Latest news with #McCurdy
Yahoo
4 days ago
- Business
- Yahoo
Seized assets: Auctions set for Wichita restaurant, prime real estate
WICHITA, Kan. (KSNW) — One month ago, state agents seized the assets of The Anchor restaurant near Old Town and slapped a seizure notice on the door. The Kansas Department of Revenue said The Anchor owed more than $32,000 in taxes. On Friday, McCurdy Real Estate & Auction announced two auctions involving the property in the center of Wichita, on East Douglas, just east of Washington. The real estate auction is for more than half an acre, including The Anchor restaurant space, the former Douglas Avenue Chop Shop, the former Hell Bomb tattoo shop, and additional parking lots. 'This represents a remarkable opportunity for someone to step in and preserve a beloved Wichita institution or pursue a prime commercial redevelopment in the heart of the Douglas Design District,' Braden McCurdy, CEO and auctioneer, said in a news release. 'The Anchor has been a fixture for over two decades, and this auction gives the right buyer a chance to reinvigorate this legacy while also offering the potential for additional revenue streams.' State issues blue-green algae warnings for Kansas lakes The first auction is Wednesday, June 4, starting at 9 a.m., at 1109 E. Douglas. It will include property that was stored on the second and third floors of the buildings. Bud Palmer Auction will conduct the auction. Click here for a list and pictures of the items. The real estate auction will be handled through online-only bidding at The bidding opens at 2 p.m. on July 1. Bidding will close at 2:30 p.m. on July 9. Click here to register to bid. Fifteen minutes after the real estate auction ends, the remaining business assets, trade fixtures, intellectual property, and general intangibles will be auctioned collectively. McCurdy said this allows the buyer to get a complete, operational bar and restaurant. McCurdy says the new property owner could also immediately lease out the former butcher shop and tattoo shop spaces and turn the upper floors into possible residential properties. 'We're seeing interest from both restaurant operators who want to preserve The Anchor's community connection and investors who recognize the broader potential of this prime real estate,' McCurdy said. 'The location, established brand recognition, and multiple income stream potential combine to make this a standout opportunity in today's market.' The auction is part of a workout agreement with the Kansas Department of Revenue. For more Kansas news, click here. Keep up with the latest breaking news by downloading our mobile app and signing up for our news email alerts. Sign up for our Storm Track 3 Weather app by clicking here. To watch our shows live on our website, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
6 days ago
- Business
- Yahoo
Alabama Is Auctioning Off 5-Year Hunting Leases on Some of Its Public Land
Hunters in Alabama will have the unusual opportunity to bid on hunting leases on state-owned lands at a live auction this weekend in Shelby County. Saturday's auction will feature 140 tracts of varying sizes in different locations across the state, and they'll be leased out to hunters on a five-year cycle. The lease program and the auction itself are being overseen by the Alabama Department of Conservation and Natural Resource's State Lands Division. While federal agencies like the BLM lease public land, it's less usual for a state to do so, and particularly for hunting rights. 'The process involves a lot of work but is certainly worth it as the resulting leases are truly a win-win for the state and hunters,' State Lands Director Patti Powell McCurdy said last week in an announcement. 'They generate revenue for state agencies and at the same time allow State Lands to offer a unique hunting opportunity to anybody willing to participate in the bid process.' Read Next: How to Find an Affordable Deer Hunting Lease The public auction is scheduled to begin at 10 a.m. on May 31. The agency will accept written bids from absentees ahead of time, as well as in-person bids at the Grande Hall in Columbiana. Detailed bidding instructions are available on the state agency's website, which includes a full list of the 140 available tracts, along with basic property information and the minimum bid amounts being accepted. McCurdy explained that her staff first analyzes the properties to verify the hunting opportunities there. They then work with property appraisers to set the minimum bids, which range from only a couple hundred dollars per year up to $8,000 or more. The 140 tracts being auctioned are located across 32 counties, and they include a wide range of habitats, from rich bottomlands in agricultural areas to timbered tracts near the foothills of the Appalachians. They range in size from 34 to 1,400 acres, and some of the smaller parcels are available for bowhunting only. But they all provide some sort of opportunity, especially for hunters who might want to avoid crowded public lands but who can't afford a farm of their own or a membership to a private club. 