The fleeing driver tried ramming pursuing police officers' squad cars several times during the chase that began in East Chicago, Indiana.
BOUCHERVILLE, Quebec, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Colabor Group Inc. (TSX: GCL, GCL.DB.A) (“Colabor” or the “Company”) reports its results for the fourth quarter and the fiscal year ended December 26, 2020. Fourth Quarter 2020 Financial Highlights and Recent Events: Sales decreased by 30.9% to $133.3 million, compared to $192.9 million for the fourth quarter of 2019, mainly explained by the mandatory closure of restaurant dining rooms in Quebec as of October 1st resulting from the pandemic and the termination of a contract in Specialized distribution activities since the first quarter of 2020;Net earnings from continuing operations declined to $0.6 million compared to $1.9 million for the corresponding period of 2019;Adjusted EBITDA(1) decreased to $7.5 million from $8.2 million for the corresponding period of 2019. Adjusted EBITDA(1) margin increased to 5.6% of sales compared to 4.2% of sales during the corresponding period of 2019;Cash flow from operating activities increased to $11.2 million compared to $7.9 million for the fourth quarter of 2019. Excluding the effect of IFRS 16 adoption, cash flow from operating activities would have amounted to $8.6 million, an increase compared to 2019, despite the decreases in sales; andStrengthening the balance sheet following the recent announcement of the conclusion of new credits agreements on February 18, 2021, and the intention to redeem the $50.0 million convertible debentures. Fiscal 2020 Financial Highlights: Sales amounted to $461.3 million, declined by 30.7% compared to fiscal year 2019, mainly explained by the termination of a contract in Specialized distribution activities, by the effects of the pandemic and the non-renewal of less-profitable contracts in Broadline activities distribution in Quebec;Net earnings from continuing operations declined to $3.8 million compared to $7.5 million for the corresponding period of 2019;Adjusted EBITDA(1) increased to $28.9 million or 6.3% of sales compared to $27.6 million or 4.2% of sales for the corresponding period of 2019. Excluding the effect of IFRS 16 adoption, adjusted EBITDA as a proportion of sales is 4.4%, an improvement compared to the fiscal year 2019;Net debt(2) decreased to $52.1 million, compared to $72.1 million as at December 28, 2019, bringing the financial leverage ratio(3) to 1.8x as at December 26, 2020 (or 2.6x excluding IFRS 16 adoption), compared to 2.6x as of December 28, 2019; andClosing of the sale of the majority of the assets of the Summit division for a value of $9.5 million, subject to certain adjustments, of which an amount of $8.2 million has already been received. This division had incurred significant operating losses for several years. Table of fourth quarter and fiscal 2020 Financial Highlights: Financial highlights16 weeks52 weeks(in thousands of dollars except percentages, per share data and financial leverage ratio)2020 2019 2020 2019 $ $ $ $ Sales from continuing operations133,317 192,900 461,319 665,959 Adjusted EBITDA(1)7,459 8,188 28,913 27,648 Adjusted EBITDA(1) margin (%)5.6 4.2 6.3 4.2 Net earnings from continuing operations620 1,945 3,798 7,502 Net earnings (loss)811 (288) (8,612) 7,727 Per share - basic and diluted ($)0.01 — (0.08) 0.08 Cash flow from operating activities11,231 7,905 37,299 31,456 Financial position As at As at December 26, December 28, 2020 2019 Net debt(2) 52,100 72,122 Financial leverage ratio(3) 1.8x 2.6x (1) Non-IFRS measure. Refer to the table Reconciliation of Net Earnings to adjusted EBITDA and to MD&A section 6 "Non-IFRS Performance Measures". Adjusted EBITDA corresponds to net earnings before costs not related to current operations, depreciation and amortization and expenses for stock-based compensation plan. The adjusted EBITDA for 2019 has not been modified to reflect the impact of IFRS 16 adoption.(2) Non-IFRS measure. Refer to MD&A section 6 "Non-IFRS Performance Measures". Net debt corresponds to bank indebtedness, current portion of long-term debt, long-term debt and convertible debentures, net of cash.