BEIRUT (AP) — Insurgents' stunning march across Syria gained speed on Saturday with news that they had reached the suburbs of the capital and with the government forced to deny rumors that President Bashar Assad had fled the country. The rebels' moves around Damascus, reported by an opposition war monitor and a rebel commander, came after the Syrian army withdrew from much of southern part of the country, leaving more areas, including two provincial capitals, under the control of opposition fighters. The advances in the past week were among the largest in recent years by opposition factions, led by a group that has its origins in al-Qaida and is considered a terrorist organization by the U.S. and the United Nations. As they have advanced, the insurgents, led by the Hayat Tahrir al-Sham group, or HTS, have met little resistance from the Syrian army. The U.N.’s special envoy for Syria, Geir Pedersen, on Saturday called for urgent talks in Geneva to ensure an “orderly political transition.” Speaking to reporters at the annual Doha Forum in Qatar, he said the situation in Syria was changing by the minute. In Damascus, people rushed to stock up on supplies. Thousands rushed the Syria border with Lebanon, trying to leave the country. Many shops in the capital were shuttered, a resident told The Associated Press, and those that remained open ran out of staples such as sugar. Some shops were selling items at three times the normal price. “The situation is very strange. We are not used to that,” the resident said, insisting on anonymity, fearing retributions. “People are worried whether there will be a battle (in Damascus) or not.” It was the first time that opposition forces reach the outskirts of Damascus since 2018, when Syrian troops recaptured the area following a yearslong siege. Amid the developments, Syria’s state media denied rumors flooding social media that Assad has left the country, saying he is performing his duties in Damascus. Assad's chief international backer, Russia, is busy with its war in Ukraine . Lebanon’s powerful Hezbollah, which at one point sent thousands of fighters to shore up Assad's forces, has been weakened by a yearlong conflict with Israel. Iran, meanwhile, has seen its proxies across the region degraded by regular Israeli airstrikes. Pedersen said a date for the talks in Geneva on the implementation of U.N. Resolution 2254 would be announced later. The resolution, adopted in 2015, called for a Syrian-led political process, starting with the establishment of a transitional governing body, followed by the drafting of a new constitution and ending with U.N.-supervised elections. Rami Abdurrahman, who heads the Britain-based Syrian Observatory for Human Rights, an opposition war monitor, said insurgents were in the Damascus suburbs of Maadamiyah, Jaramana and Daraya. Opposition fighters were also marching from eastern Syria toward the Damascus suburb of Harasta, he added. A commander with the insurgents, Hassan Abdul-Ghani, posted on the Telegram messaging app that opposition forces had begun the “final stage” of their offensive by encircling Damascus. Syria’s military, meanwhile, sent large numbers of reinforcements to defend the key central city of Homs, Syria’s third largest, as insurgents approached its outskirts. The shock offensive began Nov. 27, during which gunmen captured the northern city of Aleppo, Syria’s largest, and the central city of Hama , the country’s fourth largest city. HTS leader Abu Mohammed al-Golani told CNN in an interview Thursday from Syria that the aim is to overthrow Assad’s government. The Britain-based Observatory said Syrian troops have withdrawn from much of the two southern provinces and are sending reinforcements to Homs, where a battle is looming. If the insurgents capture Homs, they would cut the link between Damascus, Assad’s seat of power, and the coastal region where the president enjoys wide support. The Syrian army said in a statement Saturday that it has carried out redeployment and repositioning in Sweida and Daraa after its checkpoints came under attack by “terrorists.” The army said it is setting up a “strong and coherent defensive and security belt in the area,” apparently to defend Damascus from the south. The Syrian government has referred to opposition gunmen as terrorists since conflict broke out in March 2011. After the fall of the cities of Daraa and Sweida early Saturday, Syrian government forces remained in control of five provincial capitals — Damascus, Homs and Quneitra, as well as Latakia and Tartus on the Mediterranean coast. Tartus is home to the only Russian naval base outside the former Soviet Union while Latakia is home to a major Russian air base. In the gas-rich nation of Qatar, the foreign ministers of Iran, Russia and Turkey met to discuss the situation in Syria. Turkey is a main backer of the rebels. Qatar's top diplomat, Sheikh Mohammed bin Abdulrahman Al Thani, criticized Assad for failing to take advantage of the lull in fighting in recent years to address the country’s underlying problems. “Assad didn’t seize this opportunity to start engaging and restoring his relationship with his people,” he said. Sheikh Mohammed said he was surprised by how quickly the rebels have advanced and said there is a real threat to Syria’s “territorial integrity.” He said the war could “damage and destroy what is left if there is no sense of urgency” to start a political process. After the fall of the cities of Daraa and Sweida early Saturday, Syrian government forces remained in control of five provincial capitals — Damascus, Homs and Quneitra, as well as Latakia and Tartus on the Mediterranean coast. On Friday, U.S.-backed fighters of the Kurdish-led Syrian Democratic Forces captured wide parts of the eastern province of Deir el-Zour that borders Iraq as well as the provincial capital that carries the same name. The capture of areas in Deir el-Zour is a blow to Iran’s influence in the region as the area is the gateway to the corridor linking the Mediterranean to Iran, a supply line for Iran-backed fighters, including Lebanon’s Hezbollah. With the capture of a main border crossing with Iraq by the SDF and after opposition fighters took control of the Naseeb border crossing to Jordan in southern Syria, the Syrian government's only gateway to the outside world is the Masnaa border crossing with Lebanon. Karam reported from London. Associated Press writers Albert Aji in Damascus, Syria and Qassim Abdul-Zahra in Baghdad contributed to this report.The ‘View’ co-hosts get into another tense mid-show discussion over Donald Trump’s new attorney general pick
