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Trump aims to appoint son-in-law’s father as US ambassador to France
TUSTIN, Calif., Dec. 10, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced financial results for the second quarter and six months ended October 31, 2024. Highlights from the Quarter Ended October 31, 2024: “We delivered solid results in a competitive environment, with increased revenues and backlog offset by increased costs,” stated Nick Green, president and CEO of Avid Bioservices. “We are pleased to reach the separately announced agreement with GHO and Ampersand, which will provide our stockholders with significant, immediate and certain cash value for their shares. The transaction also provides us with partners who are committed to leveraging their deep industry experience, focused strategy, and collaborative approach to drive growth beyond the Company’s standalone plan.” Financial Highlights for the Second Quarter and Six Months Ended October 31, 2024 Revenues for the second quarter were $33.5 million, an increase of 32% as compared to revenues of $25.4 million recorded in the same prior year period. For the first six months of fiscal 2025, revenues were $73.7 million, an increase of 17% as compared to revenues of $63.1 million in the same prior year period. The revenue increase for the second quarter and six months ended October 31, 2024, was attributed to increases in manufacturing and process development revenues. As of October 31, 2024, backlog was $220 million an increase of 11% compared to $199 million at the end of the same quarter last year. The company anticipates a significant amount of its backlog will be recognized as revenue over the next five fiscal quarters. Gross loss for the second quarter was $2.0 million compared to a gross loss of $4.7 million for the same prior year period. Gross profit for the first six months of fiscal 2025 was $3.7 million compared to a gross loss of $0.6 million for the same prior year period. The increase in gross profit for the second quarter and six months ended October 31, 2024, compared to the same prior year period was primarily driven by increased revenues, partially offset by increases in compensation and benefit related expenses, facility, manufacturing and other related expenses, and depreciation expense. SG&A expenses for the second quarter were $10.6 million, an increase of 61% compared to $6.6 million recorded in the same prior year period. The increase in SG&A for the second quarter ended October 31, 2024, compared to the same prior year period was primarily due to increases in compensation and benefit related expenses and legal fees. SG&A expenses for the first six months of fiscal 2025 were $18.8 million, an increase of 46% compared to $12.8 million recorded in the prior year period. The increase in SG&A for the second quarter and six months ended October 31, 2024, compared to the same prior year period was primarily due to increases in compensation and benefit related expenses and audit, legal and other consulting fees. Net loss for the second quarter was $17.4 million or $0.27 per basic and diluted share, compared to a net loss of $9.5 million or $0.15 per basic and diluted share for the same prior year period. For the first six months of fiscal 2025, the company recorded a net loss of $22.9 million or $0.36 per basic and diluted share, compared to a net loss of $11.6 million or $0.18 per basic and diluted share during the same prior year period. On October 31, 2024, the company reported cash and cash equivalents of $33.4 million, compared to $38.1 million on April 30, 2024. During the second quarter of fiscal 2025, the company’s revolving line of credit expired. More detailed financial information and analysis may be found in Avid Bioservices’ Quarterly Report on Form 10-Q, which is being filed with the Securities and Exchange Commission today. Acquisition of Avid Bioservices by GHO Capital Partners and Ampersand Capital Partners On November 6, 2024, the company announced that Avid, GHO Capital Partners LLP ("GHO") and Ampersand Capital Partners (“Ampersand”) have entered into a definitive merger agreement for Avid to be acquired by funds managed by GHO and Ampersand in an all-cash transaction valued at approximately $1.1 billion. Under the terms of the merger agreement, GHO and Ampersand would acquire all the outstanding shares held by Avid’s stockholders for $12.50 per share in cash. The per share purchase price represents a 13.8% premium to Avid’s closing share price of $10.98 on November 6, 2024, the last full trading day prior to the transaction announcement, and a 21.9% premium to the company's 20-day volume-weighted average share price for the period ended November 6, 2024. This transaction equates to an enterprise value of approximately $1.1 billion, a 6.3x multiple to consensus FY2025E revenue. The transaction, which was unanimously approved by the Avid Board of Directors, is currently expected to close in the first quarter of 2025, subject to customary closing conditions, including approval by Avid’s stockholders and receipt of required regulatory approvals. The transaction is not subject to a financing condition. The companies will continue to operate independently until the proposed transaction is finalized. Upon completion of the transaction, Avid common stock will no longer be listed on any public stock exchange. The company will continue to operate under the Avid name and brand. In light of the proposed transaction, Avid will not host an earnings conference call and is suspending its practice of providing