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Highlights Revenues of $749.3 million for the quarter ended October 27, 2024; operating earnings of $79.3 million; and net earnings attributable to shareholders of the Corporation of $47.9 million ($0.57 per share). Adjusted operating earnings before depreciation and amortization (1) of $142.2 million for the quarter ended October 27, 2024; adjusted operating earnings (1) of $105.1 million; and adjusted net earnings attributable to shareholders of the Corporation (1) of $67.3 million ($0.79 per share). Revenues of $2,812.9 million for the fiscal year 2024; operating earnings of $209.5 million; and net earnings attributable to shareholders of the Corporation of $121.3 million ($1.41 per share). Adjusted operating earnings before depreciation and amortization (1) of $469.4 million for the fiscal year 2024; adjusted operating earnings (1) of $320.6 million; and adjusted net earnings attributable to shareholders of the Corporation (1) of $201.4 million ($2.34 per share). Growth in adjusted operating earnings before depreciation and amortization (1) of 5.1% for the fiscal year ended October 27, 2024, with an increase of 14.2% in the Packaging Sector and an increase of 2.1% in the Retail Services and Printing Sector. Repurchase of 2.1 million shares during the fiscal year ended October 27, 2024, for a total consideration of $32.3 million. Subsequent to the end of fiscal year 2024, sale of the industrial packaging operations to Hood Packaging Corporation for an amount of $132.0 million (US$95.0 million). (1) Please refer to the section entitled "Non-IFRS Financial Measures" in this press release for a definition of these measures. MONTREAL, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Transcontinental Inc. TCL announces its results for the fourth quarter and fiscal year 2024, which ended October 27, 2024. "Once again, we posted solid quarterly results and therefore ended the fiscal year on a strong note," said Thomas Morin, President and Chief Executive Officer of TC Transcontinental. "I am very pleased with the excellent results for fiscal 2024 and would like to thank our teams for their disciplined work in reducing costs and improving profitability. "In our Packaging Sector, despite the ongoing pressure on our medical market activities, we reported a 6.5% increase in adjusted operating earnings before depreciation and amortization for the quarter, mainly as a result of our cost reduction initiatives. For the fiscal year 2024, our adjusted operating earnings before depreciation and amortization amounted to $262.2 million, up 14.2% compared to the prior year. "In our Retail Services and Printing Sector, we recorded an increase in adjusted operating earnings before depreciation and amortization for a second consecutive quarter. The actions taken to improve our cost structure, a more favourable product mix, including the roll-out of raddar TM , as well as growth in our in-store marketing activities, continue to show results. For fiscal 2024, our adjusted operating earnings before depreciation and amortization stood at $201.0 million, an increase of 2.1% compared to the prior year. "Mainly as a result of the implementation of the program aimed at improving our profitability and our financial position, we posted a solid performance for fiscal 2024," added Donald LeCavalier, Executive Vice President and Chief Financial Officer of TC Transcontinental. "In addition, we generated significant cash flows in fiscal 2024 which, combined with the monetization of some real estate assets, enabled us to improve our balance sheet by reducing our net indebtedness ratio to 1.71 times the adjusted operating earnings before depreciation and amortization while allocating $32.3 million to our share repurchase program." Financial Highlights (in millions of dollars, except per share amounts) Q4-2024 Q4-2023 Variation in % Fiscal Year 2024 Fiscal Year 2023 Variation in % Revenues $749.3 $779.7 (3.9 )% $2,812.9 $2,940.6 (4.3 )% Operating earnings before depreciation and amortization 131.8 123.2 7.0 424.7 399.6 6.3 Adjusted operating earnings before depreciation and amortization (1) 142.2 145.5 (2.3 ) 469.4 446.5 5.1 Operating earnings 79.3 66.7 18.9 209.5 164.7 27.2 Adjusted operating earnings (1) 105.1 107.3 (2.1 ) 320.6 285.5 12.3 Net earnings attributable to shareholders of the Corporation 47.9 41.7 14.9 121.3 85.8 41.4 Net earnings attributable to shareholders of the Corporation per share 0.57 0.48 18.8 1.41 0.99 42.4 Adjusted net earnings attributable to shareholders of the Corporation (1) 67.3 71.8 (6.3 ) 201.4 176.0 14.4 Adjusted net earnings attributable to shareholders of the Corporation per share (1) 0.79 0.83 (4.8 ) 2.34 2.03 15.3 (1) Please refer to the section entitled "Reconciliation of Non-IFRS Financial Measures" in this Press release for adjusted data presented above. Results for the Fourth Quarter of Fiscal 2024 Revenues decreased by $30.4 million, or 3.9%, from $779.7 million in the fourth quarter of 2023 to $749.3 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector and the Packaging Sector, partially mitigated by the favourable effect of exchange rate fluctuations. Operating earnings before depreciation and amortization increased by $8.6 million, or 7.0%, from $123.2 million in the fourth quarter of 2023 to $131.8 million in the fourth quarter of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Despite an increase in adjusted operating earnings before depreciation and amortization in the two main operating sectors, consolidated adjusted operating earnings before depreciation and amortization decreased by $3.3 million, or 2.3%, from $145.5 million in the fourth quarter of 2023 to $142.2 million in the fourth quarter of 2024. This decrease is mainly due to the unfavourable effect of the change in the incentive compensation expense, including the stock-based compensation expense. Net earnings attributable to shareholders of the Corporation increased by $6.2 million, or 14.9%, from $41.7 million in the fourth quarter of 2023 to $47.9 million in the fourth quarter of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.48 to $0.57, respectively. Adjusted net earnings attributable to shareholders of the Corporation decreased by $4.5 million, or 6.3%, from $71.8 million in the fourth quarter of 2023 to $67.3 million in the fourth quarter of 2024. This decrease is mainly due to the previously explained decrease in adjusted operating earnings before depreciation and amortization and higher income taxes, partially mitigated by the decrease in depreciation and amortization, and lower financial expenses. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $0.83 to $0.79, respectively. Results for Fiscal Year 2024 Revenues decreased by $127.7 million, or 4.3%, from $2,940.6 million in fiscal year 2023 to $2,812.9 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector as well as in the Packaging Sector. Operating earnings before depreciation and amortization increased by $25.1 million, or 6.3%, from $399.6 million in fiscal year 2023 to $424.7 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Adjusted operating earnings before depreciation and amortization increased by $22.9 million, or 5.1%, from $446.5 million in fiscal year 2023 to $469.4 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives, partially offset by lower volume. Net earnings attributable to shareholders of the Corporation increased by $35.5 million, or 41.4%, from $85.8 million in fiscal year 2023 to $121.3 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.99 to $1.41, respectively. Adjusted net earnings attributable to shareholders of the Corporation increased by $25.4 million, or 14.4%, from $176.0 million in fiscal year 2023 to $201.4 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in adjusted operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $2.03 to $2.34, respectively. For more detailed financial information, please see the Management's Discussion and Analysis for the year ended October 27, 2024, as well as the financial statements in the "Investors" section of our website at www.tc.tc . Outlook In the Packaging Sector, our investments, including those related to sustainable packaging solutions, position us well for the future and should be a key driver of our long-term growth. In terms of profitability, we expect to generate organic growth in adjusted operating earnings before depreciation and amortization for fiscal 2025 compared to fiscal 2024. In the Retail Services and Printing Sector, we are encouraged by the roll-out of raddar TM and growth opportunities in our in-store marketing activities. Despite a decrease in revenues resulting from lower volume in our traditional activities and the roll-out of raddar TM , we expect adjusted operating earnings before depreciation and amortization for fiscal 2025 to be stable compared to fiscal 2024, excluding the impact of the labour conflict at Canada Post. Lastly, in addition to the amount received for the sale of our industrial packaging operations, we expect to continue generating significant cash flows from operating activities, which will enable us to reduce our net indebtedness while continuing to make strategic investments and return capital to our shareholders. Labour Conflict at Canada Post On November 15, 2024, the Canadian Union of Postal Workers initiated a national strike. As of December 11, 2024, this labour conflict at Canada Post, which remain unresolved, is disrupting the distribution services of flyers, including the raddar TM leaflet. As a result, the Corporation is incurring revenue losses in regions where raddar TM is not distributed through alternative networks, as well as additional costs, including the printing costs of undistributed flyers and the establishment of alternative distribution networks in certain regions of Quebec. As of December 11, 2024, the revenue losses, and consequently the profit losses, along with the additional costs, are estimated at approximately $7.0 million. Non-IFRS Financial Measures In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Accounting Standards ("IFRS") and the term "dollar", as well as the symbol "$" designate Canadian dollars. In addition, in this press release, we also use certain non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in the section entitled "Reconciliation of Non-IFRS Financial Measures" and in Note 3, "Segmented Information", to the audited annual consolidated financial statements for the fiscal year ended October 27, 2024. Terms Used Definitions Adjusted operating earnings before depreciation and amortization Operating earnings before depreciation and amortization as well as restructuring and other costs (revenues) and impairment of assets. Adjusted operating earnings Operating earnings before restructuring and other costs (revenues), amortization of intangible assets arising from business combinations and impairment of assets. Adjusted income taxes Income taxes before income taxes on restructuring and other costs (revenues), impairment of assets and amortization of intangible assets arising from business combinations as well as the recognition of previous years tax assets of an acquired company. Adjusted net earnings attributable to shareholders of the Corporation Net earnings attributable to shareholders of the Corporation before restructuring and other costs (revenues), amortization of intangible assets arising from business combinations and impairment of assets, net of related income taxes as well as the recognition of previous years tax assets of an acquired company. Net indebtedness Total of long-term debt, of current portion of long-term debt, of lease liabilities and of current portion of lease liabilities, less cash. Net indebtedness ratio Net indebtedness divided by the last 12 months' adjusted operating earnings before depreciation and amortization. Reconciliation of Non-IFRS Financial Measures The financial information has been prepared in accordance with IFRS. However, financial measures used, namely adjusted operating earnings before depreciation and amortization, adjusted operating earnings, adjusted income taxes, adjusted net earnings attributable to shareholders of the Corporation, adjusted net earnings attributable to shareholders of the Corporation per share, net indebtedness and net indebtedness ratio, for which a reconciliation is presented in the following table, do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many of our readers analyze the financial performance of the Corporation's activities based on these non-IFRS financial measures as such measures may allow for easier comparisons between periods. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them. The Corporation also believes that these measures are useful indicators of the performance of its operations and its ability to meet its financial obligations. Furthermore, management also uses some of these non-IFRS financial measures to assess the performance of its activities and managers. Reconciliation of operating earnings - Fourth quarter and fiscal year Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $ 79.3 $66.7 $ 209.5 $164.7 Restructuring and other costs (revenues) 7.1 (2.9 ) 33.9 21.7 Amortization of intangible assets arising from business combinations (1) 15.4 18.3 66.4 73.9 Impairment of assets 3.3 25.2 10.8 25.2 Adjusted operating earnings $ 105.1 $107.3 $ 320.6 $285.5 Depreciation and amortization (2) 37.1 38.2 148.8 161.0 Adjusted operating earnings before depreciation and amortization $ 142.2 $145.5 $ 469.4 $446.5 (1) Amortization of intangible assets arising from business combinations includes our customer relationships, non-compete agreements, rights of first refusal and educational book titles. