Latest news with #Universal
Business Wire
13 hours ago
- Business
- Business Wire
Universal Corporation Reports Fiscal Year and Fourth Quarter 2025 Results
RICHMOND, Va.--(BUSINESS WIRE)--Universal Corporation (NYSE:UVV) ('Universal' or the 'Company'), a global business-to-business agriproducts company, today announced financial results for the full fiscal year and fourth quarter ended March 31, 2025. Preston D. Wigner, Chairman, President, and Chief Executive Officer of Universal, stated, 'Fiscal year 2025 was an exceptional year for Universal. We executed against our business plan and increased revenue and operating income on a consolidated basis and for both of our operating segments. The improved results for our Tobacco Operations segment were driven by continued strong demand from our customers, successful global tobacco marketing and procurement efforts, as well as improved volumes and quality of burley tobacco crops in Africa. Our Ingredients Operations segment benefited from higher sales volumes, including increases in sales of value-added products, supported by increased capabilities from the growth in our sales, marketing, and product development teams, and the completion of the expansion project at our Lancaster, Pennsylvania facility. We are very encouraged by the interest we are seeing from customers in our newly produced and developed ingredient products. Mr. Wigner continued, "As I reflect on fiscal year 2025, I thank our employees, customers, shareholders, and other stakeholders for their support throughout the year. As we move into fiscal year 2026, we foresee continued strong demand for tobacco and larger tobacco crops shifting global markets to more balanced tobacco supply positions. We are also continuing our progress with Universal Ingredients and supporting existing and new customers with our platform resources and our expanded and enhanced ingredients facility. I am excited about our prospects for the year ahead as we seek to further maximize and optimize our tobacco business, grow our ingredients business, and strengthen our Company to drive increasing value for all Universal stakeholders." FINANCIAL HIGHLIGHTS Change Fiscal Year Ended March 31, Change Consolidated Results Sales and other operating revenue $ 702.3 $ 770.9 (9) % $ 2,947.3 $ 2,748.6 7 % Cost of goods sold 586.3 619.9 (5) % 2,398.6 2,212.5 8 % Gross profit margin 19.8 % 24.4 % -460 bps 18.6 % 19.5 % -90 bps Selling, general and administrative expenses 73.2 82.7 (11) % 305.3 310.6 (2) % Restructuring and impairment costs — — NA 10.6 3.5 200 % Operating income (as reported) 42.8 68.2 (37) % 232.8 222.0 5 % Adjusted operating income (Non-GAAP)* 42.8 73.0 (41) % 243.4 230.3 6 % Net income attributable to Universal Corporation 9.3 40.3 (77) % 95.0 119.6 (21) % Adjusted net income attributable to Universal Corporation (non-GAAP*) 20.2 44.8 (55) % 116.3 127.1 (8) % Diluted earnings per share (as reported) 0.37 1.61 (77) % 3.78 4.78 (21) % Adjusted diluted earnings per share (Non-GAAP)* 0.80 1.79 (55) % 4.63 5.08 (9) % Segment Results Tobacco operations sales and other operating revenues $ 612.6 $ 696.3 (12) % $ 2,608.7 $ 2,438.8 7 % Tobacco operations operating income 45.8 73.5 (38) % 240.2 222.4 8 % Ingredients operations sales and other operating revenues 89.7 74.6 20 % 338.6 309.8 9 % Ingredients operations operating income 4.4 (1.0) 527 % 12.3 3.9 212 % Expand *See Reconciliation of Certain Non-GAAP Financial Measures in Other Items below. Expand Fiscal Year 2025 Highlights Consolidated Results Revenues up 7% to $2.9 billion on higher tobacco sales prices. Operating income up 5% to $232.8 million on improved performance in both the Tobacco Operations and Ingredient Operations segments. Tobacco Operations Segment Revenues and operating income up 7% and 8%, respectively. Historically high green tobacco prices. Tobacco sales prices up 12% with slight decline in tobacco sales volumes of about 4%. Tobacco Operations segment results reflected: Strong customer demand; Successful tobacco procurement and marketing efforts; Higher quality, better yielding burley crops in Africa; Higher carryover crop sales; Weather-reduced crop sizes in Brazil and the United States; and Higher inventory write-downs. Outlook Flue-cured and burley tobacco crops grown outside of China are expected to increase by 20% and 30%, respectively, in fiscal year 2026. Crop purchases in Brazil in fiscal year 2026 are not following the accelerated patterns seen in fiscal year 2025. Ingredients Operations Segment Higher revenues and operating income on increased sales volumes. Cost of raw materials for certain traditional products were at extremely low levels. Continued high level of interest in value-added products, reflecting effectiveness of platform investments. Select Balance Sheet Items, Liquidity, and Debt Cash balance of $260.1 million at fiscal year-end. Total debt up $38.4 million at fiscal year-end. Net debt down $179.6 million at fiscal year-end on more normalized working capital requirements. Approximately $270 million available under revolving credit facility as of fiscal year-end. Additional Items Restructuring and