financial guidance. About Avid Bioservices, Inc. Avid Bioservices (NASDAQ: CDMO) is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With more than 30 years of experience producing biologics, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com Forward-Looking Statements Statements in this press release, which are not purely historical, including statements regarding the company’s projected revenue ramp and expected continued momentum, expected future sustained profitability, the estimated annual revenue-generating capacity of the company’s facilities, the expected benefits to the company’s business from customers with later stage programs, the anticipated timing for recognizing revenue from the company’s backlog, the realization of the company’s strategic objectives, the company’s revenue guidance, and other statements relating to the company’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to, the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could delay the consummation of the proposed transaction or cause the parties to abandon the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed transaction; the possibility that the company’s stockholders may not approve the proposed transaction; the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the company’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the company to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally, the risk the company may experience delays in engaging new customers, the risk that the company may not be successful in executing customers projects, the risk that changing economic conditions may delay or otherwise adversely impact the realization of the company’s backlog, the risk that the company may not be able to convert its backlog into revenue within the contemplated time periods, the risk that the company may experience technical difficulties in completing customer projects due to unanticipated equipment and/or manufacturing facility issues which could result in projects being terminated or delay delivery of products to customers, revenue recognition and receipt of payment or result in the loss of the customer, the risk that the company’s later-stage customers do not receive regulatory approval or that commercial demand for an approved product is less than forecast, the risk that one or more existing customers terminates its contract prior to completion or reduces or delays its demand for development or manufacturing services which could adversely affect guided fiscal 2025 revenues, the risk that expanding into a new biologics manufacturing capability may distract senior management’s focus on the company’s existing operations, the risk that the company may experience delays in hiring qualified individuals into the cell and gene therapy business, the risk that the company may experience delays in engaging customers for the cell and gene therapy business, and the risk that the cell and gene therapy business may not become profitable for several years, if ever. Our business could be affected by a number of other factors, including the risk factors listed from time to time in our reports filed with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K for the fiscal year ended April 30, 2024, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this press release, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this press release except as may be required by law.
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THE creators of The Apprentice will make a celebrity version of the show next year as it celebrates its 20th birthday. It's the first time the spin off from the BBC one business contest, hosted by Lord Sugar, has been staged in 16 years. Producers will be hoping to sign up from big names who've appeared on the celeb version before including Cheryl Tweedy and Piers Morgan . A TV insider said: "Execs want to get a-list stars involved for this very special version of The Apprentice , and signing up Piers in particular would be TV gold as there's a long-running stand off between him and Lord Sugar. "Few celebrities have been approached yet as the show is still at the early stages and they want to take their time carefully selecting the right mix for the programme." The new version is likely to go out towards the end of 2025, and will air just before the release of the 20th series. The show had to miss a season in 2021 due to the Covid pandemic . READ MORE ON THE APPRENTICE The first episode of the UK's Apprentice, which was hosted by the then Sir Alan Sugar, was on February 15, 2005, and it was almost an instant hit with viewers. Then came the celeb spin offs in 2007, first for Comic Relief , featuring Piers, Cheryl , Maureen Lipman and Karren Brady , who went on to star in the "civilian" version of the show alongside Lord Sugar. The second was in 2008 for Sport Relief with a line up that included Alan Carr, Jonathan Ross , Michelle Mone and Patsy Palmer . In the same year Piers went on to star in the US version of the show when the now President of the United States, Donald Trump, was fronting the contest. It was also the cementing of a personal relationship between the two men. Most read in News TV A spokeswoman for the creators declined to comment.Inside the super-sub role, and why Durán is the ultimate game changer
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Canadiens in action against the Rangers following overtime victoryNone