SIMI VALLEY, Calif. — President-elect Donald Trump’s suggestion of implementing high tariffs on semiconductor imports to replace the current U.S. policy of giving federal grants to domestic chipmakers is a “horrific idea” that would endanger national security, outgoing Commerce Secretary Gina Raimondo said Saturday. Issuing billions in federal grants to build up domestic chip production is crucial to ensuring the U.S. military and economy doesn’t depend on chips made outside of the United States, Raimondo said Saturday at the Reagan National Defense Forum, a gathering of leaders from Congress, the military and the defense industry.FLAGSTAFF, Ariz. — For the first time in seven years, the No. 21 Northern Arizona Lumberjacks will play in the 24-team Football Championship Subdivision playoffs! NAU, which finished the regular season with 8-4 record and 6-4 record in the Big Sky Conference, showed the FCS Playoffs selection committee they deserved a spot as they closed out the regular season on a tear winning their last five games. The Lumberjacks were not one of the 16 teams given an official seed and will travel to Abilene, Texas to play No. 15 seed Abilene Christian on Saturday, Nov. 30. Kickoff for that game is scheduled to be at 1 p.m. Arizona time and the game will be broadcast on ESPN+. If NAU is able to pull the upset and defeat Abilene Christian, then a tough test will await in the second round against No. 2 North Dakota State. This is the seventh time NAU will make an appearance in the playoffs. They have only advanced past the first round once, in 2003, when they were eliminated in the quarterfinals. NAU's last playoff appearance was in 2017. The Lumberjacks lost to San Diego, 41-10, in the first round that year. This will be just the second time NAU will play a football game against Abilene Christian, according to NAUAthletics.com . The last time they met on the gridiron was on Sept. 6, 2014, and NAU won that game, 27-21. The FCS national champion will be crowned on Jan. 6, 2025, in Frisco, Texas. South Dakota State, which was given the No. 3 seed this year, is the two-time reigning national champion. The full FCS Playoff bracket can be seen in the images below. Arizona sports The city of Phoenix is home to four major professional sports league teams; The NFL's Arizona Cardinals, NBA's Phoenix Suns, WNBA’s Phoenix Mercury and MLB's Arizona Diamondbacks. The Cardinals have made State Farm Stadium in Glendale their home turf and the Footprint Center in downtown Phoenix is home to both the Suns and the Mercury. The Indoor Football League’s Arizona Rattlers play at Desert Diamond Arena in Glendale. Phoenix also has a soccer team with the USL's Phoenix Rising FC, who play at Phoenix Rising FC Stadium in Phoenix. The Valley hosts multiple major sporting events every year, including college football's Fiesta Bowl and Guaranteed Rate Bowl; the PGA Tour’s highest-attended event, the WM Phoenix Open; NASCAR events each spring and fall, including Championship Weekend in November; and Cactus League Spring Training for 15 Major League Baseball franchises. 12Sports on YouTube Get the latest news and stories from 12Sports on the 12News YouTube channel. And don't forget to subscribe!Is the outlook compelling for Westpac shares in 2025?
Matteo Berrettini has played his role to perfection taking the first match of the Davis Cup Finals 6-4, 6-2 against Netherlands' Botic van de Zandschulp to give Italy a 1-0 lead in the tie with a certain Jannik Sinner next up attempting to seal the deal. The main match going into this tie was Berrettini facing Van de Zandschulp due to the variables. The victor has not been at his best this latter part of the season but he has found a way to win on a fast zippy courts that favours his superb serve. Also after having to sit out last year during the Finals and being there to watch sat on the sidelines injured, he will revel being back out there and performing for his country. The variable was that Van de Zandschulp has led by example too this week. He has been the main anchor for the Dutch team reaching the final. But with Tallon Griekspoor next, he has the unenviable task of trying to beat the World No.1 Jannik Sinner who himself has a 5-0 Head to Head lead over the Dutchman. Given the first to two format throughout, it gives little chance for all or nothing ties really especially if one team are stronger than the others and that is the case with Italy. Can Sinner seal it or will Griekspoor spring what would be a pretty seismic shock to send it to doubles? Stranger things have happened but Berrettini has certainly done his bit. He also maintains a perfect record. He has won every match from Fonseca in the early group stage to now and also including doubles. He was dubbed Mr Perfect by the Davis Cup social media and has now helped his country potentially over the line. Also great to see after he has endured so much hardship with injuries. “It feels unbelievable. It feels great to be on court. If you win, it’s obviously better. But being able to be healthy and be here, enjoying this kind of atmosphere is most important for me. Because I missed that. I missed these moments last year. We still have hopefully just one more match to go. But the first step was taken," he said. “I feel like my level never really left. When you’re struggling physically and mentally, it’s not easy to play your best tennis. But I always had the feeling my level was there. I just had to work hard. That’s what I did this year and that’s why I’m playing pretty good right now.” A picture perfect start for Italy Matteo Berrettini serves a 6-4, 6-2 victory over Botic Van De Zandschulp to get Italy a 1-0 lead in the Davis Cup Final. #DavisCup pic.twitter.com/zLtXd5Olpm This article first appeared on TennisUpToDate.com and was syndicated with permission.