'Not everybody has access to family land or a hunting club. This gives the public an opportunity to lease a tract and enjoy it with family and friends,' ADCNR Commissioner Chris Blankenship said of the program. 'Our bidders range from hunting clubs to grandparents looking for a place to take their grandkids hunting. I suspect we might also have a few bidders who just want a place to get away and enjoy by themselves.' Blankenship clarified that the parcels being auctioned are separate from the state's Wildlife Management Areas and other public lands managed specifically for hunting and fishing. Some of the tracts are owned by other state agencies, but by being enrolled in the hunting lease program, these tracts can drive revenue to the state while allowing hunters to play a bigger role in habitat management. Read Next: Beginner's Guide to Timber Stand Improvement: How to Manage Your Woods for Deer and Other Wildlife Lessees are required under the lease agreement to follow certain management practices, such as preventing fires, maintaining fire breaks and access roads, and keeping food plots planted. (By the same token, they aren't allowed to cut down trees or plant new food plots without the agency's approval.) They also have to obtain general liability insurance, maintain a list of authorized hunters, and follow other specific rules set by the ADCNR. Although McCurdy mentioned the last auction taking place in 2020, it's unclear how long Alabama has been leasing out its state lands to hunters. The ADCNR State Lands division did not immediately respond to a request for comment Tuesday. But the program is clearly being done with an eye toward the long-term health of these lands, with hunters stewarding the properties by investing their own time and money. 'To some, [making these tracts generate revenue] might sound like an unexpected role for the Department of Conservation and Natural Resources, but really, it's not,' McCurdy said. 'Employing proven conservation principles and implementing best management practices has always been directly linked to the resulting productivity of land. While you might see a one-time generation of revenue, you will never achieve the goal of perpetually generating revenue unless you take proper care of the land over the long term.'
Yahoo
22-05-2025
- Entertainment
- Yahoo
‘New York audiences like weird': ‘Dead Outlaw' cast and creatives on their ‘freight train' of a musical
'It really feels like the most personal show to me,' reveals David Yazbek about his new musical Dead Outlaw. The composer has written music and lyrics for six Broadway productions and has earned Tony Award nominations for each one, winning for The Band's Visit in 2018. Of his latest effort, Yazbek says, 'The reason why the story of Elmer McCurdy has stuck with me for decades is because it works on a lot of different levels, and the deepest level for me has to do with mortality and desire.' Yazbek and many of the cast and creatives of Dead Outlaw recently sat down with Gold Derby and other journalists at the 2025 Tony Awards Meet the Nominees press event. The darkly comic Dead Outlaw chronicles the life and truly bizarre afterlife of McCurdy, a man born in Maine who moves West and unsuccessfully tries his hand at a life of crime before getting gunned down by a sheriff's posse. McCurdy's body was never claimed at the mortuary, and subsequently traveled around the United States for 60-plus years and displayed in wax museums, sideshows, Hollywood films, and amusement park rides before finally being identified and laid to rest in Oklahoma. More from GoldDerby 'Fallout' gets early Season 3 renewal ahead of Season 2 premiere in December 'Barbershop' TV Series ordered at Prime Video with Jermaine Fowler starring 'Shrinking' acting Emmy submissions include Jason Segel, Harrison Ford, Jessica Williams, and these 4 guest stars The score's cowriter Erik Della Penna, a first-time Tony nominee this year, says that while the score encompasses many different styles of American music, the songs came 'organically.' 