impairment costs of $10.6 million related to previously announced consolidation of the Company's European sheet operations. Pension settlement charge of $14.1 million Fourth Quarter 2025 Highlights Consolidated Results Revenues and operating income down in the quarter on lower tobacco sales volumes due to earlier shipments in fiscal year 2025. Tobacco Operations Segment Tobacco Operations segment results reflected: Lower sales volumes of approximately 28% quarter-over-quarter on earlier timing of tobacco shipments in fiscal year 2025; Impact of weather-reduced crops from certain origins; and Higher inventory write-downs. Selling, general, and administrative expenses for the Tobacco Operations segment included favorable variances for foreign currency comparisons and the absence of a value-added tax settlement in the prior fiscal year. Ingredients Operations Segment Increased sales volumes for certain new products, particularly in the beverage category. Recent increases in raw material prices for certain traditional products. Some increased sales due to anticipated tariffs. Sustainability Update Mr. Wigner stated, 'As the largest global tobacco leaf merchant, sustainability has been deeply embedded in our DNA. We believe our commitment to setting high standards, promoting a sustainable supply chain, and providing transparency about our sustainability efforts is a strategic part of our business. I am proud of our accomplishments and advances in fiscal year 2025, and I am confident in our ability to leverage our expertise in this area to further strengthen our Company in fiscal year 2026. We believe sustainability is good for our business and represents our good stewardship in the communities in which we operate.' Universal released its 2024 Sustainability Report in December 2024, highlighting its efforts in strengthening supply chain resiliency, continuing to be a strong partner for its farming communities, and advancing energy efficiency. Universal's business strategy integrates responsible business practices, and the Company believes its commitment to sustainability is a competitive advantage in the global marketplace. As disclosed in the Company's 2024 Sustainability Report, Universal continues to support its supply chain sustainability goals and has substantially met its existing targets of zero child labor, appropriate labor accommodations, farm worker minimum wage payments, and personal protective equipment access. The Company's leaf technicians made over 1.8 million visits to more than 175,000 contracted farmers to maintain its visibility and traceability in the Company's supply chain. Universal also continues to enhance transparency and collaboration with its stakeholders by reporting to the Sustainable Tobacco Program. Universal has trained over 175,000 farmers on Good Agricultural Practices and Agricultural Labor Practices to advance environmental and human rights best practices throughout the Company's contracted farmer base. Other Items Reconciliation of Certain Non-GAAP Financial Measures References to adjusted operating income (loss), adjusted net income (loss) attributable to Universal Corporation, adjusted diluted earnings (loss) per share, and the total for segment operating income (loss) are references to non-GAAP financial measures. These measures are not financial measures calculated in accordance with generally accepted accounting principals ("GAAP") and should not be considered as substitutes for operating income (loss), net income (loss) attributable to Universal Corporation, diluted earnings (loss) per share, cash from operating activities or any other operating or financial performance measure calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of adjusted operating income (loss) to consolidated operating (income), adjusted net income (loss) attributable to Universal Corporation to consolidated net income (loss) attributable to Universal Corporation and adjusted diluted earnings (loss) per share to diluted earnings (loss) per share are provided below. In addition, a reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) is provided in Note 3. "Segment Information" to the consolidated financial statements. Management evaluates the consolidated Company and segment performance excluding certain significant charges or credits. Management believes these non-GAAP financial measures, which exclude items that it believes are not indicative of its core operating results, can provide investors with important information that is useful in understanding its business results and trends. References to net debt, net capitalization, and net debt to net capitalization ratio are also references to non-GAAP financial measures. These measures are not financial measures calculated in accordance with GAAP and should not be considered substitutes for total debt, total capitalization, total debt to total capitalization ratio, or any other operating or financial performance measures calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of net debt to total debt and net capitalization to total capitalization are provided below to the extent these non-GAAP financial measures