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Business Wire
5 hours ago
- Business
- Business Wire
MarineMax Reports Fiscal 2025 Third Quarter Results
OLDSMAR, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO) ('MarineMax' or the 'Company'), the world's largest recreational boat and yacht retailer, marina operator and superyacht services company, today announced results for its fiscal 2025 third quarter ended June 30, 2025. Fiscal 2025 Third Quarter Summary June quarter revenue of $657.2 million Same-store sales down 9% Gross profit of 30.4% Net loss of $52.1 million, or $2.42 per share, includes a non-cash goodwill impairment charge of $69.1 million; Adjusted diluted EPS 1 of $0.49 Adjusted EBITDA 1 of $35.5 million CEO & President Commentary 'A combination of ongoing economic uncertainty, evolving trade policies and geopolitical tensions contributed to weak retail demand across the recreational marine industry in the June quarter,' said Brett McGill, Chief Executive Officer and President of MarineMax. 'Business conditions have been challenging throughout the fiscal year, with increasing consumer caution since April, particularly among prospective new boat buyers, many of whom are delaying their purchases until conditions improve. 'Importantly, our continued diversification efforts have helped to offset some of the pressures on new boat margins during the fiscal year,' McGill said. 'Our 31.8% gross margin through the first nine months of fiscal 2025 included strong contributions from our higher-margin growth areas, including finance and insurance, marinas and superyacht services. Our marina portfolio, anchored by our prestigious IGY Marinas brand, continues to expand its reach. This momentum is reflected in the recent opening of the new state-of-the-art IGY Savannah Harbor Marina and IGY's selection as the marina operator for the upcoming Wynn Al Marjan Island Marina in the United Arab Emirates. These milestones underscore our team's commitment to operational excellence, world-class service, and leadership in global marina management. 'Although industry inventory levels remain elevated due to softer sales in the June quarter, we expect improvement ahead, with forecasts indicating a gradual rebalancing beginning in the back half of calendar 2025,' McGill said. 'Recent developments such as the new tax legislation, easing geopolitical tensions, and the prospect of trade agreements, may help reduce some of the uncertainty that has weighed on consumer confidence. Encouragingly, interest in the boating lifestyle remains strong as demonstrated by attendance at our events as well as marina demand, and online activity.' Fiscal 2025 Third Quarter Results Revenue in the fiscal 2025 third quarter declined 13.3% to $657.2 million from $757.7 million a year earlier, primarily due to lower new boat sales partly offset by stronger used boat sales and growth in many of the Company's higher-margin businesses. Same-store sales were down 9% compared with the prior year. Gross profit decreased 17.6% to $199.6 million from $242.1 million in the prior-year period. Gross profit margin of 30.4% decreased 160 basis points from 32.0% in the comparable period last year, primarily reflecting lower new boat margins due to the challenged retail environment. Selling, general, and administrative (SG&A) expenses totaled $172.1 million, or 26.2% of revenue, in the third quarter, compared with $181.1 million, or 23.9% of revenue, for the comparable period last year. Excluding transaction and other costs, intangible amortization, changes in contingent consideration, weather events, and restructuring expense in the respective periods, Adjusted SG&A 2 decreased $6.6 million, or 3.7%, in the third quarter of fiscal 2025 from the same period in fiscal 2024. Interest expense was $16.9 million, or 2.6% of revenue in the third quarter, compared with $18.2 million, or 2.4% of revenue in the prior-year period, reflecting lower interest rates compared with the third quarter of fiscal 2024. Net loss in the third quarter of fiscal 2025 was $52.1 million, or $2.42 per share, which includes a non-cash goodwill impairment charge of $69.1 million associated with the Company's manufacturing segment. The impairment charge was required due to the decline in the Company's market capitalization in the quarter, combined with a decline in the manufacturing segment's performance due to the challenging environment. For the comparable period of fiscal 2024, MarineMax reported net income of $31.6 million, or $1.37 per diluted share. Adjusted net income 1 in the third quarter of fiscal 2025 was $11.0 million, or $0.49 per adjusted diluted share, compared with $34.8 million, or $1.51 per diluted share, in the prior-year period. Adjusted EBITDA 1 for the quarter ended June 30, 2025, was $35.5 million, compared with $70.4 million for the comparable period last year. Revised Fiscal 2025 Guidance Based on results to date, current business conditions, retail trends and other factors, the Company is revising its fiscal year 2025 guidance. Adjusted net income 1,3 is now expected to be in the range of $0.45 to $0.95 per diluted share, compared with a prior range of $1.40 to $2.40 per diluted share. Adjusted EBITDA 1,3 is expected to be in the range of $105 million to $120 million, compared with a prior range of $140 million to $170 million. These expectations do not consider or give effect for, among other things, material acquisitions that may be completed by the Company during fiscal 2025 or other unforeseen events, including changes in global economic conditions. 