Latest news with #Kramer
Euronews
4 days ago
- Entertainment
- Euronews
Eddie Van Halen's 1982 iconic guitar headed to auction
A 1982 electric guitar used by the late rock legend Eddie Van Halen will be going up for auction in October, New York-based Sotheby's auction house announced on Tuesday. The instrument from the Kramer brand is based upon Van Halen's original 'Frankenstrat' guitar from 1975. The musician had visited the Kramer factory in New Jersey to modify his instrument, in the hopes of creating 'the ultimate guitar for tone, playability and dependability,' according to Sotheby's. The name 'Frankenstrat' is a contraction between Frankenstein and Stratocaster, a model of electric guitar by Fender. The auctioned item bears an inscription from Van Halen to his 1980s guitar technician Rudy Leiren that reads: 'Rude - Its Been a Great Ten Years – Lets Do Another Ten. Eddie Van Halen.' Leiren eventually sold the instrument to Mötley Crüe guitarist Mick Mars, who played it extensively while recording the band's album 'Dr Feelgood' and other recordings, the auction house said. With its black and white spray-painted stripes on a red background, the guitar displays Van Halen's most recognisable design. Five years after Van Halen's death, this is the first of his guitars with this trademark design to ever be auctioned. It is expected to fetch between $2 and $3million. Van Halen played the guitar on tour during 1982 and 1983 in the United States and Latin America, according to the auction house. The instrument was also featured in a TV ad for the Kramer company. 'This guitar is amongst his most iconic and identifiable instruments, encouraging copies from other manufacturers and inspired generations of fans to design their own instruments,' Sotheby's said in a statement. Eddie Van Halen died of cancer in his five-decade career, he became known as a legendary guitar virtuoso, popularising the tapping technique. With his brother Alex, he formed the band Van Halen in the early 1970s, alongside vocalist David Lee Roth and bassist Michael Anthony. Van Halen was also famous for working on the iconic electric guitar solo in Michael Jackson's 1982 hit song 'Beat It.' Rolling Stone magazine ranked him number 4 in its 2023 list of the 250 Greatest Guitarists Of All Time. The lot to be auctioned in October also includes the original Kramer case and a letter of authenticity from former owner Mick Mars where he states: "Hope you enjoy it as much as I did. Also it's a great piece of history.'
Business Wire
06-08-2025
- Business
- Business Wire
Griffon Corporation Announces Third Quarter Results
NEW YORK--(BUSINESS WIRE)--Griffon Corporation ('Griffon' or the 'Company') (NYSE:GFF) today reported results for the fiscal 2025 third quarter ended June 30, 2025. Revenue for the third quarter totaled $613.6 million, a 5% decrease compared to $647.8 million in the prior year quarter. During the fiscal 2025 third quarter, Griffon recorded a net loss of $120.1 million, or $2.65 per share, which included a charge of $217.2 million, net of tax, or $4.69 per share, related to the impairment of Hunter Fan acquisition related goodwill and intangible assets in the Consumer and Professional Products ("CPP") segment. Prior year third quarter net income was $41.1 million, or $0.84 per share. Adjusted net income, which excludes all items that affect comparability from both periods, was $69.2 million, or $1.50 per share, in the current year quarter compared to $60.5 million, or $1.24 per share, in the prior year quarter. For a reconciliation of net income (loss) to adjusted net income (a non-GAAP measure), and earnings (loss) per share to adjusted earnings per share (a non-GAAP measure), see the attached table. Adjusted EBITDA for the third quarter was $134.7 million, a 7% increase from the prior year quarter of $125.5 million. Adjusted EBITDA, excluding unallocated amounts (primarily corporate overhead) of $13.3 million in the current quarter and $15.3 million in the prior year quarter, totaled $148.0 million, increasing 5% from the prior year of $140.8 million. For a reconciliation of adjusted EBITDA, a non-GAAP measure, to income (loss) before taxes, and the definition of adjusted EBITDA, see the attached table. 