What activating Cole Strange, waiving K.J. Osborn means for the PatriotsST. PETERSBURG, Fla. (AP) — The St. Petersburg City Council reversed course Thursday on whether to spend more than $23 million to repair the hurricane-shredded roof of the Tampa Bay Rays' ballpark , initially voting narrowly for approval and hours later changing course. The reversal on fixing Tropicana Field came after the council voted to delay consideration of revenue bonds for a proposed new $1.3 billion Rays ballpark. Just two days before, the Pinellas County Commission postponed a vote on its share of the new stadium bonds, leaving that project in limbo. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Amazon has these HotPal palm-sized rechargeable hand warmers on sale for up to 46% off
Assad exit puts US at perilous crossroads in Syria
PITTSBURGH (AP) — The yard lines weren't the only things lost in the early winter squall that swept off Lake Erie and turned Huntington Bank Stadium into a snow globe on Thursday night. The “good vibes only" mindset that carried the Pittsburgh Steelers through two-plus months of solid if not always spectacular football disappeared in a 24-19 loss to last-place Cleveland . Over three eventful hours, all the ingredients of a classic “trap game” the Steelers (8-3) were hoping to avoid created a recipe with an all-too-familiar aftertaste of regret and missed opportunities,. A bit of immaturity from wide receiver George Pickens, who got into an MMA-style exchange with an opposing defensive back ... again. A pinch of frustration from normally stoic defensive tackle Cam Heyward, who vented afterward about being held on a decisive snap. An ounce — OK, several ounces — of confusion from a coaching staff that couldn't seem to decide whether to accept a late Browns penalty and then compounded it by taking a valuable timeout immediately afterward when the defense couldn't get lined up right. A dash of curious game planning, one that included inserting backup quarterback Justin Fields in high-leverage situations, most notably on third-and-6 with less than 5 minutes to go with the game still in the balance. The gambit that worked beautifully in an emotional victory over Baltimore last Sunday was a decidedly more mixed bag this time around. Add it all up and the result was Pittsburgh's fifth loss in its last seven trips to Cleveland, squandering a chance to move closer to its first AFC North title in four years. “We have a lot of football left,” quarterback Russell Wilson said. “We have a lot of opportunities to respond in the highest way, (the) highest level. I think everything that we want is still in front of us.” Yet a team that's been one of the league's bigger surprises failed to avoid a misstep and provided a reminder that for all the good things it has done of late, the Steelers remain a work in progress. “It is very deflating,” outside linebacker T.J. Watt said. "We need to close out games and we were not able to do that tonight. It sucks that we could not hold on, but a loss is a loss.” What's working Wilson's moonball. Even amid the snowflakes and quick deteriorating conditions, Wilson was unafraid to let the ball fly. Wilson averaged a healthy 12.9 yards per completion, including deep shots to Pickens, Van Jefferson and Calvin Austin III, the last a 23-yard flip to the end zone that Austin cradled to give the Steelers a late lead. If there's one thing that Wilson has shown during his first five starts, it's the situation — be it the score, the down, the time left on the clock or the weather — is immaterial. He will throw it where he wants when he wants, regardless of the circumstance. What needs help The final numbers for the offense — namely 368 yards and 35 minutes of possession — were good. The eye test, however, was another matter. The line had trouble protecting Wilson, giving up four sacks, and generating push when it mattered. Take out a 30-yard sprint by Fields and Pittsburgh averaged less than 3 yards per carry on the ground. The Steelers had the ball with under 5 minutes to go knowing two or three first downs would win in it. So middling runs and one ill-advised pass down the sideline by Fields later, Pittsburgh punted and momentum swung one last time. Stock up Outside linebacker Nick Herbig shows a more than passable T.J. Watt impression when healthy. Herbig's strip-sack of Jameis Winston midway through the fourth quarter set up Austin's go-ahead touchdown. Herbig now had 3 1/2 sacks and three forced fumbles despite missing four games with a hamstring injury. Stock down Pickens displays anger issues, particularly when things don't go his way. The third-year wideout had his third very public, strikingly violent outburst in two months when he got into it with Browns cornerback Greg Newsome III after a last-gasp Hail Mary fell incomplete. The NFL fined Pickens more than $10,000 after he grabbed Dallas defensive back Jourdan Lewis by the facemask at the end of a loss in October. Two weeks ago Pickens and Washington's Mike Sainristil exchanged punches following an interception. The volatile Pickens is by far Pittsburgh's best playmaker. Yet with the stakes likely raised in the coming weeks, he needs to keep his emotions in check if he wants to make sure he stays on the field. Injuries Pittsburgh could have starting outside linebacker Alex Highsmith (ankle) back when they visit Cincinnati on Dec. 1. Highsmith has missed the last two games and five overall this season. Key number 0-8 — head coach Mike Tomlin's career record on the road in Thursday night games against AFC North opponents. Next steps Rest up and prepare for a finishing stretch that starts with a visit to the underperforming but still dangerous Bengals. Pittsburgh swept the season series from Cincinnati last year. AP NFL: https://apnews.com/hub/nfl