(3) Financial leverage ratio is an indicator of the Company's ability to service its long-term debt. It is defined as net debt / adjusted EBITDA for the last twelve months. Refer to MD&A section 6 "Non-IFRS Performance Measures". “Despite the pandemic that has largely impacted the restaurant industry, we are ending fiscal 2020 with a significant cash flow increase and maintaining our debt ratios.”, said Louis Frenette, President and Chief Executive Officer of Colabor. “Due to our diversified business model, the sale of our activities in Ontario, the mitigation measures quickly put in place, the contribution of subsidies and initiatives to optimize our operations since 2019, we are able to cope with the unforeseen events caused by the pandemic.” “I would also like to recognize the contribution of our employees since the start of the pandemic and express my deepest gratitude to them for the excellent work they have done during this unprecedented time.”, concluded Mr. Frenette. Results for the Fourth Quarter of 2020 Consolidated sales for the fourth quarter amounted to $133.3 million compared to $192.9 million during the corresponding quarter of 2019, a decrease of 30.9%. Sales for the Distribution segment decreased by 35.5% explained by an amount of $20.5 million related to the termination of a contract from the Specialized distribution, an amount of $3.5 million following the decision to cease serving less-profitable contracts during the last quarter of 2019 in Broadline Distribution, as well as the volume decrease related to the pandemic for restaurants and chains clients, partially mitigated by a volume increase for retail and institutional clients. Wholesale segment sales decreased by 22.5%, due to a volume decrease from the pandemic and lower intersegment sales, partly mitigated by growth from some customers less affected by the effects of the pandemic and new customers. Adjusted EBITDA(1) from continuing activities reached $7.5 million or 5.6% of sales from continuing activities compared to $8.2 million or 4.2% in 2019. The improvement, as a percentage of sales, is mainly due to gross profit margin improvement following the decisions to cease serving less-profitable contracts, the deployment of operational optimization measures, the IFRS 16 adoption which reduced operating expenses for both segments amounting to $2.6 million, the decrease in salaries resulting from measures taken during the pandemic and the subsidies of $1.8 million, mitigated by the decrease in sales due to the pandemic. Net earnings from continuing operations were $0.6 million, a decrease of 68.1% compared to $1.9 million for the corresponding quarter of 2019 resulting essentially from the decrease in adjusted EBITDA(1) and the increase in depreciation and amortization expenses, mitigated by the decrease in costs not related to current operations and the income tax expenses. Net earnings for the fourth quarter were $0.8 million, compared to net loss of $(0.3) million for the corresponding period of 2019. The variation is explained by the elements mentioned above and to the net loss decrease of $2.4 million related to discontinued operations. Results of Fiscal Year 2020 Cumulative consolidated sales amounted to $461.3 million compared to $666.0 million for the corresponding period of last fiscal year, a decrease of 30.7%. Sales in the Distribution segment decreased by 37.1%, explained by an amount of $84.0 million related to the termination of a contract from the Specialized Distribution, an amount of $27.1 million following the decision to cease serving less-profitable contracts during the last quarter of 2019 in Broadline Distribution, as well as the volume decrease related to the pandemic for our restaurant clients, partially compensated by a volume increase for retail clients. Sales in the Wholesale segment decreased by 16.3% due to a decrease in volume due to the pandemic and lower intersegment sales partially mitigated by the growth of some customers less affected by the effects of the pandemic and by new customers. Adjusted EBITDA(1) from continuing operations reached $28.9 million, or 6.3% of sales from continuing operations, compared to $27.6 million, or 4.2% of sales from continuing operations in 2019, an increase of 4.6%. These percentage improvements come mainly from the adoption of IFRS 16, the subsidies of $7.1 million, the deployment of operational optimization measures and the decrease in salaries and other expenses resulting from measures taken during the pandemic, mitigated by the sales drop due to the pandemic. Cumulative net earnings from continuing operations for fiscal year 2020 was $3.8 million, or $0.04 per share, down from $7.5 million, or $0.08 per share, for the last fiscal year. The variation is mainly explained by the increase in depreciation and amortization expenses and costs not related to current operations, mitigated by the increase in adjusted EBITDA(1), as explained previously, and the decrease in financial expenses and income tax expenses. Net loss for fiscal year 2020 was $(8.6) million, or $(0.08) per share, a decrease of $16.3 million compared to net earnings of $7.7 million, or $0.08 per share during the last fiscal year. The variation is mainly explained by the items mentioned above and by the increase of $12.6 million in the net loss from discontinued operations. Cash Flow and Financial Position Cash flows from operating activities for fiscal year 2020 reached $37.3 million compared to $31.5 million for the corresponding period of 2019. This increase is mainly due to a lower utilization of working capital(4), by the reclassification to financing activities of the payments relating to operating leases after IFRS 16 adoption and by the increase in adjusted EBITDA(1). As at December 26, 2020, the Company's working capital(4) was $31.2 million, down from $58.1 million at the end of the fiscal year 2019. This variance is mainly due to the end of activities in Ontario and the reduced level of activities caused by the pandemic. As at December 26, 2020, the Company's net debt(2), including convertible debentures and bank indebtedness, down to $52.1 million, compared to $72.1 million at the end of the fiscal year 2019. This decrease is mainly due to the increase in cash flows generated by current operations during the fiscal year 2020, allowing the repayment of $3.0 million of subordinated debt, as well as $2.0 million of the credit facility during fiscal 2020 and by the effect of the IFRS 16 adoption. (4) Working capital is an indicator of the Company's ability to hedge its current liabilities with its current assets. Refer to MD&A section 3.2 "Financial Position" for detailed calculation. Outlook “We start 2021 on solid grounds despite the current pandemic. We are ready for the eventual recovery once the containment measures are released while continuing to adapt in order to minimize its impacts. In addition, following the recent refinancing announced on February 18, 2021, we are consolidating the support of our financial partners and thus have access to the necessary liquidity in order to pursue our strategic growth when the time is right”, commented Louis Frenette. Non-IFRS Performance Measures The information provided in this release includes non-IFRS performance measures, notably adjusted earnings before financial expenses, depreciation and amortization and income taxes ("Adjusted EBITDA"(1)). As these concepts are not defined by IFRS, they may not be comparable to those of other companies. Refer to Section 6 "Non-IFRS Performance Measures" in the Management's Discussion and Analysis. Reconciliation of Net Earnings to Adjusted EBITDA(1)16 weeks 52 weeks(in thousands of dollars)2020 2019 2020 2019 $ $ $ $ Net earnings from continuing operations620 1,945 3,798 7,502 Income taxes (recovered)(320) 741 1,171 2,605 Financial expenses1,975 1,808 6,712 7,023 Operating earnings2,275 4,494 11,681 17,130 Expenses for stock-based compensation plan84 56 309 32 Costs not related to current operations344 703 1,811 881 Depreciation and amortization4,756 2,935 15,112 9,605 Adjusted EBITDA(1)7,459 8,188 28,913 27,648 Additional Information The Management Discussion and Analysis and the consolidated financial statements of the Company are available on SEDAR (www.sedar.com). Additional information, including the annual information form, about Colabor Group Inc. can also be found on SEDAR and on the Company’s website at www.colabor.com. Forward-Looking Statements This press release contains certain forward-looking statements as defined under applicable securities law. Forward-looking information may relate to Colabor's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. Particularly, statements regarding the Company’s financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which Colabor believes are reasonable as of the current date. Refer in particular to section 2.3 "Development Strategies and Outlook" of the Company's MD&A available on SEDAR (www.sedar.com). While Management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Colabor currently expects. For more exhaustive information on these risks and uncertainties, the