BUENOS AIRES (Reuters) - Argentina's former President Cristina Fernandez de Kirchner took the helm of the Peronist party on Wednesday, vowing a comeback to take on the highly popular libertarian President Javier Milei, who took office last year. Kirchner has a daunting task ahead: reuniting the long-standing party that fractured after Milei's election. Until then, Milei was known as an eccentric economic commentator. Milei promised to oust those he deemed as the political elite and to take a chainsaw to the subsidy-heavy state. "When you have a crazy-looking neighbor who comes out in his backyard wielding a chainsaw ... even if he swears he won't do anything to me, I'm still going to lock myself in my house," Kirchner said of Milei on Wednesday. Kirchner ran in last year's election as the Peronists' vice presidential candidate, alongside then-Economy Minister Sergio Massa. Milei's approval rates after a year in office remain high as his austerity measures have steadily brought the South American nation's triple-digit inflation rates down. Kirchner was once the face of Peronism. She served two consecutive terms as president from 2007 to 2015, and was vice president under President Alberto Fernandez from 2019 to 2023. She has lost popularity in recent years as her legal challenges mounted. Last month, a court upheld her conviction for doling out state contracts to a friend, carrying with it a six-year prison sentence and a lifetime ban from holding office. Kirchner has denied wrongdoing and is expected to take the case to the nation's Supreme Court. (Reporting by Maximilian Heath; Writing by Kylie Madry; Editing by Rod Nickel)— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. NOTV (the "Company"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ("Q4 FY 2024") and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Three Months Ended September 30, % change Twelve Months Ended September 30, % change 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) DSA (Discovery & Safety Assessment) $44.6 $50.2 (11.2 )% $180.1 $185.1 (2.7 )% RMS (Research Models & Services) $85.8 $90.5 (5.2 )% $310.6 $387.3 (19.8 )% Total $130.4 $140.7 (7.3 )% $490.7 $572.4 (14.3 )% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, "The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We've grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we're streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 ("Q4 FY 2023"), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services ("RMS") revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the "Resolution Agreement") the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney's Office for the Western District of Virginia ("USAO-WDV") and the Plea Agreement (the "Plea Agreement") Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company's shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to "Note on Non-GAAP Financial Measures" in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company's common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company's 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company's $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company's web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv's web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company's ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission. Company Contact Investor Relations Inotiv, Inc. LifeSci Advisors Beth A. Taylor, Chief Financial Officer Steve Halper (765) 497-8381 (646) 876-6455 btaylor@inotivco.com shalper@lifesciadvisors.com INOTIV, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 Service revenue $ 54,475 $ 58,718 $ 219,663 $ 223,813 Product revenue 75,942 82,022 271,076 348,612 Total revenue $ 130,417 $ 140,740 $ 490,739 $ 572,425 Costs and expenses: Cost of services provided (excluding depreciation and amortization of intangible assets) 40,464 39,460 157,826 147,819 Cost of products sold (excluding depreciation and amortization of intangible assets) 60,014 52,955 221,742 242,664 Selling 5,102 5,030 20,883 19,075 General and administrative 20,529 22,410 77,034 104,706 Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Other operating expense 2,881 3,825 42,542 18,537 Goodwill impairment loss — — — 66,367 Operating (loss) income $ (13,167 ) $ 2,460 $ (86,406 ) $ (81,460 ) Other (expense) income: Interest expense (12,316 ) (11,268 ) (46,884 ) (43,019 ) Other income 1,438 1,582 2,530 237 Loss before income taxes $ (24,045 ) $ (7,226 ) $ (130,760 ) $ (124,242 ) Income tax benefit (provision) 5,154 (1,480 ) 21,875 19,340 Consolidated net loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Less: Net (loss) income attributable to noncontrolling interests — 957 (440 ) 238 Net loss attributable to common shareholders $ (18,891 ) $ (9,663 ) $ (108,445 ) $ (105,140 ) Loss per common share Net loss attributable to common shareholders: Basic $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Diluted $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Weighted-average number of common shares outstanding: Basic 26,001 25,738 25,897 25,641 Diluted 26,001 25,738 25,897 25,641 INOTIV, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) As of September 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 21,432 $ 35,492 Trade receivables and contract assets, net of allowances for credit losses of $6,931 and $7,446, respectively 73,560 87,383 Inventories, net 18,173 56,102 Prepaid expenses and other current assets 50,248 33,408 Assets held for sale — 1,418 Total current assets 163,413 213,803 Property and equipment, net 188,328 191,068 Operating lease right-of-use assets, net 49,165 38,866 Goodwill 94,286 94,286 Other intangible assets, net 274,396 308,428 Other assets 11,773 10,079 Total assets $ 781,361 $ 856,530 Liabilities, shareholders' equity and noncontrolling interest Current liabilities: Accounts payable $ 33,526 $ 32,564 Accrued expenses and other liabilities 28,218 25,776 Fees invoiced in advance 41,986 55,622 Current portion of long-term operating lease 11,774 