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Superpower Struggle Puts Iraqi Kurdistan's Oil Autonomy at Risk
Superpower Struggle Puts Iraqi Kurdistan's Oil Autonomy at Risk

Yahoo

time3 hours ago

  • Business
  • Yahoo

Superpower Struggle Puts Iraqi Kurdistan's Oil Autonomy at Risk

It has been over two years since the Baghdad-based Federal Government of Iraq (FGI) placed an embargo on independent oil exports from the Erbil-based Kurdistan Region of Iraq (KRI). The legal basis for the halting of these essential flows to the finances of the semi-autonomous region of Kurdistan was the International Chamber of Commerce's (ICC) order that they would not be resumed until Turkey paid the FGI the US$1.5 billion in damages for these allegedly unauthorised oil exports over many previous years. That said, the real reason why the FGI moved to stop the KRI's independent oil sales is simply that it wants to remove any independent status from the region and roll it into the rest of Iraq as just another province like any other. Baghdad has correctly identified the best way of doing this as cutting off the KRI's key source of revenue through which it finances its semi-autonomous status – revenues from independent oil sales. Early in his new office, Iraq's Prime Minister Mohammed Al-Sudani carefully laid out this as being Baghdad's plan when he introduced the new Unified Oil Law being drafted at the time. He said that it would be run in every respect out of Baghdad, that it will govern all oil and gas production and investments in both Iraq and its semi-autonomous Kurdistan region, and that it will constitute 'a strong factor for Iraq's unity'.Unsurprisingly, the great global powers have their own views on whether the KRI should lose its semi-independent status and be subsumed into a greater Iraq. To begin with, both the U.S. and its allies, and China and its allies, know that Iraq as a whole is full of oil (and associated gas). The FGI side officially holds a very conservatively-estimated 145 billion barrels of proved crude oil reserves (nearly 18% of the Middle East's total, and the fifth biggest on the planet), according to the Energy Information Administration. Unofficially, it is extremely likely that it holds much more oil than this. In October 2010, Iraq's Oil Ministry increased its own official figure for the country's proven reserves but at the same time stated that Iraq's undiscovered resources amounted to around 215 billion barrels, as analysed in full in my latest book on the new global oil market order. This was also a figure that had been arrived at in a 1997 detailed study by the respected independent oil and gas firm Petrolog. However, even this did not include the KRI's actual and potential oil reserves. As the International Energy Agency highlighted at the time, before the relatively recent rise of exploration activity in the semi-autonomous region, more than half of the exploratory wells had been drilled prior to 1962 -- a time when technical limits and a low oil price gave a much tighter definition of a commercially successful well than would be the case today. Based on the previous limited exploration and development of oil fields in the KRI area, the proven oil reserves figure was first put at around 4 billion barrels. This was subsequently upgraded by the KRG to around 45 billion barrels but, again, this may well be a very conservative estimate of the oil resources there. Additionally important to both sets of superpowers is Iraq's geographical and geopolitical importance, located as it is in the heart of the world's greatest hydrocarbons region. In the former's case it is a key link in the land bridge from the Asia-Pacific region into Europe and in the case of the latter it is a core part of the Shia Crescent of Power dominated by Iran as a counterpoint to the Sunni style of Islam championed by Saudi Arabia. Given these factors, the stakes for both the West and the East in winning the most influence in the country – north, south or combined – are exceptionally high. To put it plainly: the U.S. and its key allies want the KRI to terminate all links with Chinese, Russian and Iranian companies connected to the Islamic Revolutionary Guards Corps over the long term, a senior source who works closely with the European Union's (E.U.) energy security complex exclusively told recently. 'This could then be used as a bridgehead to reassert the West's influence in the rest of Iraq through big investment deals firstly, and then related infrastructure developments,' he added. The most notable such deal in the south of Iraq so far is TotalEnergies' US$27 billion four-pronged deal, including the cornerstone Common Seawater Supply Project, analysed fully in my latest book. In the north, BP's US$25 billion deal across five major oil fields is similarly strategically vital for the West's future plans. The U.S. and Israel also have a further strategic interest in utilising the Kurdistan Region as a base for ongoing monitoring operations against Iran, according to the E.U. source. On the other side of the equation, China and Russia have long been behind the idea of subsuming the KRI into the wider Iraq. As a senior political source in Moscow exclusively told many months ago: 'Iraq will be one unified country and by keeping the West out of energy deals there, the end of Western hegemony in the Middle East will become the decisive chapter in the West's final demise.' Legally speaking, Iraq's 2005 Constitution cannot settle the matter of whether the KRI or FGI has the predominant rights over revenues from oil drilled in the KRI's area. According to the KRG, it has authority under Articles 112 and 115 to man­age oil and gas in the Kurdistan Region extracted from fields that were not in production in 2005 -- the year that the Constitution was adopted by referendum. In addition, the KRG maintains that Article 115 states: 'All powers not stipulated in the exclusive powers of the federal government belong to the authorities of the regions and governorates that are not organised in a region.' As such, the KRG maintains that, as relevant powers are not otherwise stipulated in the Constitution, it has the authority to sell and receive revenue from its oil and gas exports. Additionally, it argues the Con­stitution provides that, should a dispute arise, priority shall be given to the law of the regions and governorates. However, the FGI maintains that under Article 111, oil and gas are under the ownership of all the people of Iraq in all the regions and governorates, which means they should be controlled by the FGI via the State Organization for Marketing of Oil. Consequently, given the lack of legal clarity on the issue, the KRI's future looks set to be determined by a straight superpower brawl. China would seem currently to have the advantage in terms of land and resources held. More than a third of all Iraq's proven oil and gas reserves and over two-thirds of its current production are managed by Chinese companies, according to industry figures. In hard numbers, Chinese companies combined have direct shares in around 24 billion barrels of reserves and are responsible for production of around 3.0 million barrels per day (bpd). Additionally, it has developed a spider's web of influence through multiple infrastructure projects that run adjunct to its oil and gas developments, as also detailed fully in my latest book. That said, the U.S. and its allies appear to be picking up the pace on building out their presence across Iraq, too, in line with the aforementioned plan to do so. In addition to the potentially game-changing projects of TotalEnergies and BP, May 19 saw two deals signed by U.S. firms HKN Energy, and WesternZagros, to develop two fields – the Miran gas field and the Topkhana oil and gas field -- in the KRI area. U.S. Energy Secretary Chris Wright was also very clear about the deeper intention behind these deals, saying that they align with the administration's broader strategy of striking commercial deals with allies to counter Iran's influence. By extension, given the extremely strong links between Tehran and Beijing and Moscow, this also means countering China's and Russia's influence across Iraq as well. By Simon Watkins for More Top Reads From this article on