'Our Home and Building Products' ("HBP") segment continued its strong performance this quarter. For the first nine-months of the year, HBP exceeded our expectations led by an EBITDA margin of 31.4% driven by favorable price and mix,' said Ronald J. Kramer, Chairman and CEO of Griffon. 'Our Consumer and Professional Products segment has continued to be impacted by weak demand. However, through the first nine months, its EBITDA margin improved 270 basis points year-over-year driven by the transition of our U.S. operations to an asset-light business model and solid performance from our team in Australia. Given our overall year-to-date performance, and despite uncertain economic operating conditions, we are reaffirming our full-year EBITDA guidance.' 'During the first nine months of fiscal 2025, the company generated $261 million of free cash flow,' continued Mr. Kramer. 'So far this year, Griffon repurchased $113 million of its stock, reduced debt by $76 million, and paid $32 million in dividends while reducing leverage 0.1x to 2.5x. These actions underscore our confidence in the strategic direction of the company and the resiliency of our business.' Segment Operating Results Home and Building Products ("HBP") HBP's third quarter revenue of $400.2 million increased 2% from the prior year quarter due to favorable price and mix of 3%, partially offset by decreased volume of 1%. Adjusted EBITDA of $128.8 million increased 9% from $118.5 million in the prior year quarter resulting from increased revenue noted above and reduced material costs, partially offset by increased labor costs. Consumer and Professional Products ("CPP") CPP's third quarter revenue of $213.4 million decreased 16% compared to the prior year quarter, primarily driven by decreased volume of 19% due to reduced consumer demand across all geographic regions, except Australia, and disrupted historical customer ordering patterns in the U.S. due to increased tariffs. CPP benefited from price and mix of 2% and incremental revenue from the Pope acquisition contributed 1%. Adjusted EBITDA of $19.2 million decreased 14% from $22.3 million in the prior year quarter, primarily due to decreased revenue noted above, partially offset by the benefits from the U.S. global sourcing expansion initiative, improved margins across all geographic regions, and reduced administrative expenses. Foreign currency had a 1% unfavorable impact on the current quarter adjusted EBITDA. Taxes The Company reported a pretax loss from operations for the quarter ended June 30, 2025 compared to pretax income from operations for the quarter ended June 30, 2024, and recognized effective tax rates of 19.5% and 32.7%, respectively. Excluding all items that affect comparability, the effective tax rates for the quarters ended June 30, 2025 and 2024 were 27.4% and 27.9%, respectively. Balance Sheet and Capital Expenditures As of June 30, 2025, the Company had cash and equivalents of $107.3 million and total debt outstanding of $1.45 billion, resulting in net debt of $1.34 billion. During the quarter, debt was reduced by $87 million. Leverage, as calculated in accordance with our credit agreement (see the attached table), was 2.5x net debt to EBITDA compared to 2.7x at June 30, 2024 and 2.6x at September 30, 2024. At June 30, 2025, borrowing availability under the revolving credit facility was $449.5 million, subject to certain loan covenants. Free cash flow of $261 million for the nine month period ended June 30, 2025 reflects the Company's strong operating results through the third quarter of 2025. Capital expenditures, net, were $8.4 million for the quarter ended June 30, 2025. For a reconciliation of free cash flow, a non-GAAP measure, to net cash provided by operating activities, and the definition of free cash flow, see the attached table. Share Repurchases Share repurchases during the quarter ended June 30, 2025 totaled 0.6 million shares for a total of $40.3 million, or an average of $69.28 per share. Since April 2023 and through June 30, 2025, the Company purchased 10.5 million shares of common stock or 18.4% of the outstanding shares, for a total of $538.4 million or an average of $51.15 per share. As of June 30, 