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of operating earnings - Fourth quarter and fiscal year for the Packaging Sector Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $30.6 $14.4 $ 114.7 $62.8 Restructuring and other costs 1.5 3.9 11.2 11.3 Amortization of intangible assets arising from business combinations (1) 14.4 16.1 60.9 64.1 Impairment of assets — 8.8 0.6 8.8 Adjusted operating earnings $ 46.5 $43.2 $ 187.4 $147.0 Depreciation and amortization (2) 19.2 18.5 74.8 82.5 Adjusted operating earnings before depreciation and amortization $65.7 $61.7 $ 262.2 $229.5 (1) Amortization of intangible assets arising from business combinations includes our customer relationships. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of operating earnings - Fourth quarter and fiscal year for the Retail Services and Printing Sector Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $47.5 $26.0 $118.6 $108.8 Restructuring and other costs 2.5 3.8 22.1 11.0 Amortization of intangible assets arising from business combinations (1) 0.4 1.8 3.4 7.8 Impairment of assets 2.2 16.4 9.1 16.4 Adjusted operating earnings $ 52.6 $48.0 $ 153.2 $144.0 Depreciation and amortization (2) 11.0 13.1 47.8 52.9 Adjusted operating earnings before depreciation and amortization $ 63.6 $61.1 $ 201.0 $196.9 (1) Amortization of intangible assets arising from business combinations includes our customer relationships. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of operating earnings - Fourth quarter and fiscal year for the Other Sector Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $ 1.2 $26.3 ($ 23.8 ) ($6.9 ) Restructuring and other costs (revenues) 3.1 (10.6 ) 0.6 (0.6 ) Amortization of intangible assets arising from business combinations (1) 0.6 0.4 2.1 2.0 Impairment of assets 1.1 — 1.1 — Adjusted operating earnings $ 6.0 $16.1 ($ 20.0 ) ($5.5 ) Depreciation and amortization (2) 6.9 6.6 26.2 25.6 Adjusted operating earnings before depreciation and amortization $ 12.9 $22.7 $ 6.2 $20.1 (1) Amortization of intangible assets arising from business combinations includes non-compete agreements, rights of first refusal and educational book titles. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of net earnings attributable to shareholders of the Corporation - Fourth quarter and fiscal year Three months ended Year ended (in millions of dollars, except per share amounts) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Net earnings attributable to shareholders of the Corporation $ 47.9 $41.7 $ 121.3 $85.8 Restructuring and other costs (revenues) 7.1 (2.9 ) 33.9 21.7 Tax on restructuring and other costs (revenues) (1.8 ) 0.3 (8.6 ) (6.0 ) Amortization of intangible assets arising from business combinations (1) 15.4 18.3 66.4 73.9 Tax on amortization of intangible assets arising from business combinations (3.8 ) (4.3 ) (16.3 ) (18.1 ) Impairment of assets 3.3 25.2 10.8 25.2 Tax on impairment of assets (0.8 ) (6.5 ) (2.7 ) (6.5 ) Recognition of previous years tax assets of an acquired company — — (3.4 ) — Adjusted net earnings attributable to shareholders of the Corporation $ 67.3 $71.8 $ 201.4 $176.0 Net earnings attributable to shareholders of the Corporation per share $ 0.57 $0.48 $ 1.41 $0.99 Adjusted net earnings attributable to shareholders of the Corporation per share $ 0.79 $0.83 $ 2.34 $2.03 Weighted average number of shares outstanding 84.8 86.6 86.1 86.6 (1) Amortization of intangible assets arising from business combinations includes our customer relationships, non-compete agreements, rights of first refusal and educational book titles. Reconciliation of net indebtedness (in millions of dollars, except ratios) As at October 27, 2024 As at October 29, 2023 Long-term debt $668.1 $937.8 Current portion of long-term debt 201.0 2.1 Lease liabilities 95.8 94.6 Current portion of lease liabilities 24.1 23.5 Cash (185.2 ) (137.0 ) Net indebtedness $803.8 $921.0 Adjusted operating earnings before depreciation and amortization (last 12 months) $469.4 $446.5 Net indebtedness ratio 1.71 x 2.06 x Dividend The Corporation's Board of Directors declared a quarterly dividend of $0.225 per share on Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on January 20, 2025, to shareholders of record at the close of business on January 6, 2025. Normal Course Issuer Bid On June 12, 2024, the Corporation has been authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between June 17, 2024 and June 16, 2025, or at an earlier date if the Corporation concludes or cancels the offer, up to 3,662,967 of its Class A Subordinate Voting Shares and up to 668,241 of its Class B Shares. The repurchases are made in the normal course of business at market prices through the Toronto Stock Exchange. During the fourth quarter of 2024, the Corporation repurchased and cancelled 900,459 Class A Subordinate Voting Shares at a weighted average price of $16.20 and 2,000 Class B Shares at a weighted average price of $16.39, for a total cash consideration of $14.6 million. During fiscal 2024, the Corporation repurchased and cancelled 2,060,217 Class A Subordinate Voting Shares at a weighted average price of $15.65 and 7,000 Class B Shares at a weighted average price of $15.66, for a total cash consideration of $32.3 million. On October 16, 2024, the Corporation authorized its broker to repurchase shares between October 28, 2024, and December 13, 2024, inclusively, in accordance with parameters set by the Corporation. Subsequent to the year ended October 27, 2024, the Corporation repurchased 413,278 Class A Subordinated Voting Shares and 2,400 Class B Shares for a total cash consideration of $7.0 million. Additional information Conference Call Upon releasing its results for the fourth quarter and fiscal 2024, the Corporation will hold a conference call for the financial community on December 12, 2024, at 8:00 a.m. The dial-in numbers are 1-289-514-5100 or 1-800-717-1738. Media may hear the call in listen-only mode or tune in to the simultaneous audio broadcast on TC Transcontinental's website, which will then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Corporate Communications of TC Transcontinental, at 514-954-3581. Profile TC Transcontinental is a leader in flexible packaging in North America and in retail services in Canada, and is Canada's largest printer. The Corporation is also the leading Canadian French-language educational publishing group. Since 1976, TC Transcontinental's mission has been to create quality products and services that allow businesses to attract, reach and retain their target customers. Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC Transcontinental's commitment to its stakeholders is to pursue its business activities in a responsible manner. Transcontinental Inc. TCL , known as TC Transcontinental, has approximately 7,500 employees, the majority of which are based in Canada, the United States and Latin America. TC Transcontinental generated revenues of $2.8 billion during the fiscal year ended October 27, 2024. For more information, visit TC Transcontinental's website at www.tc.tc . Forward-looking Statements Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to the impact of digital product development and adoption, the impact of changes in the participants in the distribution of newspapers and printed advertising materials and the disruption in their activities resulting mainly from labour disputes, including at Canada Post, the impact of regulations or legislation regarding door-to-door distribution on the printing of paper flyers or printed advertising materials, inflation and recession risks, economic conditions and geopolitical uncertainty, environmental risks as well as adoption of new regulations or amendments and changes to consumption habits, risk of an operational disruption that could be harmful to its ability to meet deadlines, the worldwide outbreak of a disease, a virus or any other contagious disease could have an adverse impact on the Corporation's operations, the ability to generate organic long-term growth and face competition, a significant increase in the cost of raw materials, the availability of those materials and energy consumption could have an adverse impact on the Corporation's activities, the ability to complete acquisitions and properly integrate them, cybersecurity, data protection, warehousing and usage, the impact of digital product development and adoption on the demand for printed products other than flyers, the failure of patents, trademarks and confidentiality agreements to protect intellectual property, a difficulty to attract and retain employees in the main operating sectors, the safety and quality of packaging products used in the food industry, bad debts from certain customers, import and export controls, duties, tariffs or taxes, exchange rate fluctuations, increase in market interest rates with respect to our financial instruments as well as availability of capital at a reasonable cost, the legal risks related to its activities and the compliance of its activities with applicable regulations, the impact of major market fluctuations on the solvency of defined benefit pension plans, changes in tax legislation and disputes with tax authorities or amendments to statutory tax rates in force, the impact of impairment tests on the value of assets and a conflict of interest between the controlling shareholder and other shareholders. The main risks, uncertainties and factors that could influence actual results are described in the Management's Discussion and Analysis for the fiscal year ended October 27, 2024 and in the latest Annual Information Form . Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of disposals, business combinations, mergers or acquisitions which may be announced or entered into after the date of December 11, 2024. The forward-looking statements in this press release are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. The forward-looking statements in this release are based on current expectations and information available as at December 11, 2024. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities. For information: Media Nathalie St-Jean Senior Advisor, Corporate Communications TC Transcontinental Telephone: 514-954-3581 nathalie.st-jean@tc.tc www.tc.tc Financial Community Yan Lapointe Director, Investor Relations and Treasury TC Transcontinental Telephone: 514-954-3574 yan.lapointe@tc.tc www.tc.tc CONSOLIDATED STATEMENTS OF EARNINGS Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars, unless otherwise indicated and per share data) October 27, October 29, 2024 2023 Revenues $ 2,812.9 $ 2,940.6 Operating expenses 2,343.5 2,494.1 Restructuring and other costs 33.9 21.7 Impairment of assets 10.8 25.2 Operating earnings before depreciation and amortization 424.7 399.6 Depreciation and amortization 215.2 234.9 Operating earnings 209.5 164.7 Net financial expenses 60.0 66.3 Earnings before income taxes 149.5 98.4 Income taxes 27.6 12.5 Net earnings 121.9 85.9 Non-controlling interests 0.6 0.1 Net earnings attributable to shareholders of the Corporation $ 121.3 $ 85.8 Net earnings attributable to shareholders of the Corporation per share - basic and diluted $ 1.41 $ 0.99 Weighted average number of shares outstanding - basic and diluted (in millions) 86.1 86.6 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) October 27, October 29, 2024 2023 Net earnings $ 121.9 $ 85.9 Other comprehensive income Items that may be subsequently reclassified to net earnings Net change related to cash flow hedges (1) Net change in the fair value of designated derivatives - foreign exchange risk 0.7 1.9 Net change in the fair value of designated derivatives - interest rate risk (1.4 ) 7.5 Reclassification of the net change in the fair value of designated derivatives recognized in net earnings during the year 1.5 1.5 Related income taxes 0.2 2.9 0.6 8.0 Cumulative translation differences Net unrealized exchange gains on the translation of the financial statements of foreign operations 15.4 33.2 Net losses on hedge of the net investment in foreign operations (3.5 ) (14.0 ) Related income taxes (recovery) (4.2 ) 0.1 16.1 19.1 Items that will not be reclassified to net earnings Changes related to defined benefit plans Actuarial losses on defined benefit plans (2.8 ) (14.7 ) Related income tax recovery (0.8 ) (3.9 ) (2.0 ) (10.8 ) Other comprehensive income 14.7 16.3 Comprehensive income $ 136.6 $ 102.2 (1) For the year ended October 29, 2023, an amount of $2.8 million was reclassified to Net change in the fair value of designated derivatives - foreign exchange risk and Net change in the fair value of designated derivatives - interest rate risk. These amounts were previously reported under Reclassification of the net change in the fair value of designated derivatives recognized in net earnings during the year. This reclassification had no impact on comprehensive income or net earnings. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) Accumulated other Non- Share Contributed Retained comprehensive controlling Total capital surplus earnings income Total interests equity Balance as at October 29, 2023 $ 636.6 $ 0.9 $ 1,226.8 $ 37.0 $ 1,901.3 $ 4.9 $ 1,906.2 Net earnings — — 121.3 — 121.3 0.6 121.9 Other comprehensive income — — — 14.7 14.7 — 14.7 Shareholders' contributions and distributions to shareholders Share repurchases and related income taxes (17.4 ) — (33.2 ) — (50.6 ) — (50.6 ) Dividends — — (77.4 ) — (77.4 ) — (77.4 ) Balance as at October 27, 2024 $ 619.2 $ 0.9 $ 1,237.5 $ 51.7 $ 1,909.3 $ 5.5 $ 1,914.8 Balance as at October 30, 2022 $ 636.6 $ 0.9 $ 1,219.0 $ 20.7 $ 1,877.2 $ 4.8 $ 1,882.0 Net earnings — — 85.8 — 85.8 0.1 85.9 Other comprehensive income — — — 16.3 16.3 — 16.3 Shareholders' contributions and distributions to shareholders Dividends — — (78.0 ) — (78.0 ) — (78.0 ) Balance as at October 29, 2023 $ 636.6 $ 0.9 $ 1,226.8 $ 37.0 $ 1,901.3 $ 4.9 $ 1,906.2 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) As at As at October 27, October 29, 2024 2023 Current assets Cash $ 185.2 $ 137.0 Accounts receivable 504.4 514.7 Income taxes receivable 28.7 37.0 Inventories 365.7 391.1 Prepaid expenses and other current assets 21.7 20.6 Assets held for sale 108.9 — 1,214.6 1,100.4 Property, plant and equipment 751.4 796.5 Right-of-use assets 99.6 98.6 Intangible assets 354.5 447.1 Goodwill 1,154.0 1,194.9 Deferred taxes 35.9 30.4 Other assets 31.3 32.4 $ 3,641.3 $ 3,700.3 Current liabilities Accounts