'While our near-term outlook is cautious due to the ongoing economic uncertainty, we are confident that our overarching strategy will drive operational resilience. Our solid balance sheet positions us well to navigate the current market volatility,' McGill said. 'This management team has successfully guided the Company through many challenging economic cycles. As the recovery takes hold, we believe our long-term earnings power will be significantly enhanced by our growing presence in higher-margin businesses and by the resilient consumer demand for the boating lifestyle.' Conference Call Information MarineMax will discuss its fiscal 2025 third quarter financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the 'Investors' section of the Company's website or by dialing 877-407-0789 (U.S. and Canada) or 201-689-8562 (International). An online replay will be available within one hour of the conclusion of the call and will be archived on the website for one year. About MarineMax As the world's largest recreational boat and yacht retailer, marina operator and superyacht services company, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world's premier manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth's surface. We're focused on the other 71%. Learn more at Forward Looking Statement Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements, including those related to expected improvement in sales, the gradual rebalancing forecasted to begin in the back half of calendar 2025, the potential reduction in uncertainty that has been weighing on consumer confidence, our revised fiscal 2025 guidance, our cautious near-term outlook, our overarching strategy, the expansion of our higher-margin businesses, operational resilience, our positioning to navigate the current market volatility, the strategic expansion of our higher-margin businesses, and the resilient consumer demand for the boating lifestyle, are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the return to normal operations of the Company's locations, the timing of and potential outcome of the Company's long-term improvement plan, the estimated impact resulting from the Company's cost-reduction initiatives, the Company's abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company's manufacturing partners, the performance and integration of the recently acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company's Form 10-K for the fiscal year ended September 30, 2024 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited) June 30, September 30, June 30, 2025 2024 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 151,017 $ 224,326 $ 242,424 Accounts receivable, net 106,849 106,409 105,258 Inventories 906,219 906,641 880,419 Prepaid expenses and other current assets 33,793 35,835 33,101 Total current assets 1,197,878 1,273,211 1,261,202 Property and equipment, net 551,912 532,766 533,943 Operating lease right-of-use assets, net 138,143 136,599 138,600 Goodwill 527,144 592,293 589,949 Other intangible assets, net 36,661 37,458 38,380 Other long-term assets 35,999 32,741 31,591 Total assets $ 2,487,737 $ 2,605,068 $ 2,593,665 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 44,504 $ 54,481 $ 45,578 Contract liabilities (customer deposits) 48,900 64,845 66,791 Accrued expenses 116,892 197,295 196,987 Short-term borrowings 735,215 708,994 701,185 Current maturities on long-term debt 35,593 33,766 33,766 Current operating lease liabilities 10,045 9,762 10,135 Total current liabilities 991,149 1,069,143 1,054,442 Long-term debt, net of current maturities 365,070 355,906 364,138 Noncurrent operating lease liabilities 127,860 124,525 125,343 Deferred tax liabilities, net 45,539 60,317 59,210 Other long-term liabilities 6,796 8,928 13,598 Total liabilities 1,536,414 1,618,819 1,616,731 SHAREHOLDERS' EQUITY: Preferred stock — — — Common stock 30 30 30 Additional paid-in capital 362,216 343,911 342,218 Accumulated other comprehensive income 9,322 4,636 2,084 Retained earnings 747,239 778,015 774,016 Treasury stock (178,277 ) (150,797 ) (150,797 ) Total shareholders' equity attributable to MarineMax, Inc. 940,530 975,795 967,551 Non-controlling interests 10,793 10,454 9,383 Total shareholders' equity 951,323 986,249 976,934 Total liabilities and shareholders' equity $ 2,487,737 $ 2,605,068 $ 2,593,665 Expand