are referenced. Management believes these non-GAAP measures are meaningful indicators of liquidity and financial position. The following tables set forth certain non-recurring items included in reported results to reconcile adjusted operating income to consolidated operating income and adjusted net income to net income attributable to Universal Corporation and adjusted diluted earnings per share to diluted earnings per share: (1) In the fourth quarter of fiscal year 2024, the Company utilized a voluntary government- sponsored value-added tax program in Brazil to settle a previously contested assessment. The Company's participation in the settlement program eliminates any future litigation regarding the matter. (2) Restructuring and impairment costs are included in Consolidated operating income in the consolidated statements of income, but excluded for purposes of Adjusted operating income, Adjusted net income available to Universal Corporation, and Adjusted diluted earnings per share. (3) In March 2025, the Company completed a pension de-risking transaction or "pension lift-out" to transfer approximately $47 million of its qualified domestic pension plan obligations and assets to a third-party insurer through the purchase of a non-participating annuity. The obligations transferred to the third-party insurer covered the respective benefit obligations for a subset of retirees currently receiving benefit payments. The transaction triggered settlement accounting that required the Company to immediately recognize a portion of the accumulated comprehensive losses associated with the defined benefit pension plan. (4) The income tax effect of Non-GAAP adjustments was determined based on the timing and nature of the specific Non-GAAP adjustments and their relevant jurisdictional income tax rates (foreign, state, and local) and the applicable U.S. federal income tax rates. The Company considers current and deferred income tax rates to calculate the impact to income taxes for the Non-GAAP adjustments. Expand The following table reconciles total debt to net debt and net capitalization: Investor Conference Call At 5:00 p.m. (Eastern Time) on May 29, 2025, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting at that time. A replay of the webcast will be available at that site through August 29, 2025. A taped replay of the call will also be available through June 12, 2025, by dialing (800) 770-2030 (Playback ID: 5786366#). About Universal Corporation Universal Corporation (NYSE: UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION This release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Among other things, these statements include statements made in Mr. Wigner's quotations, statements regarding expectations with respect to our fiscal year 2026 performance, our strategic plans, ingredients business, tobacco business, including expectations with respect to size, shipments and sales and purchases of tobacco crops. These forward-looking statements are generally identified by the use of words such as we 'expect,' 'believe,' 'anticipate,' 'could,' 'should,' 'may,' 'plan,' 'will,' 'predict,' 'estimate,' and similar expressions or words of similar import. These forward-looking statements are based upon management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: product purchased not meeting quality and quantity requirements; reliance on a few large customers; anticipated levels of demand for and supply of our products and services; tobacco growing conditions and customer requirements; major shifts in customer requirements for leaf tobacco; higher inflation rates, tariffs and other pressures on costs; weather and other conditions; exposure to certain legal. regulatory and financial risks related to climate change; industry-specific risks related to our plant-based ingredients businesses; disruption of our supply chain for our plant-based ingredients; success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; our ability to maintain effective information technology systems and safeguard confidential information; our inability to attract, develop, retain, motivate, and maintain good relationships with our workforce; our dependence on a seasonal workforce; epidemics, pandemics or similar widespread public health concerns; government efforts to regulate the production and consumption of tobacco products; government actions on the sourcing of leaf tobacco; economic and political conditions in the countries in which we and our customers operate, including the ongoing impacts from international conflicts; sustainability considerations from governments and other stakeholders; changes in tax laws in the countries where we do business; material weaknesses in our internal control over financial reporting; our inability to use a Form S-3 registration statement; failure of our customers or suppliers to repay extensions of credit; changes in exchange rates; changes in interest rates; and low investment performance by our defined benefit pension plan assets and changes in pension plan valuation assumptions. Please also refer to the risks and uncertainties as discussed in Part I, Item 1A. 