More Seoul elementary students report depression, anxiety
More Seoul elementary students report depression, anxiety

Korea Herald

time20-05-2025

  • Health
  • Korea Herald

More Seoul elementary students report depression, anxiety

A recent study by the Seoul Metropolitan Office of Education found that there has been a steady increase over the last three years in the capital city of elementary school students experiencing symptoms related to depression and anxiety. The study, conducted over three years beginning in 2021, included 113 elementary schools based in Seoul and surveyed 3,754 students. The study was conducted in the format of a focus group interview, which is a qualitative research method where participants engage in a guided discussion about a specific topic. Based on the conclusions drawn from the FGI study, the city's education office consulted with relevant mental health experts on signs of mental health concerns. According to the Education Office's study, elementary students showing signs of depression on a three-point scale increased each year, from 0.51 point in 2021 to 0.66 in 2022 and 0.73 in 2023. Students showing signs of anxiety also showed a steady increase among elementary school students over the three years. On a 1-point scale, the score increased from 0.44 in 2021 to 0.54 in 2022 and 0.58 in 2023. Over the same period, elementary school students showing sensitivity in emotions increased from 0.41 point in 2021 to 0.49 point in 2023. As for students exhibiting pessimism, the study also noticed an increase from 0.17 in 2021 to 0.26 in 2023. As for reasons behind the consistent decrease in mental health conditions among elementary students, the study pointed to several factors, including stress from academic pressure and peer-to-peer relationships, increased time spent on smartphones, greater exposure to social media and reduced sleep. 'There are more underage students nowadays using social media platforms such as Instagram and YouTube, where they are able to indirectly experience what others' lives are like,' the report noted. 'This phenomenon can lead students to compare themselves to the glamorous lives of others, leading to feelings of relative deprivation.' Other than these factors, however, the study suggested that overprotective parenting attitudes in Korea can also be said to have contributed to the rise in negative emotions. 'Children who are excessively emotionally protected and supported in the face of small concerns tend to have higher levels of anxiety and become easily discouraged by minor difficulties,' the study added. "Due to the trend of sensitive parenting and the incorrect approach of overly accommodating to children's emotions, elementary school students' emotional immunity is at a low level, making them more vulnerable to depression and anxiety."