10,282 Current portion of long-term debt 3,538 7,950 Total current liabilities 119,042 132,194 Long-term operating leases, net 40,010 29,614 Long-term debt, less current portion, net of debt issuance costs 389,801 369,795 Other long-term liabilities 34,963 6,373 Deferred tax liabilities, net 27,041 50,064 Total liabilities 610,857 588,040 Shareholders' equity and noncontrolling interest: Common shares, no par value: Authorized 74,000,000 shares at September 30, 2024 and September 30, 2023; 26,015,129 issued and outstanding at September 30, 2024 and 25,777,169 at September 30, 2023 6,466 6,406 Additional paid-in capital 724,789 715,696 Accumulated deficit (562,163 ) (453,278 ) Accumulated other comprehensive income 1,412 330 Total equity attributable to common shareholders 170,504 269,154 Noncontrolling interest — (664 ) Total shareholders' equity and noncontrolling interest 170,504 268,490 Total liabilities and shareholders' equity and noncontrolling interest $ 781,361 $ 856,530 INOTIV, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Fiscal Years Ended September 30 2024 2023 Operating activities: Consolidated net loss $ (108,885 ) $ (104,902 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisitions: Depreciation and amortization 57,118 54,717 Employee stock compensation expense 6,740 7,844 Changes in deferred taxes (23,251 ) (25,810 ) Provision for expected credit losses 58 1,273 Amortization of debt issuance costs and original issue discount 3,745 3,182 Noncash interest and accretion expense 7,378 6,284 Other non-cash operating activities (452 ) 1,972 Gain on debt extinguishment (1,860 ) — Goodwill impairment loss — 66,367 Changes in operating assets and liabilities: Trade receivables and contract assets 14,168 9,550 Inventories 38,210 14,011 Prepaid expenses and other current assets (16,357 ) 11,249 Operating lease right-of-use assets and liabilities, net 1,589 884 Accounts payable 613 5,963 Accrued expenses and other liabilities 2,158 (8,339 ) Fees invoiced in advance (14,339 ) (12,907 ) Other asset and liabilities, net 26,562 (3,455 ) Net cash (used in) provided by operating activities (6,805 ) 27,883 Investing activities: Capital expenditures (22,310 ) (27,503 ) Proceeds from sale of property and equipment 5,478 1,115 Cash paid for other investing activities — (2,367 ) Net cash used in investing activities (16,832 ) (28,755 ) Financing activities: Payments on revolving credit facility (12,000 ) (21,000 ) Payments on senior term notes and delayed draw term loans (3,454 ) (2,070 ) Borrowings on revolving loan facility 12,000 6,000 Issuance of second lien notes 17,000 — Borrowings on delayed draw term loans — 35,000 Other financing activities, net (3,871 ) (2,058 ) Net cash provided by financing activities 9,675 15,872 Effect of exchange rate changes on cash and cash equivalents (98 ) 1,512 Net (decrease) increase in cash and cash equivalents (14,060 ) 16,512 Cash, cash equivalents, and restricted cash at beginning of period 35,492 18,980 Cash, cash equivalents, and restricted cash at end of period $ 21,432 $ 35,492 Noncash financing activity: Non-cash debt issuance costs $ 3,512 $ 1,363 Supplemental disclosure of cash flow information: Cash paid for interest $ 36,138 $ 35,459 Income taxes paid, net $ 1,843 $ 7,146 INOTIV, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECT BUSINESS SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 DSA Revenue 44,568 50,216 180,116 185,090 Operating income 1,928 6,768 8,699 15,246 Operating income as a % of total revenue 1.5 % 4.8 % 1.8 % 2.7 % Add back: Depreciation and amortization of intangible assets 4,605 4,545 17,865 16,371 Restructuring costs 124 — 465 97 Startup costs 709 1,291 3,278 6,858 Total non-GAAP adjustments to operating income 5,438 5,836 21,608 23,326 Non-GAAP operating income 7,366 12,604 30,307 38,572 Non-GAAP operating income as a % of DSA revenue 16.5 % 25.1 % 16.8 % 20.8 % Non-GAAP operating income as a % of total revenue 5.6 % 9.0 % 6.2 % 6.7 % RMS Revenue 85,849 90,524 310,623 387,335 Operating income (loss) 1,044 11,757 (31,929 ) (24,904 ) Operating income (loss) as a % of total revenue 0.8 % 8.4 % (6.5 %) (4.4 %) Add back: Depreciation and amortization of intangible assets 9,833 9,997 38,614 38,288 Restructuring costs 391 1,317 2,909 4,529 Amortization of inventory step up 142 116 351 679 Other unusual, third party costs 1,258 806 5,886 3,958 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating income (loss) 11,624 12,236 76,260 113,821 Non-GAAP operating income 12,668 23,993 44,331 88,917 Non-GAAP operating income as a % of RMS revenue 14.8 % 26.5 % 14.3 % 23.0 % Non-GAAP operating income as a % of total revenue 9.7 % 17.0 % 9.0 % 15.5 % Unallocated Corporate Operating Loss (16,139 ) (16,065 ) (63,176 ) (71,802 ) Unallocated corporate operating expenses as a % of total revenue (12.4 )% (11.4 )% (12.9 )% (12.5 )% Add back: Depreciation and amortization of intangible assets 156 58 639 58 Stock option expense 1,622 1,988 6,740 7,844 Acquisition and integration costs — 35 70 1,228 Other unusual, third party costs — — — 572 Total non-GAAP adjustments to operating loss 1,778 2,081 7,449 9,702 Non-GAAP operating loss (14,361 ) (13,984 ) (55,727 ) (62,100 ) Non-GAAP operating loss as a % of total revenue (11.0 )% (9.9 )% (11.4 )% (10.8 )% Total Revenue 130,417 140,740 490,739 572,425 Operating (loss) income (13,167 ) 2,460 (86,406 ) (81,460 ) Operating (loss) income as a % of total revenue (10.1 )% 1.7 % (17.6 )% (14.2 %) Add back: Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Restructuring costs 515 1,317 3,374 4,626 Acquisition and integration costs — 35 70 1,228 Amortization of inventory step up 142 116 351 679 Startup costs 709 1,291 3,278 6,858 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating (loss) income 18,840 20,153 105,317 146,849 Non-GAAP operating income 5,673 22,613 18,911 65,389 Non-GAAP operating income as a % of total revenue 4.3 % 16.1 % 3.9 % 11.4 % INOTIV, INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 GAAP Consolidated Net Loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Adjustments (a) Interest expense 12,316 11,268 46,884 43,019 Income tax (benefit) provision (5,154 ) 1,480 (21,875 ) (19,340 ) Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Acquisition and integration costs (1) — (145 ) 70 1,449 Startup costs 709 1,291 3,278 6,858 Restructuring costs (2) 515 1,317 3,374 4,626 Unrealized foreign exchange (gain) loss (744 ) 956 (1,320 ) 950 Amortization of inventory step up 142 116 351 679 (Gain) loss on disposition of assets 862 84 (76 ) 403 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement (3) — — 28,500 — Gain on sale of subsidiary — (1,377 ) — (1,377 ) Gain on debt extinguishment (1,860 ) — (1,860 ) — Goodwill impairment loss (4) — — — 66,367 Adjusted EBITDA (b) $ 5,369 $ 23,678 $ 18,185 $ 65,823 GAAP consolidated net loss as a percent of total revenue (14.5 )% (6.2 )% (22.2 )% (18.3 )% Adjustments as a percent of total revenue 18.6 % 23.0 % 25.9 % 29.8 % Adjusted EBITDA as a percent of total revenue 4.1 % 16.8 % 3.7 % 11.5 % (a) Adjustments to certain GAAP reported measures for the three and twelve months ended September 30, 2024 and 2023 include, but are not limited to, the following: (1) For the three and twelve months ended September 30, 2024 and 2023, represents charges for legal services, accounting services, travel and other related activities in connection with various acquisitions and the related integration of those acquisitions. (2) For the three and twelve months ended September 30, 2024, primarily represents costs incurred in connection with the exit of multiple sites and the enablement of the in-house integration of Inotiv's North American transportation operations as previously disclosed. For the three and twelve months ended September 30, 2023, primarily represents costs incurred in connection with the exit of multiple sites as previously disclosed. (3) For the twelve months ended September 30, 2024, represents a charge related to the Resolution Agreement and the Plea Agreement as it relates to the matter in which the U.S. Department of Justice, together with federal and state law enforcement agents, executed a search and seizure warrant on the Cumberland facility on May 18, 2022. (4) For the twelve months ended September 30, 2023, represents a non-cash goodwill impairment charge of $66.4 million related to the RMS segment. (b) Adjusted EBITDA - Consolidated net loss before interest expense, income tax benefit/provision, depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution Agreement and the Plea Agreement, gain on sale of subsidiary, gain on debt extinguishment and goodwill impairment loss. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
OTTAWA - NDP Leader Jagmeet Singh said he won’t play Conservative Leader Pierre Poilievre’s games by voting to bring down the government on an upcoming non-confidence motion. The Conservatives plan to introduce a motion that quotes Singh’s own criticism of the Liberals, and asks the House of Commons to declare that it agrees with Singh and has no confidence in the government. The motion is expected to be introduced on Thursday and the debate and vote are set for Monday. Singh said he is not going to trigger an election when he believes Poilievre would cut programs the NDP fought for. “I’m not going to be playing Pierre Poilievre’s games. I have no interest in that. We’re frankly not going to allow him to cut the things that people need. I want to actually have dental care expanded, I want people to actually start to benefit from the pharmacare legislation we passed,” Singh said. With the NDP’s expected support, the Liberals should survive this next confidence vote brought forward by the Conservatives. The Tories have vowed to bring forward non-confidence motions every chance they get. The party will have two more opposition motions after this one, which are expected to continue to call for non-confidence. The NDP are scheduled to have their opposition day on Friday. Earlier on Tuesday, Singh did acknowledge that the Conservatives have a sizeable lead on the NDP in public opinion polls, while giving a campaign-style speech to visiting party staffers from across the country. Most pollsters in Canada have recorded a roughly 20 point lead for the Conservatives over both the Liberals and NDP for the last few months. The non-confidence vote was scheduled after Speaker Greg Fergus intervened to pause a filibuster on a privilege debate about a green technology fund. The Conservatives have said they would only end that debate if the NDP agree to topple the government or if the Liberals turn over unredacted documents at the centre of the parliamentary gridlock. This report by The Canadian Press was first published Dec. 3, 2024.Trump is welcomed by Macron to Paris with presidential pomp and joined by Zelenskyy for their talks PARIS (AP) — French President Emmanuel Macron has welcomed Donald Trump to Paris with a full a dose of presidential pomp. And they held an impromptu meeting with Ukraine’s Volodymr Zelenskyy on a day that's mixing pageantry with attention to pressing global problems. The president-elect's visit to France is part of a global a celebration of the reopening of Notre Dame Cathedral five years after a devastating fire. Macron and other European leaders are trying to win Trump’s favor and persuade him to maintain support for Ukraine in its defense against Russia’s invasion. Syrian insurgents reach the capital's suburbs. Worried residents flee and stock up on supplies BEIRUT (AP) — Insurgents’ stunning march across Syria is gaining speed with news that they have reached the suburbs of the capital of Damascus. The government on Saturday was forced to deny rumors that President Bashar Assad had fled the country. The rebels’ moves around Damascus were reported by an opposition war monitor and a rebel commander. They came after the Syrian army withdrew from much of southern part of the country, leaving more areas, including two provincial capitals, under the control of opposition