MarineMax, Inc. and Subsidiaries Segment Financial Information (Amounts in thousands) (Unaudited) June 30, June 30, 2025 2024 2025 2024 Revenue: Retail Operations $ 655,750 $ 752,171 $ 1,750,439 $ 1,855,433 Product Manufacturing 32,150 38,062 105,591 124,372 Elimination of intersegment revenue (30,741 ) (32,513 ) (98,895 ) (111,919 ) Revenue $ 657,159 $ 757,720 $ 1,757,135 $ 1,867,886 (Loss) income from operations: Retail Operations $ 28,079 $ 58,733 $ 90,271 $ 94,204 Product Manufacturing (1) (72,363 ) (548 ) (75,570 ) 2,508 Intersegment adjustments 2,744 2,842 5,472 4,715 (Loss) income from operations $ (41,540 ) $ 61,027 $ 20,173 $ 101,427 Expand (1) Product manufacturing loss from operations for the three and nine months ended June 30, 2025, includes a non-cash goodwill impairment charge of $69.1 million. Expand MarineMax, Inc. and Subsidiaries Supplemental Financial Information (Amounts in thousands, except share and per share data) (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, 2025 2024 2025 2024 Net (loss) income attributable to MarineMax, Inc. $ (52,146 ) $ 31,550 $ (30,780 ) $ 34,067 Transaction and other costs (1) 742 1,127 1,564 4,352 Intangible amortization (2) 1,397 1,428 4,253 4,592 Change in fair value of contingent consideration (3) 60 1,225 (25,652 ) 2,392 Weather (recoveries) expenses (773 ) (556 ) 4,748 142 Restructuring expense (4) 526 1,110 1,302 1,110 Goodwill impairment (5) 69,055 — 69,055 — Tax adjustments for items noted above (6) (7,882 ) (1,123 ) (4,919 ) (3,172 ) Adjusted net income attributable to MarineMax, Inc. $ 10,979 $ 34,761 $ 19,571 $ 43,483 Diluted net (loss) income per common share $ (2.42 ) $ 1.37 $ (1.38 ) $ 1.48 Transaction and other costs (1) 0.03 0.05 0.07 0.19 Intangible amortization (2) 0.06 0.06 0.19 0.20 Change in fair value of contingent consideration (3) — 0.05 (1.15 ) 0.10 Weather (recoveries) expenses (0.04 ) (0.02 ) 0.21 0.01 Restructuring expense (4) 0.02 0.05 0.06 0.05 Goodwill impairment (5) 3.21 — 3.10 — Tax adjustments for items noted above (6) (0.37 ) (0.05 ) (0.22 ) (0.14 ) Adjustment for dilutive shares (7) — — (0.03 ) — Adjusted diluted net income per common share $ 0.49 $ 1.51 $ 0.85 $ 1.89 Expand (1) Transaction and other costs relate to acquisition transaction, integration, and other costs in the period. (2) Represents amortization expense for acquisition-related intangible assets. (3) Represents (gains) expenses to record contingent consideration liabilities at fair value. (4) Represents expenses incurred as a result of restructuring and store closings. (5) Represents goodwill impairment expense incurred on the manufacturing reporting unit during the three months ended June 30, 2025. (6) Adjustments for taxes for items are calculated based on the effective tax rate for each respective period presented. (7) Represents an adjustment for shares that are anti-dilutive for GAAP net income per share but are dilutive for adjusted net income per share. Expand Three Months Ended Nine Months Ended June 30, June 30, Net (loss) income attributable to MarineMax, Inc. $ (52,146 ) $ 31,550 $ (30,780 ) $ 34,067 Interest expense (excluding floor plan) 6,946 7,508 22,502 22,786 Income tax (benefit) provision (6,506 ) 11,085 (3,003 ) 11,452 Depreciation and amortization 12,537 11,192 36,385 33,087 Stock-based compensation expense 5,643 6,080 16,438 17,483 Transaction and other costs 742 1,127 1,564 4,352 Restructuring expense 526 1,225 1,302 2,392 Goodwill impairment 69,055 — 69,055 — Change in fair value of contingent consideration 60 1,110 (25,652 ) 1,110 Weather (recoveries) expenses (773 ) (556 ) 4,748 142 Foreign currency (540 ) 73 (41 ) (235 ) Adjusted EBITDA $ 35,544 $ 70,394 $ 92,518 $ 126,636 Expand Non-GAAP Financial Measures This press release, along with the above Supplemental Financial Information table, contains 'Adjusted net income,' 'Adjusted diluted EPS,' 'Adjusted Earnings Before Interest, Taxes Depreciation and Amortization,' ('Adjusted EBITDA') and 'Adjusted SG&A,' which are non-GAAP financial measures as defined under applicable securities legislation. In determining these measures, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company's results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliation and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP. In addition, we have not reconciled our fiscal year 2025 Adjusted net income and Adjusted EBITDA guidance to net income (the corresponding GAAP measure for each), which is not accessible on a forward-looking basis due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration, acquisition costs, and other costs. Acquisition contingent consideration and transaction costs, which are likely to be significant to the calculation of net income, are affected by the integration and post-acquisition performance of our acquirees, which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted net income and Adjusted EBITDA are not available without unreasonable effort.