reader should refer to section 10 "Risks and Uncertainties" of the Company's MD&A. These factors are not intended to represent a complete list of the factors that could affect Colabor and future events and results may vary significantly from what Management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release, information representing Colabor's expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While Management may elect to do so, the Company is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law. Conference Call Colabor will hold a conference call to discuss these results on Monday March 1st, 2021, beginning at 9:30 a.m. Eastern time. Interested parties can join the call by dialing 1-888-231-8191 (from anywhere in North America) or 1-647-427-7450. If you are unable to participate, you can listen to a recording by dialing 1-855-859-2056 or 1-416-849-0833 and entering the code 9276187 on your telephone keypad. The recording will be available from 1:30 p.m. on Monday March 1st, 2021, until 11:59 p.m. on Monday March 8, 2021. Those wishing to join the webcast can do so by clicking on the following link: http://www.colabor.com/en/investisseurs/evenements-et-presentations/ About Colabor Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or "HRI" in Quebec and in the Atlantic provinces, as well as the retail market. Within its two operating segments, Colabor offers specialty food products such as meat, fresh fish and seafood, as well as food and related products through its Broadline activities. Further information: Marie-France LabergeCorporate Controller and Interim Chief Financial OfficerColabor Group IncTel.: 450-449-4911 extension 1272investors@colabor.comDanielle Ste-MarieSte-Marie Strategy and Communications Inc.Investor RelationsTel.: 450-449-0026, extension 1180
Shares of Johnson & Johnson were up 1.3% in after-hours trading on Friday after a Food and Drug Administration advisory committee vote 22-0 in favor of the regulator authorizing the company's COVID-19 vaccine candidate. The FDA is not required to follow the advice of the committee but often does. The single-dose vaccine had an overall efficacy rate of about 66% in the Phase 3 clinical trial, and the U.S. arm of the trial showed an efficacy rate of about 72% and of 85% when protecting against severe or critical disease. The most common adverse events were pain at the injection site and fatigue. The trial was conducted in the U.S., South Africa, and several Central and South American countries. If the FDA moves forward with authorizing the experimental vaccine, it will be the third COVID-19 vaccine to be available in the U.S. - and the first to require only one dose. Both the Moderna Inc. and BioNTech SE and Pfizer Inc.'s vaccines, which were separately authorized in December, require two doses spaced several weeks apart. J&J's stock has gained 10.7% over the past 12 months, while the broader S&P 500 is up 22.4%
The 118 believes their fabled firehouse superstition has come true when they have the day from hell with a never-ending series of bizarre emergency calls - Athena is in hot pursuit of a 118 firetruck a man who duct-taped himself to freeway billboard, a garage full of fireworks and a restaurant manager destroying his own business. Meanwhile, Eddie feels a spark with Christopher's former teacher, but admits to Bobby he may not be ready to move on in his personal life just yet.
If approved as expected by the Food and Drug Administration, this would be the third coronavirus vaccine available in the U.S. and the only one to require just one dose.
The National Hockey League is more interested in public relations than taking substantive action on the lack of diversity within the sport, said Akim Aliu, a founding member of the Hockey Diversity Alliance (HDA). As Black History Month, which celebrates Black achievements, comes to a close on Sunday, Aliu lamented the lack of meaningful progress within the NHL to eradicate systemic racism and intolerance. "It is one of those things unless you admit there is a problem there is no way to fix anything," Aliu told Reuters.
J&J's vaccine recommended for emergency use authorization by independent experts. FDA will make a decision this weekend.Johnson & Johnson's (JNJ) single-dose COVID-19 vaccine is one step closer to emergency use authorization (EAU) after an independent panel voted Friday to recommend the U.S. Food and Drug Administration (FDA) issue the EUA.