'Risk Factors' of Universal's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and in Part II, Item 1A. "Risk Factors" in Universal's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and related disclosures in other filings that Universal files with the SEC and are available on the SEC's website at All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. Universal cautions investors not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made, and it undertakes no obligation to update any forward-looking statements made, except as required by law. See accompanying notes. Expand UNIVERSAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands of dollars) March 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 260,115 $ 55,593 Accounts receivable, net 625,876 525,262 Advances to suppliers, net 169,385 139,064 Accounts receivable—unconsolidated affiliates 7,143 5,385 Inventories—at lower of cost or net realizable value: Tobacco 806,332 1,070,580 Other 189,610 193,518 Prepaid income taxes 19,595 19,484 Other current assets 78,041 93,655 Total current assets 2,156,097 2,102,541 Property, plant and equipment Land 26,113 26,244 Buildings 333,398 323,969 Machinery and equipment 723,935 693,868 1,083,446 1,044,081 Less accumulated depreciation (710,472 ) (678,201 ) 372,974 365,880 Other assets Operating lease right-of-use assets 34,260 32,510 Goodwill, net 213,840 213,869 Other intangibles, net 57,836 68,883 Investments in unconsolidated affiliates 79,317 76,289 Deferred income taxes 16,539 15,181 Pension asset 12,819 11,857 Other noncurrent assets 45,870 50,229 460,481 468,818 Total assets $ 2,989,552 $ 2,937,239 Expand UNIVERSAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands of dollars) March 31, 2025 2024 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable and overdrafts $ 455,039 $ 417,217 Accounts payable 98,036 108,727 Accounts payable—unconsolidated affiliates 1,999 1,621 Customer advances and deposits 3,763 17,179 Accrued compensation 44,646 39,766 Income taxes payable 12,586 7,477 Current portion of operating lease liabilities 10,742 10,356 Accrued expenses and other current liabilities 123,350 109,015 Current portion of long-term debt — — Total current liabilities 750,161 711,358 Long-term debt 617,918 617,364 Pensions and other postretirement benefits 35,336 43,251 Long-term operating lease liabilities 20,608 19,302 Other long-term liabilities 22,901 27,902 Deferred income taxes 42,090 39,139 Total liabilities 1,489,014 1,458,316 Shareholders' equity Universal Corporation: Preferred stock: Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding — — Common stock, no par value, 100,000,000 shares authorized, 24,715,625 shares issued and outstanding (24,573,408 at March 31, 2024) 351,626 345,596 Retained earnings 1,186,981 1,173,196 Accumulated other comprehensive loss (80,051 ) (81,585 ) Total Universal Corporation shareholders' equity 1,458,556 1,437,207 Noncontrolling interests in subsidiaries 41,982 41,716 Total shareholders' equity 1,500,538 1,478,923 Total liabilities and shareholders' equity $ 2,989,552 $ 2,937,239 Expand See accompanying notes. Expand UNIVERSAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands of dollars) Fiscal Year Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 113,269 $ 132,971 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 59,773 58,326 Provision for losses (recoveries) on advances 1,938 14,090 Inventory write-downs 19,769 9,234 Stock-based compensation expense 8,531 12,063 Foreign currency remeasurement loss (gain), net 6,096 5,114 Foreign currency exchange contracts 916 (365 ) Deferred income taxes 1,083 (5,404 ) Equity in net income of unconsolidated affiliates, net of dividends (3,031 ) (1,239 ) Restructuring and impairment costs 10,573 3,523 Restructuring payments (1,568 ) (1,181 ) Pension settlement 14,101 — Other, net 1,406 1,001 Changes in operating assets and liabilities, net: 94,118 (302,765 ) Net cash provided (used) by operating activities 326,974 (74,632 ) Cash Flows From Investing Activities: Purchase of property, plant and equipment (62,601 ) (66,013 ) Proceeds from sale of business, less cash of businesses sold — 3,757 Proceeds from sale of property, plant and equipment 3,783 2,257 Net cash used by investing activities (58,818 ) (59,999 ) Cash Flows From Financing Activities: Issuance (repayment) of short-term debt, net 37,696 223,000 Dividends paid to noncontrolling interests in subsidiaries (17,530 ) (10,572 ) Repurchase of common stock — (4,744 ) Dividends paid on common stock (79,686 ) (78,402 ) Debt issuance costs and other (3,715 ) (3,607 ) Net cash provided (used) by financing activities (63,235 ) 125,675 Effect of exchange rate changes on cash (399 ) (141 ) Net increase (decrease) in cash and cash equivalents 204,522 (9,097 ) Cash, restricted cash and cash equivalents at beginning of year 55,593 64,690 Cash, Restricted Cash and Cash Equivalents at End of Year $ 260,115 $ 55,593 Expand See accompanying notes. Expand NOTE 1. BASIS OF PRESENTATION Universal Corporation, with its subsidiaries ('Universal' or the 'Company'), is a global business-to-business agriproducts supplier to consumer product manufacturers. The Company is the leading global leaf tobacco supplier and provides high-quality plant-based ingredients to food and beverage end markets. Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which the Company expects to file with the SEC on May 30, 2025. The following table sets forth the computation of basic and diluted earnings per share: NOTE 3. SEGMENT INFORMATION Management regularly evaluates the Company's global business activities, including product and service offerings to its customers, as well as senior management's operational and financial responsibilities. Assessments include an analysis of how its Chief Operating Decision Maker ('CODM') measures business performance and allocates resources. As a result of this analysis, senior management has determined the Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations. The Tobacco Operations segment activities involve contracting, procuring, processing, packing, storing, and shipping leaf tobacco for sale to, or for the account of, manufacturers of consumer tobacco products throughout the world. Through various operating subsidiaries located in tobacco-growing countries around the world and significant ownership interests in unconsolidated affiliates, the Company processes and/or sells flue-cured and burley tobaccos, dark air-cured tobaccos, and oriental tobaccos. Flue-cured, burley, and oriental tobaccos are used principally in the manufacture of cigarettes, and dark air-cured tobaccos are used mainly in the manufacture of cigars, pipe tobacco, and smokeless tobacco products. Some of these tobacco types are also used in the manufacture of next generation tobacco products that are intended to provide consumers with an alternative to traditional combustible products. The Tobacco Operations segment also provides physical and chemical product testing for tobacco customers. A substantial portion of the Company's Tobacco Operations' revenues are derived from sales to a limited number of large, multinational cigarette and cigar manufacturers. The Ingredients Operations segment provides its customers with a broad variety of plant-based ingredients for both human and pet consumption. The Ingredients Operations segment utilizes a variety of value-added manufacturing processes converting raw materials into a wide spectrum of fruit and vegetable juices, concentrates, dehydrated products, botanical extracts, and flavorings. Customers for the Ingredients Operations segment include large multinational food and beverage companies, smaller independent manufacturers, and retail organizations. FruitSmart, Inc. ('FruitSmart'), Silva International, Inc. ('Silva'), and Shank's Extracts, LLC d/b/a Universal Ingredients-Shank's ('Universal Ingredients-Shank's') are the primary operations for the Ingredients Operations segment. FruitSmart supplies a broad set of juices, concentrates, pomaces, purees, fruit fibers, seeds, seed powders, and other value-added products to food, beverage, and flavor companies throughout the United States and internationally. Silva procures dehydrated vegetables, fruits, and herbs from around the world and specializes in processing natural materials into custom designed dehydrated vegetable and fruit-based ingredients for a variety of end products. Universal Ingredients-Shank's offers a diversified portfolio of botanical extracts, distillates, natural flavors, and color for industrial and private label customers worldwide, and is known for their significant vanilla expertise. Universal Ingredients - Shank's is also equipped to offer customers custom bottling and packaging for their products. Universal incurs corporate overhead expenses related to senior management, sales, finance, legal, and other functions that are centralized at its corporate headquarters, as well as functions performed at several sales and administrative offices around the world. These overhead expenses are currently allocated to the reportable operating segments, generally on the basis of projected annual financial and operational performance, including volumes planned to be purchased and/or processed. Management believes this method of allocation is currently representative of the value of the related services provided to the operating segments. The CODM, which has been identified as a group comprised of the Company's Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer, currently evaluates the performance of the operating segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings of unconsolidated affiliates ("Segment Operating Income"). The CODM also uses Segment Operating Income for planning, forecasting, and allocating capital and other resources to the operating segments. Operating results for the Company's reportable segments for each period presented in the consolidated statements of income were as follows: Fiscal Year Ended March 31, 2025 Fiscal Year Ended March 31, 2024 (in thousands of dollars) Tobacco Operations Ingredients Operations Consolidated Tobacco Operations Ingredients Operations Consolidated Sales and other operating revenues $ 2,608,675 $ 338,609 $ 2,947,284 $ 2,438,775 $ 309,798 $ 2,748,573 Cost of goods sold (2,133,063 ) (265,564 ) (2,398,627 ) (1,975,955 ) (236,520 ) (2,212,475 ) Selling, general and administrative expenses (179,340 ) (48,610 ) (227,950 ) (179,569 ) (56,624 ) (236,193 ) Corporate overhead allocated to the segments (65,195 ) (12,142 ) (77,337 ) (61,655 ) (12,718 ) (74,373 ) Equity in pretax earnings (loss) of unconsolidated affiliates (1) 9,103 — 9,103 756 — 756 Segment operating income 240,180 12,293 252,473 222,352 3,936 226,288 Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1) (9,103 ) (756 ) Restructuring and impairment costs (2) (10,573 ) (3,523 ) Consolidated operating income $ 232,797 $ 222,009 Expand (1) Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income. (2) Expand