payable and accrued liabilities $ 495.1 $ 465.5 Income taxes payable 21.1 24.8 Deferred revenues and deposits 10.9 10.4 Current portion of long-term debt 201.0 2.1 Current portion of lease liabilities 24.1 23.5 Liabilities held for sale 13.1 — 765.3 526.3 Long-term debt 668.1 937.8 Lease liabilities 95.8 94.6 Deferred taxes 70.3 89.8 Other liabilities 127.0 145.6 1,726.5 1,794.1 Equity Share capital 619.2 636.6 Contributed surplus 0.9 0.9 Retained earnings 1,237.5 1,226.8 Accumulated other comprehensive income 51.7 37.0 Attributable to shareholders of the Corporation 1,909.3 1,901.3 Non-controlling interests 5.5 4.9 1,914.8 1,906.2 $ 3,641.3 $ 3,700.3 CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) October 27, October 29, 2024 2023 Operating activities Net earnings $ 121.9 $ 85.9 Adjustments to reconcile net earnings and cash flows from operating activities: Impairment of assets 10.8 25.2 Depreciation and amortization 215.2 234.9 Financial expenses on long-term debt and lease liabilities 47.7 55.5 Net gains on disposal of assets (5.1 ) (8.2 ) Income taxes 27.6 12.5 Net foreign exchange differences and other (0.9 ) 4.1 Cash flows generated by operating activities before changes in non-cash operating items and income taxes paid 417.2 409.9 Changes in non-cash operating items 33.7 110.8 Income taxes paid (37.2 ) (48.4 ) Cash flows from operating activities 413.7 472.3 Investing activities Business combinations, net of acquired cash — 0.3 Acquisitions of property, plant and equipment (95.1 ) (145.3 ) Disposals of property, plant and equipment and other 8.9 12.0 Increase in intangible assets (26.4 ) (32.2 ) Cash flows from investing activities (112.6 ) (165.2 ) Financing activities Reimbursement of long-term debt (3.1 ) (2.6 ) Net decrease in credit facilities (75.4 ) (58.1 ) Financial expenses paid on long-term debt and credit facilities (43.3 ) (49.5 ) Repayment of principal on lease liabilities (23.0 ) (24.8 ) Interest paid on lease liabilities (3.5 ) (3.3 ) Dividends (77.4 ) (78.0 ) Share redemptions (32.3 ) — Cash flows from financing activities (258.0 ) (216.3 ) Effect of exchange rate changes on cash denominated in foreign currencies 5.1 0.5 Net change in cash 48.2 91.3 Cash at beginning of year 137.0 45.7 Cash at end of year $ 185.2 $ 137.0 Non-cash investing activities Net change in capital asset acquisitions financed by accounts payable $ (9.4 ) $ 6.9 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Keir Starmer’s first Christmas as Prime Minister is likely to go a little different than planned. Forget, feet in front of the fire at Chequers as he basks in a post-election victory glow. Instead, for the first time in years, people will be delighted to get coal in their stockings – as pensioners struggle without winter fuel allowance. Meanwhile, Starmer had best avoid getting his turkey from a farm shop – with farmers in revolt over Rachel Reeves’s Budget. On the upside, Santa may in his sack give Starmer the only gift this year he doesn’t have to declare. In truth, the Prime Minister should still be riding a post-election high having just a few months ago brought Labour back into government after 14 years out in the cold. The only negative on election night was that Starmer fell 7 seats short of matching Tony Blair’s 1997 landslide – a cause of mild irritation to both Starmer and his senior adviser Morgan McSweeney. But it’s not just on seat count that Starmer is falling short of Blair these days. After 1997, it was unfathomable that Blair would be embarking on a ‘reset’ before the year is out. Yet this is what Keir Starmer is having to do as his team try to turn the page on a rocky start to government that has seen a row over freebies, major staff changes, tax rises no-one mentioned during the election campaign – and just this week his first cabinet resignation – over a fraud conviction he knew about when he appointed her. Most read in The Sun For all the talk of change during the election, it often feels rather like the government that came before: infighting, psychodrama and sleaze. So, Starmer is having to recalibrate. Next week he will take the first step in project ‘new year new Keir’ as he uses a speech to try to put the flesh on the bones of his government agenda – and try to show that he does have the people’s priorities at the heart of it. Expect more specific targets with McSweeney carrying out polling to refine the government message. That’s just the beginning as Starmer’s new look No. 10 try to change the narrative around the beleaguered PM. Too often Starmer looks as though he is a passenger rather than the one making the political weather . In No. 10, civil servants have been surprised at how different he is to Rishi Sunak – who would send them into a spin with notes on everything put in his red box. Starmer is said to have a more hands off approach. But now he needs to get a grip. So, what else should Starmer do? Going into the new year No. 10 staff are going to have to do more than blame everything that has gone wrong on Sue Gray, the former civil servant – which has been a go-to excuse in recent months. ‘There is nowhere to hide now,’ says a minister of Starmer’s new No. 10 – led by McSweeney. The Prime Minister and his team are looking at the return of Donald Trump across the pond and the rise of Reform, and take the lesson that they need to get back to talking about people’s priorities. They want to show they can move to the issues that see voters often look to the right. Even good news – like the fall in immigration figures announced this week can’t be attributed to his decisions, they are a Conservative legacy. In No. 10, aides are taking comfort from the fact that they have time to turn things around. ‘We have four years,’ says a senior Labour figure on the need not to panic. But with the Tories edging ahead in the polls, even government figures admit that the party might start to panic if things look this bleak in the new year. ‘I know we’ve got time,’ says a member of the government. ‘But I give it a few months before ministers start to speak out. A lot of us are wondering what’s the point of the government’. So, Starmer needs an agenda. There have been some promising signs – the employment white paper – and there will be more on NHS reform. Then there’s the economy. Starmer and Reeves need to shake off the negativity – and they need to learn from the States and the mistakes of the Democrats – everyone said the economy was going gangbusters, but voters didn’t feel it. They need to find ways to make wide mission concepts something voters can chart in their every day lives. Starmer may have a big majority but the vote share is small. To move the dial, he needs to govern for the whole country – including those that didn’t vote for him. READ MORE SUN STORIES That means a focus on the things voters are most worried about: cost of living , borders and security. If he can do that, he’ll have reason for some Christmas cheer this time next year. Or else Starmer might next year find he’s be the one worried about getting the sack.