fighters. The advances in the past week were among the largest in recent years by opposition factions. The factions are by a group that has its origins in al-Qaida and is considered a terrorist organization by the U.S. and the United Nations. Trump isn't back in office but he's already pushing his agenda and negotiating with world leaders NEW YORK (AP) — Donald Trump is making threats, traveling abroad, and negotiating with world leaders. He has more than a month-and-a-half to go before he’s sworn in for a second term. But the president-elect is already moving aggressively to not only fill his Cabinet and outline policy goals, but also to try to achieve his priorities. In recent days, Trump has threatened to impose a 25% tariff on goods from Canada and Mexico, two of the country’s largest trading partners. That led to emergency calls and a visit. And he's warned of “ALL HELL TO PAY” if Hamas doesn't release the hostages still being held captive in Gaza. South Korea's president avoids an impeachment attempt over short-lived martial law SEOUL, South Korea (AP) — South Korea’s embattled President Yoon Suk Yeol has avoided an opposition-led attempt to impeach him over his short-lived imposition of martial law. Most of Yoon's ruling party lawmakers boycotted a parliamentary vote Saturday to deny a two-thirds majority needed to suspend his presidential powers. The scrapping of the motion is expected to intensify protests calling for Yoon’s ouster and deepen political chaos in South Korea. A survey suggests a majority of South Koreans support the president’s impeachment. Yoon’s martial law declaration drew criticism from his own ruling conservative People Power Party. But the party also apparently fears losing the presidency to liberals. Days after gunman killed UnitedHealthcare's CEO, police push to ID him and FBI offers reward NEW YORK (AP) — Nearly four days after the shooting of UnitedHealthcare CEO Brian Thompson, police still do not know the gunman’s name or whereabouts or have a motive for the killing. But they have made some progress in their investigation into Wednesday's killing of the leader of the largest U.S. health insurer, including that the gunman likely left New York City on a bus soon after fleeing the scene. The also found that the gunman left something behind: a backpack that was discovered in Central Park. Police are working with the FBI, which on Friday night announced a $50,000 reward for information leading to an arrest and conviction. UnitedHealthcare CEO's shooting opens a door for many to vent frustrations over insurance The fatal shooting of UnitedHealthcare's CEO has opened the door for many people to vent their frustrations and anger over the insurance industry. The feelings of exasperation, anger, resentment, and helplessness toward insurers aren’t new. But the shooting and the headlines around it have unleashed a new wave of patients sharing such sentiments and personal stories of interactions with insurance companies. Conversations at dinner tables, office water coolers, social gatherings and on social media have pivoted to the topic. Many say they hope the new amplified voices can bring about change for companies often accused of valuing profits over people. The DNC chair candidates discuss Joe Biden, Kamala Harris and winning Latino voters SCOTTSDALE, Ariz. (AP) — Four Democrats are running for Democratic National Committee chair, looking to take on the task of reinvigorating a party demoralized by a second loss to President-elect Donald Trump. Others may still get into the race as Democrats reckon with what went wrong in the 2024 election, which saw Trump gain with nearly every demographic group in a decisive repudiation of the incumbent party. The 448 DNC members will elect a successor for outgoing Chair Jaime Harrison on Feb. 1. The party’s Rules and Bylaws Committee is scheduled to meet next week to approve rules for the contest. 100-year-old Pearl Harbor survivor recalls confusion and chaos during Japanese bombing 83 years ago PEARL HARBOR, Hawaii (AP) — The bombing of Pearl Harbor 83 years ago launched the United States into World War II. Two survivors are planning to return to the Hawaii military base on Saturday for a remembrance ceremony on the attack's anniversary. They are each over 100 years old. They will join active-duty troops, veterans and members of the public for a remembrance ceremony hosted by the Navy and the National Park Service. A third survivor was planning to join them but had to cancel due to health issues. The bombing killed more than 2,300 U.S. servicemen. An explosion destroys an apartment block in a Dutch city, killing at least 3 and injuring others THE HAGUE, Netherlands (AP) — An explosion and fire has rocked a neighborhood in the Dutch city of The Hague, killing three people and injuring other people and destroying several apartments. The cause of the disaster is unclear. Emergency authorities said four people were rescued from the rubble and taken to the hospital. The mayor said rescuers were no longer looking for survivors but for eventual bodies, but could not specify how many people might still be unaccounted for. Residents of the northeastern neighborhood of Mariahoeve in The Hague heard a huge bang and screams before dawn. Dutch authorities have deployed a specialized urban search and rescue team to find victims. Do weighted blankets help you sleep better? Here's what to know NEW YORK (AP) — Weighted blankets are a popular choice to warm up in cold weather, but research on their effectiveness is limited. Such blankets come with extra heft in the form of glass beads, pellets or cotton. They're also more expensive than regular blankets. Scientists think the added pressure could calm the brain’s fight-or-flight response or signal the brain to produce what’s called the love hormone. There isn’t a ton of research on whether weighted blankets actually work, and the studies that do exist are on small groups. Experts say there’s no harm in giving them a try if you're willing to splurge.