Key Biden agency dropped $60K on overseas conference with DEI workshop: 'Should never happen'
Key Biden agency dropped $60K on overseas conference with DEI workshop: 'Should never happen'

Fox News

time14-05-2025

  • Health
  • Fox News

Key Biden agency dropped $60K on overseas conference with DEI workshop: 'Should never happen'

FIRST ON FOX: A government watchdog has uncovered that former President Joe Biden's Food and Drug Administration (FDA) spent tens of thousands of taxpayer dollars sending top officials to a conference in Scotland that included diversity, equity and inclusion (DEI) workshops. The Functional Government Initiative (FGI), via a FOIA request, discovered that the Biden FDA spent an estimated $60,000 on a dozen staffers, including Senior Advisor for Health Equity Dr. Charlene Le Fauve, to attend the Society for Research on Nicotine and Tobacco's (SRNT's) conference in Edinburgh, Scotland, in March 2024. While at the conference, members of the team attended a workshop that focused on the "stigma" facing LGBTQ+ people in the field of tobacco research. Topics included in that workshop, according to the FDA's own report on the trip, included "how anti-LGBTQ+ legislation and discriminatory and stigmatizing environments toward LGBTQ+ populations impact tobacco use and tobacco control research" and "process to develop a community-based participatory research project to address smoking cessation among transgender individuals in Argentina." Another topic discussed was "the challenges of conducting research on tobacco use in the high-stigma environment of pregnancy in a post-Dobbs era." Le Fauve justified the trip, in part, by claiming "the knowledge gained at the meeting is critical to attendees' ability to understand emerging scientific issues that may impact their work and their ability to effectively move forward agency initiatives." "The formal SRNT conference included many sessions where health equity was an identified focus and I attended several which were highly relevant, well done, and informative including the Presidential Symposium that included three presenters supporting the premise that in order to have a global impact on the tobacco smoking pandemic, nicotine and tobacco research must broaden its vision beyond wealthy countries to include research and researchers in low and middle-income countries (LMICs), where the vast majority of the world's people who smoke live," Le Fauve added. Also present on the trip was Center for Tobacco Products Director Brian King, who was recently relieved of his duty by the Trump administration in a move that a former agency official told Fox News Digital was a result of the FDA straying from its core mission under the Biden administration and focusing on issues like DEI. "There were many, many failures in the key core missions for the center that needed dramatic change in new leadership," David Oliveira, who recently left the FDA after six years, told Fox News Digital last month, explaining that the FDA was ceding responsibility to other departments and not doing enough to crackdown on China flooding the market with illicit vapes. FGI Communications Director Roderick Law told Fox News Digital in a statement that spending tens of thousands of dollars to send a dozen employees to a conference in Scotland is another example of the agency losing focus on its mission. "I, like anyone else in the world, would love to have a $60,000 vacation paid for by my employer," Law said. "Sadly, this dream became reality for 12 people on the taxpayer's back. How can a group of government officials spend $60,000 on an LGBTQ+ workshop? How is it possible that this trip helped the agency stop illegal Chinese-made products or process applications for new products that could provide for harm reduction? This kind of waste should never happen again." Fox News Digital reached out to the FDA for comment.