Thrill Geek
13 hours ago
- Entertainment
- Thrill Geek
Universal Horror Unleashed Reveals More Details about 'Blumhouse's The Exorcist: Believer' Haunted House
Based on one of the most terrifying installments of the iconic film franchise, 'Blumhouse's The Exorcist: Believer' haunted house will immerse guests in a harrowing retelling of the film's descent into demonic possession. Everything begins at the market where a violent earthquake takes place. Later, guests will find themselves deep in the shadowy woods where best friends Katherine and Angela mysteriously vanish – only to be discovered days later with no memory of what happened. From there, the terror builds room by room as the girls' disturbing transformation unfolds, going from the hospital to the girls' homes to witnessing the actual exorcism as everyone is surrounded by supernatural chaos. The ghostly journey continues as guests explore the abandoned production warehouse throughout Universal Horror Unleashed, where they encounter the Prop Graveyard, one of the four themed immersive areas. Here, the line between inanimate and alive blurs, as guests face a supernatural collection of unsettling dolls, dismembered mannequins and other haunted objects from abandoned film sets that seem to move as guests walk through. Next door, guests can unwind in Premiere House, a tapas bar featuring the horrors of Blumhouse. Premiere House will serve a variety of signature cocktails and a surprising selection of signature shareable bites set amid an eerie atmosphere filled with movie props and twisted décor representing some of Universal's most recent Blumhouse horror films. Universal Horror Unleashed is Universal Destinations & Experiences' first-ever, year-round horror experience, set to open in Las Vegas at the AREA15 District on August 14. As guests enter the abandoned production warehouse, they'll encounter unimaginable monstrous creatures lurking around every corner as they brave their way through four themed immersive areas. The terrifying journey continues in four haunted houses that will bring to life their worst nightmares: Universal Monsters, Blumhouse's The Exorcist: Believer; Texas Chainsaw Massacre; and Scarecrow: The Reaping. The horror extends to the food and beverage offerings, with themed bars and food locations serving craft cocktails and themed bites in select areas, and a retail location with unique collectible merchandise and more. Tickets are on sale now and can be purchased here . Universal Destinations & Experiences will continue to share more details for Universal Horror Unleashed in the months ahead. For the latest information, visit UniversalHorrorUnleashed .com Clint Gamache is the owner of ThrillGeek. He started ThrillGeek to share his love of theme/amusement parks and pop culture with the world. You can find him at Halloween Horror Nights. Also, be sure to follow him on Twitter/X, Instagram @iamcg83
Yahoo
13 hours ago
- Business
- Yahoo
Trump tariffs decision rests on arguments conservatives repeatedly used against Biden
The blockbuster federal court ruling that halts President Donald Trump from imposing some of his most sweeping tariffs rests in part on a legal theory that conservative groups repeatedly used at the Supreme Court to block former President Joe Biden's agenda. A push by the majority-conservative Supreme Court to use what's known as the 'major questions doctrine' to trim the power of the White House and federal agencies to act without congressional approval may play a role when the case inevitably works its way up to the high court. The Trump administration is already pledging to bring an emergency appeal to the justices in coming days. The US Court of International Trade on Wednesday blocked Trump from relying on a 1977 law dealing with economic emergencies to impose sweeping duties on much of the world. It did so in part by noting separation-of-powers theories the Supreme Court has used to shut down some of Biden's policies, such as his efforts to forgive student loans, curb power plant emissions and extend a moratorium on evictions at the tail end of the pandemic. 'There's a broader movement in this direction,' said Andrew Morris, senior litigation counsel at the New Civil Liberties Alliance, a libertarian-leaning law group that is active at the Supreme Court and that sued Trump over the tariffs in a separate case. 