The Herald Scotland
6 hours ago
- Politics
- The Herald Scotland
Bus company slams MSP over Glasgow franchising proposal
The MSP running for Green co-leader is calling for bus services to be brought back into public ownership to improve reliability and meet community needs. However, according to figures obtained by McGill's, the move could cost the public purse up to £400 million every year – without adding a new service. READ MORE: Billionaire brothers acquire historic Scottish bus company Driver and passenger taken to hospital after bus crash How can we speed up Glasgow's ever slower bus journeys? The cost for public control of bus services in Manchester is currently more than £220million per annum. Mr Greer recently highlighted the case of a man from Skelmorlie who must take eight buses in a single day to reach Crosshouse Hospital for his regular appointment. (Image: PA) The MSP said the current model is failing the West of Scotland and called for a return to public control and ownership to improve reliability, affordability, and accessibility. Yet, Mr Easdale has now said the anecdote only exposed the wider failings of public service planning – not the transport network itself. Mr Easdale said: 'If Greer had any compassion for this old gentleman he would have picked up the phone to NHS Scotland and asked why he couldn't have his treatment at Inverclyde Royal, a mere 30 minutes away from his home. Indeed, I have instructed my advisers to contact [[NHS Scotland]] to ask that very question. He added: 'Ross Greer needs to stop playing student politics and start living in the real world. 'Bus franchising is an outdated, expensive and unnecessary experiment that will take control away from people who understand how to run services efficiently and hand it to layers of council bureaucracy already under strain. 'Instead of asking why this man wasn't treated at a hospital just seven miles away in Greenock, Mr Greer used him as a pawn to score cheap political points. That's not leadership – it's opportunism. 'Scotland's bus services need investment, innovation and real partnership – not another Green vanity project funded by the taxpayer. 'The operation of Scotrail has cost nearly £600 million more in the first two years of nationalisation than it did under private control. 'Thanks to the actions of his party when they got their foot in the door of government, taxpayers are now facing the prospect of a £160million bill from legal action in the wake of the disastrous deposit return scheme. 'Every time the Greens get their hands on a public service, it ends in chaos and a massive bill. If Ross Greer gets his way on buses, the only thing arriving on time will be the invoice for Scotland's taxpayers.' Ross Greer and the Scottish Greens have been contacted for comment.
Montreal Gazette
5 days ago
- Politics
- Montreal Gazette
Libman: Wait a minute — where did the time go?
