,238,69510,196,612 Accumulated other comprehensive loss (173,085)(185,256) Total shareholders' equity 34,085,84235,176,317 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 48,192,601$ 48,228,277 ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) ‌Three Months EndedNine Months EndedAug. 2, 2025Aug. 3, 2024Aug. 2, 2025Aug. 3, 2024 Cash flows from operating activities: Net income $ 518,518$ 392,232$ 1,479,604$ 1,157,201 Adjustments to reconcile net income to net cash provided by operations: Depreciation 102,54292,358301,323265,530 Amortization of intangibles 384,750437,9491,202,1791,318,325 Stock-based compensation expense 84,70364,051235,108192,262 Deferred income taxes 52,052(105,218)(97,318)(269,566) Other (5,699)10,456(1,496)23,826 Changes in operating assets and liabilities 28,239(36,801)(8,008)114,134 Total adjustments 646,587462,7951,631,7881,644,511 Net cash provided by operating activities 1,165,105855,0273,111,3922,801,712 Cash flows from investing activities: Purchases of short-term available-for-sale investments (1,150,240)(14,784)(1,150,240)(438,901) Maturities of short-term available-for-sale investments ——372,778— Additions to property, plant and equipment, net (79,153)(153,886)(318,399)(565,053) Proceeds from sale of property, plant and equipment, net ——58,892— Payments for acquisitions, net of cash acquired ——(45,652)— Other (715)(3,396)(13,595)10,710 Net cash used for investing activities (1,230,108)(172,066)(1,096,216)(993,244) Cash flows from financing activities: Proceeds from debt 1,490,785—1,490,7851,087,856 Debt repayments ——(399,998)— Proceeds from commercial paper notes 2,551,1682,326,0916,867,5087,709,492 Payments of commercial paper notes (2,551,223)(2,326,883)(6,866,581)(7,709,273) Repurchase of common stock (1,075,152)(117,980)(1,484,166)(520,712) Dividend payments to shareholders (490,161)(456,485)(1,437,521)(1,338,703) Proceeds from employee stock plans 42,76752,019104,329116,355 Other 41,7756,61440,317(5,512) Net cash provided by (used for) financing activities 9,959(516,624)(1,685,327)(660,497) Net (decrease) increase in cash and cash equivalents (55,044)166,337329,8491,147,971 Cash and cash equivalents at beginning of period 2,376,2351,939,6951,991,342958,061 Cash and cash equivalents at end of period $ 2,321,191$ 2,106,032$ 2,321,191$ 2,106,032 ANALOG DEVICES, INC. REVENUE TRENDS BY END MARKET(Unaudited)(In thousands) The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end Months EndedAugust 2, 2025August 3, 2024Revenue% of Revenue1Y/Y%Revenue% of Revenue1 Industrial $ 1,285,04145 %23 %$ 1,045,29145 % Automotive 850,61930 %22 %694,90530 % Consumer 372,19713 %21 %306,83213 % Communications 372,49113 %40 %265,18111 % Total revenue $ 2,880,348100 %25 %$ 2,312,209100 % ‌ Nine Months EndedAugust 2, 2025August 3, 2024Revenue% of Revenue1Y/Y%Revenue% of Revenue1 Industrial $ 3,502,75144 %9 %$ 3,223,11146 % Automotive 2,445,39131 %14 %2,136,17331 % Consumer 1,009,61413 %24 %817,43612 % Communications 985,83412 %22 %807,23212 % Total revenue $ 7,943,590100 %14 %$ 6,983,952100 % 1) The sum of the individual percentages may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (Unaudited) (In thousands, except per share amounts) ‌Three Months EndedNine Months EndedAug. 