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BRICS+ countries are exploring how they can foster greater use of local currencies in their trade instead of relying on a handful of major currencies, primarily the US dollar and the euro. The forum for cooperation among nine leading emerging economies — Brazil, China, Egypt, Ethiopia, India, Iran, the Russian Federation, South Africa, and the United Arab Emirates — emphasised this determination at its 16th summit in October 2024. Economist Lauren Johnston recently wrote a paper on this development. The Conversation Africa asked her for her insights. Why do Brics+ countries want to trade in local currencies? There are economic and political reasons to use local currencies. Using local units to trade among themselves will lower the transaction costs and reduce these countries’ dependence on foreign currencies. Over the past few centuries, the world’s economy has developed in a way that makes certain currencies more valuable and widely trusted for international trade. These include the US dollar, the euro, the Japanese yen and the British pound. These currencies hold value around the world because they come from countries with strong economies and a long history of trading globally. When people or countries trade using these currencies and end up collecting or holding them, they consider them “safe” because their value remains stable, and they can be easily used or exchanged anywhere in the world. But for countries in the Global South, like Ethiopia, whose currency (the birr) is not widely accepted outside its borders, trading is far more difficult. These countries struggle to earn enough of the major currencies through exports to buy what they need on international markets and to repay their debts (which tend to be in those currencies). In turn, the necessity of trading in major currencies, or the inability to trade in them, can create challenges that slow down economic growth and development. Therefore, even some trade in local currencies among Brics+ members will support growth and development. Oil exporter Russia is a unique case. Though there are fewer foreign currency constraints overall, Russia faces extensive financial sanctions for its war against Ukraine. Using a variety of currencies in its foreign transactions may make it easier to get around these sanctions. Politically, the reasons for using other currencies primarily relate to freedom from sanctions. One tool for implementing sanctions is an international payments system known as Swift (Society for Worldwide Interbank Financial Telecommunication). Swift was founded in 1973 and is based in Belgium. It enables secure and standardised communication between financial institutions for international payments and transactions, and it is almost the only way to do this. It was first used to impose financial sanctions on Iran in 2012 and has since been used to impose sanctions on Russia and North Korea. If a country is cut off from Swift, it faces disruptions in international trade and financial transactions as banks struggle to process payments. This can lead to economic isolation and challenges in accessing global markets. The reality and possibility of exclusion from Swift’s payments system are among the factors galvanising momentum towards a new payments system that relies less on the currencies of the countries that govern Swift — like the euro, Japanese yen, British pound and US dollar. What are the likely challenges they will face? The Brics+ plan to use local currencies faces some hurdles. The central problem is the lack of demand for most currencies internationally. And it is hard to supplant the international role of existing major currencies. If, for example, India accumulates Ethiopian birr, it can mainly only use them in trade with Ethiopia and nowhere else. Or, if Russia allows India to buy oil in rupees, what will it do with those rupees? Since most countries seeking alternatives to dollar dependence tend to sell more than they buy from other countries or are lower-income importers, they must consider what currencies to accumulate via trade. When it comes to payment systems, at least, alternatives are emerging. Brics+ is creating its own Brics+ Clear. Some 160 countries have signed up to use the system. China also has its own Cross-border Interbank Payment System, which broadly works the same way as Swift. There is a risk, though, that these payment methods could merely fragment the system and make it even more costly and less efficient. Has trading in local currencies been done elsewhere? Not all trade is done in major Western currencies. For example, in Southern Africa, within the Southern African Customs Union, the South African rand plays a relatively important role in cross-border trade and finance. Just as in Southeast Asia, the currencies of Singapore and Thailand compete to be the dominant currency in the sub-region. China — the world’s biggest exporter and producer of industrialised goods — is also signing bilateral currency swap agreements with other countries. The goal is greater use of the renminbi in the world. India and Russia recently trialled using the rupee to trade as a means of circumventing sanctions. Russia’s oil exports to and through India have risen strongly since the Ukraine war, and some 90 percent of that bilateral trade takes place in the rupee and rouble. This leaves Russia with a challenge — what to do with all the rupees it has accumulated. These deposits are sitting in Indian banks and being invested in local shares and other assets. Another example of efforts to sidestep major international currencies is China’s model of “barter trade”. The model works like this: China exports, for instance, agricultural machinery to an African country and receives payment in that country’s currency. China then uses that currency to buy goods from the same country, which are then imported back to China. After these goods are sold in China, the Chinese trader is paid in renminbi. Ghana is one country involved in this barter model. Challenges facing the model include the digitisation of payments and trade, and trust — high levels are needed to establish and maintain relationships between trading parties as individuals and businesses. It also requires some level of centralisation and coordination but lacks strong laws, regulations and industry standards. This means that different platforms and enterprises may not be compatible, which can add to transaction time and costs. Another example is when Chinese investors in Ethiopia make profits in birr. They use these birr to buy Ethiopian goods, like coffee, and export them to China. In China, when they sell these goods, they receive renminbi. So, they transfer their profits from Ethiopia to China by increasing Ethiopia’s exports to China. Anecdotal reports suggest this is feasible at a small scale but has relatively high coordination costs. There could be other challenges. For example, if Chinese buyers pay Ethiopian coffee farmers in their local currency instead of US dollars, it could lead to fewer dollars being available overall. Some international transactions still rely heavily on dollars. How should Brics+ nations structure their arrangement? There is no simple or easily scalable solution to eliminating the reliance on major international currencies or circumventing Swift. A fast, digital payment system is needed. This system would calculate and balance currency demand efficiently. It must also be reliable, replace parts of the current system and not create extra costs for countries that are not using it yet. Although some Brics+ members, like Russia, may have more interest in fast-tracking change, this may be less in the interest of other Brics+ members. A move away from Swift, for instance, requires buy-in from local financial institutions, and those in African countries may not be under pressure to shift to a new, lesser-known platform. Given these challenges, I argue that Brics+ should progress incrementally. What can happen soon, though, is to conduct some trade in local currency. — The ConversationBANGKOK — Japanese automakers Honda and Nissan will attempt to merge and create the world's third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses. Honda will initially lead the new management, retaining the principles and brands of each company. Following is a quick look at what a combined Honda and Nissan would mean for the companies, and for the auto industry. An industry shakeup The ascent of Chinese automakers is rattling the industry at a time when manufacturers are struggling to shift from fossil fuel-driven vehicles to electrics. Relatively inexpensive EVs from China's BYD, Great Wall and Nio are eating into the market shares of U.S. and Japanese car companies in China and elsewhere. Japanese automakers have lagged behind big rivals in EVs and are now trying to cut costs and make up for lost time. Nissan, Honda and Mitsubishi announced in August that they will share components for electric vehicles like batteries and jointly research software for autonomous driving to adapt better to dramatic changes in the auto industry centered around electrification. A preliminary agreement between Honda, Japan's second-largest automaker, and Nissan, third largest, was announced in March. A merger could result in a behemoth worth about $55 billion based on the market capitalization of all three automakers. Joining forces would help the smaller Japanese automakers add scale to compete with Japan's market leader Toyota Motor Corp. and with Germany's Volkswagen AG. Toyota itself has technology partnerships with Japan's Mazda Motor Corp. and Subaru Corp. What would Honda need from Nissan? Nissan has truck-based body-on-frame large SUVs such as the Armada and Infiniti QX80 that Honda doesn't have, with large towing capacities and good off-road performance, said Sam Fiorani, vice president of AutoForecast Solutions. Nissan also has years of experience building batteries and electric vehicles, and gas-electric hybird powertrains that could help Honda in developing its own EVs and next generation of hybrids, he said. "Nissan does have some product segments where Honda doesn't currently play," that a merger or partnership could help, said Sam Abuelsamid, a Detroit-area automotive industry analsyt. While Nissan's electric Leaf and Ariya haven't sold well in the U.S., they're solid vehicles, Fiorani said. "They haven't been resting on their laurels, and they have been developing this technology," he said. "They have new products coming that could provide a good platform for Honda for its next generation." Why now? Nissan said last month that it was slashing 9,000 jobs, or about 6% of its global work force, and reducing global production capacity by 20% after reporting a quarterly loss of 9.3 billion yen ($61 million). Earlier this month it reshuffled its management and its chief executive, Makoto Uchida, took a 50% pay cut to take responsibility for the financial woes, saying Nissan needed to become more efficient and respond better to market tastes, rising costs and other global changes. Fitch Ratings recently downgraded Nissan's credit outlook to "negative," citing worsening profitability, partly due to price cuts in the North American market. But it noted that it has a strong financial structure and solid cash reserves that amounted to 1.44 trillion yen ($9.4 billion). Nissan's share price has fallen to the point where it is considered something of a bargain. A report in the Japanese financial magazine Diamond said talks with Honda gained urgency after the Taiwan maker of iPhones Hon Hai Precision Industry Co., better known as Foxconn, began exploring a possible acquisition of Nissan as part of its push into the EV sector. The company has struggled for years following a scandal that began with the arrest of its former chairman Carlos Ghosn in late 2018 on charges of fraud and misuse of company assets, allegations that he denies. He eventually was released on bail and fled to Lebanon. Honda reported its profits slipped nearly 20% in the first half of the April-March fiscal year from a year earlier, as sales suffered in China. More headwinds Toyota made 11.5 million vehicles in 2023, while Honda rolled out 4 million and Nissan produced 3.4 million. Mitsubishi Motors made just over 1 million. Even after a merger Toyota would remain the leading Japanese automaker. All the global automakers are facing potential shocks if President-elect Donald Trump follows through on threats to raise or impose tariffs on imports of foreign products, even from allies like Japan and neighboring countries like Canada and Mexico. Nissan is among the major car companies that have adjusted their supply chains to include vehicles assembled in Mexico. Meanwhile, analysts say there is an "affordability shift" taking place across the industry, led by people who feel they cannot afford to pay nearly $50,000 for a new vehicle. In American, a vital market for companies like Nissan, Honda and Toyota, that's forcing automakers to consider lower pricing, which will eat further into industry profits. ____ AP Auto Writer Tom Krisher contributed to this report from Detroit.

Jimmy Carter , who followed a principled yet tumultuous single term in the White House with a post-presidency dedicated to human rights and peace advocacy, has died. At 100, Carter — who was born on Oct. 1, 1924 — lived longer than any other U.S. president and had the longest post-presidency. His grandson, Jason Carter, spoke at the Democratic National Convention and said that the former president was looking forward to voting for Kamala Harris. In 1974, not even five months after Richard Nixon resigned the presidency, Carter entered the race for the Democratic nomination as a virtual unknown. At the time, Gallup polled a list of 31 possible Democratic contenders, and Carter’s name didn’t even make the list, according to The New York Times. Then in his first and only term as governor of Georgia, Carter had even appeared on the game show What’s My Line?, to a maskless panel that had trouble identifying who he was. Carter used his political anonymity to his advantage, running as an outsider who could bring to Washington just the type of integrity and personal morality needed in the aftermath of the Watergate era. His decision to campaign heavily in the first-in-the-nation Iowa caucuses proved fortuitous, as he used the media attention from his unexpected showing as springboard for the rest of the nomination contests. In Hollywood, the relatively young Carter became a celebrity in his own right, forging ties with Lew Wasserman that gave him an entree into fundraising and celebrity circuit. That proved to be a lifeline at key moments in the campaign: At one point, according to The Washington Post , Carter’s campaign was so broke that Wasserman quickly organized a fundraiser that got the campaign a badly needed $200,000. After securing the nomination, Carter was initially way ahead of his rival, President Gerald R. Ford, who was hurt by his decision to pardon Nixon as well as an intra party battle with its conservative wing. The gap narrowed in the final weeks of the campaign, though, after Carter, a born-again Baptist, gave an interview to Playboy in which he said, “I’ve looked on a lot of women with lust. I’ve committed adultery in my heart many times.” Carter still won the election, but by a rather narrow 297-240 electoral votes. His victory was greeted as a new