I was blown away last weekend by reports that it's been 35 years since the 1990 Oka Crisis, the standoff that dominated our news cycle that summer. It's also hard to believe last Sunday marked the 40th anniversary of the Live Aid benefit concert for famine relief. The passage of time is something that I have been thinking about more and more of late, trying to make sense of it all. One can be sitting in a waiting room or stuck in traffic agonizing over how long every minute seems to take. On a long trip, moving from A to B, you can only wait patiently, like staring at an hourglass until your destination. Yet, oddly enough, when you look back in time, everything seems accelerated. I graduated from McGill 40 years ago this summer. It seems impossible that it's been that long as I remember so vividly many memories and specifics from those days. How daunting it is to project the same time frame — which doesn't seem so long ago — into the future and realize I'll be (hopefully!) over 100 years old, for heaven's sake. The sense of aging first hit me when I started to realize that police officers, or professional hockey players, say, could be younger than me — and later, even judges and the like. There are teachers I remember from high school who seemed like old men, yet were younger than I am now. When I became involved in politics and elected to the National Assembly in 1989, I was in my 20s without any political experience. Some commentators were condescending, with one in particular — my predecessor on this Opinion page actually — often gleefully referring to me as 'little Bobby.' (That wouldn't get past my editor today!) But by the time I ran for Stephen Harper's Conservatives in 2015, I was described as the older, experienced politician. For much of my work life, whether in provincial or municipal politics, the private sector or in the community, I always seemed to be the young guy. Then suddenly, I'm not sure when, there's that hinge moment where I am now seen as the vieux routier around the office. When looking in the rear-view mirror (or a regular mirror, for that matter) it's hard not to wonder how and when did this sneak up on you. We somehow end up on this Earth and before we know it, we have less time left than the time we've already spent. It's a crapshoot, of course, as none of us can know how long we will have. We can strive to be healthy and increase the odds of a longer life, but sadly we can't anticipate illness or other accidental circumstances beyond our control. Our time here is finite, and then our departure is infinite. It makes you question why we take certain things to heart and fight among ourselves about politics, for example. Forced language laws, immigration rules, constitutional debates and so on rarely alter social realities in significant ways. With the passage of time, societies evolve naturally. Attempts at social engineering breed conflict and diminish valuable individual relationships and quality of life as so much energy is sucked out of us. A few years ago, I attended an event of former MNAs and sat for dinner with some Parti Québécois hardliners who were very combative back then and used to make my skin crawl. Many of them are now elderly and frail. No one can escape Father Time. We talked about those exhausting debates and how many of the same battles are still being fought today. Given where we were now — discussing families, health and the passage of time — much of it seemed so insignificant in the larger scheme of things. Time is a precious resource that we too often take for granted. It's time we start using it more wisely. Robert Libman is an architect and planning consultant who has served as Equality Party leader and MNA, mayor of Côte-St-Luc and a member of the Montreal executive committee.
Montreal Gazette
6 days ago
- Business
- Montreal Gazette
After two turbulent years, McGill University eyes a rebrand
McGill wants a fresh start. The Montreal university is preparing to overhaul its public image after two turbulent years, seeking outside help for a brand repositioning, The Gazette has learned. Despite its standing as one of the world's top universities, McGill has lately been rocked by a series of conflicts and challenges. Clashes with the Quebec government. Hesitation and confusion among out-of-province and international students. Criticism from both pro-Palestinian and Jewish students. Tensions with Indigenous groups. And growing financial strain. In a recent call for tender seeking a branding agency, McGill says it wants to 'reposition how McGill is perceived by key audiences (students, government, donors, public) over a multi-year period.' The new 'positioning/messaging must be as effective in French as it is in English' and should 'illustrate how we are a true bridge between generations, between research and community, between Quebec and the world.' The estimated cost of the contract spans a wide range, from $707,000 to $6.7 million. McGill expects to select an agency in September and launch a multi-year branding campaign one year later. In a statement to The Gazette on Thursday, McGill said it carries out marketing each year to support student recruitment and share knowledge. The public tender, it said, is part of a periodic review to ensure its marketing is as effective as possible. Harold Simpkins, an emeritus marketing professor at Concordia University, said McGill has frequently been in damage-control mode over the past two years. 