2, 2025Aug. 3, 2024Aug. 2, 2025Aug. 3, 2024 Gross margin $ 1,789,748$ 1,311,239$ 4,831,661$ 3,965,215 Gross margin percentage 62.1 %56.7 %60.8 %56.8 % Acquisition related expenses 204,756259,296662,865778,821 Adjusted gross margin $ 1,994,504$ 1,570,535$ 5,494,526$ 4,744,036 Adjusted gross margin percentage 69.2 %67.9 %69.2 %67.9 % ‌Operating expenses $ 971,720$ 819,920$ 2,844,376$ 2,501,809 Percent of revenue 33.7 %35.5 %35.8 %35.8 % Acquisition related expenses (188,015)(188,882)(564,045)(571,504) Special charges, net (4,348)(12,282)(69,980)(34,399) Adjusted operating expenses $ 779,357$ 618,756$ 2,210,351$ 1,895,906 Adjusted operating expenses percentage 27.1 %26.8 %27.8 %27.1 % ‌Operating income $ 818,028$ 491,319$ 1,987,285$ 1,463,406 Operating margin 28.4 %21.2 %25.0 %21.0 % Acquisition related expenses 392,771448,1781,226,9101,350,325 Special charges, net 4,34812,28269,98034,399 Adjusted operating income $ 1,215,147$ 951,779$ 3,284,175$ 2,848,130 Adjusted operating margin 42.2 %41.2 %41.3 %40.8 % ‌Nonoperating expense (income) $ 54,619$ 68,328$ 162,372$ 202,394 Acquisition related expenses 2,1502,1506,4506,450 Adjusted nonoperating expense (income) $ 56,769$ 70,478$ 168,822$ 208,844 ‌Income before income taxes $ 763,409$ 422,991$ 1,824,913$ 1,261,012 Acquisition related expenses 390,621446,0281,220,4601,343,875 Special charges, net 4,34812,28269,98034,399 Adjusted income before income taxes $ 1,158,378$ 881,301$ 3,115,353$ 2,639,286 ‌Provision for income taxes $ 244,891$ 30,759$ 345,309$ 103,811 Effective income tax rate 32.1 %7.3 %18.9 %8.2 % Tax related items (106,855)64,03615,780188,995 Adjusted provision for income taxes $ 138,036$ 94,795$ 361,089$ 292,806 Adjusted tax rate 11.9 %10.8 %11.6 %11.1 % ‌Diluted EPS $ 1.04$ 0.79$ 2.97$ 2.32 Acquisition related expenses 0.790.892.452.69 Special charges, net 0.010.020.140.07 Tax related items 0.22(0.13)(0.03)(0.38) Adjusted diluted EPS* $ 2.05$ 1.58$ 5.53$ 4.71* The sum of the individual per share amounts may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited) (In thousands) ‌Trailing Twelve MonthsThree Months EndedAug. 2, 2025Aug. 2, 2025May 3, 2025Feb. 1, 2025Nov. 2, 2024 Revenue $ 10,386,795$ 2,880,348$ 2,640,068$ 2,423,174$ 2,443,205 Net cash provided by operating activities $ 4,162,209$ 1,165,105$ 819,478$ 1,126,809$ 1,050,817 % of Revenue 40 %40 %31 %47 %43 % Capital expenditures $ (483,809)$ (79,153)$ (90,268)$ (148,978)$ (165,410) Free cash flow $ 3,678,400$ 1,085,952$ 729,210$ 977,831$ 885,407 % of Revenue 35 %38 %28 %40 %36 % ANALOG DEVICES, INC. RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS (Unaudited) ‌Three Months Ending November 1, 2025ReportedAdjusted Revenue $3.0 Billion $3.0 Billion (+/- $100 Million)(+/- $100 Million) Operating margin 30.5 %43.5 %(1)(+/-150 bps)(+/-100 bps) Nonoperating expenses ~ $55-$60 Million~ $55-$60 Million Tax rate 11% - 13%11% - 13% (2) Earnings per share $1.53$2.22 (3)(+/- $0.10)(+/- $0.10)(1) Includes $391 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. (2) Includes $51 million of tax effects associated with the adjustment for acquisition related expenses noted above. (3) Includes $0.69 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items. For more information, please contact: Jeff Ambrosi781-461-3282Senior Director, Investor View original content to download multimedia: SOURCE Analog Devices, Inc.