2025, $319.6 million remained under the Board authorized share repurchase program. Updated 2025 Outlook We now expect fiscal year 2025 revenue to be $2.5 billion versus prior guidance of $2.6 billion. The $100 million reduction is attributable to the CPP segment, reflecting ongoing weak consumer demand coupled with the impact of increased tariffs disrupting historical customer ordering patterns. We are maintaining segment adjusted EBITDA guidance of $575 million to $600 million, with the upper end of the range reflecting potential incremental volume. We expect HBP segment margin in excess of 31%, versus prior guidance of in excess of 30%, and CPP EBITDA margin of approximately 8%, versus our prior guidance of in excess of 9%. We now expect interest expense to be $95 million versus our prior guidance of $102 million, and capital expenditures of $60 million versus prior guidance of $65 million. We continue to expect free cash flow to exceed net income, depreciation of $42 million, amortization of $23 million, and a normalized tax rate of approximately 28%. Conference Call Information The Company will hold a conference call today, August 6, 2025, at 8:30 AM ET. The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference or provide conference ID number 13754576. Participants are encouraged to dial-in at least 10 minutes before the scheduled start time. A replay of the call will be available starting on Wednesday, August 6, 2025, at 11:30 AM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International), and entering the conference ID number: 13754576. The replay will be available through Wednesday, August 20, 2025, at 11:59 PM ET. Forward-looking Statements 'Safe Harbor' Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon Corporation (the 'Company' or 'Griffon') operates and the United States and global economies that are not historical are hereby identified as 'forward-looking statements,' and may be indicated by words or phrases such as 'anticipates,' 'supports,' 'plans,' 'projects,' 'expects,' 'believes,' "achieves", 'should,' 'would,' 'could,' 'hope,' 'forecast,' 'management is of the opinion,' 'may,' 'will,' 'estimates,' 'intends,' 'explores,' 'opportunities,' the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; Griffon's ability to achieve expected savings and improved operational results from cost control, restructuring, integration and disposal initiatives (including the expanded CPP global outsourcing strategy announced in May 2023); the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon's operating companies; the ability of Griffon's operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as steel, resin and wood, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon's operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon's businesses; political events or military conflicts that could impact the worldwide economy; a downgrade in Griffon's credit ratings; changes in international economic conditions including inflation, interest rate and currency exchange fluctuations; the reliance by certain of Griffon's businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon's businesses, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon's ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain of Griffon's operating companies; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of pandemics, such as COVID-19, on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon's ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company's Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About Griffon Corporation Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions. Griffon conducts its operations through two reportable segments: Home and Building Products ("HBP") conducts its operations through Clopay Corporation. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Cornell and Cookson brands. Consumer and Professional Products ('CPP') is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid. For more information on Griffon and its operating subsidiaries, please see the Company's website at Griffon evaluates performance and allocates resources based on segment adjusted EBITDA and adjusted EBITDA, non-GAAP measures, which are defined as income (loss) before taxes, excluding interest income and expense, depreciation and amortization, strategic review charges, non-cash impairment charges, restructuring charges, gain/loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable. Segment adjusted EBITDA also excludes unallocated amounts, mainly corporate overhead. Griffon believes this information is useful to investors. The following tables provide operating highlights and a reconciliation of segment adjusted EBITDA and adjusted EBITDA to income (loss) before taxes: For the Three Months Ended June 30, For the Nine Months Ended June 30, (in thousands) 2025 2024 2025 2024 ADJUSTED EBITDA Home and Building Products $ 128,755 $ 118,516 $ 365,231 $ 372,159 Consumer and Professional Products 19,222 22,263 61,140 47,923 Segment adjusted EBITDA 147,977 140,779 426,371 420,082 Unallocated amounts, excluding depreciation* (13,264 ) (15,285 ) (41,941 ) (44,006 ) Adjusted EBITDA 134,713 125,494 384,430 376,076 Net interest expense (23,568 ) (26,255 ) (71,271 ) (76,642 ) Depreciation and amortization (15,822 ) (15,247 ) (47,086 ) (45,150 ) Loss from debt extinguishment — (1,700 ) — (1,700 ) Restructuring charges — (18,688 ) — (33,489 ) Gain (loss) on sale of real estate 122 (725 ) 8,279 (167 ) Strategic review - retention and other (1,033 ) (1,870 ) (3,883 ) (9,204 ) Goodwill and intangible asset impairments (243,612 ) — (243,612 ) — Income (loss) before taxes $ (149,200 ) $ 61,009 $ 26,857 $ 209,724 * Primarily Corporate Overhead Expand Griffon believes free cash flow ("FCF", a non-GAAP measure) is a useful measure for investors because it demonstrates the Company's ability to generate cash from operations for purposes such as repaying debt, funding acquisitions and paying dividends. FCF is defined as net cash provided by operating activities less capital expenditures, net of proceeds. The following table provides a reconciliation of net cash provided by operating activities to FCF: For the Nine Months Ended June 30, (in thousands) 2025 2024 Net cash provided by operating activities $ 282,481 $ 307,938 Acquisition of property, plant and equipment (39,867 ) (47,849 ) Proceeds from the sale of property, plant and equipment 17,895 13,572 FCF $ 260,509 $ 273,661 Expand Net debt to EBITDA (Leverage ratio), a non-GAAP measure, is a key financial measure that is used by management to assess the borrowing capacity of the Company. The Company has defined its net debt to EBITDA leverage ratio as net debt (total principal debt outstanding net of cash and equivalents) divided by the sum of trailing twelve-month ('TTM') adjusted EBITDA (as defined above) and TTM stock-based compensation expense. The following table provides a calculation of our net debt to EBITDA leverage ratio as calculated per our credit agreement: The following tables provide a reconciliation of gross profit and selling, general and administrative expenses for items that affect comparability for the three and nine months ended June 30, 2025, and 2024: (in thousands) For the Three Months Ended June 30, For the Nine Months Ended June 30, 2025 2024 2025 2024 Gross profit, as reported $ 265,248 $ 249,149 $ 781,735 $ 756,455 % of revenue 43.2 % 38.5 % 42.1 % 38.5 % Adjusting items: Restructuring charges (1) — 15,744 — 28,724 Gross profit, as adjusted $ 265,248 $ 264,893 $ 781,735 $ 785,179 % of revenue 43.2 % 40.9 % 42.1 % 40.0 % (1) For the quarter and nine months ended June 30, 2024, restructuring charges relate to the CPP global sourcing expansion. Expand (in thousands) For the Three Months Ended June 30, For the Nine Months Ended June 30, 2025 2024 2025 2024 Selling, general and administrative expenses, including goodwill and intangible asset impairments as reported $ 391,249 $ 159,810 $ 694,477 $ 469,830 % of revenue 63.8 % 24.7 % 37.4 % 23.9 % Adjusting items: Restructuring charges (1) — (2,944 ) — (4,765 ) Goodwill and intangible asset impairments (243,612 ) — (243,612 ) — Strategic review - retention and other (1,033 ) (1,870 ) (3,883 ) (9,204 ) Selling, general and administrative expenses, as adjusted $ 146,604 $ 154,996 $ 446,982 $ 455,861 % of revenue 23.9 % 23.9 % 24.1 % 23.2 % (1) For the quarter and nine months ended June 30, 2024, restructuring