Latest news with #DerekSchmidt
Yahoo
4 days ago
- Business
- Yahoo
Tell Kansas' senators not to give ultra-wealthy a ‘Big Beautiful' tax loophole
'I want a big beautiful yacht! Sell that $10 million stock I bought for $6 million — woo hoo! What? You want me to donate it to a private school voucher program? Nope, I don't believe in those. A tax loophole? OK, well, donate it to children's cancer research instead. What do you mean that won't work?' How's that for a fun new federal tax scam to help the super-wealthy? 'Donate' $10 million in stock to charity, purchased for $6 million — then get all $10 million back in tax credits and avoid more than $1 million in capital gains taxes. Massive benefits for already rich individuals — you gotta love it. And it's all created by House Resolution 1 in Congress — the 'One Big Beautiful Bill Act.' Kansas Reps. Ron Estes, Tracey Mann and Derek Schmidt all voted yes for it. Who benefits from these 'donations'? Farmers devastated by drought? Disabled veterans? Your cherished cause? No. At best, you net a maximum tax benefit of 35 cents per dollar. Donating that $10 million to any other cause would likely net a just $3.5 million tax benefit, not enough for that $10 million yacht. The 'dollar for dollar plus' tax scheme was cooked up for nonprofits known as Scholarship Granting Organizations, for private school vouchers only, such as Renewanation, a Virginia-based SGO operating in Kansas, whose mission is to promote the 'Christian worldview.' If your donations go to one of these entities, you get back everything you put in as tax credits, plus you skirt the capital gains tax. Rep. Estes, whose constituent Charles Koch could have profited $2.4 million from this loophole, voted no on an amendment to end it. Koch's state Rep. Susan Estes, supports Senate Bill 87, another expansion of the Kansas voucher program, which attempted to make the state tax credit equal to 100% of voucher donations, and create three new categories of eligibility with no income limits at all. The federal voucher would benefit families with incomes at or below 300% of the area's median income. In Johnson County, this includes families earning over $320,000, based on 2023 data. The Wichita Diocese, in the Estes' districts, operates the only Catholic schools in the country that charge no tuition, doing so successfully for 28 years before private schools came to the Legislature to siphon tax revenue. Since 2014, these schools have received $9.7 million of the $32 million that could have funded other state priorities, such as public safety, agriculture and the Intellectual/Developmental Disability waitlist. Why aren't we promoting the Wichita stewardship model instead of funding private schools using public funds with no accountability? Evidence shows we shouldn't support vouchers at all. More than 60 of 105 Kansas counties don't have private schools. Those that pop up in response to vouchers have a terrible track record of student learning losses. Elite private schools parents dream of can still deny any child admission for any reason they want. Vouchers overwhelmingly benefit students already enrolled in private schools (92% in Oklahoma), and raise tuition at private schools (21-58% in Iowa), keeping them out of reach for low-income families, even with the voucher. One Big Beautiful Bill creates one big beautiful windfall for one type of charitable contribution, unavailable for any other cause — wildly unprecedented cronyism in the federal tax code. Whether the ultra-wealthy agree with vouchers or not, their accountants would be absolutely negligent in their fiduciary responsibility if they don't recommend this profitable way to liquidate appreciated stocks. Research from the 501(c)(3) nonprofit Institute on Taxation and Economic Policy notes it harnesses 'wealthy families' interest in tax avoidance and personal profit as a means of bolstering private schools at the expense of public budgets' — to the tune of $26 billion of federal and state dollars over the next 10 years if capped. Sen. Ted Cruz of Texas wants no cap. Angry? Me, too. Tell Kansas Sens. Jerry Moran and Roger Marshall — and Sens. Josh Hawley and Eric Schmitt in Missouri — to vote no on this egregious tax scheme for the super-wealthy. Perhaps suggest that they fund special education at the full level in the Individuals with Disabilities Education Act instead? Mari-Lynn Poskin represents District 20 in the Kansas House of Representatives.