'I don't think there was a whole lot of searching going on. … We went pretty deep into the story and deep into the themes of the story based on who we are, where we were born, and at these advanced ages, so a lot of the themes are biologically on the horizon,' describes the musician and lyricist. SEE Julia Knitel describes tackling triple roles in 'Dead Outlaw' and performing 'a perfect musical theater song' in the 'weirdest' show Dead Outlaw reunited much of the Tony-winning creative team behind The Band's Visit, which is one of the most awarded musicals in the honor's history, taking home 10 trophies. Librettist Itamar Moses, who was named a finalist for the Pulitzer Prize for Drama this year for his off-Broadway play The Ally, notes how the process of creating this musical mirrored that earlier work because he, Yazbek, and director David Cromer 'trust one another and have similar tastes.' Even so, he describes how the two musicals could not be more different: 'They're almost exact opposites. The Band's Visit takes place over one night, and Dead Outlaw covers a hundred years. The Band's Visit's all about these quiet, dialogue, spare scenes and people sitting ... and here, we're barreling ahead like a rock concert and like a freight train through all of this time." Andrew Durand, who earned his first Tony nomination for playing the title character, loves the range of the show. 'You get these explosive moments — there are big, exciting, theatrical moments – and then you zero in on these little, intimate, almost play-like moments.' One of those explosive moments is the song 'Killed a Man in Maine,' in which Elmer drunkenly weaves a tall tale about committing a murder, though there is no evidence that the real McCurdy ever did. 'I've really come to love that number, because it used to scare the hell out of me. I would do it and I would blow out all my gas on that number and then I'd have the rest of a show to do. … I've figured out how to incorporate it into the rest of the show.' For Featured Actress nominee Julia Knitel, the Tony Awards embrace of Dead Outlaw echoes what she's finding amongst audiences every night. 'From the time of our first performance, the audiences have really been on board. New York audiences like weird. We forget that it's okay to be different. … It's refreshing to have something that you've never seen before. New York audiences are smart, and I think as soon as they walk in, they realize this is not your typical musical.' Dead Outlaw earned seven Tony Award nominations, the second-most of any musical this year behind Buena Vista Social Club, Death Becomes Her, and Maybe Happy Ending, all at 10. In Gold Derby's current odds, Dead Outlaw ranks in second place for Best Musical and second place for Best Original Score, which would mark Yazbek's second victory. Moses has a commanding lead in the Best Musical Book category, which would be his second victory out of two nominations. Director Cromer and featured actor Jeb Brown both rank third in their respective categories, while Knitel ranks fourth and Durand fifth. SIGN UP for Gold Derby's free newsletter with latest predictions Best of GoldDerby Sadie Sink on her character's 'emotional rage' in 'John Proctor Is the Villain' and her reaction to 'Stranger Things: The First Shadow' 'It should be illegal how much fun I'm having': Lea Salonga on playing Mrs. Lovett and more in 'Stephen Sondheim's Old Friends' 'Death Becomes Her' star Jennifer Simard is ready to be a leading lady: 'I don't feel pressure, I feel joy' Click here to read the full article.
Yahoo
14-05-2025
- Yahoo
Reading man arrested in weekend burglary of middle school
A 25-year-old city man was arrested Tuesday after Reading police said security camera footage shows him breaking into Central Middle School over the weekend. Brandon McCurdy, 25, roamed the school for about an hour after breaking in through a second-floor window Friday night just before midnight, city police said. He stole two cellphones and a pair of scissors from a classroom, and later used the scissors to try to break into the register in the cafeteria before taking some snacks, they said. The footage shows the intruder leaving the building through the cafeteria about 1 a.m. The break-in was discovered Monday morning when school personnel discovered a window screen leaning against a wall in the corner of a classroom. According to court records: Police identified McCurdy as the suspect with the help of facial recognition software, investigators said. Officers went to his residence in the 1200 block of Elm Street, which is adjacent to the school on North 12th Street, to talk to him about the burglary. He denied taking the phones and said he was never in the school. A witness in the home, however, recalled that McCurdy had brought two iPhones to the residence Saturday. The witness told McCurdy she didn't want the phones in the house, and he took them down the alley. McCurdy later admitted that he placed the phones on the back porch. He showed the officers where he left them, but they were gone. Police said a student owned one of the phones, an Apple iPhone 16 valued at more than $1,200. It wasn't clear to whom the other phone belonged. McCurdy was committed to Berks County Jail in lieu of $20,000 bail to await a hearing after arraignment Tuesday night before District Judge Steven M. Chieffo in Reading Central Court. He faces charges of burglary, criminal trespassing, receiving stolen property, and theft by unlawful taking.