OTTAWA - NDP Leader Jagmeet Singh says he won't play Conservative Leader Pierre Poilievre's games by voting to bring down the government on an upcoming non-confidence motion. Read this article for free: Already have an account? To continue reading, please subscribe: * OTTAWA - NDP Leader Jagmeet Singh says he won't play Conservative Leader Pierre Poilievre's games by voting to bring down the government on an upcoming non-confidence motion. Read unlimited articles for free today: Already have an account? OTTAWA – NDP Leader Jagmeet Singh says he won’t play Conservative Leader Pierre Poilievre’s games by voting to bring down the government on an upcoming non-confidence motion. The Conservatives plan to introduce a motion that quotes Singh’s own criticism of the Liberals, and asks the House of Commons to declare that it agrees with Singh and has no confidence in the government. The motion is expected to be introduced on Thursday and the debate and vote are set for Monday. Singh says he is not going to vote non-confidence and trigger an election when he believes Poilievre would cut programs the NDP fought for, like dental care and pharmacare. The non-confidence vote was scheduled after Speaker Greg Fergus intervened to pause a filibuster on a privilege debate about a green technology fund. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. The Conservatives have said they would only end that debate if the NDP agree to topple the government or if the Liberals turn over unredacted documents at the centre of the parliamentary gridlock. This report by The Canadian Press was first published Dec. 3, 2024. Advertisement
Black Friday is upon us—it's basically a whole season now, not just a day—and the deals are rolling in. I'll keep updating this post with the best bargains on fitness equipment, but I've already found a ton of deep discounts on spin bikes, adjustable dumbbells, and more. (It's also worth checking out the deals on Garmin watches if you're looking for something to track your workouts.) Deals on Powerblock and Bowflex adjustable dumbbells Several of my picks for the best adjustable dumbbells are on sale today. The Powerblock Elite EXP Stage 1 , which goes from 5 to 50 pounds, is on sale for $299/pair at Amazon, normally $449—or $199 for a single, at Walmart. Its Stage 2 and Stage 3 expansion kits are also on sale, both $142.90, down from $169. Each kit adds 20 pounds, so with both you can have a pair of 90 pound dumbbells. The Bowflex SelectTech 552 are on sale for $379/pair, from a list price of $549. They sometimes go for a bit less than list price, but the sale price here is lower than I've seen it all year. Deals on Peloton and NordicTrack spin bikes Peloton has gotten into the habit of offering sweet deals on its bikes on all the major shopping holidays, so of course there's a nice Black Friday sale going. The basic model Bike is $1,295 (down from $1,445) and the fancier Bike+ is $1,995 (normally $2,495). Of the two, the Bike+ is the better sale compared to historical price data, but ultimately you should choose based on which fits your needs better. I have a guide here to help you decide between the Bike and the Bike+ . Peloton isn't the only game in town when it comes to higher-end spin bikes, though. NordicTrack's Commercial Studio Cycle is $1,274.98 (down from $1,499.99) for the S22i model. It has the same size screen as the Peloton Bike, a swiveling mount for the screen like the Bike+, and automatic resistance like the Bike+. (Like Peloton's offerings, it also requires a monthly subscription to access its digital features—but in this case, you'll pay $39/month rather than $44.) Deals on Theragun and Hyperice massage guns A massage gun is a great tool for whenever you feel like you'd enjoy being punched repeatedly, but therapeutically. (As I discovered when I tried one out, I do not enjoy this —but many people do.) Some of the big brands have models on sale right now. The Hypervolt Go is $99 right now (normally $129) and it's available in both white and black. And the triangular Theragun Mini , normally $199, is now $149 or $159 depending on your color preference. Desert rose and black are the more inexpensive ones at the moment. Deals on barbells, dumbbells, and other useful heavy things Rogue Fitness is running a "Matte Black November" sale with discounts on a variety of items, some for limited times or with limited stock. One great deal that caught my eye (and which should be available through Cyber Monday) is the 15 kg Bella bar for $205 (normally $235). This is a 15 kilogram Olympic barbell, great for anyone who does Crossfit or olympic weightlifting, especially if you compete in the women's or youth divisions. (And if you're not clear on why there's a separate bar for women in these sports, I have a whole explainer here .) There are also bumper plates on sale from various retailers, and I'd like to highlight these basic 45-pound bumpers from GIKPAL. Bumpers are great for Olympic lifts, but also for deadlifts or anything else where you'd like to protect your floor and your ears a bit. These are now $116 for a pair , normally $179.
NoneLA Galaxy win record 6th MLS Cup
Jones scores 20 in Cent. Conn. St.’s 69-56 win against Holy CrossFootball is a sport bound together and upheld by family trees. In rare cases — the Shanahans, the Harbaughs — these trees are rooted in biology. More often, they grow from coaching relationships — a shared mentor, long years spent side by side on the same staff, belief in the same tactics and philosophies. And then we get a game such as Monday night’s showdown between the Ravens and the Los Angeles Chargers, which will bring two branches of the same tree into sharp conflict. The headlines begin with the brothers atop these two AFC contenders. John and Jim Harbaugh have not coached against one another since Super Bowl 47, 12 years ago. With Jim in the college ranks and John still in the NFL, it was easy for them to maintain a mutual support network, even shipping developing coaches back and forth from Ann Arbor, Michigan, to Baltimore. Now, the brothers are back to chasing the same prize, and a passel of those coaches, executives and players who cut their teeth with the Ravens will be on the other side. It’s an important game for the Ravens as they try to bounce back from an and maintain a foothold in the AFC North race. To win it, they’ll have to overcome the one opponent most built in their image. “We’ve been joking that it’s going to be like playing the L.A. Ravens,” fullback Pat Ricard said. A not-so-quick rundown of the : • General manager Joe Hortiz spent the first 25 years of his career with the Ravens, learning how to build a roster first from Ozzie Newsome and then from Eric DeCosta. • Offensive coordinator Greg Roman held the same position with the Ravens from 2019 to 2022, laying the framework for Lamar Jackson’s first NFL Most Valuable Player season. • Defensive coordinator Jesse Minter coached on the Ravens’ staff from 2017 to 2020, right beside his Baltimore counterpart, Zach Orr. • No. 1 and No. 2 running backs J.K. Dobbins and Gus Edwards held the same positions on the Ravens as recently as the beginning of last season. • Reserve tight end Hayden Hurst was the Ravens’ first first-round draft pick in 2018, the year they traded