Business Wire
21-04-2025
- Business
- Business Wire
Flexsteel Industries, Inc. Reports Strong Fiscal Third Quarter 2025 Results
DUBUQUE, Iowa--(BUSINESS WIRE)--Flexsteel Industries, Inc. (NASDAQ: FLXS) ('Flexsteel' or the 'Company'), one of the largest manufacturers, importers, and marketers of residential furniture products in the United States, today reported third quarter fiscal 2025 results. Net sales for the quarter of $114.0 million compared to $107.2 million in the prior year quarter, an increase of 6.3% and the sixth consecutive quarter of year-over-year sales growth. GAAP operating loss of ($5.1) million or (4.4%) of net sales, due to a $14.1 pre-tax impairment charge related to our leased facility in Mexicali, Mexico, compared to GAAP operating income of $3.0 million or 2.8% of net sales in the prior year quarter. Adjusted operating income of $8.3 million or 7.3% of net sales for the third quarter compared to $5.6 million or 5.2% of net sales in the prior year quarter. GAAP net loss per diluted share of ($0.71) for the current quarter compared to net income of $0.33 in the prior year quarter. Adjusted net income per diluted share of $1.13 for the quarter compared to $0.67 in the prior year quarter. Generated $12.3 million of cash from operations in the quarter resulting in $22.6 million of cash and no line of credit borrowings at March 31, 2025. GAAP to non-GAAP reconciliations follow the financial statements in this press release Management Commentary 'We continue to execute well and delivered strong results in the quarter,' said Derek Schmidt, President & Chief Executive Officer of Flexsteel Industries, Inc. 'Our growth strategies are working and enabling us to continue our solid sales momentum as we delivered sales growth of 6.3% compared to the prior year quarter, which represents our sixth consecutive quarter of mid-single to low-double digit year-over-year growth. The drivers of our growth remain broad-based as we grew in both our core markets, largely due to new products and share gains with strategic accounts, and in our new and expanded market initiatives. I'm also especially pleased with our continued profitability improvement and strong cash generation. Our adjusted operating margin of 7.3% in the quarter represents our eighth consecutive quarter of year-over-year improvement and our second-highest quarterly adjusted operating margin over the past 7 years. Additionally, we delivered operating cash flow of $12.3 million in the quarter and bolstered our ending cash position to $22.6 million. Our strong financial position is a competitive advantage in this period of heightened economic uncertainty.' Mr. Schmidt continues, 'We enter our fourth quarter under a very tough economic backdrop with substantial uncertainty following the release of the proposed U.S. reciprocal tariffs on April 2 nd. Although the reciprocal tariffs rates that went into effect on April 9 th were temporarily delayed 90 days for many countries, the 10% baseline tariff rate remains in effect as the U.S. works to negotiate individual trade deals. Prior to these recent tariff announcements, many of our retailer partners noted considerably slower traffic which is likely a reflection of the sharp drop in consumer confidence over the past several months. Many economists now expect significantly higher U.S. inflation for the next year along with slower economic growth, and even a likelihood of a recession if the new proposed tariff rates are implemented and sustained for an extended period. While we remain hopeful the U.S. administration can successfully negotiate with its trading partners to reduce or eliminate the reciprocal tariffs and minimize the impact on the U.S. economy, our near-term outlook for the industry is moderately pessimistic. As such, we are prepared to navigate multiple demand scenarios, and as we've demonstrated over the past few years, we can deliver share gains even in challenging industry conditions.' Mr. Schmidt concludes, 'Until there is greater clarity and confidence in the stability of both the outlook for U.S. trade policy and economic growth, we expect the business environment to remain highly dynamic. As a Company, we have two main priorities near term. First, we will remain hyper-focused on continuing to execute our strategies which are working and enabling us to deliver strong sales growth and financial results. While we will prudently manage spending to remain financially nimble in response to changing consumer demand, we will not diminish our commitment to providing an exceptional customer experience and investing in new products, innovation, and marketing, as these are the underpinnings of our strategies and continued success. Second, we will continue to strengthen our supply chain agility and our plans to minimize tariff risks. We have strong relationships throughout our value chain and have confidence that we can work collaboratively with our partners to address the effect of tariffs while minimizing the impact on consumer prices in the short term. In the long term, we remain assured of our ability to reconfigure and optimize our supply chain if required due to permanent changes in global trade policies. The range of