Cision Canada
13-05-2025
- Business
- Cision Canada
K-BRO REPORTS RECORD Q1 RESULTS AND ANNOUNCEMENT OF TRANSFORMATIONAL ACQUISITION OF UK BASED STAR MAYAN
(TSX: ) EDMONTON, AB, May 13, 2025 /CNW/ - K-Bro Linen Inc. ("K-Bro" or the "Corporation") today announces its Q1 2025 financial and operating results. Q1 2025 Financial and Operating Highlights Revenue Revenue increased by 13.4% in Q1 2025 to $91.0 million compared to $80.2 million in 2024. Healthcare revenue increased to $50.6 million for Q1 2025 compared to $47.5 million in 2024, or by 6.5%. Hospitality revenue increased to $40.4 million for Q1 2025 compared to $32.7 million in 2024, or by 23.3%. Adjusted EBITDA 1, Adjusted EBITDA Margin 1 & Adjusted Net Earnings 1 Adjusted EBITDA increased to $15.0 million in Q1 2025 compared to $13.4 million in 2024. Adjusted EBITDA margin remained consistent at 16.5% in Q1 2025 compared to 16.7% in Q1 2024. Adjusted net earnings decreased by $0.2 million to $3.4 million in Q1 2025 from $3.6 million in 2024. EBITDA, EBITDA Margin & Net Earnings EBITDA increased by $0.8 million to $12.4 million for Q1 2025 compared to $11.6 million in 2024. EBITDA margin for the quarter decreased to 13.6% in 2025 compared to 14.5% in 2024. Net earnings for the quarter decreased by $1.0 million to $0.8 million in 2025 from $1.8 million in 2024, and as a percentage of revenue decreased by 1.4% to 0.9% in 2025 from 2.3% in 2024. For the first quarter of 2025, K-Bro declared dividends of $0.300 per common share. Long-term debt at the end of Q1 2025 was $119.3 million compared to $123.8 million at the end of fiscal 2024. (1) Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Earnings are non-GAAP measures. See "Terminology" for further information on the definition and composition of these measures. Linda McCurdy, President & CEO of K-Bro, commented that "Today, K-Bro announced the transformative acquisition of Star Mayan, K-Bro's largest acquisition in our history. The Acquisition, combined with K-Bro's existing U.K. businesses, Fishers and Shortridge, creates a top three national platform in the attractive U.K. market serving both healthcare and hospitality customers. K-Bro's acquisition of Star Mayan adds a leading U.K healthcare-focused platform, enhancing revenue diversification by geographic mix and business mix. We believe the U.K. healthcare market shares similar characteristics and trends to the Canadian healthcare market. For additional details, please refer to the acquisition press release." McCurdy continued "I'm pleased with our strong first quarter results and positive outlook amid the evolving geopolitical and trade landscape. We remain focused on delivering industry-leading service and supporting our customers. Both of K-Bro's healthcare and hospitality segments continue to experience steady volume trends. In our healthcare segment, we expect steady increases to activity levels supported by a continued focus on reducing wait times and enhancing patient care. In our hospitality segment, we expect solid activity levels from both business and leisure travel. We continue to monitor the evolving state of tariffs and other trade protections. Currently, we are not anticipating meaningful impacts as key customers and suppliers are not US-based. Star Mayan will be integrated into K-Bro's existing U.K. business under a newly created U.K. managing director. Star's business leads will report to the U.K. managing director, along with regional leads from K-Bro's other businesses. K-Bro has established a transition team to spearhead the Star integration process." Highlights and Significant Events for Q1 2025 Business Acquisition - Star Mayan For additional details on K-Bro's acquisition of Star Mayan, please refer to the acquisition press release filed on May 13, 2025. A summary is included below. On May 13, 2025, the Corporation announced that it had signed a share purchase agreement with STAR Capital Partnership LLP to acquire 100% of U.K.-based STAR Mayan Limited ("Star Mayan") for a cash purchase price of £107.2 million (approximately $199.1 million), on a cash-free, debt-free basis, including a normalized level of working capital. Star Mayan is an investment and holding company which owns 100% interests in three operating businesses: (i) Synergy Health Managed Services Limited ("Synergy"); (ii) Grosvenor Contracts (London) Limited ("Grosvenor"); and (iii) Aeroserve (MSP) Limited and Aeroserve Euro Limited, jointly referred to as Aeroserve Linen Services ("AeroServe"). Star Mayan, doing business as Synergy, Grosvenor and AeroServe, is a leading commercial laundry business in England, serving the healthcare and hospitality markets and has seven operating facilities strategically located across England: Bermondsey, Derby, Dunstable, Sheffield, Slough (2), and St. Helens, in addition to a distribution depot in Manchester. Subscription Receipt Offering On May 13, 2025, the Corporation has entered into an agreement to sell subscription receipts on a bought deal basis to a syndicate of underwriters led by TD Securities Inc. for gross proceeds of $70 million (the "Offering"). In addition, K-Bro has granted the syndicate an over-allotment option, exercisable for