'Instead of consistently promoting their strengths — the success of their graduates or the breakthroughs of their faculty — they've been on the defensive,' he said. McGill has to refocus attention on its position as 'a leading university — leading in terms of thought, in terms of the quality of the professionals who graduate.' Simpkins said many of the crises McGill has faced were beyond its control, including 'attacks by the Quebec government.' Premier François Legault has singled out McGill and Concordia, another English university. His government aims to reduce their enrolment, arguing that non-French-speaking students from outside Quebec and abroad pose a threat to the province's French-speaking majority. The universities went so far as to sue the province over a series of measures that targeted them. 'It's definitely not a good look to be at war with your province,' said Ken Steele, an Ontario-based consultant who advises universities on branding and strategy. He said McGill president Deep Saini 'may have the toughest job in Canadian post-secondary education, mostly due to the CAQ government,' which 'seems hell-bent on undermining' and 'starving' English universities, particularly McGill. Among other things, the Coalition Avenir Québec government dramatically increased tuition fees for out-of-province students at McGill and Concordia, with the French language minister blaming anglophone students for anglicizing Montreal. Steele said the government is 'making Quebec unpopular for students (from other places), like (American) detentions at the border have made U.S. travel unpopular for Canadians.' He added: 'Academics elsewhere in Canada have been openly musing why McGill wouldn't simply relocate out of Quebec, to a province that actually wants it.' Universities usually undertake brand repositioning exercises 'to address external or even internal misperceptions,' Steele said. In this case, however, McGill already has 'one of Canada's strongest brands.' Founded in 1821, McGill has 36,000 students and is one of Canada's oldest and most prestigious universities. It was recently ranked as Canada's top university in the QS World University Rankings, a globally influential assessment. Domestically, Maclean's latest rankings named McGill the leading medical-doctoral university. Steele said the university's 'big challenge may be positioning Montreal and Quebec as welcoming for anglophones. It's a bigger brand challenge than merely positioning the university.' In the tender document, McGill includes a list of 'primary audiences' for its branding: prospective students (local, national, international), current students, faculty, researchers, staff, donors, alumni, government, opinion leaders, the business community and the 'general public in Quebec.' Simpkins said securing the backing of Quebec's business community — and of French-speaking Quebecers more broadly — is critical. Francophone business leaders have been largely silent about the government's treatment of English universities, even though their companies heavily rely on the institutions for employees, he said. Many Quebecers appear to hold negative views of McGill, he added. 'Your average francophone Quebecer sees McGill as a threat or as being snobby or anti-French.' They think money spent on McGill should instead be spent on French universities, he added. Yet McGill is one of Quebec's best-known brands internationally. Simpkins said the university could try to 'get Quebecers to stop just focusing on Quebec, to take a broader perspective.' Healthy English universities can help attract quality students and faculty to the province, with well-rounded graduates ending up filling key jobs, he said. Many may not realize that 20 per cent of McGill's students have French as their mother tongue. Simpkins said McGill should 'communicate consistently all of the francophone success stories that have come out of McGill,' including its well-regarded law and medical schools. 'There are thousands of francophone success stories.' Without francophones on board, he said, 'it becomes a much more difficult political sell for the government to support McGill.' McGill's rough two years Once best known for its international academic prestige, McGill University has, since 2023, found itself in the spotlight — not for accolades, but for controversy and crises. Quebec government Since the fall of 2023, Premier François Legault's government has targeted McGill and Concordia, accusing them of undermining the French language. The Coalition Avenir Québec government has framed the issue as a broader clash between anglophone institutions and Quebec's francophone majority. The government hiked tuition for out-of-province students, introduced a new international student funding framework, and announced French proficiency requirements. The measures blindsided McGill and Concordia and attracted national and international attention, largely because of McGill's global reputation. McGill and Concordia went to court, calling the measures unconstitutional and unsupported by any data from Higher Education Minister Pascale Déry. A judge partially agreed. Out-of-province students Quebec initially announced it would almost double tuition for out-of-province students at McGill and Concordia — from $9,000 to $17,000. It later scaled back the increase to $3,000, or 33 per cent. Even so, the new rate priced Quebec's English universities out of the national market. The move triggered confusion and dismay across Canada, with media quoting frustrated students vowing to study elsewhere. Many ultimately opted not to apply to McGill or Concordia, feeling unwelcome and deterred by the higher fees. In April, a court ruled the tuition hike was 'unreasonable,' giving Quebec nine months to revise the fee structure. McGill and Concordia saw the decision as a