our sales and profit outlook for the fourth quarter is broader to reflect the uncertainty in the current environment, but we remain confident in our ability to deliver continued share gains in the coming quarter. Despite these challenging conditions, we see opportunities to strengthen our competitive position and will remain aggressive in investing for future growth while continuing to deliver exceptional value for our customers.' Operating Results for the Third Quarter Ended March 31, 2025 Net sales were $114.0 million for the third quarter compared to net sales of $107.2 million in the prior year quarter, an increase of $6.8 million, or 6.3%. The increase was driven by higher unit volume and to a lesser extent, ocean freight surcharges. Gross margin for the quarter ended March 31, 2025, was 22.2%, compared to 21.7% for the prior-year quarter, an increase of 50 basis points ('bps'). The 50-bps increase was primarily due to leverage of fixed costs on higher sales and favorable mix, partially offset by lower sub-lease income from our Mexicali facility compared to the prior period. Selling, general and administrative (SG&A) expenses decreased to 15.0% of net sales in the third quarter of fiscal 2025 compared with 16.5% of net sales in the prior year quarter. The 150-bps decrease was due to leverage on higher sales and cost savings, partially offset by investments in growth initiatives for the quarter ended March 31, 2025. During the quarter, the Company completed the sale of an ancillary building, formerly part of its Huntingburg, IN distribution center complex. The Company recorded a pre-tax gain of $0.7 million related to the sale. In addition, the Company completed all activities to list for sale a second ancillary building which is part of the Huntingburg, IN distribution center complex. The Company has classified $0.4 million of assets associated with the second building as held-for-sale in its balance sheet at March 31, 2025. The Company has adequate distribution capacity to support our growth as we continue to optimize our distribution and logistics network. In July 2022, Flexsteel commenced a 12-year lease for a manufacturing facility in Mexicali, Mexico to support strong demand growth which was elevated due to pandemic-driven buying at that time. Subsequently, U.S. furniture demand reverted to pre-pandemic norms, and the Company's plan for the facility pivoted to subleasing the space short-term while maintaining the option to utilize it longer term to support growth. While the Company secured multiple short-term sublease tenants at the beginning of the lease term, substantial changes in U.S. trade policy in early 2025 have created significant uncertainty in US-Mexico trade relations, slowed foreign direct investment in Mexico, and greatly diminished tenant interest in subleasing the Mexicali facility. As a result, management concluded that the right of use asset related to this lease is not fully recoverable and recorded a pre-tax non-cash asset impairment charge of $14.1 million during the quarter ended March 31, 2025. Operating loss for the quarter ended March 31, 2025, was ($5.1) million compared to income of $3.0 million in the prior-year quarter. Adjusted operating income for the quarter ended March 31, 2025, was $8.3 million when adjusted for the $14.1 million non-cash impairment charge and $0.7 million gain on sale of the Huntingburg, IN building, compared to $5.6 million in the prior year quarter. Income tax benefit was ($1.2) million, or an effective rate of 24.5%, during the third quarter compared to tax expense of $0.9 million, or an effective rate of 32.2%, in the prior year quarter. Net loss was ($3.7) million, or ($0.71) per diluted share, for the quarter ended March 31, 2025, compared to net income of $1.8 million, or $0.33 per diluted share, in the prior year quarter. Adjusted net income for the quarter ended March 31, 2025, was $6.3 million or $1.13 per diluted share compared to adjusted net income of $3.6 million or $0.67 per diluted share in the prior year quarter. Liquidity The Company ended the quarter with a cash balance of $22.6 million and working capital (current assets less current liabilities) of $103.4 million, and availability of approximately $58.6 million under its secured line of credit. Capital expenditures for the nine months ended March 31, 2025, were $2.7 million. Financial Outlook For the fourth quarter fiscal 2025, the Company expects sales growth of (2.0%) to 5.0% and operating margin of 6.0% to 7.3% compared to the prior year quarter. The impact of global trade policy changes, including tariffs, could materially change our business forecast. Besides tariffs, the most significant drivers of variability in the financial outlook are consumer demand and competitive pricing conditions, which will be shaped by macro-economic factors. Conference Call and Webcast The Company will host a conference call and audio webcast with analysts and investors on Tuesday, April 22, 2025, at 8:00 a.m. Central Time to discuss the results and answer questions. Live conference call: 833-816-1123 (domestic) or 412-317-0710 (international) Conference call replay available through April 29, 2025: 877-344-7529 (domestic) or 412-317-0088 (international) Replay access code: 1227864 Live and archived webcast: To pre-register for the earnings conference call and avoid the need to wait for a live operator, investors can visit and enter their contact information. Investors will then be issued a personalized phone number and pin to dial into the live conference call. About Flexsteel Flexsteel Industries, Inc., and Subsidiaries (the 'Company') is one of the largest manufacturers, importers, and marketers of residential furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name 'Flexsteel' is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. Forward-Looking Statements Statements, including those in this release, which are not historical or current facts, are 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause our results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Some of the factors that could affect results are the cyclical nature of the furniture industry, supply chain disruptions, litigation, restructurings, the effectiveness of new product introductions and distribution channels, the product mix of sales, pricing pressures, the cost of raw materials and fuel, changes in foreign currency values, retention and recruitment of key employees, actions by governments including laws, regulations, taxes and tariffs, the amount of sales generated and the profit margins thereon, competition (both U.S. and foreign), credit exposure with customers, participation in multi-employer pension plans, disruptions or security breaches to business information systems, the impact of any future pandemic, and general economic conditions. For further information regarding these risks and uncertainties, see the 'Risk Factors' section in Item 1A of our most recent Annual Report on Form 10-K. For more information, visit our website at FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands, except per share data) Three Months Ended Nine Months Ended March 31, March 31, 2025 2024 2025 2024 Net sales $ 113,972 $ 107,219 $ 326,462 $ 301,930 Cost of goods sold 88,636 83,902 255,954 238,253 Gross profit 25,336 23,317 70,508 63,677 Selling, general and administrative expenses 17,070 17,708 49,532 51,566 Restructuring expense — 2,627 — 2,627 Right-of-use asset impairment 14,079 — 14,079 — (Gain) on sale of real estate (753 ) — (753 ) — (Gain) on disposal of assets held for sale — — (4,991 ) — Operating (loss) income (5,060 ) 2,982 12,641 9,484 Interest expense — 336 70 1,395 Interest (income) (102 ) (14 ) (133 ) (14 ) (Loss) income before income taxes (4,958 ) 2,660 12,704 8,103 Income tax (benefit) provision (1,216 ) 857 3,252 2,497 Net (loss) income and comprehensive (loss) income $ (3,742 ) $ 1,803 $ 9,452 $ 5,606 Weighted average number of common shares outstanding: Basic 5,271 5,154 5,240 5,175 Diluted 5,271 5,448 5,572 5,410 (Loss) earnings per share of common stock: Basic $ (0.71 ) $ 0.35 $ 1.80 $ 1.08 Diluted $ (0.71 ) $ 0.33 $ 1.70 $ 1.04 Expand FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands) Nine Months Ended March 31, 2025 2024 OPERATING ACTIVITIES: Net income $ 9,452 $ 5,606 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 2,777 2,940 Deferred income taxes (3,463 ) 74 Stock-based compensation expense 2,963 2,722 Change in provision for losses on accounts receivable 12 (149 ) Right-of-use asset impairment 14,079 — (Gain)/loss on disposition of property, plant and equipment (5,762 ) 60 Changes in operating assets and liabilities 1,295 13,108 Net cash provided by operating activities 21,353 24,361 INVESTING ACTIVITIES: Proceeds from sales of investments 1,155 — Proceeds from sales of property, plant and equipment 7,538 — Capital expenditures (2,690 ) (4,361 ) Net cash provided by (used in) investing activities 6,003 (4,361 ) FINANCING ACTIVITIES: Dividends paid (2,655 ) (2,446 ) Treasury stock purchases — (1,660 ) Proceeds from line of credit 202,344 270,421 Payments on line of credit (207,262 ) (284,510 ) Proceeds from issuance of common stock 141 88 Shares withheld for tax payments on vested shares and options exercised (2,051 ) (688 ) Net cash (used in) financing activities (9,483 ) (18,795 ) Increase in cash and cash equivalents 17,873 1,205 Cash and cash equivalents at beginning of the period 4,761 3,365 Cash and cash equivalents at end of the period $ 22,634 $ 4,570 Expand NON-GAAP DISCLOSURE (UNAUDITED) The Company is providing information regarding adjusted operating income, adjusted net income, and adjusted diluted earnings per share of common stock, which are not recognized terms under U.S. Generally Accepted Accounting Principles ('GAAP') and do not purport to be alternatives to operating income, net income, or diluted earnings per share of common stock as a measure of operating performance. A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted earnings per share of common stock is provided below. Management believes the use of these non-GAAP financial measures provides investors useful information to analyze and compare performance across periods excluding the items which are considered by management to be extraordinary or one-time in nature. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies. Reconciliation of GAAP operating income to adjusted operating income: The following table sets forth the reconciliation of the Company's reported GAAP operating income to the calculation of adjusted operating income for the three and nine months ended March 31, 2025 and 2024: Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2025 2024 2025 2024 Reported GAAP operating (loss) income $ (5,060 ) $ 2,982 $ 12,641 $ 9,484 Restructuring expense — 2,627 — 2,627 Right-of-use asset impairment 14,079 — 14,079 — (Gain) on sale of real estate (753 ) — (753 ) — (Gain) on disposal of assets held for sale — — (4,991 ) — Adjusted operating income $ 8,266 5,609 $ 20,976 $ 12,111 GAAP operating margin -4.4 % 2.8 % 3.9 % 3.1 % Adjusted operating margin 7.3 % 5.2 % 6.4 % 4.0 % Expand Reconciliation of GAAP net income to adjusted net income: The following table sets forth the reconciliation of the Company's reported GAAP net income to the calculation of adjusted net income for the three and nine months ended March 31, 2025 and 2024: Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2025 2024 2025 2024 Reported GAAP net (loss) income $ (3,742 ) $ 1,803 $ 9,452 $ 5,606 Restructuring expense — 2,627 — 2,627 Right-of-use asset impairment 14,079 — 14,079 — (Gain) on sale of real estate (753 ) — (753 ) — (Gain) on disposal of assets held for sale — — (4,991 ) — Tax impact of the above adjustments (1) (3,278 ) (789 ) (2,050 ) (790 ) Adjusted net income $ 6,306 $ 3,641 $ 15,737 $ 7,443 (1) Effective tax rate of 24.6% was used to calculate the three and nine months ended March 31, 2025. Effective tax rate of 30.0% and 30.1% was used to calculate the three and nine months ended March 31, 2024 respectively. Expand Reconciliation of GAAP diluted earnings per share of common stock to adjusted diluted earnings per share of common stock: The following table sets forth the reconciliation of the Company's reported GAAP diluted earnings per share to the calculation of adjusted diluted earnings per share for the three and nine months ended March 31, 2025 and 2024: Three Months Ended Nine Months Ended March 31, March 31, 2025 2024 2025 2024 Reported GAAP diluted (loss) earnings per share $ (0.71 ) $ 0.33 $ 1.70 $ 1.04 Restructuring expense — 0.48 — 0.49 Right-of-use asset impairment (2) 2.52 — 2.53 — (Gain) on sale of real estate (2) (0.13 ) — (0.14 ) — (Gain) on disposal of assets held for sale — — (0.90 ) — Tax impact of the above adjustments (1)(2) (0.59 ) (0.14 ) (0.37 ) (0.15 ) Adjusted diluted earnings per share $ 1.13 $ 0.67 $ 2.82 $ 1.38 Note: The table above may not foot due to rounding. (1) Effective tax rate of 24.6% was used to calculate the three and nine months ended March 31, 2025. Effective tax rate of 30.0% and 30.1% was used to calculate the three and nine months ended March 31, 2024 respectively. (2) Reconciling items between GAAP diluted (loss) per share and adjusted diluted earnings per share for the three months ended March 31, 2025 are adjusted using a diluted weighted average number of common shares outstanding of 5,596 which incorporates the dilutive effect of potential common shares that would not be anti-dilutive based on adjusted net income for the same period. As a result, the table may not foot. Expand
Yahoo
21-04-2025
- Business
- Yahoo
Flexsteel Industries, Inc. (NASDAQ:FLXS) is a favorite amongst institutional investors who own 50%
Institutions' substantial holdings in Flexsteel Industries implies that they have significant influence over the company's share price The top 10 shareholders own 51% of the company Insiders own 35% of Flexsteel Industries We've discovered 4 warning signs about Flexsteel Industries. View them for free. Every investor in Flexsteel Industries, Inc. (NASDAQ:FLXS) should be aware of the most powerful shareholder groups. With 50% stake, institutions possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). Because institutional owners have a huge pool of resources and liquidity, their investing decisions tend to carry a great deal of weight, especially with individual investors. As a result, a sizeable amount of institutional money invested in a firm is generally viewed as a positive attribute. In the chart below, we zoom in on the different ownership groups of Flexsteel Industries. See our latest analysis for Flexsteel Industries Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing. We can see that Flexsteel Industries does have institutional investors; and they hold a good portion of the company's stock. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Flexsteel Industries' earnings history below. Of course, the future is what really matters. Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. Hedge funds don't have many shares in Flexsteel Industries. The company's largest shareholder is Dimensional Fund Advisors LP, with ownership of 7.2%. With 6.7% and 6.3% of the shares outstanding respectively, BlackRock, Inc. and Carolyn Bleile are the second and third largest shareholders. Additionally, the company's CEO Derek Schmidt directly holds 3.9% of the total shares outstanding. We did some more digging and found that 10 of the top shareholders account for roughly 51% of the register, implying that along with larger shareholders, there are a few smaller shareholders, thereby balancing out each others interests somewhat. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. Our information suggests that insiders maintain a significant holding in Flexsteel Industries, Inc.. It has a market capitalization of just US$172m, and insiders have US$60m worth of shares in their own names. We would say this shows alignment with shareholders, but it is worth noting that the company is still quite small; some insiders may have founded the business. You can click here to see if those insiders have been buying or selling. The general public-- including retail investors -- own 15% stake in the company, and hence can't easily be ignored. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies. It's always worth thinking about the different groups who own shares in a company. But to understand Flexsteel Industries better, we need to consider many other factors. Take risks for example - Flexsteel Industries has 4 warning signs (and 1 which is significant) we think you should know about. If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. 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Yahoo
16-03-2025
- Science
- Yahoo
Tiny targets turn up the heat: A peek into LANL's target fabrication facility
Wanted: good eyes and steady hands. When Derek Schmidt applied for a job at Los Alamos National Laboratory's target fabrication facility more than 20 years ago, it wasn't his electrical engineering and robotic experience alone that got him the job. 'I didn't realize my experience with model airplanes as a kid would be such a big deal,' Schmidt said. Workers at the facility build what are known as targets: tiny devices that can help answer questions about plasma physics. The targets are heated with lasers, allowing physicists to isolate information that can be applied to nuclear stockpile stewardship, fusion energy or astrophysics. Take a supernova: A physicist interested in isolating a part of the reaction would come to Schmidt's team, who would then design and manufacture a target based on the specifications. At the facility March 6, a tiny foam printing of the Eiffel Tower looked like a nondescript shard of plastic. Placed under a microscope, tiny details zoom into focus. The replica took up just part of Abraham Lincoln's copper cheek stamped on a penny. The 3D-printed tower is just for show. But the target fabrication team frequently works with components on the same minuscule scale: metal capsules smaller than a grain of rice, almost untraceable pieces of foam printed in crystalline structures, tiny satellite dish-shaped pieces that could fit on the tip of a finger. Each target is suspended on a clear tube. Colorful stripes on the tube work as a barcode, tracking when the experiment was conducted. To work with such small and delicate materials takes a steady hand — and the right tools. At one workspace there's a row of toothpicks, each affixed with thin hairs. The hairs on the single-strand brushes could come from a variety of sources. 'Camel hair size 4' reads one drawer label. 'Single eyelash' reads another. Schmidt said some of the cat owners working in the facility will collect fallen whiskers to gingerly hand-build targets. 'We use every tool that we can in our box,' Schmidt said. The targets are built as small as possible to turn up the heat on the experiment. Concentrating the power of lasers on a small target can increase the heat to mimic that of a supernova or a fusion reaction. 'The [National Ignition Facility Laser and Target Area Building] has two football fields of 192 lasers — most powerful laser system in the world,' Schmidt said. 'And you only have so much energy. So to make it hotter, to make it as hot as a sun or an imploding fusion experiment, you've got to cram that in the smallest amount of space.' It's not all tweezers and boars' hairs. It takes some big machines to build the tiniest targets. Although it's used to shape tiny pieces of metal, a diamond-turning air spindle in the facility is massive. The whirring centrifuge shapes disks of metal used in the targets. But the machine isn't designed for target manufacture. Typically, it is used by optometrists to build molds for contact lenses. Robotic arms used to manufacture targets are operated with PlayStation controllers. 'Nothing is made for us or designed for us,' Schmidt said. 'It's very much thinking outside the box.' The same goes for the workforce. When Schmidt was first hired at the facility, he was told it would take about a year for him to get up to speed. There's no program to study target manufacturing, so employees have to learn on the job. 'I didn't know this job was here,' Schmidt said. 'Even people within Los Alamos don't know we're here because we're in a basement.' Cleanliness is important. Even a micron of dust — about one-50th the diameter of a human hair — could prevent a capsule from closing and throw off an experiment entirely. Above each robotic arm is a high-efficiency air filter to keep dust off of the targets. Workers don shoe covers before entering. It costs $100,000 to build three targets. Each 'shot' can cost around $1 million. 'We don't take that lightly,' Schmidt said.