'The general trend is that the court is looking closely at whether Congress has delegated certain power to the executive branch – agencies and presidents,' Morris said. 'That trend weighs against the president in this case.' In 2023, the Supreme Court relied on what's known as the major questions doctrine to block Biden's student loan forgiveness plan. That doctrine requires Congress to 'speak clearly' when it intends to authorize a president to take actions of 'economic or political significance.' In other words, if Congress doesn't explicitly include language in a law giving the president power to act in some way, that action may be legally suspect. The Supreme Court in 2022 curbed the Environmental Protection Agency's ability to regulate carbon emissions from power plants, a major defeat for Biden that also relied heavily on the major questions doctrine. In both cases, the policies were challenged by Republican attorneys general in conservative states. The trade court's opinion also flicked at what's known as the 'nondelegation doctrine,' or the idea that Congress can't delegate its power to federal agencies. The Supreme Court is currently considering a case it will likely decide in June that touches on that same doctrine. That appeal involves the multibillion-dollar Universal Service Fund, which Congress created in 1996 to offset the cost of phone and internet service for low-income Americans. A conservative 'consumer awareness group' is challenging that fund, arguing it amounts to a tax levied by the Federal Communications Commission. It is Congress that holds the power to tax, not the executive branch. The federal trade court nodded to both theories in its opinion Wednesday as 'tools' that could be used to resolve the case. 'These tools indicate that an unlimited delegation of tariff authority would constitute an improper abdication of legislative power to another branch of government,' the court wrote. 'Regardless of whether the court views the president's actions through the nondelegation doctrine, through the major questions doctrine, or simply with separation of powers in mind, any interpretation' of the law 'that delegates unlimited tariff authority is unconstitutional.' Trump's lawyers urged an appeals court to pause the trade court ruling and threatened to take the matter to the Supreme Court. The administration said the ruling 'threatens to unwind months of foreign-policy decision-making and sensitive diplomatic negotiations, at the expense of the nation's economic well-being and national security.' During Trump's first administration, the Supreme Court declined to hear appeals over Trump's 25% tariffs on foreign steel. But those tariffs were levied under a different legal authority. CNN's Bryan Mena contributed to this report.
Yahoo
15 hours ago
- Entertainment
- Yahoo
How is Eddie Murphy now related to Martin Lawrence?
Eddie Murphy and Martin Lawrence are now related. The two actors are delighted that Eddie's son Eric Murphy, 35, and Martin's daughter Jasmin Lawrence, 29, "ran off and got married" at a "church" a couple of weeks ago, following their engagement in November 2024. Eddie - who starred in the 1999 Universal comedy-thriller 'Life' with Martin - spilled on their decision to elope to Jennifer Hudson, 43, on her eponymous talk show, saying: "They got married, like, two weeks ago. "They went off ... everybody was making the big wedding plans, and then they decided they wanted to do something quiet with just the two of them. And then they got married." As Eric and Jasmin opted for a low-key affair, the 'Shrek' star - who has Eric with his former girlfriend Paulette McNeely, who he dated in the 1980s - joked that Martin no longer has to stump up a lot of cash to pay for a lavish wedding for his daughter. He joked: "Yeah, we're in-laws. And he doesn't have to pay for that big wedding now. "They went off and got married at the church. They just had the two of them and the preacher. They had a quiet, little thing. "Some people have like a big party, or something, but they ran off and got married." The 'Big Momma' star - who has Jasmin with his 54-year-old ex-wife Patricia Southall - previously revealed that he was expected to pay for Eric and Jasmin's wedding because Eddie covered the costs of his children's "last six weddings". Appearing on iHeartRadio's 'Big Boy's Neighborhood' in December 2024, Martin said: "Eddie said I gotta pay for it. "He said I gotta pay for it, 'cause he paid for his last daughter's wedding — like the last six weddings — but he said it's my turn now." Eddie's 1985 song 'Party All the Time' was the lead single on his first album 'How Could It Be', and it spent three weeks at number two on the Billboard Hot 100 Chart. However, the 'Beverly Hills Cop' actor insisted he will not be singing if Eric and Jasmin - who began dating in 2021 - have a second wedding that will see the smitten couple say "I do" in front of family and friends or a celebratory party. But, he did not rule out on performing a "duet" with Martin. After Jennifer teased the idea of Eddie picking up a microphone and performing, the dad-of-10 said: "No, I'm not singing! Martin will sing at the wedding. Do a duet. Yeah, maybe."