Vaccine, along with those from Pfizer and Moderna, should provide US with more than enough supply to vaccinate every person A Johnson & Johnson worker prepares a syringe during a trial. Photograph: Johnson & Johnson/Reuters The battle against Covid-19 took a major step forward on Friday as the US moved closer to distributing its first one-shot Covid-19 vaccine, after an independent expert advisory panel recommended drug regulators authorize the Johnson & Johnson vaccine for emergency use. The authorization would be a significant boost to the Biden administration’s vaccinations plans, making Johnson & Johnson’s vaccine the third available to the public. Janssen, Johnson & Johnson’s vaccine subsidiary, told a Congressional hearing this week that it expects to deliver 20 million doses by March and a total of 100m doses before the end of June. The Johnson & Johnson vaccine, along with those from Pfizer and Moderna, should provide the US with more than enough supply to vaccinate every vaccine-eligible person. While regulators at the US Food and Drug Administration (FDA) do not always take the advice of their advisory panels, the agency is expected to authorize the vaccine for emergency use. “We urgently need more vaccines [authorized] to protect the millions of Americans who remain at risk” of Covid-19 infection, said Dr Greg Poland, the editor-in-chief of the medical journal Vaccine and leader of the Vaccine Research Group at the Mayo Clinic. “Today, we have seen clear and compelling evidence that the Janssen vaccine candidate is well tolerated has an acceptable safety profile and most importantly is highly efficacious against Covid-19,” he said. “To me, it is clear that the known benefits vastly outweigh the known risks.” The recommendation comes soon after the US marks 500,000 deaths from Covid-19, a toll that comes as cases decline in the US and across many countries worldwide. More than 28 million Americans have been infected by Covid-19. “We are seeing positive trends in terms of declining cases,” said Dr Adam MacNeil, a member of the Covid-19 epidemiology taskforce with the US Centers for Disease Control and Prevention. He later added: “We are certainly not out of the woods yet.” Importantly, Johnson & Johnson’s vaccine would also be the easiest to distribute. Unlike vaccines from Pfizer and Moderna, which require sub-zero storage, Johnson & Johnson’s vaccine can be stored at common refrigerator temperatures for up to three months. When frozen it has a shelf life of three years. The convenience of the Johnson & Johnson vaccine comes with caveats. The company’s clinical trials were the first to show the potential impacts of Covid-19 variants, or evolutionary changes in the virus. The vaccine was found to 85% effective at preventing severe disease and to provide complete protection against Covid-19-related hospitalization and death after 28 days. Johnson & Johnson’s vaccine was found to be 72% effective in clinical trials in the US, but only 57% effective in South Africa, where a variant called B1351 originated. However, vaccination remains a powerful weapon, even with threats posed by variants. “Even with decreased effectiveness, vaccination may still provide partial protection against variants,” said MacNeil. Like the Moderna vaccine, Johnson & Johnson’s product will only be available to people 18 and older. Pfizer’s vaccine is available to teenagers older than 16. Also, as with other vaccines, researchers are uncertain how long the vaccine protects against Covid-19, and whether it reduces asymptomatic transmission of the virus, although studies are promising. Johnson & Johnson’s vaccine uses different technology to the two vaccines currently available in the US. The new vaccine uses “viral vector” technology, which introduces the body to the genetic code for the spike protein covering the outside of the coronavirus. This code is transmitted by a second, weakened virus called an adenovirus. Immunity is provoked when the body’s immune system then recognizes the coronavirus by this key structure. Vaccines developed by Pfizer and Moderna also prompt the body to recognize spike proteins on the outside of the coronavirus, but deliver the genetic code through lipid nanoparticles, or tiny molecules of fatty acids. Because scientists are still researching the degree to which any of the authorized vaccines prevent people from spreading Covid-19 to other people, public health authorities recommend people continue to social distance and wear masks after being vaccinated. In theory, a vaccinated person could still spread the SARS-CoV-2 virus, even if they do not experience any symptoms of the disease Covid-19. Johnson & Johnson’s vaccines and the doses already scheduled to be delivered by Moderna and Pfizer, the makers of the two vaccines currently authorized in the US, mean there could be enough supply to vaccinate 400 million people by July. Roughly 267 million people in the US are eligible for a vaccine. This ease of storage and one-dose regime is likely to increase pressure on the US government to pledge doses to low- and middle-income countries, which often lack the cold chain infrastructure needed to distribute the Pfizer or Moderna vaccines. Currently, dozens of low- and middle-income countries do not expect to begin broadly distributing vaccine doses until 2022. Activists, many of whom also worked to expand access to Aids medications, have described this as “vaccine apartheid,” and a threat to the “project of global population immunity”.