a period of 30 days following the closing of the Offering, which, if exercised, would increase the gross Offering size to $80.5 million. On May 13, 2025, the Corporation amended its existing three-year committed Syndicated Credit Facility Agreement to include a $150 million four-year amortizing term loan and to extend the term of the facility from March 25, 2027 to May 13, 2029. The amendment included a reduction in the accordion to $50 million from $75 million. On March 26, 2024, the Corporation entered into a three-year committed Syndicated Credit Facility Agreement from March 26, 2024 to March 25, 2027. The agreement consists of a $175 million revolving credit facility plus a $75 million accordion. The Corporation's incremental borrowing rate under its existing credit facility is determined by the Canadian prime rate plus an applicable margin based on the ratio of Funded Debt to EBITDA as defined in the credit agreement. Business Acquisition - Shortridge For the quarter ended March 31, 2025, the provisional amounts that were previously disclosed in the December 31, 2024 Annual Financial Statements, associated with the 100% share capital acquisition of Shortridge Ltd, a private hospitality laundry provider based in the North West of England were finalized. No new information which resulted in adjustments to the fair value of net identifiable assets acquired was obtained during the quarter ended March 31, 2025. No new business acquisitions were made during the quarter ended March 31, 2025. Business Acquisition - Buanderie C.M. For the quarter ended March 31, 2025, the provisional amounts that were previously disclosed in the December 31, 2024 Annual Financial Statements, associated with the 100% share capital acquisition of Buanderie C.M., a private laundry and linen operator located in Montreal serving the healthcare market were finalized. No new information which resulted in adjustments to the fair value of net identifiable assets acquired was obtained during the quarter ended March 31, 2025. No new business acquisitions were made during the quarter ended March 31, 2025. Capital Investment Plan For fiscal 2025, the Corporation's planned capital spending is expected to be in the range of $10.0 to $12.0 million on a consolidated basis. This guidance includes both strategic and maintenance capital requirements to support existing base business in both Canada and the UK. These amounts are not reflective of incremental capital required for the Star Mayan Acquisition. We will continue to assess capital needs within our facilities and prioritize projects that have shorter term paybacks as well as those that are required to maintain efficient and reliable operations. Economic Conditions The Corporation's Credit Facility is subject to floating interest rates and, therefore, is subject to fluctuations in interest rates which are beyond the Corporation's control. Increases in interest rates, both domestically and internationally, could negatively affect the Corporation's cost of financing its operations and investments. Evolving global and Canadian foreign policies, geopolitical events and economic conditions may impact inflation, energy pricing, labour availability, supply chain efficiency, trade policies, tariffs and/or other items, which may have a direct or indirect impact on the Corporation's business. Uncertainty about judgments, estimates and assumptions made by management during the preparation of the Corporation's consolidated financial statements related to potential impacts of geopolitical events and rising interest rates on revenue, expenses, assets, liabilities, and note disclosures could result in a material adjustment to the carrying value of the asset or liability affected. Financial Results For The Three Months Ended March 31, (thousands, except per share amounts and percentages) Canadian Division 2025 UK Division 2025 2025 Canadian Division 2024 UK Division 2024 2024 $ Change % Change Revenue $ 66,572 $ 24,397 $ 90,969 $ 62,700 $ 17,527 $ 80,227 10,742 13.4 % Expenses included in EBITDA 56,551 22,014 78,565 52,821 15,801 68,622 9,943 14.5 % EBITDA (1) 10,021 2,383 12,404 9,879 1,726 11,605 799 6.9 % EBITDA as a % of revenue 15.1 % 9.8 % 13.6 % 15.8 % 9.8 % 14.5 % -0.9 % -6.2 % Adjusted EBITDA (1) 11,941 3,052 14,993 11,618 1,817 13,435 1,558 11.6 % Adjusted EBITDA as a % of revenue 17.9 % 12.5 % 16.5 % 18.5 % 10.4 % 16.7 % -0.2 % -1.2 % Net earnings (loss) 846 (20) 826 1,679 127 1,806 (980) -54.3 % Basic earnings (loss) per share $ 0.081 $ (0.002) $ 0.079 $ 0.160 $ 0.012 $ 0.172 $ (0.093) -54.1 % Diluted earnings (loss) per share $ 0.080 $ (0.002) $ 0.078 $ 0.159 $ 0.012 $ 0.171 $ (0.093) -54.4 % Dividends declared per diluted share $ 0.300 $ 0.300 $ - 0.0 % Adjusted net earnings (1) 2,766 649 3,415 3,418 218 3,636 (221) -6.1 % Adjusted basic earnings per share (1) $ 0.263 $ 0.062 $ 0.325 $ 0.325 $ 0.021 $ 0.345 $ (0.020) -5.8 % Adjusted diluted earnings per share (1) $ 0.262 $ 0.061 $ 0.323 $ 0.323 $ 0.021 $ 0.343 $ (0.020) -5.8 % Total assets 438,446 361,859 76,587 21.2 % Long-term debt (excludes lease liabilities) 119,295 65,727 53,568 81.5 % Cash provided by operating activities 17,256 12,692 4,564 36.0 % Net change