First PRIZM Study Participant Enrolled in Tisento Therapeutics' Open-Label Extension Study in MELAS
First PRIZM Study Participant Enrolled in Tisento Therapeutics' Open-Label Extension Study in MELAS

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First PRIZM Study Participant Enrolled in Tisento Therapeutics' Open-Label Extension Study in MELAS

Participants Who Complete Treatment in Global Phase 2b PRIZM MELAS Study Are Eligible to Enroll CAMBRIDGE, Mass., Aug. 20, 2025 (GLOBE NEWSWIRE) -- Tisento Therapeutics today announced that the first participant has enrolled in the company's open-label extension study in MELAS (Mitochondrial Encephalomyopathy, Lactic Acidosis, and Stroke-like Episodes). The extension study (NCT06961344) is evaluating the long-term safety and tolerability of zagociguat in individuals with MELAS who complete treatment in the global Phase 2b PRIZM study, which is expected to complete screening in the next months. The extension study is intended to provide uninterrupted access to zagociguat for clinical trial participants for up to two years and evaluate the long-term safety of zagociguat. 'We're pleased to reach the important milestone of enrolling the first PRIZM study participant into our open-label extension study,' said Peter Hecht, Ph.D., chief executive officer of Tisento. 'Enthusiastic engagement by MELAS patients and physicians is powering momentum in our development program, and we look forward to completing PRIZM enrollment in the next few months.' The PRIZM study is actively enrolling in the U.S., Canada, Australia, United Kingdom, Italy, and Germany, and interested individuals are encouraged to discuss participation with their physician. PRIZM is evaluating the impact of zagociguat treatment on fatigue, cognitive performance, and other key aspects of MELAS. The clinical outcome assessments and endpoint strategy for the PRIZM study were informed by Tisento's interview study in which individuals living with MELAS described the symptoms and impacts of the disease that are most important to them. Participants who complete treatment in PRIZM have the opportunity to enroll in the open-label extension study. About the PRIZM Study PRIZM – a Phase 2b Randomized, Placebo-Controlled Trial Investigating Zagociguat in MELAS – is evaluating the efficacy and safety of oral zagociguat 15 mg or 30 mg compared to placebo when administered once-daily for 12 weeks in participants with genetically and phenotypically defined MELAS. The PRIZM study has a crossover design, with two 12-week treatment periods separated by a 4-week washout period. All participants will receive zagociguat during one of the 12-week periods and placebo during the other. Participants who complete treatment in the study have the opportunity to enroll in an open-label extension study. The global PRIZM study is now enrolling approximately 44 participants at mitochondrial disease centers of excellence in the U.S., Italy, Germany, United Kingdom, Australia, and Canada. For more information, please visit or (NCT06402123). Interested individuals can also reach out to their physicians for participation details. About Zagociguat Zagociguat is a once-daily, oral, clinical-stage investigational medicine with potential to positively impact both peripheral and central nervous system manifestations of mitochondrial diseases. Zagociguat stimulates soluble guanylate cyclase (sGC), an enzyme that is found in virtually every cell in every tissue of the body and is part of a system of cellular mechanisms that control critical physiological functions including neuronal function and blood flow. A first-in-class, brain-penetrant sGC stimulator, zagociguat is hypothesized to rebalance dysregulated cellular pathways in MELAS. By restoring cellular functions that support mitochondria, zagociguat may help restore mitochondrial energy production and physiological function. In a Phase 2a study in patients with MELAS, zagociguat exhibited a favorable safety profile, exposure throughout the body including in the central nervous system, and improvements in neuronal function, mitochondrial function, and blood flow in the brain. Zagociguat is currently being evaluated as a treatment for MELAS in the Phase 2b PRIZM study. Zagociguat received Fast Track designation from the U.S. Food and Drug Administration for the treatment of MELAS. Fast Track is a process designed to facilitate the development and potentially expedite the review of medicines to treat serious conditions and fill an unmet medical need, with the goal of getting important new drugs to patients earlier. For more information, visit About Tisento Therapeutics Tisento Therapeutics, a privately held biotech company, is developing novel medicines to treat diseases with significant unmet need, beginning with MELAS and other genetic mitochondrial diseases. Ti sento means 'I hear you' in Italian; our approach to innovation begins with listening to patients and then channeling what we learn into decisive actions that shape our research and clinical programs. Tisento is guided by a high-caliber internal team of biopharma veterans and an extensive external network of expert physicians, patient advocacy groups, researchers, industry-leading vendors, and other close collaborators who are partners in our mission to develop meaningful treatments for mitochondrial diseases. Learn more at our website, or connect with us on LinkedIn, Facebook, X (@tisentotx), or Bluesky. Contact Tisento Media RelationsJessi Rennekamp, Astrior CommunicationsEmail: jessi@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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