FGI INDUSTRIES ANNOUNCES FIRST QUARTER 2025 RESULTS
FGI INDUSTRIES ANNOUNCES FIRST QUARTER 2025 RESULTS

Yahoo

time13-05-2025

  • Business
  • Yahoo

FGI INDUSTRIES ANNOUNCES FIRST QUARTER 2025 RESULTS

EAST HANOVER, N.J., May 13, 2025 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the first quarter 2025. FIRST QUARTER 2025 HIGHLIGHTS(As compared to the first quarter of 2024) Total revenue of $33.2 million, +8.0% y/y Gross profit of $8.9 million, +5.8% y/y Gross margin of 26.8%, -60 bps y/y Operating loss of $1.3 million and net loss attributable to shareholders of $0.6 million Adjusted operating loss of $1.3 million Adjusted net loss of $1.1 million MANAGEMENT COMMENTARY Dave Bruce, President and CEO of FGI, stated, "FGI reported total revenue of $33.2 million in the quarter, representing a year-over-year increase of 8.0%. Gross profit was $8.9 million, an increase of 5.8% compared to the prior year. The gross margin was 26.8%, a decline of 60 basis points compared to the first quarter of 2024 due, in part, to China related tariffs and higher freight costs. The industry outlook is uncertain due to tariffs but FGI's strategic investments in our brands, products and channels strategy is bearing fruit and driving revenue growth well above the overall market. FGI's first quarter revenue increased compared to the first quarter 2024 due to growth in our Bath Furniture and Covered Bridge cabinetry businesses. Revenue grew 8.0% in the U.S., 3.8% in Canada, and declined 2.8% in Europe market, respectively. Sanitaryware and Shower Systems revenue declined 1.7% and 1.3% year-over-year, respectively, in the first quarter. Bath Furniture and Covered Bridge revenue increased 32.7% and 135.7%, respectively, year-over-year. Covered Bridge continues to show strong growth due to continued order momentum, expanded geographies and higher dealer count. Isla Porter, our digital custom kitchen joint venture, continues to establish relationships with the premium design community with on-trend products via an AI-backed digital sales platform." Bruce continued, "We are excited about our new product introductions and continue to invest in our brands and our future growth initiatives in our core businesses. "The increasing tariff environment in 2025 remains fluid. FGI is working with our suppliers and customers to support one another as we navigate these new dynamics together. We experienced a similar tariff process several years ago, so this is not new to us. We are confident that we can work through what comes given the close relationships we have cultivated over the years with our vendors and customers." Perry Lin, Chief Financial Officer of FGI, commented, "Even as total revenue increased 8.0% year-over-year, operating expenses increased 16.6% year-over-year to $10.2 million. The increase in operating expenses was due to investing in initiatives related to our BPC growth strategy, Isla Porter, one-time costs related to optimizing our warehouse operations and investing in our India business. FGI ended the first quarter with total available liquidity of $14.3 million. We believe the best use of our capital is for internal investment and this will remain our priority in the near term." FIRST QUARTER 2025 RESULTS Revenue totaled $33.2 million during the first quarter of 2025, an increase of 8.0% compared to the prior-year period despite the on-going and fluid tariff environment. Sanitaryware revenue was $20.2 million during the first quarter of 2025, an decrease from $20.5 million in the prior-year period. Bath Furniture revenue was $4.1 million during the first quarter of 2025, an increase from revenue of $3.1 million in the prior-year period. Our shift to market-aligned program pricing and design outpaced our sales expectations driven by new business wins. Shower Systems revenue was $5.7 million during the first quarter of 2025, a decrease from $5.8 million last year. Other revenue, primarily from Kitchen Cabinets, was $3.3 million during the first quarter, an increase from $1.4 million in the prior year, driven by continued order momentum, expanded geographies and higher dealer count. Gross profit was $8.9 million during the first quarter of 2025, an increase of 5.8% compared to the prior-year period. Gross profit margin decreased to 26.8% during the first quarter of 2025, down 60 basis points from the prior-year period due to the implementation of tariffs and higher freight costs. Operating loss was $1.3 million during the first quarter of 2025, down from operating income of $0.3 million in the prior-year period. Operating loss during the first quarter of 2025 included