Yahoo
06-03-2025
- Business
- Yahoo
Kansas GOP delegation lauds Trump's agenda, Democrat questions president's work on inflation
U.S. Rep. Derek Schmidt, R-Kansas, said President Donald Trump's speech to a joint session of Congress illustrated what had been accomplished by the GOP president less than two months into the second term. (Sherman Smith/Kansas Reflector) TOPEKA — The five Republicans in the state's congressional delegation praised President Donald Trump's address to Congress for his ability to match campaign rhetoric with executive action, while the state's lone Democrat argued the president's approach would drive up the cost of living in Kansas. The delegation's freshman, Republican U.S. Rep. Derek Schmidt of the 2nd District, said Trump's work to build the country's border-security apparatus, reshuffle the energy portfolio, shrink the federal payroll and curb government spending was a tribute to the president's leadership and a reflection of former President Joe Biden's inaction on key issues. 'After four years of weakness, strength is back in the White House and President Trump is already delivering on his promise of a safe and prosperous nation for the American people,' Schmidt said. 'We're slashing red tape, taking power back from unelected bureaucrats, and working hard every day to make the changes Kansans expect us to make.' His statement in response to the president's Tuesday speech didn't mention the role played by billionaire Elon Musk, an unelected Trump appointee who assumed control of the new Department of Government Efficiency or DOGE. Musk is in charge of the administration's campaign to dismiss federal employees, dismantle federal agencies and sever federal expenditures without direct approval of Congress. U.S. Rep. Sharice Davids, the 3rd District Democrat, said she welcomed the president's commitment to support law enforcement, address the fentanyl crisis and boost America's competitiveness. 'However, while many Americans chose the president based on his promises to lower costs, his politically motivated, reckless actions have had the opposite effect — driving up expenses for hard-working Kansans while favoring billionaires,' Davids said. 'His new tariffs will increase the price of gas, groceries and other necessities as large companies pass higher costs onto families, forcing them to pay thousands more each year.' She said Trump's attacks on bipartisan manufacturing legislation would threaten good-paying jobs and economic growth. 'I'm focused on finding real solutions to make life more affordable, including by protecting Social Security and Medicare, and will continue working with anyone to make it happen,' Davids said. 'I hope the president will join me in that bipartisan effort, but rest assured, I'll keep standing up against extreme policies that hurt hard-working folks back home in Kansas.' U.S. Sen. Roger Marshall, a Republican, said in a statement it was obvious Trump dedicated himself to delivering on promises made during the 2024 campaign, which emphasized the difficulty many Americans had with inflation. 'His administration is securing our border, deporting criminal aliens, eliminating waste, fraud and abuse through the DOGE initiative, strengthening our economic position across the world through reciprocal tariffs and trade agreements, and pushing for an end to the destructive war in Ukraine,' Marshall said. In an apparent response to Trump's decision to upend the U.S. Agency for International Development and damage a conduit for U.S. farm commodities, Marshall said he was confident the U.S. Department of Agriculture and the U.S. trade representative would open new markets for exports. 'Kansans will benefit directly from these amazing America First achievements,' Marshall said. 'With the confirmation of fighters for rural America like Secretary of Agriculture Brooke Rollins and U.S. Trade Representative Jamieson Greer, we will secure new markets for our hard-working farmers and ranchers to export their goods and ensure that American taxpayer dollars serve American interests and workers first.' Republican U.S. Sen. Jerry Moran cheered Trump's reinstatement of reasonable border policies and allocation to U.S. Customs and Border Protection agents the tools to apprehend migrants without proper documentation, arrest traffickers of illegal drugs and slow the flow of fentanyl. 'Congress must work to pass legislation that provides the resources needed to sustain a secure border through permanent infrastructure, increased manpower and cutting-edge technology,' Moran said. U.S. Rep. Ron Estes, the Wichita-area Republican, said Trump was in the process of 'renewing the American dream.' His post-speech statement said the evidence of Trump's prowess was a decline in unauthorized border crossings, targeting of government waste by DOGE and movement by companies to increase investments in the domestic economy. U.S. Rep. Tracey Mann, the Republican from the rural 1st District, said Trump was delivering on pledges made to voters to win back the presidency after losing reelection in 2020. 'In the 43 days since President Trump took office, he has done more to protect our country and get our nation back on track than President Biden did in four years,' Mann said.