charges relate to the CPP global sourcing expansion. Expand GRIFFON CORPORATION AND SUBSIDIARIES (in thousands, except per share data) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 2025 2024 Revenue $ 613,627 $ 647,814 $ 1,857,744 $ 1,963,847 Cost of goods and services 348,379 398,665 1,076,009 1,207,392 Gross profit 265,248 249,149 781,735 756,455 Selling, general and administrative expenses 147,637 159,810 450,865 469,830 Goodwill and intangible asset impairments 243,612 — 243,612 — Total operating expenses 391,249 159,810 694,477 469,830 Income (loss) from operations (126,001 ) 89,339 87,258 286,625 Other income (expense) Interest expense (24,137 ) (27,024 ) (72,954 ) (78,472 ) Interest income 569 769 1,683 1,830 Gain (loss) on sale of real estate 122 (725 ) 8,279 (167 ) Loss from debt extinguishment — (1,700 ) — (1,700 ) Other, net 247 350 2,591 1,608 Total other expense, net (23,199 ) (28,330 ) (60,401 ) (76,901 ) Income (loss) before taxes (149,200 ) 61,009 26,857 209,724 Provision (benefit) for income taxes (29,061 ) 19,923 19,383 62,318 Net income (loss) $ (120,139 ) $ 41,086 $ 7,474 $ 147,406 Basic earnings (loss) per common share: $ (2.65 ) $ 0.87 $ 0.16 $ 3.08 Basic weighted-average shares outstanding 45,320 47,034 45,505 47,921 Diluted earnings (loss) per common share: $ (2.65 ) $ 0.84 $ 0.16 $ 2.94 Diluted weighted-average shares outstanding 45,320 48,851 46,911 50,085 Dividends paid per common share $ 0.18 $ 0.15 $ 0.54 $ 0.45 Net income (loss) $ (120,139 ) $ 41,086 $ 7,474 $ 147,406 Other comprehensive income (loss), net of taxes: Foreign currency translation adjustments 12,244 (827 ) (4,804 ) 2,212 Pension and other post retirement plans 897 532 1,493 1,595 Change in cash flow hedges (695 ) (927 ) 475 550 Total other comprehensive income (loss), net of taxes 12,446 (1,222 ) (2,836 ) 4,357 Comprehensive income (loss), net $ (107,693 ) $ 39,864 $ 4,638 $ 151,763 Expand GRIFFON CORPORATION AND SUBSIDIARIES (in thousands) (Unaudited) June 30, 2025 September 30, 2024 CURRENT ASSETS Cash and equivalents $ 107,279 $ 114,438 Accounts receivable, net of allowances of $11,485 and $10,986 271,632 312,765 Inventories 445,913 425,489 Prepaid and other current assets 80,876 61,604 Assets held for sale 5,289 14,532 Assets of discontinued operations 1,303 648 Total Current Assets 912,292 929,476 PROPERTY, PLANT AND EQUIPMENT, net 292,385 288,297 OPERATING LEASE RIGHT-OF-USE ASSETS 162,819 171,211 GOODWILL 192,917 329,393 INTANGIBLE ASSETS, net 493,843 618,782 OTHER ASSETS 28,352 30,378 ASSETS OF DISCONTINUED OPERATIONS 4,712 3,417 Total Assets $ 2,087,320 $ 2,370,954 CURRENT LIABILITIES Notes payable and current portion of long-term debt $ 8,123 $ 8,155 Accounts payable 130,773 119,354 Accrued liabilities 162,523 181,918 Current portion of operating lease liabilities 31,997 35,065 Liabilities of discontinued operations 4,545 4,498 Total Current Liabilities 337,961 348,990 LONG-TERM DEBT, net 1,442,855 1,515,897 LONG-TERM OPERATING LEASE LIABILITIES 142,213 147,369 OTHER LIABILITIES 95,901 130,540 LIABILITIES OF DISCONTINUED OPERATIONS 4,490 3,270 Total Liabilities 2,023,420 2,146,066 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Total Shareholders' Equity 63,900 224,888 Total Liabilities and Shareholders' Equity $ 2,087,320 $ 2,370,954 Expand GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 7,474 $ 147,406 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 47,086 45,150 Stock-based compensation 17,861 19,726 Goodwill and intangible asset impairments 243,612 — Asset impairment charges - restructuring — 22,979 Provision for losses on accounts receivable 731 874 Amortization of debt discounts and issuance costs 3,124 3,169 Loss from debt extinguishment — 1,700 Deferred income tax benefit (25,000 ) — Loss (gain) on sale of assets and investments 16 (1,448 ) Gain on sale of real estate (8,279 ) — Change in assets and liabilities: (Increase) decrease in accounts receivable 38,311 (6,051 ) (Increase) decrease in inventories (22,606 ) 55,939 (Increase) decrease in prepaid and other assets 2,230 (3,351 ) Increase (decrease) in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities (23,342 ) 19,454 Other changes, net 1,263 2,391 Net cash provided