non-recurring expenses of $0.1 million for business expansion expense and accruals for non-recurring IPO-related share-based compensation. Excluding these items, adjusted operating loss was $1.3 million during the first quarter. The decline in operating income and adjusted operating income from the prior year was a result of an increase in personnel costs, marketing and promotion expenses, warehouse expenses, and operating expenses tied to growth initiatives, as the Company continues to invest in its BPC growth strategy. As a result, operating margin and adjusted operating margin were (3.9%) and (3.8%) during the first quarter, respectively, down from (1.0%) and (0.6%) in the same period last year. The Company reported GAAP net loss attributable to shareholders of $0.6 million, or net loss of $0.07 per diluted share during the first quarter of 2025, versus net income of $0.4 million, or $0.04 per diluted share, in the same period last year. Net loss for the first quarter of 2025 included after-tax expenses of $0.1 million related to business expansion expense and accruals for non-recurring IPO- related stock-based compensation. Net loss for the first quarter of 2024 included after-tax expense of $0.1 million related to business expansion expense and non-recurring IPO-related compensation. Excluding these items, adjusted net loss for the first quarter of 2025 was $1.1 million, or $0.11 per diluted share, versus adjusted net income of $0.2 million, or $0.02 per diluted share, for the same period last year. Going forward, FGI will hold quarterly earnings calls only for the second and fourth quarters. The Company will continue to release results of operations via press releases and SEC filings on a quarterly basis as before. Inquiries may continue to be submitted to investorrelations@ or by phone at 973-515-7190. FINANCIAL RESOURCES AND LIQUIDITY As of March 31, 2025, the Company had $1.2 million of cash and cash equivalents, total debt of $13.2 million and $13.0 million of availability under its credit facilities net of letters of credit. Total liquidity was $14.3 million at March 31, 2025. FINANCIAL GUIDANCE The Company provides its fiscal 2025 guidance as follows: Total net revenue of $135-145 million Total adjusted operating income of $(2.0)-1.5 million Total adjusted net income of $(1.9)-1.0 million Note that total adjusted operating income excludes certain non-recurring items and total adjusted net income excludes certain non-recurring extraordinary items and includes an adjustment for minority interest. ABOUT FGI INDUSTRIES FGI Industries Ltd. (Nasdaq: FGI) is a leading global supplier of kitchen and bath products. For over 30 years, we have built an industry-wide reputation for product innovation, quality, and excellent customer service. We are currently focused on the following product categories: sanitaryware (primarily toilets, sinks, pedestals, and toilet seats), bath furniture (vanities, mirrors and cabinets), shower systems, customer kitchen cabinetry and other accessory items. These products are sold primarily for repair and remodel activity and, to a lesser extent, new home or commercial construction. We sell our products through numerous partners, including mass retail centers, wholesale and commercial distributors, online retailers and specialty stores. Non-GAAP Measures In addition to the measures presented in our consolidated financial statements, we use the following non-GAAP measures to evaluate our business, measure our performance, identify trends affecting our business and assist us in making strategic decisions. Our non-GAAP measures are: Adjusted Operating Income, Adjusted Operating Margins and Adjusted Net Income. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). They are supplemental financial measures of our performance only, and should not be considered substitutes for net income, income from operations or any other measure derived in accordance with GAAP and may not be comparable to similarly titled measures reported by other entities. We define Adjusted Operating Income as GAAP income from operations excluding the impact of certain non-recurring income and expenses, including non-recurring compensation expenses related to our IPO, unusual litigation and business expansion expense. We define Adjusted Net Income as GAAP income before income taxes excluding the impact of certain non-recurring income and expenses, such as non-recurring compensation expenses related to our IPO, unusual litigation and business expansion expense, as well as income taxes at historical average effective rate and net income attributable to non-controlling