in non-cash working capital items 7,409 3,192 4,217 132.1 % Share-based compensation expense 649 508 141 27.8 % Maintenance capital expenditures 720 387 333 86.0 % Principal elements of lease payments 2,723 2,631 92 3.5 % Distributable cash flow (1) 5,755 5,974 (219) -3.7 % Dividends declared 3,174 3,177 (3) -0.1 % Payout ratio (1) 55.1 % 53.2 % 1.9 % 3.6 % (1) See "Terminology" for further details Dividends The Board of Directors has declared a monthly dividend of $0.10 per common share for the period from May 1 to May 31, 2025, to be paid on June 13, 2025, to shareholders of record on May 30, 2025. The Corporation's policy is for shareholders of record on the last business day of a calendar month to receive dividends during the fifteen days following the end of such month. K-Bro designates this dividend as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and similar provincial and territorial legislation. OUTLOOK K-Bro's acquisition of Star Mayan adds a leading U.K healthcare-focused platform, enhancing revenue diversification by geographic mix and business mix. Management believes the U.K. healthcare market shares similar characteristics and trends to the Canadian healthcare market. The Corporation's healthcare and hospitality segments continue to experience steady volume trends. For the healthcare segment, management expects steady increases to activity levels supported by a continued focus on reducing wait times and enhancing patient care. For the hospitality segment, management expects solid activity levels from both business and leisure travel reflecting historical seasonal trends. Going forward, management expects combined Adjusted EBITDA margins will remain at similar levels to seasonally adjusted historical margins. The Corporation continues to monitor evolving global and Canadian foreign policies, geopolitical events and economic conditions, which could have a direct or indirect impact on the business. In 2024, the Corporation modified its definition of Adjusted EBITDA. As K-Bro actively pursues its growth opportunities, the Corporation will continue to incur certain transaction, transition, syndication/structural financing costs. In this context, management believes Adjusted EBITDA assists investors to assess our performance on a consistent basis as it is an indication of our capacity to generate income from operations. Adjusting items are detailed in the tables within "Terminology". With continued momentum in existing operations, management has refocused attention on strategic acquisitions, such as the acquisitions of Star Mayan, C.M., Shortridge, Villeray and Paranet, to accelerate growth in North America, Europe, and similar geographies which remain highly fragmented. K-Bro will look to leverage its strong liquidity position, balance sheet and access to the capital markets to execute on these opportunities, should they arise. For further information about the impact of other economic factors on our business, see the "Summary of Interim Results and Key Events". CORPORATE PROFILE K-Bro is the largest owner and operator of laundry and linen processing facilities in Canada and a market leader for laundry and textile rental services in Scotland and the North of England. K‑Bro and its wholly-owned subsidiaries operate across Canada and the UK, providing a range of linen services to healthcare institutions, hotels and other commercial accounts that include the processing, management and distribution of general linen and operating room linen. The Corporation's operations in Canada include eleven processing facilities and two distribution centres in ten Canadian cities: Québec City, Montréal, Toronto, Regina, Saskatoon, Prince Albert, Edmonton, Calgary, Vancouver and Victoria. The Corporation's operations in the UK include two distinctive brands, Fishers Topco Ltd. ("Fishers") which was acquired by K-Bro on November 27, 2017 and Shortridge Ltd. ("Shortridge"), which was acquired by K-Bro on April 30, 2024. Fishers was established in 1900 and is an operator of laundry and linen processing facilities in Scotland, providing linen rental, workwear hire and cleanroom garment services to the hospitality, healthcare, manufacturing and pharmaceutical sectors. Fishers' client base includes major hotel chains and prestigious venues across Scotland and the North of England. The company operates in five cities, in Scotland and the North of England with facilities in Cupar, Perth, Newcastle, Livingston and Coatbridge. Shortridge is headquartered in North West England, with laundry processing sites in Lillyhall and Dumfries and a distribution centre in Darlington. Shortridge, established in 1845, specialises in providing high quality laundry services to local independent hospitality businesses, including hotels, B&Bs, self-catering units and restaurants. Additional information regarding the Corporation including required securities filings are available on our website at and on the Canadian Securities Administrators' website at the System for Electronic Document Analysis and Retrieval ("SEDAR +"). TERMINOLOGY Throughout this news release and other documents referred to herein, and in order to provide a better understanding of the financial