reversal of the increase. But Déry disagreed, saying the judge objected not to the hike itself, but to 'the path we've taken and the reasons invoked for the increase.' International students For international students, the new rules focused on a government clawback and a new minimum annual tuition rate of $20,000, though in many cases, actual tuition didn't increase. Coming amid the outcry over out-of-province tuition hikes, the changes caused confusion and hesitation among prospective students worldwide, leading to a drop in applications. More recently, new federal and provincial limits on foreign enrolment further hampered international recruitment. French requirement In the fall of 2023, Quebec announced French proficiency requirements for non-Quebec students at McGill and Concordia. Starting in 2025, 80 per cent of newly enrolled undergraduates would need intermediate-level spoken French by graduation, with financial penalties for universities that fell short. The move prompted uncertainty and pushback, with concerns that students from outside Quebec might need an extra semester. A graduation test initially seemed possible, but Quebec confirmed in February 2025 that none would be required. The rule's future is uncertain. In April, a court ordered it scrapped. Two months later, Déry said she would 'continue discussions' with McGill and Concordia. Israel and Gaza Within hours of the Oct. 7, 2023 Hamas attacks on Israel, which killed 1,200 — mostly civilians — McGill faced controversy when a student group praised the assaults as 'heroic,' prompting a university condemnation. In the following months, McGill became a protest hot spot, drawing international attention as pro-Palestinian activists camped on its front lawn for 75 days. They condemned Israeli attacks on Gaza and accused McGill of complicity for refusing to sever ties with Israel and divest from companies supporting its military. Jewish students also lashed out at McGill. In April 2025, a Jewish undergraduate sought approval for a class-action lawsuit alleging McGill failed to take 'meaningful disciplinary action' against campus antisemitism since October 2023. Mohawk Mothers For years, the Mohawk Mothers, a group of Indigenous women, have criticized McGill's handling of searches for possible unmarked graves at the former Royal Victoria Hospital and Allan Memorial Institute site. McGill and Quebec are redeveloping the area in an $870-million project called the New Vic. As work accelerated over the past two years, the Mohawk Mothers accused them of rushing archeological digs and violating a court-approved investigation agreement. McGill and Quebec maintain they are committed to uncovering the truth. The group has kept attention on the issue through protests, press conferences and legal action. Financial troubles McGill's shaky finances have raised concerns. In February, the university announced plans for up to 500 job cuts to address a $45-million deficit, but ended up laying off about 60 employees. McGill has since warned of 'more hard decisions this year — including cuts and potentially more staff reductions.' It has almost 13,000 employees. The university, whose annual budget is about $1.1 billion, blames factors such as the out-of-province tuition hikes, provincial grant reductions, tuition clawbacks and limits on international student admissions. Despite the fiscal pressure, McGill's $2-billion endowment keeps it far from financial ruin.
Business Wire
16-07-2025
- Business
- Business Wire
Harleysville Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2025
HARLEYSVILLE, Pa.--(BUSINESS WIRE)--Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company's board of directors declared a regular quarterly cash dividend of $.33 per share on the Company's common stock. The cash dividend will be payable on August 13, 2025 to stockholders of record on July 30, 2025. Net income for the third quarter was $2,531,000 or $.70 per diluted share compared to $2,186,000 or $.60 per diluted share for the same quarter last year. Net income for the nine months ended June 30, 2025 amounted to $6,667,000 or $1.84 per diluted share compared to $6,809,000 or $1.87 per diluted share for the same nine-month period a year ago. Brendan J. McGill, President, and Chief Executive Officer of the Company, stated, 'The banking industry continues to adjust to the dynamic financial landscape, contending with evolving fiscal policy and market shifts. Despite those challenges we are pleased with our financial results for the quarter and nine months ended. The expanded net interest margin powered these results, fueled by the growth and repricing of our commercial and consumer loan portfolios, and a decrease in average interest rates paid on deposit balances.' McGill continued 'Strong asset quality and capital levels have been maintained by navigating the economic environment with discipline, making it a competitive and an attractive option to our existing and prospective customers.' The Company's assets totaled $901.8 million compared to $863.9 million a year ago. Stockholders' tangible book value increased 4.9% to $24.80 per share from $23.65 a year ago. Harleysville Financial Corporation is traded on the OTCQX market under the symbol HARL ( and is the holding company for Harleysville Bank. Established in 1915, Harleysville Bank is a Pennsylvania chartered and federally insured bank, headquartered in Harleysville, PA. The Bank operates from six full-service offices located in Montgomery County and one office located in Bucks County, Pennsylvania. This presentation may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products, and services.