by operating activities 282,481 307,938 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property, plant and equipment (39,867 ) (47,849 ) Proceeds from the sale of property, plant and equipment 17,895 13,572 Net cash used in investing activities (21,972 ) (34,277 ) CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (31,622 ) (28,770 ) Purchase of shares for treasury (161,709 ) (241,501 ) Proceeds from long-term debt 63,000 179,500 Payments of long-term debt (139,117 ) (146,727 ) Financing costs — (907 ) Other, net (90 ) (307 ) Net cash used in financing activities (269,538 ) (238,712 ) CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash used in operating activities (820 ) (3,707 ) Net cash provided by investing activities 137 — Net cash used in discontinued operations (683 ) (3,707 ) Effect of exchange rate changes on cash and equivalents 2,553 (679 ) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS (7,159 ) 30,563 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 114,438 102,889 CASH AND EQUIVALENTS AT END OF PERIOD $ 107,279 $ 133,452 Supplemental Disclosure of Non-Cash Flow Information: Capital expenditures in accounts payable $ 5,329 $ 268 Expand Griffon evaluates performance based on adjusted net income and the related adjusted earnings per share, which excludes restructuring charges, gain/loss from debt extinguishment, acquisition related expenses, discrete and certain other tax items, as well other items that may affect comparability, as applicable, non-GAAP measures. Griffon believes this information is useful to investors. The following table provides a reconciliation of net income (loss) to adjusted net income and earnings (loss) per common share to adjusted earnings per common share: For the Three Months Ended June 30, For the Nine Months Ended June 30, 2025 2024 2025 2024 (in thousands, except per share data) (Unaudited) Net income (loss) $ (120,139 ) $ 41,086 $ 7,474 $ 147,406 Adjusting items: Restructuring charges (1) — 18,688 — 33,489 Goodwill and intangible asset impairments 243,612 — 243,612 — (Gain) loss on sale of real estate (122 ) 725 (8,279 ) 167 Loss from debt extinguishment — 1,700 — 1,700 Strategic review - retention and other 1,033 1,870 3,883 9,204 Tax impact of above items (2) (26,686 ) (5,790 ) (25,345 ) (11,303 ) Discrete and certain other tax provisions (benefits), net (3) (28,451 ) 2,247 (28,626 ) 2,640 Adjusted net income $ 69,247 $ 60,526 $ 192,719 $ 183,303 Earnings (loss) per common share $ (2.65 ) $ 0.84 $ 0.16 $ 2.94 Adjusting items, net of tax: Anti-dilutive share impact (4) 0.05 — — — Restructuring charges (1) — 0.29 — 0.50 Goodwill and intangible asset impairments 4.69 — 4.63 — (Gain) loss on sale of real estate — 0.01 (0.13 ) — Loss from debt extinguishment — 0.03 — 0.03 Strategic review - retention and other 0.02 0.03 0.06 0.14 Discrete and certain other tax provisions (benefits), net (3) (0.61 ) 0.05 (0.61 ) 0.05 Adjusted earnings per common share $ 1.50 $ 1.24 $ 4.11 $ 3.66 Weighted-average shares outstanding (in thousands) 45,320 47,034 45,505 47,921 Diluted weighted-average shares outstanding 46,270 48,851 46,911 50,085 Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share. (1) For the three and nine months ended June 30, 2024, restructuring charges relate to the CPP global sourcing expansion, of which $15.7 million and $28.7 million, respectively, are included in Cost of goods and services and $2.9 million and $4.8 million, respectively, are included in SG&A in the Company's Condensed Consolidated Statements of Operations. (2) The tax impact for the above reconciling adjustments from GAAP to non-GAAP net income and EPS is determined by comparing the Company's tax provision, including the reconciling adjustments, to the tax provision excluding such adjustments. (3) Discrete and certain other tax provisions (benefits), net primarily relate to the impact of a rate differential between statutory and annual effective tax rate on items impacting the quarter. (4) For the quarter ended June 30, 2025, earnings (loss) per common share was calculated using basic weighted-average shares outstanding, as presented on the face of the Statement of Operations. The anti-dilutive share impact of using diluted shares represents the impact of converting from basic shares used in calculating earnings (loss) per common share to the diluted shares used in calculating earnings (loss) per common share from a net loss. Expand