results, K-Bro uses the terms "EBITDA", "adjusted EBITDA", "adjusted net earnings", "adjusted net earnings per share", "debt to total capital", "distributable cash" and "payout ratio". These terms do not have any standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") as set out in the CICA Handbook. Therefore, EBITDA, adjusted EBITDA, adjusted net earnings, adjusted net earnings per share, distributable cash and payout ratio may not be comparable to similar measures presented by other issuers. Specifically, the terms "EBITDA", "adjusted EBITDA", "adjusted net earnings", "adjusted net earnings per share", "distributable cash", and "payout ratio" have been defined as follows: EBITDA EBITDA (Earnings before interest, taxes, depreciation and amortization) comprises revenues less operating costs before financing costs, capital asset and intangible asset amortization, and income taxes. EBITDA is a sub‑total presented within the statement of earnings. EBITDA is not considered an alternative to net earnings in measuring K‑Bro's performance. EBITDA should not be used as an exclusive measure of cash flow since it does not account for the impact of working capital changes, capital expenditures, debt changes and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows. Non-GAAP Measures Adjusted EBITDA K‑Bro reports Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) as a key measure used by management to evaluate performance. We believe Adjusted EBITDA assists investors to assess our performance on a consistent basis as it is an indication of our capacity to generate income from operations before taking into account management's financing decisions as well as costs of acquiring tangible and intangible capital assets. The Corporation modified its definition for Adjusted EBITDA in 2024 and has updated its comparative quarters to reflect the modified definition. "Adjusted EBITDA" is EBITDA (defined above) with the addition or deduction of certain amounts incurred which management does not consider indicative of ongoing operating performance. This includes transaction costs, structural finance costs, transition and integration costs, restructuring costs, gains/losses on settlement of contingent consideration and any other non-recurring transactions. The Corporation believes these non-GAAP definitions provide more meaningful reflections of normalized financial performance from operations and will enhance period-over-period comparability. Adjusted Net Earnings and Adjusted Earnings per Share Adjusted Net Earnings and Adjusted Earnings per Share are non-GAAP measures. These non-GAAP measures are defined to exclude certain amounts which management does not consider indicative of ongoing operating performance. This includes transaction costs, structural finance costs, transition and integration costs, restructuring costs, gains/losses on settlement of contingent consideration and any other non-recurring transactions. The Corporation believes these non-GAAP definitions provide more meaningful reflections of normalized financial performance from operations and will enhance period-over-period comparability. Three Months Ended March 31, Canadian Division 2025 UK Division 2025 2025 Canadian Division 2024 UK Division 2024 2024 (thousands) Net Earnings $ 846 $ (20) $ 826 $ 1,679 $ 127 $ 1,806 Adjusting Items: Transaction Costs 1 1,488 669 2,157 30 91 121 Syndication/Structural Finance Costs 2 432 - 432 1,500 - 1,500 Transition Costs 3 - - - 209 - 209 - - - Adjusted Net Earnings $ 2,766 $ 649 $ 3,415 $ 3,418 $ 218 $ 3,636 1 Relates to legal, professional and consulting fee expenditures made related to acquisitions. 2 Relates to costs incurred for syndication and credit agreement restructuring costs. 3 Relates to transition costs incurred as a result of the Corporation's acquisitions. Three Months Ended March 31, Canadian Division 2025 UK Division 2025 2025 Canadian Division 2024 UK Division 2024 2024 (thousands) Diluted Earnings per Share 0.080 (0.002) 0.078 0.159 0.012 0.171 Adjusting Items: Transaction Costs 1 0.141 0.063 0.204 0.003 0.009 0.012 Syndication/Structural Finance Costs 2 0.041 - 0.041 0.141 - 0.141 Transition Costs 3 - - - 0.020 - 0.020 - - - Adjusted Diluted Earnings per Share 0.262 0.061 0.323 0.323 0.021 0.343 1 Relates to legal, professional and consulting fee expenditures made related to acquisitions. 2 Relates to costs incurred for syndication and credit agreement restructuring costs. 