into the last spot of that round to select Jackson. Starting center Bradley Bozeman was Baltimore’s sixth-round pick the same year. The ties that bind indeed. There are tactical concerns at play with such familiarity. We’ll get to those. But Mark Andrews, who became a star in Roman’s tight end-friendly offense, pointed out that Monday night’s game will also be an unusual chance to celebrate the NFL roots reaching out from Baltimore. “I think it’s definitely a unique thing,” Andrews said. “I think it’s a tribute to the culture that we have here and just the type of organization that we have. We’ve had a bunch of incredible players and people and personnel that [are] on [the Chargers] and are doing great things. So it’s cool.” The Chargers (7-3) freely acknowledge the Baltimore influence on their franchise as they reset from a dispiriting 5-12 season under previous coach Brandon Staley. “Down throughout the roster, it’s kind of what we’re driving for,” Jim Harbaugh told the “Rich Eisen Show.” “When you watch the Ravens or watch our team, we hope to be looking in the mirror. That’s how much respect we have for the Baltimore Ravens.” John Harbaugh said he already sees his brother’s touch, and by extension those of all those other Ravens, in everything the Chargers do. “The culture, the way things are done, how they play, the schemes are very similar,” he said. “Not exactly the same but in a lot of ways, mirror images. With that, it’s two different football teams. It’s two teams squaring off in a really important game. That’s really what it’s going to be about, the guys out there playing the game.” So, is it harder to trick your mirror image when constructing a game plan? Players and coaches usually downplay the impact of having a former colleague embedded with a rival. In this case, however, several Chargers were intimately involved in designing the Ravens’ roster and strategy. Minter is four years and two defensive coordinators removed from his time in Baltimore. But Roman worked closely with Jackson and many other key offensive players, and Hortiz scouted most of the Ravens’ roster. Dobbins and Edwards played in coordinator Todd Monken’s offense a year ago. John Harbaugh said he couldn’t remember a game in which he faced two coordinators who’d worked for him. “It’s different than other games, sure,” he said. “We know the schemes pretty much. But there will be wrinkles. It’s the old ‘they know what we know that we know that they know that we know that they know what we know.’ With that, there will be wrinkles. But it’s going to come down, in the end, to the players. All the scheme stuff is important, but most important is really how the game is played.” The Ravens don’t seem concerned about the Chargers having inside knowledge of their playbook. Related Articles “Teams see everything we do on film anyway,” Ricard said. “The thing they know is us personally.” For all the acclaim around quarterback Justin Herbert’s efficient performance in Jim Harbaugh and Roman’s system, Minter’s defense has been the unexpected star, going from 24th in points allowed last season to first this season. The Chargers are doing it without a signature element. They deceive with ever-changing coverages, get to the quarterback without relying on all-out blitzes and take the ball away, much like the Ravens did last year. On offense, Roman can’t use all the run designs he developed for Jackson, but Ravens defenders see plenty that’s familiar when they peruse Chargers film. “It’s two like-minded teams,” safety Kyle Hamilton said. “It is somewhat similar. You don’t have the same people. You don’t have Lamar. ... It’s hard-nosed football. You know where the ball’s going. You know what’s going to happen. It’s can you stop it or not? There’s some beauty in that.”
ISLAMABAD (AP) — Pakistani police arrested thousands of Imran Khan supporters ahead of a rally in the capital to demand the ex-premier’s release from prison, a security officer said Sunday. Khan has been behind bars for more than a year and has over 150 criminal cases against him. But he remains popular and his political party, Pakistan Tehreek-e-Insaf or PTI, says the cases are politically motivated. Shahid Nawaz, a security officer in eastern Punjab province, said police have arrested more than 4,000 Khan supporters. They include five parliamentarians. Pakistan has sealed off Islamabad with shipping containers and shut down major roads and highways connecting the city with PTI strongholds in Punjab and northwestern Khyber Pakhtunkhwa provinces. Tit-for-tat teargas shelling between the police and the PTI was reported on the highway bordering Punjab and Khyber Pakhtunkhwa. Earlier on Sunday, Pakistan suspended mobile and internet services “in areas with security concerns.” The government and Interior Ministry posted the announcement on the social media platform X, which is banned in Pakistan. They did not specify the areas, nor did they say how long the suspension would be in place. “Internet and mobile services will continue to operate as usual in the rest of the country,” the posts said. Meanwhile, telecom company Nayatel sent out emails offering customers “a reliable landline service” as a workaround in the areas suffering suspended cellphone service. Khan's supporters rely heavily on social media to demand his release and use messaging platforms like WhatsApp to share information, including details of events. PTI spokesperson Sheikh Waqas Akram said Khan's wife Bushra Bibi was traveling to Islamabad in a convoy led by the chief minister of Khyber Pakhtunkhwa, Ali Amin Gandapur. “She cannot leave the party workers on their own,” said Akram. There was a festive mood in Peshawar, with PTI members dancing, drumming and holding up pictures of Khan as cars set off for Islamabad. The government is imposing social media platform bans and targeting VPN services , according to internet advocacy group Netblocks. On Sunday, the group said live metrics showed problems with WhatsApp that were affecting media sharing on the app. The U.S. Embassy issued a security alert for Americans in the capital, encouraging them to avoid large gatherings and warning that even “peaceful gatherings can turn violent.” Last month, authorities suspended the cellphone service in Islamabad and Rawalpindi to thwart a pro-Khan rally. The shutdown disrupted communications and affected everyday services such as banking, ride-hailing and food delivery. The latest crackdown comes on the eve of a visit by Belarusian President Alexander Lukashenko . Interior Minister Mohsin Naqvi said authorities have sealed off Islamabad's Red Zone, which houses key government buildings and is the destination for Khan's supporters. “Anyone reaching it will be arrested,” Naqvi told a press conference. He said the security measures were in place to protect residents and property, blaming the PTI for inconveniencing people and businesses. He added that protesters were planning to take the same route as the Belarusian delegation, but that the government had headed off this scenario. Naqvi denied cellphone services were suspended and said only mobile data was affected. Associated Press writers Riaz Khan in Peshawar and Asim Tanveer in Multan contributed to this report.Ebonyi Govt Denies Spending N1.1bn On Wildlífe Conservation