Agriland
04-08-2025
- Automotive
- Agriland
Kramer: From mowers to loaders in 100 years
The tie-in between John Deere and Kramer brought the loader manufacturer more fully to the attention of many in Ireland as, although Kramer was available here, it did not have the marketing power that John Deere possess. Yet little is known about the origins of the company over here other than it is German and it specialises in telescopic loaders. Kramer dates all the way back to 1918 and three brothers, Emil, Hans and Karl Kramer, who established a machinery business at Gutmadingen on the River Danube. The first mower they built was powered by a 4hp motorcycle engine and, despite mixed reviews when first put on the market in 1925, the machine sold 33 units. There is some vagueness as to how the mower was powered, with some sources noting that it was horse-drawn while others suggest that it was self-propelled. Kramer's first self-propelled machine had a 4.5hp engine However, there is a general consensus that this year marks the centenary of mower production proper and an improved version appeared at a local show in 1928. The Kramer brothers never built their own engines, so this first model used a Güldner unit, starting a long relationship with the company that lasted until the 1960s. More powerful tractors began to appear in the mid-1930s, which followed the continental pattern of a separate frame with engine and cylinders arranged horizontally. This K18 model from 1937 demonstrates how rapidly the company developed its product line. Source: Stefan Krause Following the war, Kramer continued to build this form of tractor but the K25 of 1943 saw the company start moving towards using the engine block as the frame. Two distinct model ranges also emerged during the 1950s: the KW machines were powered mainly by water-cooled Güldner engines while the KL models had a Deutz air-cooled unit fitted. On a few models, a larger MWM engine was employed and when Güldner stopped producing engines they went so far as to use Standard Motor diesels, as found in the Ferguson TE20. Towards the end of the 1960s, the tractor range was given its final facelift. Out went the round, slim, 'kidney' bonnets from the 1950s and in came a much more modern square-shaped machine. This Kramer Allrad KL950 from 1970 offered 55hp and was one of the later tractors the company built 'Allrad', in German, means 'all wheel drive' and for a while Kramer enjoyed some success with their 4X4 tractors during the hectic years of the 1960s. But by 1973, it was all over for their conventional tractor range. However, Kramer had developed a radical four-wheel-steer tractor, known as the 'Two Way', which as its name suggests was completely reversible and built with a similar layout to the Deutz Intrac and MB Trac. This stayed in production until 1980. Another new development took place in 1968 when Kramer introduced Germany's first four-wheel-drive loader. The market for tractors was shrinking and so it turned to the construction sector as the best way forward, settling on material handling as the most promising sector. The loading shovel became Kramer's main line of business in the 1970s. This 312 model dates from 1978 and is powered by a 48hp Deutz engine. Eventually the loader was combined with the four-wheel-steer tractor system in 1987 to produce the basis of the range we see today. The company also underwent a series of mergers, first with the Austrian company Neuson and then with Wacker AG. The KL55.8T retains the connection with Deutz, being powered by a 136hp engine from the company The latest deal with John Deere sees the American company take a 5% equity stake in Kramer, granting it certain distribution rights, but the machines will remain in Kramer colours. With nearly 60 years' experience of building loaders, Kramer has settled on the rigid rather than articulated frame as a design fundamental, due to its inherent safety. This frame continues to sell to what has become a very competitive market.