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After meeting on Dancing with the Stars, Chrishell Stause first confirmed her romance with Keo Motsepe on Dec. 2, not long after they made it official behind-the-scenes
If the FDA agrees with its review panel, as expected, the one-dose vaccine could begin rolling out to the American public next week.
Winston Duke, known for his standout performances in 'Black Panther' and Jordan Peele’s 'Us,' is set to portray political activist Marcus Garvey in a new film.
“It is devastating. It is traumatizing,” she said in an interview.
Homeowners insurance is something that all homeowners need, but not something that everyone necessarily knows the ins and outs of. Mercury Insurance found in a recent survey that 17% of homeowners admitted to not having even read their insurance policy to know what is or isn't covered, and 50% of those surveyed are under the impression that their insurance policy will protect 100% of their property for any claim they might file. Knowing what is (and what isn't) covered by your insurance policy is vital to protecting your home, which can be your most valuable asset.
Sonos Chair Michelangelo “Mike” Volpi bought $2 million of shares of the maker of wireless speakers.
The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Ebix, Inc. ("Ebix" or the "Company") (NASDAQ: EBIX) securities from November 9, 2020 through February 19, 2021, inclusive (the "Class Period"). Investors have until April 26, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Altius Resources Inc. ("Altius"), a subsidiary of Altius Minerals Corporation (TSX:ALS) (OTCQX:ATUSF) announced today that pursuant to an option agreement dated February 23, 2021 with TRU Precious Metals Corp.(TSXV: TRU) ("TRU"), with its head office at 70 Trius Drive, Fredericton, New Brunswick E3B 5E3, it has the right to acquire 7,140,000 common shares of TRU (the "Shares") representing approximately 19.9% of the issued and outstanding common shares of TRU upon receipt of the approval of the TSX Venture Exchange (the "TSXV") in exchange for the grant of an option to acquire by TRU a 100% interest in the mineral claims known as Golden Rose in the Province of Newfoundland and Labrador (the "Option"). In addition, the Option Agreement provides that TRU will issue to Altius an additional 800,000 common shares within one month from the closing date of the transaction contemplated by the Option Agreement, 800,000 common shares on the first anniversary of the Option Agreement and a further 1,400,000 common shares (collectively, the "Additional Shares") on the second anniversary of the Option Agreement, subject to the approval of the TSXV. If on the dates of issuance of such Additional Shares, the issuance would result in the total number of common shares held by Altius exceeding 19.9% of the issued and outstanding capital of TRU following such issuance, then such Additional Shares will not be issued on such dates but shall remain issuable to Altius at such time that Altius’ shareholdings in TRU would not result in it exceeding 19.9% of the issued and outstanding common shares of TRU. All of the Additional Shares must be issued prior to the exercise of the Option under the Option Agreement by TRU. The Shares and the Additional Shares to be acquired by Altius pursuant to the Option Agreement will be issued at a deemed price of $0.25 per share, subject to the requirements of the TSXV. Immediately prior to the transaction contemplated by the Option Agreement, Altius held no securities of TRU. Altius will not acquire the Additional Shares if such acquisition would result in Altius’ shareholding in TRU exceeding 19.9% of the issued and outstanding capital of TRU.
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