era of good government in Washington — the Carter smile a contrast to the scowl of Nixon. The fact that he was from Georgia was touted as a sign of a new South, built on the rather superficial idea that the racial divisions of the 1960s were in the past. Pop culture seized on the moment with light-hearted movies like Smokey and the Bandit and TV series like The Dukes of Hazzard that generally presented the region as one of rednecks and good ole’ boys. ABC even scheduled a rural sitcom, Carter Country, that ran for two seasons. In the first line of his inauguration speech, Carter thanked Ford “for all he has done to heal our land,” but the new president signaled a shift to a center-left approach to government. In the White House, Carter shunned the pomp in favor of a more populist image: He did away with the playing of Hail to the Chief at ceremonies, and resurrected Franklin Roosevelt’s fireside chats, as he instructed Americans on conservation during the ongoing energy crisis. Even with large majorities of Democrats in the House and Senate, however, Carter’s early days in D.C. drew friction. A scandal forced a close aide, Bert Lance, from office, while the administration’s clashes with Democrats in Congress, on such things as pork barrel spending, hurt his agenda. His leadership style drew criticism for a lack of delegation. One widely shared story was that he even oversaw the schedule for play on the White House tennis court, although Stuart Eizenstat, said that Carter only wanted to ensure that he or First Lady Rosalynn Carter weren’t using it at the same time. “The notion that he micromanaged the schedule is just incorrect, but it fit in with this notion of excessive attention to detail. It was actually an act of huge generosity to his staff,” Eizenstat said at the National Book Festival in 2018. Carter’s energy policy was later seen as prescient, decades before climate change became a national priority with a solution to conserve and wean the public off of fossil fuels. The energy crisis of 1979 saw Americans again facing long lines at gas stations. Carter gave a nationally televised speech that summer, when he said that the problem was a “crisis of confidence.” “The erosion of our confidence in the future is threatening to destroy the social and the political fabric of America.” Although he never used the word, it became to be known as the “malaise” speech, contributing to the impression that Carter’s administration was flailing. The pinnacle of his presidency came on Sept. 17, 1978, when, following 12 days at Camp David, he announced a peace deal between Israel and Egypt, with a treaty signed the following year. Broadcasters interrupted their regular primetime programming — which that night included the Emmy Awards — to cover the deal. His foreign policy successes, though, were overshadowed by the Iranian hostage crisis. In November, 1979, following the revolution that ousted the U.S. supported Shah, a group of students seized the U.S. Embassy in Tehran, taking 52 diplomats and citizens hostage. The resulting attempts to free the hostages consumed Carter’s presidency. A rescue attempt on April 24, 1980 failed after helicopter crashes forced the mission to be aborted. Each night, Americans were reminded of the crisis on TV, as ABC created nightly reports called America Held Hostage with Ted Koppel, the forerunner to Nightline. Despite the ongoing crisis Carter was still viewed as having an incumbency advantage going into the 1980 presidential race, but his political fortunes turned as he faced a serious primary challenge from Edward Kennedy. Although he beat him for the presidential nomination, the intra-party battle left Democrats divided. More bruising to Carter’s political fortunes, though, was stagflation, or rising inflation combined with slowing economic growth and high unemployment. A recession in early 1980 coincided with the start of Carter’s reelection campaign. On the right, Ronald Reagan secured the Republican nomination with a mix of personal charisma and an ability to connect with working class voters, who came to be known as Reagan Democrats, disaffected with the state of the economy. Although Carter and his team tried to characterize Reagan as too extreme and untrustworthy, the former actor turned in a superior debate performance, in part with just one line in response to the incumbent president’s criticisms: “There you go again.” Reagan’s landslide was a bruising defeat for Carter, who was relatively young, 56, when he left office. He sold off his peanut business, then in deep debt , to Archer Daniels Midland, and earned a generous advance for his memoirs, Keeping Faith , the first of dozens of more books. But far from retiring, Carter pursued some of the human rights policy focus of his White House tenure. He built houses for Habitat for Humanity. He tried to solve the problem of Guinea worm disease in African countries and other regions, and, with his initiative, it has been nearly eradicated. He supervised elections. At times he acted as a peace broker, as he did during the Camp David accords. More than 20 years after leaving office, in 2002, Carter was awarded the Nobel Peace Prize. “War may sometimes be a necessary evil,” Carter said in his acceptance speech. “But no matter how necessary, it is always an evil, never a good. We will not learn to live together in peace by killing each other’s children.” After his presidency, he and Rosalynn returned to Plains, GA, where they continued to be active members of the community. The former president’s regular Sunday school lessons at Maranatha Baptist Church became a stopping point for politicians and tourists until he was well into his 90s. In a profile in 2018, The Washington Post reported that Carter was “the only president of the modern era to return full-time to the house he lived in before he entered politics.” The Carters’ two-bedroom ranch home was assessed at $167,000, less than the cost of the Secret Service vehicles parked outside, the Post noted. James Earl Carter Jr. was born on October 1, 1924. He was raised in Plains and graduated from the U.S. Naval Academy. He left his naval career in the 1950s to focus on the family business, peanut farming. At the time, Georgia was defiant in its resistance to segregation, but Carter spoke out in favor of school integration. He entered state politics in 1962 and was elected to the state senate, in an unlikely campaign that foreshadowed his work as an international election observer. He lost the Democratic primary, but proved widespread vote fraud orchestrated by a local political boss. Among other things, 117 voters had allegedly lined up in alphabetical order to cast their ballots, a fact that Carter recounted in his 2015 book, A Full Life: Reflections at Ninety. He eventually got on the general election ballot and won. Carter ran for governor of Georgia in 1966, but lost the primary to segregationist Lester Maddox. Carter ran against in 1970 and won. Carter is survived by three sons, John William (Jack), James Earl III (Chip) and Donnel Jeffrey (Jeff) and a daughter, Amy Lynn. His wife, Rosalynn, died in November 2023. They had been married for 77 years, longer than any presidential couple.

Helena to settle lawsuit with businesses, refund nearly $200K over street assessmentsJimmy Carter, the 39th US president, has died at 100

LOS ANGELES (AP) — Adrian Kempe and Quinton Byfield scored in the second period, and the Los Angeles Kings beat the Seattle Kraken 2-1 on Saturday. David Rittich made 19 saves for the Kings, who improved to 6-2-1 at home. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

Here are Idaho Fish and Game’s top ‘big fish’ stories of 2024

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