shareholders. We define Adjusted Operating Margins as Adjusted Operating Income divided by revenue. We use these non-GAAP measures, along with GAAP measures, to evaluate our business, measure our financial performance and profitability and our ability to manage expenses, after adjusting for certain one-time expenses, identify trends affecting our business and assist us in making strategic decisions. We believe these non-GAAP measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance and the adjustments we make to these non-GAAP measures provide investors further insight into our profitability and additional perspectives in comparing our performance over time on a consistent basis. With respect to the Company's expectations of its future performance, the Company's reconciliations of guidance for full year 2025 Adjusted Operating Income and 2025 Adjusted Net Income are not available, as the Company is unable to quantify certain amounts to the degree of precision that would be required in the relevant GAAP measures without unreasonable effort. FORWARD-LOOKING STATEMENTS This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan", "see" and "believe," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements regarding FGI's guidance, the Company's growth strategies, outlook and potential acquisition activity, the macroeconomic instability and its associated impact on the national and global economy and the residential repair and remodel market, the company's planned product launches and new customer partnerships and the effect of supply chain disruptions and freight costs. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to FGI's periodic filings with the Securities & Exchange Commission including those described as "Risk Factors" in FGI's annual report on Form 10-K for the year ended December 31, 2024, and in quarterly reports on Form 10-Q filed thereafter. FGI does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. FGI INDUSTRIES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS As ofMarch 31, 2025As ofDecember 31, 2024USDUSD(Unaudited) ASSETSCURRENT ASSETSCash $ 1,226,365$ 4,558,160 Accounts receivable, net 18,932,03020,293,555 Inventories, net 12,550,58513,957,867 Prepayments and other current assets 2,385,0622,091,407 Prepayments and other receivables – related parties 11,436,71911,996,973 Total current assets 46,530,76152,897,962 PROPERTY AND EQUIPMENT, NET 3,836,2823,634,340 OTHER ASSETSIntangible assets 1,877,4151,849,951 Operating lease right-of-use assets, net 11,378,34612,823,747 Deferred tax assets, net 3,424,2832,665,585 Other noncurrent assets 1,415,1451,589,830 Total other assets 18,095,18918,929,113 Total assets $ 68,462,232$ 75,461,415 LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIESShort-term loans $ 13,171,555$ 14,502,367 Accounts payable 16,928,44619,349,529 Accounts payable – related parties 260,278894,661 Income tax payable 40,97523,189 Operating lease liabilities – current 1,513,9111,867,956 Accrued expenses and other current liabilities 5,299,6345,905,124 Total current liabilities 37,214,79942,542,826 OTHER LIABILITIESOperating lease liabilities – noncurrent 10,334,60211,352,939 Total liabilities 47,549,40153,895,765 COMMITMENTS AND CONTINGENCIESSHAREHOLDERS' EQUITYPreference Shares ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024) —— Ordinary shares ($0.0001 par value, 200,000,000 shares authorized, 9,589,503 and 9,563,914shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) 959956 Additional paid-in capital 21,355,35021,279,047 Retained earnings 2,583,3433,212,435 Accumulated other comprehensive loss (2,153,128)(2,239,560) FGI Industries Ltd. shareholders' equity 21,786,52422,252,878 Non-controlling interests (873,693)(687,228) Total shareholders' equity 20,912,83121,565,650 Total liabilities and shareholders' equity $ 68,462,232$ 75,461,415 FGI INDUSTRIES LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three Months EndedMarch 31,20252024USDUSD Revenue $ 33,212,548$ 30,753,519 Cost of revenue 24,312,29022,340,036 Gross profit 8,900,2588,413,483 Operating expensesSelling and distribution 7,163,1786,130,886 General and administrative 2,701,2132,282,858 Research and development 316,726320,673 Total operating expenses 10,181,1178,734,417 Loss from operations (1,280,859)(320,934) Other income (expenses)Interest income 441554 Interest expense (302,760)(222,207) Other income, net 28,09127,017 Total other expenses, net (274,228)(194,636) Loss before income taxes (1,555,087)(515,570) Provision for (benefit of) income taxesCurrent 19,16870,832 Deferred (758,698)(48,543) Total (benefit of) provision for income