Buzz Feed
04-08-2025
- Entertainment
- Buzz Feed
50 People Who Thought 'What's The Worst That Could Possibly Happen?' And Then Pretty Much Immediately Found Out
The person who got pump-faked by an email: The person who will always double-check the dimensions from now on: The person whose tree just pulled a Kramer: The person whose cat put the finishing touches on their sandwich: The person who played the world's most annoying game of Where's Wallet: The person who just invented the next viral food combination: The person who turned money into confetti: This person who learned just how heavy a statue is: The person about to have a very white kitchen: The person who will not be traveling today: The person who had a big giant thing from presumably the heavens fall on their AC: The person whose window just got a hip new make-over: The person with the best seats in the house: The person whose watermelon went absolultely nuclear all over their toaster: The person whose backseat is the birthplace of an entirely new ecosystem: The person who got such exciting news over text: The person whose timeless memories became goop: The person who might be slowly turning into a giraffe: The person who might want to shave their lettuce: The person who finally found that pesky little thing: The person who got a little extra iron in their pasta: The person whose bread was baked with nothing but love and blattodea: The person who was betrayed by the Lime Gods: The person whose toilet is violating OSHA guidelines: This person who's about to get a protein-packed sip: The person who is about to give the world a show they will never forget: The person whose sunroof damage should buff right out: This person about to have a very hairy soda: The person who is about to serve their party guests a heaping pile of the good stuff: The person who got the worst wake up call ever: The person who was listening to a real earworm: The person whose basement just got a little wet: The person who will be cursing technology forever: This proud owner of a very revealing chair: The person whose house no longer belongs to them: The person who got a sweet new design on their mousepad: This person in head-to-toe makeup: The person who let a maggot get absolutely blasted: The person who loves their kids very much, I'm sure: The person whose house no longer belongs to them: The person whose ice cream was sampled by a BARBARIAN: The person who was kind enough to share their sandwich with some tiny friends: The person who might want to take up a life of crime: The person who picked the wrong place to pee: The person who is about to be patient zero for a brand new illness: The person who lost mankind's eternal war: The person who got a heaping helping of poop from a butt: Ain't life grand? The person who got a special little happy surprise at the bottom of their coffee: The person who fell victim to the ol' popcorn or filling trick: And this chocolate lover:
Winnipeg Free Press
31-07-2025
- Entertainment
- Winnipeg Free Press
‘A Star Is Born' producer Lynette Howell Taylor elected president of Oscars org
Veteran producer Lynette Howell Taylor has been elected president of the Academy of Motion Pictures Arts and Sciences. Taylor will succeed Janet Yang in the role, presiding over the organization that puts on the Oscars, film academy CEO Bill Kramer said Thursday. An academy member since 2014, Taylor has served the organization in several high-profile positions, including as vice president and chair of the awards committee. She's also a prolific film producer whose works include 'A Star Is Born' (2018), 'Blue Valentine' and 'The Accountant.' She also produced the 92nd Oscars broadcast. Taylor is now the fifth woman to lead the film academy. The outgoing president, Yang, was elected to the position in 2022 and served in the role for the maximum of three years. Kramer said in a statement that Taylor has been a vital part of the board of governors and singled out how she 'revitalized our awards work.' Several officers were also elected by the board, including actor Lou Diamond Phillips as chair of the equity and inclusion committee and producer Jennifer Fox, who will chair the awards committee. Weekly A weekly look at what's happening in Winnipeg's arts and entertainment scene. 'This is an exceptional group of Academy members who will advance the Academy's mission, support our membership around the world, ensure our long-term financial stability, and celebrate the achievements of the global filmmaking community,' Kramer said. After years of declining ratings, the Oscars have been on an upswing the past few years. March's broadcast, in which 'Anora' won five Oscars, drew some 19.7 million viewers, a slight uptick from the ceremony the year prior, when 'Oppenheimer' dominated. The organization has already announced that Conan O'Brien will return as host in 2026 and has made several big changes for the future, including adding a stunt design award, starting with films released in 2027, and one for casting directors, which goes into effect this year.