Scottish Sun
16 hours ago
- Entertainment
- Scottish Sun
Major airline reveals more flights and holidays to theme-park capital of the world from Scotland
More Scots will be able to jet off direct thanks to an added 5,000 seats ORLAND-GO Major airline reveals more flights and holidays to theme-park capital of the world from Scotland Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SCOTS looking to go on the holiday of a lifetime to the theme-park capital of the world are welcoming news that there will be more direct flights next year. Virgin Atlantic have announced they are extending their summer seasonal route from Edinburgh and Orlando for 2026. Sign up for Scottish Sun newsletter Sign up 5 DOWNTOWN SKYLINE LAKE EOLA PARK ORLANDO Credit: Alamy 5 Virgin will increase its flights from Edinburgh to Orlando for summer 2026 Credit: Alamy The award-wining airline is adding an additional twelve return flights to Florida – the equivalent of almost 5,000 seats. Next summer Virgin will fly between the two cities up to three times a week from April to the end of October, instead of the two weekly services this summer. It further marks growth for Virgin Atlantic at Edinburgh Airport, its home in Scotland. And it comes just as Orlando's first new theme park in a quarter of a century Epic Universe opened at Universal Orlando resort. Universal's incredible new Epic Universe is home to five brand new hyper-immersive worlds themed on legendary franchises with rides, shows, and experiences. It features The Wizarding World of Harry Potter: Ministry of Magic, Super Nintendo World, How to Train Your Dragon: Isle of Berk, Dark Universe, and Celestial Park. The new Universal Helios Grand Hotel, a Loews Hotel, is right next door and features its own private entrance to the park. 5 Epic Universe's Nintendo world Credit: Supplied 5 The Stardust Racers dual-launch coaster at Universal's new Epic Universe theme park in Orlando, Credit: EPA 5 Epic Universe and the new Helios hotel Credit: Supplied Holidaymakers can also visit Universal Studios Florida, Universal Islands of Adventure, Universal Volcano Bay, Walt Disney World Resort, Legoland, Peppa Pig world and Seaworld and much, much more. Orlando has hundreds of hotels to choose from as well as thousands of villas, houses and condos. Gordon Dewar, Chief Executive of Edinburgh Airport said: 'We know Orlando is a bit of a bucket-list destination, so this is fantastic news for families in Scotland who have long wanted to experience everything Florida has to offer. I was one of the first people in the world to visit Universal's new mega theme park – one attraction took my breath away 'The additional frequencies offer more options to our passengers and makes it even easier to leave Edinburgh in the morning and be arguing with your family in a Florida rental car by dinner time! 'We're excited to see Virgin Atlantic grows its presence at Edinburgh Airport and is another show of confidence in the market and its home in Scotland.' Juha Jarvinen, Chief Commercial Officer, Virgin Atlantic, commented: 'Orlando has long been one of Virgin Atlantic's top destinations, with thousands of Brits flocking to Florida every year for the warming climates and thrilling attractions, including the recent opening of Epic Universe. 'I'm delighted that our Scottish guests can soak up even more of the action with the extension of our Orlando flying programme this summer.' Currently Virgin fly to Orlando on Wednesdays at 2.30pm and Saturdays at 1.05pm. Return flights leave Orlando on Wednesday;s at 8.50pm and at 7.35pm on Saturdays. The new flights will take off on Thursdays from June 4-July 9 and September 17-October 22 in 2026 at 3.35pm, returning from Orlando at 10.20pm, arriving back into Edinburgh at 11.25am the next day.