taxes (739,530)22,289 Net loss (815,557)(537,859) Less: net loss attributable to non-controlling shareholders (186,465)(125,670) Net loss attributable to FGI Industries Ltd. shareholders (629,092)(412,189) Other comprehensive income (loss)Foreign currency translation adjustment 86,432(22,578) Comprehensive loss (729,125)(560,437) Less: comprehensive loss attributable to non-controlling shareholders (186,465)(125,670) Comprehensive loss attributable to FGI Industries Ltd. shareholders $ (542,660)$ (434,767) Weighted average number of ordinary sharesBasic 9,578,9839,547,607 Diluted 9,578,9839,547,607 Loss per shareBasic $ (0.07)$ (0.04) Diluted $ (0.07)$ (0.04) FGI INDUSTRIES LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months EndedMarch 31,20252024USDUSD CASH FLOWS FROM OPERATING ACTIVITIESNet loss $ (815,557)$ (537,859) Adjustments to reconcile net loss to net cash used in operating activities Depreciation 147,28787,871 Amortization 563,117497,795 Share-based compensation 76,306119,586 Provision for credit losses 1,89918,412 Provision for defective return 123,538671,184 Foreign exchange transaction (gain) loss (13,781)18,072 Deferred income tax benefit (758,698)(48,543) Changes in operating assets and liabilities Accounts receivable 823,212(239,220) Inventories 1,407,282(1,627,111) Prepayments and other current assets (293,655)(127,814) Prepayments and other receivables – related parties 973,131(5,075,121) Other noncurrent assets 174,685(364,657) Income taxes 17,786(419,174) Accounts payable (2,421,083)(3,691) Accounts payable - related parties (634,383)(3,022) Operating lease liabilities (417,283)(344,389) Accrued expenses and other current liabilities (605,489)(612,218) Net cash used in operating activities (1,651,686)(7,989,899) CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property and equipment (349,875)(609,035) Purchase of intangible assets (100,280)(302,385) Net cash used in investing activities (450,155)(911,420) CASH FLOWS FROM FINANCING ACTIVITIESNet proceeds from (repayments of) revolving credit facility (1,330,812)4,483,476 Net cash (used in) provided by financing activities (1,330,812)4,483,476 EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH 100,858(40,332) NET CHANGES IN CASH (3,331,795)(4,458,175) CASH, BEGINNING OF PERIOD 4,558,1607,777,241 CASH, END OF PERIOD $ 1,226,365$ 3,319,066 SUPPLEMENTAL CASH FLOW INFORMATIONCash paid during the period for interest $ (302,819)$ (213,953) Cash paid during the period for income taxes $ (850)$ (486,521) NON-CASH INVESTING AND FINANCING ACTIVITIESLease liability arising from obtaining a right-of-use asset $ 296,012$ — Derecognition of lease liability upon early termination $ (1,251,111)$ — Non-GAAP Measures The following table reconciles GAAP income from operations to Adjusted Operating (Loss) Income and Adjusted Operating Margins, as well as GAAP net income to Adjusted Net Income for the periods the Three Months EndedMarch 31,For the Twelve Months Ended March 31,2025202420252024USDUSDUSDUSD (Loss) income from operations $ (1,280,859)$ (320,934)$ (3,059,516)$ 1,986,436 Adjustments:Non-recurring IPO-related share-based compensation 19,90659,719199,063238,876 Business expansion expense —61,770185,310247,080 Adjusted Operating Loss $ (1,260,953)$ (199,445)$ (2,675,143)$ 2,472,392 Revenue $ 33,212,548$ 30,753,519$ 134,277,102$ 120,832,857 Adjusted Operating Margins (%) (3.8)(0.6)(2.0)2.0 For the Three Months EndedMarch 31,For the Twelve Months Ended March 31,2025202420252024USDUSDUSDUSD Loss before income taxes $ (1,555,087)$ (515,570)$ (3,321,615)$ 1,142,964 Adjustments:Non-recurring IPO-related share-based compensation 19,90659,719199,063238,876 Business expansion expense —61,770185,310247,080 Adjusted (loss) income before income taxes (1,535,181)(394,081)(2,937,242)1,628,920 Less: income taxes at 18% rate (276,333)(70,935)(528,704)293,206 Less: net loss attributable to non-controlling shareholders (186,465)(125,670)(593,983)(279,710) Adjusted Net Loss $ (1,072,383)$ (197,476)$ (1,814,555)$ 1,615,424 Beginning in the first quarter of 2025, we have revised the presentation of non-GAAP measures to provide more meaningful insight into the Company's performance. Historical comparative figures have been adjusted to reflect the current presentation format. These changes are intended to better align with how management evaluates results and makes operating decisions. Reconciliations to the most directly comparable GAAP measures are provided to support transparency and comparability. View original content to download multimedia: SOURCE FGI Industries Ltd. Sign in to access your portfolio