3 Relates to transition costs incurred as a result of the Corporation's acquisitions. Distributable Cash Flow Distributable cash flow is a measure used by management to evaluate the Corporation's performance. While the closest IFRS Accounting Standards measure is cash provided by operating activities, distributable cash flow is considered relevant because it provides an indication of how much cash generated by operations is available after capital expenditures. It should be noted that although we consider this measure to be distributable cash flow, financial and non‑financial covenants in our credit facilities and dealer agreements may restrict cash from being available for dividends, re‑investment in the Corporation, potential acquisitions, or other purposes. Investors should be cautioned that distributable cash flow may not actually be available for growth or distribution from the Corporation. Management refers to "Distributable cash flow" as to cash provided by (used in) operating activities with the addition of net changes in non‑cash working capital items, less share‑based compensation, maintenance capital expenditures and principal elements of lease payments. Payout Ratio "Payout ratio" is defined by management as the actual cash dividend divided by distributable cash. This is a key measure used by investors to value K-Bro, assess its performance and provide an indication of the sustainability of dividends. The payout ratio depends on the distributable cash and the Corporation's dividend policy. Debt to Total Capital "Debt to total capital" is defined by management as the total long‑term debt (excludes lease liabilities) divided by the Corporation's total capital. This is a measure used by investors to assess the Corporation's financial structure. Distributable cash flow, payout ratio, debt to total capital adjusted EBITDA, adjusted net earnings, and adjusted net earnings per share are not calculations based on IFRS Accounting Standards and are not considered an alternative to IFRS Accounting Standards measures in measuring K‑Bro's performance. Distributable cash Flow, payout ratio, adjusted EBITDA, adjusted net earnings, and adjusted net earnings per share do not have standardized meanings in IFRS Accounting Standards and are therefore not likely to be comparable with similar measures used by other issuers. FORWARD LOOKING STATEMENTS This news release contains forward‑looking information that represents internal expectations, estimates or beliefs concerning, among other things, future activities or future operating results and various components thereof. The use of any of the words "anticipate", "continue", "expect", "may", "will", "project", "should", "believe", and similar expressions suggesting future outcomes or events are intended to identify forward‑looking information. Statements regarding such forward‑looking information reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on management's estimates and assumptions that are subject to risks and uncertainties, which could cause K-Bro's actual performance and financial results in future periods to differ materially from the forward-looking information contained in this news release. These risks and uncertainties include, among other things: (i) risks associated with acquisitions, including (a) the possibility of undisclosed material liabilities, disputes or contingencies, (b) challenges or delays in achieving synergy and integration targets, (c) the diversion of management's time and focus from other business concerns and (d) the use of resources that may be needed in other parts of our business; (ii) K-Bro's competitive environment; (iii) utility costs, minimum wage legislation and labour costs; (iv) K-Bro's dependence on long-term contracts with the associated renewal risk and the risks associated with maintaining short term contracts; (v) increased capital expenditure requirements; (vi) reliance on key personnel; (vii) changing trends in government outsourcing; (viii) changes or proposed changes to minimum wage laws in Ontario, British Columbia, Alberta, Quebec, Saskatchewan and the United Kingdom (the "UK"); (ix) the availability and terms of future financing; * textile demand; (xi) availability and access to labour; (xii) rising wage rates in all jurisdictions the Corporation operates and (xiii) foreign currency risk. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include: (i) volumes and pricing assumptions; (ii) expected impact of labour cost initiatives; (iii) frequency of one-time costs impacting quarterly and annual financial results; (iv) foreign exchange rates; (v) the level of capital expenditures and (vi) the expected impact of the COVID-19 pandemic on the Corporation. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements regarding forward-looking information included in this news release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this news release. Forward looking information included in this news release includes the expected annual healthcare revenues to be generated from the Corporation's contracts with new customers, calculation of costs, including one-time costs impacting the quarterly financial results, anticipated future capital spending and statements with respect to future expectations on margins and volume growth. All forward‑looking information in this news release is qualified by these cautionary statements. Forward‑looking information in this news release is presented only as of the date made. Except as required by law, K‑Bro does not undertake any obligation to publicly revise these forward‑looking statements to reflect subsequent events or circumstances. This news release also makes reference to certain measures in this document that do not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, are considered non‑GAAP measures. These measures may not be comparable to similar measures presented by other issuers. Please see "Terminology" for further discussion.