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The S&P 500 dipped 0.3%, a day after pulling back from its latest all-time high. They're the first back-to-back losses for the index in nearly a month, as momentum slows following a big rally that has it on track for one of its best years of the millennium. The Dow Jones Industrial Average fell 154 points, or 0.3%, and the Nasdaq composite slipped 0.3%. Tech titan Oracle dragged on the market and sank 6.7% after reporting growth for the latest quarter that fell just short of analysts' expectations. It was one of the heaviest weights on the S&P 500, even though CEO Safra Catz said the company saw record demand related to artificial-intelligence technology for its cloud infrastructure business, which trains generative AI models. AI has been a big source of growth that's helped many companies' stock prices skyrocket. Oracle's stock had already leaped more than 80% for the year coming into Tuesday, which raised the bar of expectations for its profit report. In the bond market, Treasury yields ticked higher ahead of Wednesday's report on the inflation that U.S. consumers are feeling. Economists expect it to show similar increases as the month before. Wednesday's update and a report on Thursday about inflation at the wholesale level will be the final big pieces of data the Federal Reserve will get before its meeting next week, where many investors expect the year's third cut to interest rates. The Fed has been easing its main interest rate from a two-decade high since September to take pressure off the slowing jobs market, after bringing inflation nearly down to its 2% target. Lower rates would help give support to the economy, but they could also provide more fuel for inflation. Expectations for a series of cuts through next year have been a big reason the S&P 500 has set so many records this year. Trading in the options market suggests traders aren't expecting a very big move for U.S. stocks following Wednesday's report, according to strategists at Barclays. But a reading far off expectations in either direction could quickly change that. The yield on the 10-year Treasury rose to 4.22% from 4.20% late Monday. Even though the Fed has been cutting its main interest rate, mortgage rates have been more stubborn to stay high and have been volatile since the autumn. That has hampered the housing industry, and homebuilder Toll Brothers' stock fell 6.9% even though it delivered profit and revenue for the latest quarter that topped analysts' expectations. CEO Douglas Yearley Jr. said the luxury builder has been seeing strong demand since the start of its fiscal year six weeks ago, an encouraging signal as it approaches the beginning of the spring selling season in mid-January. Elsewhere on Wall Street, Alaska Air Group soared 13.2% after raising its forecast for profit in the current quarter. The airline said demand for flying around the holidays has been stronger than expected. It also approved a plan to buy back up to $1 billion of its stock, along with new service from Seattle to Tokyo and Seoul. Boeing climbed 4.5% after saying it's resuming production of its bestselling plane, the 737 Max, for the first time since 33,000 workers began a seven-week strike that ended in early November. Vail Resorts rose 2.5% after the ski resort operator reported a smaller first-quarter loss than analysts expected in what is traditionally its worst quarter. All told, the S&P 500 fell 17.94 points to 6,034.91. The Dow dipped 154.10 to 44,247.83, and the Nasdaq composite slipped 49.45 to 19,687.24. In stock markets abroad, indexes were mixed in China after the world's second-largest economy said its exports rose by less than expected in November. Stocks rose 0.6% in Shanghai but fell 0.5% in Hong Kong. Indexes fell across much of Europe ahead of a meeting this week by the European Central Bank, where the widespread expectation is for another cut in interest rates.
Mr Trump made the announcement in a Truth Social post, calling Charles Kushner “a tremendous business leader, philanthropist, & dealmaker”. Mr Kushner is the founder of Kushner Companies, a real estate firm. Jared Kushner is a former senior Trump adviser who is married to Trump’s eldest daughter, Ivanka. The elder Mr Kushner was pardoned by Trump in December 2020 after pleading guilty years earlier to tax evasion and making illegal campaign donations. Prosecutors alleged that after Charles Kushner discovered his brother-in-law was co-operating with federal authorities in an investigation, he hatched a scheme for revenge and intimidation. Mr Kushner hired a prostitute to lure his brother-in-law, then arranged to have the encounter in a New Jersey motel room recorded with a hidden camera and the recording sent to his own sister, the man’s wife, prosecutors said. Mr Kushner eventually pleaded guilty to 18 counts including tax evasion and witness tampering. He was sentenced in 2005 to two years in prison – the most he could receive under a plea deal, but less than what Chris Christie, the US attorney for New Jersey at the time and later governor and Republican presidential candidate, had sought. Mr Christie has blamed Jared Kushner for his firing from Mr Trump’s transition team in 2016, and has called Charles Kushner’s offences “one of the most loathsome, disgusting crimes that I prosecuted when I was US attorney”. Mr Trump and the elder Mr Kushner knew each other from real estate circles and their children were married in 2009.
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