Richard Johnson: Tiffany Haddish roasts NYC's best dressed at fashion luncheon
Richard Johnson: Tiffany Haddish roasts NYC's best dressed at fashion luncheon

Yahoo

time21-04-2025

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Richard Johnson: Tiffany Haddish roasts NYC's best dressed at fashion luncheon

NEW YORK — Fashion Group International honors the upcoming generation of designers. At an Upper East Side luncheon last week, host Tiffany Haddish had the fashionable crowd splitting their sides with laughter, but pointed out they held it together. 'I see all you gorgeous people in the room. Where else can you find so much ambition and creativity held together with Spanx?' Haddish reminded everyone the group started in 1930 and mentioned past honorees like Elizabeth Arden, Helena Rubinstein, Carmel Snow, and even Eleanor Roosevelt. Then kept the comedy coming. 'I can see some of y'all not eating right now. And hiding a pair of flats under the table. I know your feet hurt.' FGI President Maryanne Grisz thanked Haddish and the 'well-heeled' room for 'supporting our partners and our industry.' And then, yes, most did eat, working the Spanx overtime. **** Sarah Hoover was a ballet dancer and an art dealer, but she was nervous as a writer promoting her bestseller, 'The Motherload: Episodes from the Brink of Motherhood.' Hoover, a mother of two, enlisted Busy Philipps, a mother of two, to interview her in front of a large audience at Hebrew Union College on West Fourth Street. 'Busy shows up with her own bottle of wine. I was so happy,' Hoover told me. When Hoover offered to find a corkscrew, Philipps reached into her purse and pulled one out. 'This is what mothers do. They are always prepared,' Hoover said. The book's publisher McNally Jackson calls it 'an intimately honest memoir about motherhood that dares to ask, what happens when 'what to expect when you're expecting' turns out to be months of rage, anguish, brain fog, and a total surrender of sex, career, and identity.' Hoover is being honored by the Youth America Grand Prix, the largest ballet scholarship program in the world, at its gala at Alice Tully Hall at Lincoln Center on April 29. The evening's disco theme was inspired by her favorite movie 'Turning Point,' starring Anne Bancroft, Shirley MacLaine and Mikhail Baryshnikov. Marcella Hymowitz, the gala's artistic director, has created a giant toe shoe filled with crystal balls. Expect the unexpected. The invite to her first baby shower at the Chateau Marmont hotel in L.A. joked: 'No gifts unless it's drugs.' **** Cher might want to read 'Pets and the City' (Penguin Random House) because she's in it. The memoir of veterinarian Dr. Amy Attas — who has treated the pets of Billy Joel, Steve Martin, Wayne Gretzky and more — tells how Cher got her number from Joan Rivers, called and said her dog, Pico, was sick. The vet made a near-midnight house call to Cher's hotel suite and determined the canine had a case of highly contagious sarcoptic mange. She didn't meet Cher until she returned two weeks later to give the dog a second drug injection. The little dog started howling and suddenly Cher appeared in a bathrobe with cold cream on her face. Dr. Amy described Pico's rash and Cher reacted. 'She flings open her bathrobe.' She was naked underneath. Then Cher said, 'Never mind. I had the rash before I had the dog.' The vet told me, 'It always amazes me when I make house calls. It's so personal.' **** Spring has sprung and it's time to get ready for the beach. Dr. David Shokrian of Millennial Plastic Surgery is busy as can be with folks desperate to ditch their winter flab and strut into summer like runway gods. And the hottest ticket? A quick breast boost dubbed the 'Jiffy Boob' — where implants go in under local anesthesia faster than you can say 'bikini season.' 'Recession? What recession?' Shokrian smiles. 'My office is packed — people want to peel off layers and flaunt what they've got after a brutal winter.' Business is so busy, Shokrian's launching a new Long Island outpost. 'We can barely keep up,' he admits. 'People aren't scared of a downturn — they're scared of looking average.' **** Tony has won a lot of Tonys … and Oscars. Set and costume designer Tony Walton was married to Julie Andrews and was the magic behind some of the biggest shows on Broadway. Walton died in 2022 at age 87. Now his drawings, props and models are up for auction May 16. The launch party Monday night at Heritage on Park Avenue drew fans like Diane Sawyer, Jerry Zaks, Linda Janklow and David Rockwell. 'His costumes were works of art,' gushed Patti LuPone. 'There were witty details. You wore his designs and wished you lived in that period.'Glenn Close says Walton was 'in her DNA.' His wizardry was responsible for 'Anything Goes,' 'Guys and Dolls,' and the film version of 'The Wiz.' Of her late dad, Emma Walton Hamilton said, 'My father's imagination had no limits.' Stepdaughter Bridget LeRoy called him 'the kindest most gentle human ever.' His widow Julie Andrews liked his 'riotous use of color. He taught me to see the world with new eyes.' A portion of the sales benefit Broadway Cares/Equity Fights AIDS. 'Tony Walton's Dreamscapes: Heritage Auctions Unveils a Designer's Legacy' can be previewed online at Mary Poppins would love you to 'pop in.' **** TV VIPs celebrated Chris Whipple's 'Uncharted: How Trump Beat Biden, Harris, and the Odds in the Wildest Campaign in History,' which rocketed to No. 4 on Amazon's bestseller list. A who's who of television news came out to toast the former CBS '60 Minutes' producer. Crowded into Paige Peterson's 18th-floor apartment overlooking Central Park were ex-CBS News president Susan Zirinsky, CBS chief medical correspondent Dr. Jon LaPook and former ABC News investigative ace Brian Ross. **** Michael Mayer, who won a Tony for directing 'Spring Awakening,' is collaborating with historian John Monsky on the show 'To Friends of American History Unbound,' opening at Carnegie Hall on April 21. The performance weaves together images and music from World War I, including composer James Reese Europe and his Harlem Hellfighters band. Europe was called 'the Martin Luther King of music' by pianist Eubie Blake. Monsky then opens 'Independency: The American Flag at 250 Years' at Southampton Arts Center on May 17. The exhibition explores the American flag's evolution using rare flags to tell the nation's story, including a kerchief flag commissioned by Martha Washington in 1775 to flags flown during the Apollo moon landings. **** 'Grey's Anatomy' star Ellen Pompeo has nothing but high praise for artist Nevil Dwek who directed her in the movie 'Undermind' in 2003. Dwek is also a photographer who has shot campaigns for Ralph Lauren, but he has moved on to fine art. He will open a solo exhibition at the Kate Oh Gallery on East 72nd Street on May 1. The multi-disciplinary show uses photography to showcase romantic reflections in windows that change when the light hits them. **** Kenny Schachter is an artist, curator and art dealer. But he's also a writer with a wicked pen. On Artnet, Schachter wrote: 'Add yet another celebrity to the long list of sufferers of what I call the-grass-is-greenerism syndrome, where being famous in one sphere is simply not enough (e.g. Brad Pitt, Johnny Depp, Jim Carrey, Lucy Liu, et al.) Louis CK was clocked at the New York Studio School taking sculpture classes, categorically a more productive use of his hands after his very public self-pleasuring scandal.' ______

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